3.2.2007: Meldung: Millipore Corp.: financial results for the fourth quarter and full year

Millipore Reports Second Straight Year of Strong Revenue and Earnings Growth
Thursday February 1, 4:03 pm ET
Company generates double-digit annual revenue growth in both its Bioscience and Bioprocess Divisions

BILLERICA, Mass.---Millipore Corporation, a leading provider of products and services that improve productivity and results in biopharmaceutical manufacturing and in clinical, analytical and research laboratories, today reported financial results for its fourth quarter and full year ended December 31, 2006.

Revenues for the fourth quarter grew 49 percent, totaling $383.1 million. Changes in foreign exchange rates during the quarter increased total revenue growth by 4 percent. Excluding currency rate changes and revenues from the Company"s acquisition of Serologicals, Millipore"s total revenue growth in the fourth quarter was 9 percent, which included 12 percent growth in its Bioscience Division and 7 percent growth in its Bioprocess Division.

For the full year, revenues grew 27 percent totaling $1.26 billion. Changes in foreign exchange rates increased total revenue growth by 1 percent during 2006. Excluding currency rate changes and revenues from the Company"s acquisition of Serologicals, Millipore"s total revenue growth in 2006 was 11 percent. This performance included 10 percent growth from Millipore"s Bioscience Division and 12 percent growth from its Bioprocess Division.

On a GAAP basis, the Company reported fourth quarter net income of $18.5 million, or $0.34 per share. Non-GAAP net income grew approximately 50 percent in the fourth quarter to $49.1 million, or $0.90 per share, compared to non-GAAP net income of $32.7 million, or $0.62 per share in the fourth quarter of 2005. For the full year, Millipore reported net income of $97.0 million, or $1.79 per share. Non-GAAP net income for 2006 grew 24 percent to $164.9 million, or $3.04 per share. A reconciliation of all GAAP to non-GAAP financial measures is provided in the Company"s financial tables accompanying this press release.

"For the second year in a row we generated attractive revenue and earnings growth," said Martin Madaus, Chairman & CEO of Millipore. "The transformational changes we have implemented are driving higher-levels of performance throughout the organization and we have greatly expanded our future market opportunities through the acquisitions we completed in 2006. In the last two years, we have significantly improved our execution and increased the growth of both of our divisions, particularly our Bioscience Division which has doubled its adjusted currency growth rate since 2004. I am very proud of our employees who have delivered these great results, even while acquiring and integrating four companies during this time.

"In 2006, we successfully executed on several initiatives to increase our profitability, which enabled us to grow our non-GAAP earnings per share by 18 percent. These initiatives included reducing our manufacturing costs and increasing the efficiency of our supply chain, driving increased leverage from our SG&A investments, and completing accretive acquisitions. As we move forward, we expect the balanced growth profile between both divisions will enable us to maximize our growth and profitability. Our focus this year will be on driving returns and generating cash flow from the substantial investments we made in 2006."

2006 Highlights

* Generated second straight year of double-digit revenue growth, while meeting revenue and earnings targets
* Bioscience Division performance driven by strong growth in laboratory water, successful new product launches, and execution of new go-to-market initiatives
* Bioprocess Division performance driven by strong consumable sales to its biopharmaceutical customers for filtration and chromatography products
* Since 2004, increased non-GAAP gross margins by 160 basis points and non-GAAP operating margins by 290 basis points
* Completed strategic acquisition of Serologicals to broaden Millipore"s product portfolio into fast growing markets
* Expanded disposable manufacturing solution with acquisition of Newport Bio Systems
* Opened new $50 million R&D Center for Bioprocess Division

Revenue Growth by Geography ($ millions):

Three Months Ended Twelve Months Ended
-------------------------- ---------------------------
Dec. 31, Dec. 31, % Dec. 31, Dec. 31, %
2006 2005 Growth 2006 2005 Growth
-------- -------- -------- --------- -------- --------
Americas $183.2 $109.8 67% $564.8 $419.6 35%
Europe 143.7 103.4 39% 491.0 399.6 23%
Asia/Pacific 56.2 43.1 30% 199.6 171.8 16%
-------- -------- --------- --------
Total $383.1 $256.3 49% $1,255.4 $991.0 27%
======== ======== ========= ========

Revenue Growth by Division ($ millions):

Three Months Ended Twelve Months Ended
-------------------------- ---------------------------
Dec. 31, Dec. 31, % Dec. 31, Dec. 31, %
2006 2005 Growth 2006 2005 Growth
-------- -------- -------- --------- -------- --------
Bioprocess $224.3 $157.6 42% $749.8 $601.4 25%
Bioscience 158.8 98.7 61% 505.6 389.6 30%
-------- -------- --------- --------
Total $383.1 $256.3 49% $1,255.4 $991.0 27%
======== ======== ========= ========

Quarterly Earnings Call

Millipore will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters at 4:45 p.m. Eastern Time today. The call can be accessed through Millipore"s website: http://www.millipore.com. A replay of the call will be archived on the Investor Relations section of the website and will also be available via telephone by dialing (800) 642-1687 or (706) 645-9291 and entering confirmation code: 6883087. The telephonic replay will be available beginning at 8:00 p.m. ET on February 1, 2007 until 8:00 p.m. ET on February 4, 2007.

About Millipore

Millipore is a leading provider of products and services that improve productivity and results in biopharmaceutical manufacturing and in clinical, analytical and research laboratories. The Company is organized in two operating divisions. Its Bioprocess Division helps pharmaceutical and biotechnology companies to optimize their manufacturing productivity, ensure the quality of drugs, and scale up the production of difficult-to-manufacture biologics. Its Bioscience Division helps optimize laboratory productivity and workflows by providing reagents, kits and other enabling technologies and products for life science research and development. Millipore has a deep understanding of its customers" research and manufacturing process needs, and offers reliable and innovative tools, technologies and services. The Company is part of the S&P 500 Index and employs approximately 5,800 employees worldwide. For additional information on Millipore Corporation, please visit its website at: www.millipore.com.

Contact:

Millipore Corporation
Joshua Young, 978-715-1527 or 800-225-3384
Director, Investor Relations
joshua_young@millipore.com
or
Lynn Garvin, 978-715-1043
Vice President, Corporate Communications
lynn_garvin@millipore.com

Source: Millipore Corporation
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