Exhibit 99.1

Press Release	Contact:	Tim Harkness
		Molecular Devices Corporation
		(408) 747-3533

MOLECULAR DEVICES REPORTS REVENUES AND EARNINGS
FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2006

Sunnyvale, Calif., February 1, 2007 – Molecular Devices Corporation (Nasdaq: MDCC) today announced revenues and earnings for the quarter and year ended December 31, 2006.

Revenues for the fourth quarter of 2006 were $52.8 million and revenues for the year ended December 31, 2006 were $186.4 million. 

Operating income on a GAAP basis was $7.2 million for the fourth quarter of 2006, and $16.6 million for the year ended December 31, 2006.  Operating income on a non-GAAP basis was $8.7 million for the fourth quarter of 2006, and $26.2 million for the year ended December 31, 2006. Tables reconciling operating income on a GAAP and non-GAAP basis are provided immediately following the Condensed Consolidated Balance Sheets.

Fully diluted earnings per share on a GAAP basis were $0.24 for the fourth quarter of 2006 and $0.54 for the year ended December 31, 2006. Fully diluted earnings per share on a non-GAAP basis were $0.34 in the fourth quarter of 2006, and $0.98 for the year ended December 31, 2006.  Tables reconciling fully diluted earnings per share on a GAAP and non-GAAP basis are provided immediately following the Condensed Consolidated Balance Sheets.   

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 parallel chemistry to facilitate 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 the statements related to future reporting of financial results or changes to prior financial results. 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, uncertainties related to the reporting of the adjustments noted in the footnote herein to our Condensed Consolidated Statements of Income and potential similar adjustments in prior periods and other risks detailed from time to time in the Company’s SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006.  Molecular Devices Corporation does not undertake any obligation to update forward-looking statements.

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

	Three Months Ended December 31,						Year Ended December 31,
	2006			2005			2006			2005
	(unaudited)						(unaudited)
REVENUES *	$	52,845		$	52,689		$	186,412		$	181,951
COST OF REVENUES *		19,471			19,723			70,065			70,267
GROSS PROFIT		33,374			32,966			116,347			111,684
OPERATING EXPENSES:
Research and development		6,328			6,325			23,362			25,281
Selling, general and administrative		19,546			16,031			71,826			59,885
Acquired in-process research and development		—			—			4,272			—
Restructuring and other charges		331			1,427			331			1,427
Total operating expenses		26,205			23,783			99,791			86,593
INCOME FROM OPERATIONS		7,169			9,183			16,556			25,091
Gain on sale of equity securities		567			—			2,235			—
Translation gain on liquidation of subsidiaries		1,413			—			1,413			—
Interest and other income (expense), net		98			(32	)		439			(615	)
INCOME BEFORE TAXES		9,247			9,151			20,643			24,476
Income tax provision		(5,276	)		(3,392	)		(11,503	)		(8,580	)
NET INCOME	$	3,971		$	5,759		$	9,140		$	15,896
BASIC NET INCOME PER SHARE	$	0.24		$	0.35		$	0.55		$	0.95
DILUTED NET INCOME PER SHARE	$	0.24		$	0.34		$	0.54		$	0.93
SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE		16,485			16,578			16,676			16,783
SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE		16,671			17,084			17,047			17,147

* For the three months ended December 31, 2005 and the years ended December 31, 2005 and 2006, Revenues included an increase of $231,000, $736,000 and $674,000, respectively, related to reclassification of freight recovered from Cost of Revenues to Revenues. Cost of Revenues has been increased accordingly, and there was no effect on gross profit, operating income or net income. The Company plans to include these adjustments, and potentially similar adjustments in prior periods, in its financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2006, which is currently expected to be filed on or about March 16, 2007.

MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	December 31, 2006		December 31, 2005
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	22,824	$	28,908
Accounts receivable, net		39,098		41,197
Inventories, net		29,435		23,197
Deferred tax assets		3,493		5,873
Prepaids and other current assets		3,923		2,353
Total current assets		98,773		101,528
Equipment and leasehold improvements, net		10,774		9,902
Other assets		151,769		145,986
	$	261,316	$	257,416
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	7,091	$	7,676
Accrued liabilities		32,419		31,188
Total current liabilities		39,510		38,864
Long-term liabilities:
Other long-term liabilities		1,289		993
Deferred tax liabilities		4,218		4,486
Total long-term liabilities		5,507		5,479
Stockholders’ equity		216,299		213,073
	$	261,316	$	257,416

HISTORICAL NON-GAAP RECONCILIATION (unaudited)
(in thousands, except per share amounts)

