Third quarter revenue of $362 million, 15 percent increase

Third quarter GAAP EPS of $0.26 and non-GAAP EPS $0.69

Free cash flow $61 million for the quarter

Invitrogen Corporation (Nasdaq:IVGN) today announced results for its third quarter ended September 30, 2008. Revenues for the third quarter were $362 million, an increase of 15 percent over the $315 million reported for the third quarter of 2007.

“We’re extremely pleased with our performance this quarter and our ability to once again deliver value to our shareholders,” said Gregory T. Lucier, Chairman and Chief Executive Officer of Invitrogen. “These results demonstrate we can continue to optimize our core business while dedicating sizable resources to make our integration with Applied Biosystems a success.”

Third quarter diluted earnings per share were $0.26, which includes $0.06 per share of stock option expensing, $0.12 per share of amortization expense, $0.19 per share of in-process R&D expenses and $0.06 of business integration costs and other expenses. On a non-GAAP basis, which excludes these items, diluted earnings per share were $0.69, an increase of 21 percent over the same period last year.

Analysis of Third Quarter 2008 Results

• Third quarter 2008 revenues increased 15 percent over the previous year as a result of increased royalty revenue, improved price and volume in all regions, as well as positive currency benefits. Organic revenue growth, without the impact from currency and acquisitions, was 10 percent. Revenue from foreign exchange contributed approximately $11 million, or three points of growth.
• Gross margin, on a non-GAAP basis, was 65.6 percent in the third quarter. This represents an increase of 120 basis points from the same period in the prior year, due to positive price realization and increased royalty and licensing revenue.
• Non-GAAP operating margin was 26.2 percent in the third quarter, representing an increase of 160 basis points over the same period in 2007, mainly as a result of improved gross margin and operating expense leverage.
• Non-GAAP tax rate was 28 percent, two and a half points below prior year levels. The decrease was a result of earnings growth in lower tax rate jurisdictions and lower than expected taxes due on prior year returns, net of the loss of the federal R&D tax credit, which expired at the end of 2007.
• Weighted shares outstanding were 97 million in the third quarter.
• Cash flow from operating activities for the third quarter was $86 million. Third quarter capital expenditures were $25 million and free cash flow was $61 million. The company ended the third quarter with $676 million in cash & short-term investments.
• The following analysis of diluted earnings per share identifies specific items that affect the comparability of results between periods. Reconciliations between Invitrogen’s results and non-GAAP results for the periods reported are presented in the attached tables and on the company’s Investor Relations page at www.invitrogen.com.

Segment and Geographic Highlights

• BioDiscovery revenue was $249 million in the third quarter, an increase of 13 percent over the same period the previous year. Organic revenue growth, which excludes the impact from currency, was 10 percent. Revenue growth was a result of positive price realization, volume growth and royalty and licensing revenue.
• BioDiscovery non-GAAP gross margins increased 230 basis points year-over-year due to positive price realization, royalty and licensing revenue growth and mix.
• Cell Systems revenue was $112 million in the third quarter 2008, an increase of 19 percent over the same period the previous year. Organic revenue growth, which excludes the impact from currency and acquisitions, was 10 percent. Cell culture research had another quarter of low double digit growth and production media and sera grew in the double digits, as expected.
• Cell Systems non-GAAP gross margins decreased by 90 basis points year-over-year, as expected, mostly attributable to a higher mix of revenue from production sera and acquisitions, which have lower gross margins.
• Revenue growth, excluding impact from currency, by region for the third quarter was 11 percent in the Americas, 8 percent in Europe and 11 percent in Asia Pacific.
• Orders transacted through e-commerce channels were 63 percent in the Americas during the third quarter and over 50 percent globally.
• New technology highlights included:

• The company was also selected as a new member of the Dow Jones Sustainability World Index (DJSI World) and named the leader of the biotechnology sector for 2008. Invitrogen ranked among the top 10 percent of the world's 2,500 largest companies in terms of sustainability for its performance in corporate governance, labor practices, talent development, community involvement, workplace safety, climate change and environmental management.

Fourth Quarter 2008 Outlook

Subject to the risk factors detailed in the Safe Harbor Statement section of this release, the company expects fourth quarter 2008 organic revenue, excluding the impact from currency and acquisitions, to increase in the mid single digits. Non-GAAP earnings per share are expected to increase at a rate of one and a half to two times that of total revenue. The company will provide further detail on its business outlook during the conference call today.

Conference Call and Webcast Details

The company will discuss its financial and business results as well as its business outlook on its conference call at 4:30 p.m. Eastern Time today. This conference call will contain forward-looking information. The conference call will include a discussion of “non-GAAP financial measures” as that term is defined in Regulation G. For actual results, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the company’s financial results determined in accordance with GAAP, as well as other material financial and statistical information to be discussed on the conference call will be posted at the company’s Investor Relations website at www.invitrogen.com.

