Apogent Technologies Inc. Announces First Quarter Results.

      Business/Technology Editors & Health/Medical Writers

      PORTSMOUTH, N.H.--(BW HealthWire)--Jan. 22, 2002--Apogent
Technologies Inc. (NYSE: AOT), a leading manufacturer of laboratory
and life science products, announced today its financial results for
the first quarter ended December 31, 2001.
      Net sales for the first quarter were $241.2 million, an increase
of $20.4 million or 9.3% over the first quarter of last year.

      Quarterly comparisons of net sales revenue by line of business are
as follows:
-0-


                          Quarter Ended 12/31

(in 000's)                   2001             2000          Variance

Clinical Diagnostics       $116,940         $109,865          6.4%
Labware and Life Sciences    99,524           84,863         17.3%
Laboratory Equipment         24,732           26,030         (5.0%)

           TOTAL           $241,196         $220,758          9.3%


      Apogent's President and Chief Executive Officer, Frank H.
Jellinek, Jr., stated, "I am pleased to report that Apogent is off to
a strong start this fiscal year, generating internal revenue growth of
4.6% versus 2.9% for the corresponding period last year. On a
comparable basis, adjusting for the adoption of the new accounting
standard for goodwill and intangibles, Apogent's earnings per share
from continuing operations was 28 cents, an increase of 12% versus
last year.".
      Mr. Jellinek continued, "Acquisition activity continued at an
exciting pace this quarter as Apogent closed four transactions. These
included the purchases of Forefront Diagnostics, a manufacturer of
rapid tests for drugs of abuse testing, Cosmotec, a manufacturer of
high throughput liquid dispensing instrumentation, Barden Engineering,
a manufacturer of industrial tooling for injection molding, and the
Chromacol Group, a distributor of chromatography consumables
principally in Europe. The acquisition pipeline is healthy as Apogent
is working on several exciting transactions and is on track to achieve
$150 to $200 million in new transactions for this fiscal year."
      Regarding the company's outlook, Mr. Jellinek commented, "We are
continuing to monitor the weakness in the US economy. However, we
remain confident that our planning for the year is solid, allowing us
to confirm that our guidance is intact. We expect revenue growth in
the 10-15% range and earnings growth of 12-15% for the year, after
adjusting for the adoption of the new accounting standard related to
goodwill and intangibles."

      DETAILED FINANCIAL RESULTS

      Gross margin for the quarter was 47.5% of sales or $114.5 million,
an increase of 8% over prior year. Selling, general and administrative
expenses for the quarter were $7.8 million higher than prior year. The
company increased spending for new product development and selling
efforts this quarter to support the projected sequential increases in
revenues expected for the balance of the year.
      Operating income for the quarter was consistent with last year at
$56.9 million after adjusting for the adoption of Statement of
Financial Accounting Standards No. 142 ("SFAS 142") Goodwill and Other
Intangible Assets.
      Earnings before interest, taxes, depreciation and amortization
(EBITDA) increased 5.1% to $71.5 million compared with $68.0 million
in the same period of last year.
      Income from continuing operations was $30.0 million for the
quarter versus adjusted income from continuing operations of $27.1
million last year, an increase of 10.7%.
      Diluted earnings per share (EPS) from continuing operations for
the quarter was 28 cents versus adjusted diluted earnings per share
from continuing operations of 25 cents for the first quarter of last
year, an increase of 12.0%.
      Depreciation and amortization were $8.9 million and $5.1 million,
respectively, for the quarter. Capital spending for the quarter was
$6.3 million versus $7.4 million in the comparable period last year.
      Cash and marketable securities were $71.1 million at quarter-end.
Total debt at quarter-end was $750 million and net interest expense
for the quarter was $10.2 million. On October 10, 2001, the company
completed its $300 million senior contingent convertible debt security
(CODES) offering. The proceeds from the offering were used to pay down
the revolving line of credit and for general corporate purposes.
      The effective tax rate for the quarter was 36.6%. The company has
increased the tax efficiency of international operations and has
implemented programs to increase domestic tax credits. These proactive
programs have allowed the company to significantly lower its worldwide
tax liabilities.
      Accounts receivable were $171.6 million and inventories were
$180.3 million at the end of the quarter. Days sales outstanding were
64 days compared with 68 days for the comparable quarter last year.
Inventory turnover was consistent with last year at 2.6 times.

