Stratagene Expects Fourth Quarter Revenue of Approximately $24.7 Million
February 01 2007 - 6:30AM
Business Wire
Stratagene Corporation (Nasdaq:STGN), a developer, manufacturer and
marketer of specialized life science research and diagnostic
products, today announced preliminary revenue results for the
fourth quarter of 2006 ended December 31, 2006. Revenue is expected
to be approximately $24.7 million, an increase of 7.2% compared
with pro forma revenue of $23.0 million in the fourth quarter of
2005. Full year revenue is expected to be approximately $95.6
million. �The growing demand for our QPCR products and allergy
diagnostic products has begun to offset the expected declines in
our legacy business, and as a result we were able to achieve
quarterly revenue growth on a year-over-year basis,� said Joseph
Sorge, MD, Chairman and CEO of Stratagene. �We continue to believe
the expanding market for our molecular and clinical diagnostics
businesses provide sizeable, long-term profitable revenue growth
opportunities for Stratagene.� Sales of QPCR instruments and
reagents grew 7.5% compared with the fourth quarter of 2005 and
sales of allergy diagnostic products grew 23% over the same period.
These increases were offset by the continued and expected decline
in sales of legacy products associated with gene discovery and
cloning systems. Proforma revenue in the fourth quarter of 2005
excludes the benefit of a $34.1 million cash payment from Cambridge
Antibody Technology in satisfaction of certain patent owners'
interests in a collaboration for the development of Abbott
Laboratories' Humira(R) product. Including this one-time revenue
item, fourth quarter 2005 revenue was $57.1 million. The Company
expects to release final fourth quarter and full year results in
early March 2007. An investor conference call will take place at
that time and the Company will provide full details of its fourth
quarter and full year 2006 financial results as well as guidance
for the full year 2007. About Stratagene Corporation Stratagene is
a developer, manufacturer and marketer of specialized life science
research and diagnostic products. The Company's life science
research unit supports advances in science by inventing,
manufacturing and distributing products that simplify, accelerate
and improve research. These products are used throughout the
academic, industrial and government research sectors in fields
spanning molecular biology, genomics, proteomics, drug discovery
and toxicology. The Company's diagnostic unit develops and
manufactures products for urinalysis as well as high quality
automated instrument and reagent systems that use blood samples to
test for more than 1,000 different allergies and autoimmune
disorders. In addition, by combining its expertise in diagnostics
and molecular biology, as well as its experience with FDA
regulatory procedures, the Company is pursuing opportunities to
expand its product portfolio to include molecular diagnostic kits
and instrumentation. More information is available at
www.stratagene.com. Disclaimer Investors should be aware that the
Company has not yet finalized its results for the fourth quarter
and full year 2006 and that the Company's "preliminary" estimates
of revenues contained in this press release reflect management's
estimates based upon the information available at the time made.
These estimates could differ materially from the Company's actual
results if the information on which the estimates were based
ultimately proves to be incorrect or incomplete. Use of Non-GAAP
Financial Measures Stratagene has provided financial information in
this release that has not been prepared in accordance with GAAP.
This information includes historical non-GAAP, proforma revenue for
the fourth quarter of 2005. Stratagene uses this non-GAAP financial
measure internally in analyzing its financial results and believes
it is useful to investors, as a supplement to GAAP measures, in
evaluating Stratagene�s ongoing business performance and comparison
to prior periods. Stratagene believes the use of this non-GAAP
financial measure provides an additional tool for investors to use
in comparing its financial measures with other companies in
Stratagene�s industry. As noted, the non-GAAP financial measure
discussed above excludes the impact of a one-time cash payment from
Cambridge Antibody Technology in satisfaction of certain patent
owners' interests in a collaboration for the development of Abbott
Laboratories' Humira(R) product. Non-GAAP financial measures should
not be considered in isolation from, or as a substitute for,
financial information prepared in accordance with GAAP. Investors
are encouraged to review the reconciliation of these non-GAAP
measures to their most directly comparable GAAP financial measure
as detailed above. Safe Harbor Statement Certain statements in this
news release that are not historical fact constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Stockholders and other
readers are cautioned not to place undue reliance on these
forward-looking statements. Stratagene generally identifies
forward-looking statements by using words like "believe," "intend,"
"target," "expect," "estimate," "may," "should," "plan," "project,"
"contemplate," "anticipate," "predict" or similar expressions. You
can also identify forward-looking statements by discussions of
strategies, plans or intentions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results of Stratagene to be materially
different from historical results or from any results expressed or
implied by such forward-looking statements. Among the important
factors that could cause actual results to differ materially from
those contained in or implied by the forward-looking statements are
risks associated with the company's inability to sufficiently
anticipate market needs and develop products and product
enhancements that achieve market acceptance, the company's ability
to compete effectively in the diagnostics and life science research
markets, variability of the company's quarterly revenues and
operating results, the failure of the company to retain key
employees, the company's ability to obtain debt or equity financing
for unexpected litigation outcomes and for operating needs, the
possibility of declining sales due in part to a reduction in
research and development budgets or government funding, the
company's ongoing ability to protect its own intellectual property
rights and to avoid violating the intellectual property rights of
third parties, extended manufacturing difficulties and currency
fluctuations. For more information about these and other factors
that could cause actual results to differ materially from those
contained in or implied by the forward-looking statements please
see Item �1A. Risk Factors" included in Stratagene's Annual Report
on Form 10-K for the year ended December 31, 2005 and in other
reports filed by Stratagene from time to time with the Securities
and Exchange Commission, including Quarterly Reports on Form 10-Q.
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