	Three Months Ended December 31, 2006
				Non-GAAP Adjustments
	GAAP			FAS 123R			Other reconciling items			Non-GAAP
REVENUES	$	52,845		$	—		$	—		$	52,845
COST OF REVENUES		19,471			(94	)		—			19,377
GROSS PROFIT		33,374			94			—			33,468
OPERATING EXPENSES:
Research and development		6,328			(270	)		—			6,058
Selling, general and administrative		19,546			(831	)		—			18,715
Restructuring and other charges		331			—			(331	)		—
Total operating expenses		26,205			(1,101	)		(331	)		24,773
INCOME FROM OPERATIONS		7,169			1,195			331			8,695
Gain on sale of equity securities		567			—			(567	)		—
Translation gain on liquidation of subsidiaries		1,413			—			(1,413	)		—
Interest and other income (expense), net		98			—			—			98
INCOME BEFORE TAXES		9,247			1,195			(1,649	)		8,793
Income tax provision		(5,276	)		111			1,967			(3,198	)
NET INCOME	$	3,971		$	1,306		$	318		$	5,595
BASIC NET INCOME PER SHARE	$	0.24		$	0.08		$	0.02		$	0.34
DILUTED NET INCOME PER SHARE	$	0.24		$	0.08		$	0.02		$	0.34
SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE		16,485			16,485			16,485			16,485
SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE *		16,671			16,671			16,671			16,671

HISTORICAL NON-GAAP RECONCILIATION (unaudited)
(in thousands, except per share amounts)

	Twelve Months Ended December 31, 2006
				Non-GAAP Adjustments
	GAAP			FAS 123R			Other reconciling items			Non-GAAP
REVENUES	$	186,412		$	—		$	—		$	186,412
COST OF REVENUES		70,065			(408	)		—			69,657
GROSS PROFIT		116,347			408			—			116,755
OPERATING EXPENSES:
Research and development		23,362			(1,097	)		—			22,265
Selling, general and administrative		71,826			(3,511	)		—			68,315
Acquired in-process research and development		4,272			—			(4,272	)		—
Restructuring and other charges		331			—			(331	)		—
Total operating expenses		99,791			(4,608	)		(4,603	)		90,580
INCOME FROM OPERATIONS		16,556			5,016			4,603			26,175
Gain on sale of equity securities		2,235			—			(2,235	)		—
Translation gain on liquidation of subsidiaries		1,413			—			(1,413	)		—
Interest and other income, net		439			—			—			439
INCOME BEFORE TAXES		20,643			5,016			955			26,614
Income tax provision		(11,503	)		(930	)		2,601			(9,832	)
NET INCOME	$	9,140		$	4,086		$	3,556		$	16,782
BASIC NET INCOME PER SHARE	$	0.55		$	0.25		$	0.21		$	1.01
DILUTED NET INCOME PER SHARE	$	0.54		$	0.24		$	0.21		$	0.98
SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE		16,676			16,676			16,676			16,676
SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE *		17,047			17,047			17,047			17,047

* For the three and twelve months ended December 31, 2006, the Company did not adjust the shares used in computing non-GAAP diluted net income per share to conform to what the diluted shares would have been had it applied prior accounting standards. The difference between the shares calculated by applying FAS 123R and calculated under prior accounting standards for the three and twelve months ended December 31, 2006 was approximately 0.1 million shares and is immaterial.

NON-GAAP MEASURES

Each non-GAAP financial measure presented in this press release is included because Molecular Devices Corporation’s management uses this information for internal planning and forecasting purposes as well as to monitor and evaluate on-going operating results and trends excluding the impact of FAS 123R and the unusual items related to the gain on the sale of an equity investment, translation gain on liquidation of subsidiaries, write-off of acquired in-process research and development, and restructuring charges. Molecular Devices’ management believes that such non-GAAP financial measures are also useful for investors because the gain on the sale of an equity investment, translation gain on liquidation of subsidiaries, write-off of acquired in-process research and development, and restructuring charges are the results of transactions that are unusual due to their nature, size and frequency. In addition, excluding the impact of FAS 123R permits a more direct comparison to results in 2005, at which time FAS 123R had not yet been adopted. Consequently, excluding the impact of FAS 123R, the gain on the sale of an equity investment, translation gain on liquidation of subsidiaries, write-off of acquired in-process research and development, and restructuring charges from Molecular Devices’ operating results provides investors an important insight into Molecular Devices’ operating results and related trends of its core business. Finally, Molecular Devices has historically reported similar non-GAAP financial measures to its investors and believes that the inclusion of comparative numbers provides consistency in its financial reporting.