, a unit of
, posted first-quarter earnings that beat analysts' expectations, citing higher demand for its product lines.
The company, which develops and markets biomedical tools, earned $41.3 million, or 19 cents a share, excluding a gain, up from $29.7 million, or 14 cents a share, from the same period last year. Analysts expected the company to earn 17 cents a share for the latest first quarter, according to
Revenue was $363.6 million, an increase of 24% compared with last year's figure of $292.3 million.
Shares of PE Biosystems were recently up $14.25, or 14.9%, to $109.75 in
New York Stock Exchange