R&D software maker Accelrys ($ACCL) has taken a bit of hit today after reporting financial results. The San Diego-based firm has sought growth through acquisitions over the past year and a half, and more buyouts are expected to scale up its business in the future, GenomeWeb reported.
During the July, August and September quarter, the company's non-GAAP revenue fell 9% or $3.7 million to $38 million, according to the firm's release. Non-GAAP net income was $5.4 million in the third quarter of 2011 compared with $5.7 million in the same quarter last year--another drop. Yet the third-quarter GAAP revenue--which includes the impact of the July 2010 buyout of Symyx Technologies ($SMMX) and the purchase of Contur in May--jumped 25% or $7.1 million from $29.1 million last year to $36.3 million.
Accelrys's stock fell by 4.85% to a close of $6.47 on Friday after the third-quarter results were released on Thursday.
While Accelrys has enlarged itself since last year, especially due to its merger with Symyx, PerkinElmer ($PKI) has been gobbling up R&D software companies over the past year such as Geospiza, CambridgeSoft and Labtronics. This gives PerkinElmer a potent answer to Accelrys's electronic lab notebook offering, as both CambridgeSoft and Labtronics offer competing products in the ELN market. Accelrys has tried to set itself apart from competitors this year with the releases of updated software, including its enhanced Discovery Studio and Cheminformatics products.
"I am pleased with the progress we made over the past quarter advancing our strategy, product roadmap and partner relationships. These efforts put us in a strong position to help our customers effectively manage the industry trends towards biotherapeutics development and the externalization of core research projects," Max Carnecchia, CEO of Accelrys, said in a statement. "We delivered two new releases that are fundamental to our enterprise R&D platform, further reinforcing our commitment to keep pace with scientific advancements."