Invitrogen Sales Miss Target

The stock slips as the top line falls short.
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Invitrogen

(IVGN)

slid 4% Monday after saying it would miss its first-quarter sales target.

The Carlsbad, Calif., genetic research and drug production supplier said it expects first-quarter revenue of $309 million. That's up12% from a year ago but 3% short of the company's internal forecast. Analysts surveyed by Thomson Financial were expecting revenue of $319.9 million. Invitrogen cited a weaker-than-expected performance in its U.S. Bioproduction and Japan businesses.

The company expects to earn $3.90 a share to $4.10 a share for the year 2006, matching its earlier forecast, and has widened the range of its year 2006 revenue outlook. The company expects 2006 revenue of $1.3 billion to $1.36 billion, compared with $1.33 billion to $1.36 billion forecast on Feb. 28. Analysts were expecting earnings of $3.60 a share on revenue of $1.34 billion for the year 2006.

The company's stock fell $2.69 to $64.72.

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