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Life Technologies Announces Second Quarter 2011 Results
Date:7/28/2011

thorization to repurchase up to $500 million in shares on the open market, subject to market conditions and other factors.

Analysis of Second Quarter 2011 Results

  • Second quarter non-GAAP 2011 revenue increased 4 percent over the previous year.  Revenue growth without the impact from currency was 3 percent.
  • Non-GAAP gross margin in the second quarter was 64.2 percent, 350 basis points lower than the same period prior year due to the negative impact from mix and currency partially offset by the positive impact from price. The negative impact from mix was primarily due to increased sales of the 5500 Genetic Analyzer upgrade. The launch of the 5500 was delayed due to the earthquake in Japan, resulting in a high number of upgrades shipped in the second quarter.
  • Non-GAAP operating margin was 27.8 percent in the second quarter, 230 basis points lower than the same period prior year, primarily due to lower sales and gross margins partially offset by lower operating expenses.
  • Second quarter non-GAAP tax rate was 27.9 percent.
  • Diluted weighted shares outstanding were 184.8 million in the second quarter.
  • Cash flow from operating activities for the second quarter was $204 million.  Second quarter capital expenditures were $17 million and resulting free cash flow was $187 million. The company ended the quarter with $565 million in cash and short-term investments.
  • The following analysis of diluted earnings per share identifies specific items that affect the comparability of results between periods. Reconciliations between the company's GAAP and non-GAAP results for the periods reported are presented in the attached tables and on the company's Investor Relations page at www.lifetechnologies.com.

  • Three Months Ending Jun 3020112010%GAAP earnings per share

    $0.52

    $0.58

    (10%)Non-cash inte
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    SOURCE Life Technologies Corporation
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