Molecular Devices Reports Record Revenues and Earnings for First Quarter of 2004

Molecular Devices Reports Record Revenues and Earnings for First
Quarter of 2004 


SUNNYVALE, Calif., April 22  /PRNewswire-FirstCall/ -- Molecular Devices
Corporation  today announced record revenues and earnings for the quarter ended
March 31, 2004.

Revenues for the quarter were a record $27.3 million, or an increase of 11%
compared to the same period last year.  Operating income for the first quarter
of 2004 was $2.2 million, or an increase of 198% compared to the same period
last year.  Fully diluted earnings per share for the first quarter of 2004 were
$0.10, or an increase of 100% compared with the same period last year.

"We saw strength in both our life sciences and drug discovery product families,
and we have become more optimistic about the state of our markets," stated
Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive
Officer.  "IonWorks exceeded our expectations for the quarter and we continued
to see strong demand for the SpectraMax M2 bench-top reader as well as the Meta
series of cellular imaging products and our drug discovery consumables. 
Strategically, we are very excited about our recent agreement to acquire Axon
Instruments, as we believe it will enable us to broaden our footprint in our
core drug discovery markets and further strengthen our technology base."

The Company also established guidance for the second quarter of 2004 and
reaffirmed guidance for the full year 2004.  For the second quarter of 2004,
the Company anticipates revenues of $31 to $33 million and fully diluted
earnings per share of $0.15 to $0.17.  For the full year 2004, the Company
anticipates revenues of $125 to $135 million and fully diluted earnings per
share of $0.65 to $0.75.  If the Axon transaction closes by the end of the
second quarter of 2004, the Company would anticipate increasing revenue
guidance for the second half by $20 million, bringing it to a range of $145
million to $155 million for the full year.  In addition, the transaction is
expected to be neutral to earnings per share guidance for 2004.

Conference Call Information

An earnings announcement conference call is scheduled for Friday, April 23,
2004 at 8:00 a.m. PDT (11:00 a.m. EDT).  Interested parties can participate in
the call by dialing 800-500-0311 (domestic) or 719-457-2698 (international).  A
taped replay of this call will be available through April 30, 2004.  Replay
dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international)
and the access code for the replay is 437836.

Investors can also access a live web-cast of the call through a link posted on
the investor page on Molecular Devices' website
(http://www.moleculardevices.com/).  A replay of the web cast will remain at
this location through April 30, 2004.

About Molecular Devices Corporation

Molecular Devices Corporation is a leading supplier of high-performance
bioanalytical measurement systems that accelerate and improve drug discovery
and other life sciences research.  The Company's systems and consumables enable
pharmaceutical and biotechnology companies to leverage advances in genomics,
proteomics and combinatorial chemistry by facilitating the high-throughput and
cost-effective identification and evaluation of drug candidates.  The Company's
solutions are based on its advanced core technologies that integrate its
expertise in engineering, molecular and cell biology and chemistry.  Molecular
Devices enables its customers to improve research productivity and
effectiveness, which ultimately accelerates the complex process of discovering
and developing new drugs.

This press release contains "forward-looking" statements, including statements
related to future revenues and earnings.  Any statements contained in this
press release that are not statements of historical fact may be deemed to be
forward-looking statements. Words such as "believes," "anticipates," "plans,"
"expects," "will," and similar expressions are intended to identify
forward-looking statements.  There are a number of important factors that could
cause the results of Molecular Devices Corporation to differ materially from
those indicated by these forward-looking statements, including, among others,
risks detailed from time to time in the Company's SEC reports, including its
Annual Report on Form 10-K for the year ended December 31, 2003. Molecular
Devices Corporation does not undertake any obligation to update forward-looking
statements.

                        MOLECULAR DEVICES CORPORATION
                      CONSOLIDATED STATEMENTS OF INCOME
                  (in thousands, except per share amounts)


                                                     Three Months Ended
                                                          March 31,
                                                    2004              2003
                                                         (unaudited)

  REVENUES                                       $27,337           $24,550

  COST OF REVENUES                                10,242             9,528

  GROSS PROFIT                                    17,095            15,022

  OPERATING EXPENSES:
    Research and development                       4,017             4,659
    Selling, general and administrative           10,920             9,639

      Total operating expenses                    14,937            14,298

  INCOME FROM OPERATIONS                           2,158               724
  Other income, net                                   36               306

  INCOME BEFORE TAXES                              2,194             1,030
  Income tax provision                              (764)             (309)

  NET INCOME                                      $1,430              $721

  BASIC NET INCOME PER SHARE                       $0.10             $0.05

  DILUTED NET INCOME PER SHARE                     $0.10             $0.05

  SHARES USED IN COMPUTING BASIC NET
   INCOME PER SHARE                               14,588            15,343

  SHARES USED IN COMPUTING DILUTED NET
   INCOME PER SHARE                               14,791            15,402


                        MOLECULAR DEVICES CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                               (in thousands)
                                                March 31,      December 31,
                                                    2004              2003
  ASSETS                                                 (unaudited)
  Current assets:
    Cash and cash equivalents                    $50,418           $50,260
    Short-term investments                            --             8,114
    Accounts receivable, net                      21,473            26,209
    Inventories, net                              17,339            17,025
    Deferred tax assets                            5,220             5,223
    Other current assets                           2,119             1,849
      Total current assets                        96,569           108,680

  Long-term investments                               --             1,736
  Equipment and leasehold
   improvements, net                               9,426             9,706
  Other assets                                    46,881            46,791
                                                $152,876          $166,913

  LIABILITIES AND STOCKHOLDERS' EQUITY
  Current liabilities:
    Accounts payable                              $4,175            $4,019
    Accrued liabilities                           12,867            17,356
      Total current liabilities                   17,042            21,375

  Stockholders' equity                           135,834           145,538

                                                $152,876          $166,913


DATASOURCE: Molecular Devices Corporation



CONTACT:  Tim Harkness of Molecular Devices Corporation, [phone]



Web site:  http://www.moleculardevices.com/ 

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