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Millipore Q1 2010 Earnings Call Transcript

Third, our Bioscience division rebounded and generated impressive top line growth after a somewhat challenging year in 2009. The division reported strong laboratory instrumentation sales. And saw a sharp uptick in demand from a large North American pharmaceutical customer same time in the week last year. So I'm encouraged by the strong start and we expect the division to benefit at global economic conditions steadily improve.

Fourth, our Bioprocess business picked up right where it left off last year. The division generated exceptional growth of demand. And the biotechnology industry continues to be very robust. This performance is impressive when you consider that Bioprocess faced a challenging year-over-year comparisons and has generated 13% organic revenue growth in the first quarter of 2009.

Finally, we continue to generate attractive free cash flow as a result of improving the efficiency of working capital. We continue in making substantial improvements on working capital last year in this program, again, continue in 2010, and they show some great results. So those were the key takeaways. Let me now move into more detail about the results of the first quarter.

Financials first. So first quarter as revenues increased 14% to $463 million, excluding a 5% favorable effect from changes in currency -- foreign currency exchange rates. Organic revenue growth on the quarter was 9%. From a divisional perspective, if you exclude the effects of changes in foreign currency exchange rates, both the Bioprocess and the Bioscience division also grew 9% organically. On the bottom line, we reported $1.21 in non-GAAP earnings per share which was a 14% improvement over last year. And our free cash flow grew 12% over last year, totaling $77 million in the first quarter.

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