The webcast can be accessed on Invitrogen’s website at www.invitrogen.com on the Investor Relations home page. Alternatively, callers may listen to the live conference call by dialing 800.299.0433 (domestic) or 617.801.9712 (international) and use passcode 59590328. A replay of the webcast will be available on the Company’s website through Tuesday, November 11, 2008.

About Invitrogen

Invitrogen Corporation (Nasdaq:IVGN) provides products and services that support academic and government research institutions and pharmaceutical and biotech companies worldwide in their efforts to improve the human condition. The company provides essential life science technologies for disease research, drug discovery, and commercial bioproduction. Invitrogen's own research and development efforts are focused on breakthrough innovation in all major areas of biological discovery including functional genomics, proteomics, stem cells, cell therapy, and cell biology -- placing Invitrogen's products in nearly every major laboratory in the world. Founded in 1987, Invitrogen is headquartered in Carlsbad, California, and conducts business in more than 70 countries around the world. The company employs approximately 4,700 scientists and other professionals and had revenues of approximately $1.3 billion in 2007. For more information, visit www.invitrogen.com.

Statement Regarding Use of Non-GAAP Measures

We regularly have reported non-GAAP measures for net income and earnings per share as non-GAAP results. These measures are provided as supplementary information and are not a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP measures are limited because they do not reflect the entirety of our business results.

We define our non-GAAP results as our GAAP results excluding the after tax impact of the following:

• Acquisition related amortization;
• In process research and development expenses;
• Acquisition related gains and losses;
• Asset impairment charges related to a portfolio review;
• Business consolidation costs required to realize revenue and cost synergies from combining our acquired entities with our existing operations;
• Certain significant one time events that are unlikely to recur; and
• Share based payment expenses as a result of adoption of FAS123R.

Management views these excluded items as not indicative of the operating results or cash flows of its operations and excludes these items as a supplemental disclosure to assist investors in evaluating and assessing our past and future operational performance. This presentation of our non-GAAP results is consistent with how management internally evaluates the performance of its operations.

We encourage investors to carefully consider our results under GAAP, as well as our non-GAAP disclosures and the reconciliation between these presentations to more fully understand our business. Reconciliations between GAAP results and non-GAAP results are presented on the following pages.

Safe Harbor Statement

Certain statements contained in this press release and in today’s conference call are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is Invitrogen’s intent that such statements be protected by the safe harbor created thereby. Such statements include, but are not limited to statements regarding Invitrogen’s: 1) financial projections, including revenue and non-GAAP earnings per share; 2) plans regarding our share repurchase program; 3) momentum in 2008; 4) plans to sustain and expand organic growth and increase operating margins; and 5) plans to acquire Applied Biosystems, Inc. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to a) the Company’s ability to identify promising technology and new product development opportunities; b) the Company’s repurchase shares of its common stock at prices that are acceptable to its Board of Directors and management; c) the Company’s ability to identify acquisitions and organic growth opportunities that will position it to serve growing markets; and d) the closing conditions in the Agreement & Plan of Merger to acquire Applied Biosystems, as well as other risks and uncertainties detailed from time to time in Invitrogen’s Securities and Exchange Commission filings.

Additional Information and Where to Find It

In connection with the proposed transaction, Invitrogen and Applied Biosystems have filed a joint proxy statement/prospectus as part of a registration statement on Form S-4 regarding the proposed transaction with the Securities and Exchange Commission, or SEC. The definitive joint proxy statement/prospectus has been mailed to shareholders of both companies. A supplement to the definitive joint proxy statement/prospectus has been filed with the SEC and mailed to stockholders of both companies. Investors and security holders are urged to read the joint proxy statement/prospectus in its entirety, including the supplement thereto, because it contains important information about Invitrogen and Applied Biosystems and the proposed transaction. Investors and security holders may obtain a free copy of the definitive joint proxy statement/prospectus, including the supplement thereto, and other documents at the SEC’s website at www.sec.gov. The definitive joint proxy statement/prospectus, including the supplement thereto, and other relevant documents may also be obtained free of charge from Invitrogen by directing such requests to: Invitrogen Corporation, Attention: Investor Relations, 5791 Van Allen Way, Carlsbad, CA 92008, and from Applied Biosystems Inc. at: Applied Biosystems Inc., Attention: Investor Relations 850 Lincoln Center Drive, Foster City, CA 94404.

Participants in the Solicitation

Invitrogen and Applied Biosystems and their respective directors, executive officers and certain other members of their management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information concerning all of the participants in the solicitation is included in the joint proxy statement/prospectus relating to the proposed merger. This document is available free of charge from several sources: the Securities and Exchange Commission’s Web site at http://www.sec.gov; Invitrogen Investor Relations, telephone: 760-603-7200; Invitrogen’s investor relations website at www.invitrogen.com; Applied Biosystems Investor Relations, telephone (650) 554-2449; or Applied Biosystems investor relations website at www.appliedbiosystems.com.

Invitrogen Corporation
Investor and Financial Contacts:
Amanda Clardy
Vice President, Investor Relations
760-603-7200