Throughout the first half of 2008 the bioprocess division was in decline because of reduced orders from several major North American biotechs. In response Millipore adapted its cost structure and pushed forward strategic programmes.
Subsequently the division stabilised and demand for downstream processing equipment from customers in Asia and North America is now improving sales.
However, the gains the business made in this quarter were cancelled out by unfavourable foreign currency exchange, which resulted in the division’s revenues being the same as Q2 2008.
In its Q2 2008 financial results Millipore benefited from favourable foreign currency exchange but the strengthening dollar has reversed this trend, resulting in a 14 per cent decline in revenues from Europe.
This decline was partially offset by gains in North America and Asia but Millipore’s overall revenues still fell by one per cent to $408.6m (€284m).
One factor in the decline was the performance of the bioscience division. Total revenues declined by three per cent to $178.7m in Q2 but taking into account the unfavourable foreign currency exchange they grew by four per cent.
The business benefited from strong demand for flow cytometry, stem cell research related products and multiplex immunoassays.
Millipore licenses stem cell tech
To equip itself for rising demand for stem cell related products and services Millipore has signed a licensing deal with Boston University.
Under the terms of the agreement Millipore has licensed a method for creating induced pluripotent stem cells (iPS) for nonhuman research reagent use.
The method creates iPS derived from mouse fibroblasts by using a single virus vector. Millipore plans to have the vector made commercially available later this year.