Matt Egan
FOXBusiness



Life Technologies (LIFE: 49.6, 2.55, 5.42%), which makes genetic testing and stem cell research tools, beat the Street with its third-quarter earnings on Tuesday and lifted its full-year guidance, sending its shares to 52-week highs.

The company earned 22 cents per share last quarter, compared to 20 cents a year ago. Life Technologies posted a non-GAAP profit of 73 cents a share, widely beating analysts’ projections for a profit of 62 cents a share.

Revenue rose 3% to $805 million, narrowly missing the Street’s view of $814.73 million.

Offsetting the top-line miss, Life Technologies boosted its 2009 non-GAAP EPS guidance to $2.90 to $2.95. Analysts had only been forecasting full-year EPS of $2.78.

Life Technologies, which employs about 9,500 people in more than 100 countries, said it expects organic revenue to rise in the high single digits this quarter, “including a modest impact” from stimulus funds.

The better-than-expected earnings and upbeat outlook pushed the company’s stock up 5.1% in recent trading to a new 52-week high. Shares of Life Technologies are up 102% year-to-date.

“I am very pleased that we’ve again delivered such strong results,” CEO Greg Lucier said in a statement. “We saw good demand for our products and services around the globe, and began to receive the initial purchases emanating from the American Recovery and Reinvestment Act.