The Ion Proton™ System is for Research Use Only and not intended for use in diagnostic procedures.
Subsequent LitigationEarlier today, the company received an unfavorable verdict in its litigation with Enzo Biochem relating to CE sequencing products during the period 1998-2004. The relevant patent expired in 2004, so the verdict does not have any effect on the Company's CE business going forward. The jury ruled that Life Technologies had infringed Enzo Biochem's intellectual property relating to reagent sales and gave a verdict in the amount of $48.5 million in favor of Enzo Biochem. The company strongly disagrees with the verdict and intends to vigorously challenge it in the trial court and on appeal.
The company will record a GAAP only expense of $48.5 million for the third quarter ended September 30, 2012. This will result in a reduction of GAAP net income of approximately $31.5 million or $0.18 per diluted share.
The current financial tables in this press release do not reflect this expense, but the company intends to update the financial tables in an amended Form 8-K to be filed in the next two business days.
Webcast DetailsThe company will discuss its financial and business results as well as its business outlook on its webcast at 4:30 PM ET today. This webcast will contain forward-looking information. The webcast will include a discussion of "non-GAAP financial measures" as that term is defined in Regulation G. For actual results, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the company's financial results determined in accordance with GAAP, as well as other material financial and statistical information to be discussed on the webcast will be posted at the company's investor relations website at https://ir.lifetechnologies.com. The webc
|SOURCE Life Technologies Corporation|
Copyright©2012 PR Newswire.
All rights reserved