      ACQUISITIONS

      On October 10, 2001, Apogent purchased the Chromacol Group of
companies in the United Kingdom, a distributor of chromatography
consumables, primarily in Europe. This firm will become part of a
subsidiary of Apogent, the National Scientific Company.
      On October 19, 2001, Apogent's ABgene subsidiary purchased Barden
Engineering in the United Kingdom, ABgene's primary manufacturer of
industrial tooling.
      On October 31, 2001, Apogent's Matrix Technologies subsidiary
purchased Cosmotec Company, LTD in Tokyo, Japan, Matrix' primary
manufacturer of high-throughput liquid dispensing instrumentation.
      On November 20, 2001, Apogent's Applied Biotech subsidiary
purchased Forefront Diagnostics in Laguna Hills, California, a
manufacturer of rapid diagnostic test kits for the detection of drugs
of abuse.

      UPCOMING EVENTS

      Company Conference Call

      On Tuesday, January 22, 2002 at 11 a.m. EST, Apogent will host a
conference call to discuss its first quarter financial results for the
period ended December 31, 2001. The dial-in numbers for the
teleconference are:

      Domestic Callers [phone]
      International Callers [phone]

      The conference call will be simultaneously audio webcast on
Apogent's website in the Investor Relations section at
www.apogent.com. An archive of the webcast will be available on
Apogent's website until February 22, 2002.
      A telephone replay of the call will also be available until 12:00
p.m. EST on January 24, 2002. The telephone replay numbers are (800)
633-8284 (Domestic Callers) or [phone] (International Callers),
reservation number 20187290.

      Company Presentations

      Apogent will present at the following upcoming investor
conferences:


Conference                                Details

Lehman Brothers Global Healthcare        February 27, 2002 at 11:15
Conference                               a.m. EST
                                         Disney Grand Floridian
                                         Orlando, FL

Bank of America Healthcare Conference    April 2-4, 2002
                                         Four Seasons
                                         Las Vegas, NV

Robert W. Baird Growth Stock Conference  May 8-10, 2002
                                         Four Seasons
                                         Chicago, IL


      For further information on upcoming investor events, including
copies of the written presentation materials from investor
conferences, please visit the Investor Relations section of Apogent's
website at www.apogent.com.

      Company Trade Show Exhibits

      Apogent companies will exhibit at the following upcoming industry
trade shows:


Show                 Details                Apogent Companies
                                            Attending

Association for Lab  January 26-30, 2002    ABgene
Automation           Palm Springs, CA       Genevac
                     www.labautomation.org  Molecular BioProducts
                                            Robbins Scientific
                                            Seradyn
Pittcon              March 18-22, 2002      Barnstead International
                     New Orleans, LA        ERTCO
                     www.pittcon.org        Genevac
                                            Matrix Technologies
                                            Molecular BioProducts
                                            Nalge Nunc International
                                            National Scientific
                                            Naugatuck Glass


      For further information on industry trade shows that Apogent
companies attend, please visit Apogent's website.

      BUSINESS DESCRIPTION

      Apogent Technologies Inc. is a diversified worldwide leader in the
design, manufacture, and sale of value-added laboratory and life
science products essential for healthcare diagnostics and scientific
research. Apogent's companies are divided into three business
segments: Clinical Diagnostics, Labware and Life Sciences, and
Laboratory Equipment.

