However, the company said it still expected to meet its projections of 74 cents to 76 cents a share for the remaining two quarters, in line with analyst's expectations of 75 cents to 77 cents a share.

Invitrogen, which makes tools and provides services for other biotechnology companies, reported net income for the second quarter to be $19.7 million (€16.1 million) versus $16.9 million for the same quarter in 2003.

The company said second-quarter revenue rose 32 per cent to $254 million, while earnings rose 17 per cent to $19.7 million, or 36 cents a share compared to 34 cents per share reported in the second quarter of 2003. Excluding acquisition-related costs, the company earned $42.2 million, or 74 cents a share.

Invitrogen's growth strategy of buying smaller companies and adding their products to its growing catalogue is thought to be behind this double-digit growth in sales. Recent companies acquired include Genicon Sciences, specializing in nanotechnology, and protein microarrays and Informax, which supply desktop software for designing molecular biology experiments.

BioReliance, a company Invitrogen acquired and closed in February, boosted revenue in its BioProduction business by 53 per cent. The acquisition of Molecular Probes drove a 19 per cent increase in Invitrogen's BioDiscovery business, which sells tests and biologic products that help in drug discovery

In a conference call, Gregory Lucier, Invitrogen's chief executive, described the company's performance as strong. He pointed to Invitrogen's growth in revenues, pulling in more than $500 million during the first half of 2004, up 35 percent from a year ago. For the second half of 2004, Invitrogen estimates revenue totals at between $510 million and $520 million.