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Life Technologies Announces First Quarter 2013 Results
Date:5/2/2013

#160;Results are non-GAAP unless indicated otherwise. A full reconciliation of the non-GAAP measures to GAAP can be found in the tables of today's press release.

Analysis of First Quarter 2013 Results

  • First quarter revenue increased 2.5 percent over the prior year, or 4.4 percent excluding the impact of currency.  Revenue growth for the quarter was driven by strong sales from the Ion Torrent, Bioproduction and Forensics businesses, partially offset by expected declines in SOLiD® sales and lower Research Consumables and capital equipment sales primarily due to the expected slowdown in the U.S. as the threat of sequestration impacted customer buying patterns.
  • Gross margin in the first quarter was 66.2 percent, approximately 40 basis points lower than the same period of the prior year. Gross margin was negatively impacted by a higher mix of Ion Torrent instrument sales, Bioproduction sales and unfavorable currency rates, partially offset by manufacturing productivity and royalties including licensing agreements.
  • Operating margin was 29.4 percent in the first quarter, approximately 80 basis points lower than the same period of the prior year. Operating margin was primarily impacted by lower gross margin and planned investments in emerging markets and molecular diagnostics.
  • The tax rate was 26.2 percent for the first quarter.  
  • First quarter EPS increased 8 percent to $1.07.  
  • Diluted weighted shares outstanding were 174.5 million in the first quarter, a decrease of 8.6 million shares over the prior year.  The decrease was a result of the company's share repurchase program, partially offset by shares issued for employee stock plans.  The company repurchased $105 million or 2 million shares in the first quarter.
  • Cash flow from operating activities for the first quarter was $135 million. First quarter capital expenditures were
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