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Molecular devices lowers third quarter guidance.

Sunnyvale, CA 9/27/06--Molecular Devices has lowered its revenue and earnings per share guidance (EPS) by 8%-12% for the third quarter, citing slower than expected demand from pharmaceutical customers. The company now forecasts $44-$46 million in revenues, down from a July estimate of $48-$52 million. GAAP EPS is now forecast to be $0.12-$0.17 per share, down from $0.22-$0.26, and non-GAAP EPS is expected to be $0.17-$0.22 per share, excluding stock compensation expenses of $0.05 per share, compared to the earlier estimate of $0.27-$0.31.

Earlier this year, the company reduced its year-end fiscal guidance (see IBO 8/31/06). In its second quarter conference call, Molecular Devices reported disappointing sales results for its imaging business, citing a highly competitive market, emerging applications, a long sales cycle and delayed purchasing decisions. In addition, the company discussed a quarterly sales decline for its genomic detection products.
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Title Annotation:Executive Briefing: News, Trends & Market Intelligence for Instrument Executives
Publication:Instrument Business Outlook
Date:Sep 30, 2006
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