CARLSBAD, Calif., July 28, 2011 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) today announced results for its second quarter ending June 30, 2011. Non-GAAP revenue for the second quarter was $945 million, an increase of 4 percent over the $906 million reported for the second quarter of 2010. Excluding the impact of currency, revenue growth for the quarter was 3 percent compared to the same period prior year.
"Our second quarter results were lower than anticipated, the result of continued budget pressure on academic and government funded research in the US and Europe, the lingering effects of the Japan earthquake on the 5500 launch, and a temporary slowdown in our China business resulting from the evolution of our commercial strategy," said Gregory T. Lucier, Chairman and Chief Executive Officer of Life Technologies. "That said, we are taking concerted actions to address these challenges and are expecting growth to increase in the second half of the year. To offset the pressures on life science industry funding, which we expect to continue for the remainder of the year, we are accelerating a number of cost savings initiatives which will create a much leaner organization by the end of 2011. We have made good progress on the 5500 launch and continue to gain significant traction with our Ion Torrent products. And finally, the third quarter marks our return to higher growth in China and the payoff from our change in strategy there. We expect our growth in the region to return to historic levels over the next several quarters."
Share Repurchase ProgramThe company announced a $200 million share repurchase program, which supplements an existing authorization. In total, the company now has au
|SOURCE Life Technologies Corporation|
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