Millipore Corporation (NYSE:MIL), a leading provider of technologies, tools and services for the global life science industry, today reported financial results for its first quarter ended April 3, 2010.
Revenues for the first quarter grew 14 percent from the previous year, totaling $463.0 million. Excluding a 5 percent favorable impact from changes in foreign currency, Millipore generated organic revenue growth of 9 percent. On a divisional basis, excluding changes in foreign currency, Millipore’s Bioscience Division and Bioprocess Division each grew 9 percent from the previous year.
Millipore’s first quarter earnings per share were $0.99, compared to $0.95 per share in the first quarter of 2009. Non-GAAP earnings per share grew 14 percent to $1.21 per share, compared to $1.06 per share in the first quarter of last year. A reconciliation of GAAP to non-GAAP financial measures is provided in the Company’s financial tables accompanying this press release.
“We delivered exceptional revenue growth in the first quarter, as we benefited from the contribution of new products, a strengthening economic environment, and continued momentum in our core business,” said Martin Madaus, Chairman & CEO of Millipore. “Our results were well-balanced between both divisions, and from a geographic perspective we generated impressive results in North America and Asia. While strong demand from biotechnology customers continued to drive our Bioprocess Division performance, our Bioscience Division benefited from a rebound in spending from large pharmaceutical customers and higher sales of our laboratory instrumentation products.
“We continue to accelerate our investments into initiatives that will drive product innovation. The success of these initiatives over the past five years has enabled us to fundamentally increase the growth profile of our business. During the first quarter, we increased our R&D spending by 19 percent and advanced key collaborations with technology partners, which will help to drive long-term revenue growth. Our proposed transaction with Merck KGaA remains on track and we look forward to closing the transaction and creating a world-class partner for the Life Science industry.”