      NOTE REGARDING FORWARD-LOOKING STATEMENTS

      Statements made in this press release regarding future matters are
forward-looking statements that involve risks and uncertainties.
Forward-looking statements, including those dealing with competitors,
customers, acquisitions, sales, profit margins, product development,
financial performance, and growth strategies are based on current
expectations. Our actual results may differ materially from those
presently anticipated. Factors that could cause actual results to
differ materially include the "Cautionary Factors" contained in Item 7
of the Company's most recent Form 10-K and our subsequent report(s)
and filings with the Securities and Exchange Commission, and exhibits
to those reports and filings. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise.


The Company's financial results are summarized below: (all amounts
stated in thousands except per share data in cents)


                                           First Quarter Ended
                                               December 31,

                                           2001          2000
                                                      Adjusted(1)

Net sales                                $241,196      $220,758
Gross profit                              114,460       105,953
Selling, general & administrative          57,608        49,064
Operating income                           56,852        56,889

Income before income taxes, discontinued
 operations and extraordinary items        47,266        44,030
Income taxes                               17,300        16,960
Income from continuing operations before
 extraordinary items                       29,967        27,070
Discontinued operations                       ---       (10,986)
Income before extraordinary item           29,967        16,084
Extraordinary item                            ---          (745)

Net income                                 29,967        15,339

Basic earnings per common share from
 continuing operations                   $   0.28      $   0.26
Discontinued operations                       ---         (0.10)
Extraordinary items                           ---         (0.01)
Basic earnings per common share              0.28          0.14

Diluted earnings per common share from
 continuing operations                       0.28          0.25
Discontinued operations                       ---         (0.10)
Extraordinary items                           ---         (0.01)
Diluted earnings per common share            0.28          0.14

Average basic shares outstanding          106,128       105,246
Average diluted shares outstanding        108,949       107,628

(1) This prior year information has been adjusted as if Apogent had
adopted the Statement of Financial Accounting Standards No. 142 ("SFAS
142") Goodwill and Other Intangible Assets


This prior year information has been adjusted as if Apogent had
adopted the Statement of Financial Accounting Standards No. 142 ("SFAS
142") Goodwill and Other Intangible Assets as of October 1, 2000.







                                 Quarter Ended December 31, 2000
                                             SFAS 142
                           As Reported     As Adjusted     Adjustments


Net sales                    $220,758        $    ---       $220,758
Gross profit                  105,953             ---        105,953
Selling, general &
 administrative                56,116          (7,052)        49,064
Operating income               49,837           7,052         56,889

Income before income taxes,
 discontinued operations
 and extraordinary items       36,978           7,052         44,030
Income taxes                   14,791           2,169         16,960
Income from continuing
 operations before
 extraordinary items           22,187           4,883         27,070
Discontinued operations       (10,986)            ---        (10,986)
Income before extraordinary
 items                         11,201           4,883         16,084
Extraordinary items              (745)            ---           (745)

Net income                     10,456           4,883         15,339

Basic earnings per common
 share from continuing
 operations                  $   0.21        $   0.05       $   0.26
Discontinued operations         (0.10)            ---          (0.10)
Extraordinary items             (0.01)            ---          (0.01)
Basic earnings per common
 share                           0.10            0.04           0.14

Diluted earnings per common
 share from continuing
 operations                      0.21            0.04           0.25
Discontinued operations         (0.10)            ---          (0.10)
Extraordinary items             (0.01)            ---          (0.01)
Diluted earnings per common
 share                           0.10            0.04           0.14

Average basic shares
 outstanding                  105,246             ---        105,246
Average diluted shares
 outstanding                  107,628             ---        107,628


 *T

    --30--jr/bos*

    CONTACT: Apogent Technologies Inc.
             Jeffrey C. Leathe, [phone]  Ext. 430

    KEYWORD: NEW HAMPSHIRE MASSACHUSETTS
    INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL MEDICAL DEVICES
PHARMACEUTICAL EARNINGS
    SOURCE: Apogent Technologies Inc.