Life Technologies says demand held up in 3Q

CARLSBAD, Calif. (AP) — Life Technologies Corp., a life sciences and medical research tools company, said Tuesday that demand for its products was solid in the third quarter, and economic stimulus funds encouraged greater sales.

The company also raised its profit forecast for the full year, and its shares reached an annual high in morning trading.

Life Technologies was formed in November 2008, after Invitrogen Corp. bought Applied Biosystems Inc. for $6.4 billion. Leaving out costs connected to the acquisition and integration of Applied Biosystems, the company said it earned 73 cents per share in the third quarter, matching estimates from analysts surveyed by Thomson Reuters, who typically exclude costs.

Revenue totaled $805.1 million — or 3 percent greater than the combined sales of Invitrogen and Applied Biosystems in the third quarter of 2008. The company said molecular biology system revenue grew 5 percent to $394 million, while genetic systems revenue rose 5 percent to $216 million and cell system revenue slid 3 percent to $189 million.

Analysts expected $805.1 million in revenue.

Including acquisition costs and other charges, Life Technologies said it earned 22 cents per share in the most recent quarter. During the periodit also agreed to sell its interest in Applied Biosystems/MDS Sciex, a mass spectrometry business, to Danaher Corp.

Life Technologies now forecasts a profit of $2.90 to $2.95 per share, up from between $2.70 and $2.80 per share. That includes a "modest" benefit from stimulus funds. Analysts were expecting $2.80 per share. In morning trading, its stock rose $2.21, or 4.7 percent, to $49.26. They reached a high of $49.94.