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

MOLECULAR DEVICES REPORTS REVENUES AND EARNINGS
FOR THIRD QUARTER OF 2003

Sunnyvale, Calif., October 14, 2003 - Molecular Devices Corporation (Nasdaq: MDCC) today announced its revenues and earnings for the quarter ended September 30, 2003.

Revenues for the quarter were within management’s previously stated guidance and met consensus analyst expectations. Earnings per share exceeded management’s previously stated guidance and consensus analyst expectations. Revenues for the third quarter of 2003 were a record $29.3 million, or an increase of 13% compared to the same period last year. Operating income for the third quarter of 2003 increased to $3.2 million or an increase of 73% compared to the same period last year. Fully diluted earnings per share for the third quarter of 2003 were $0.15, an increase of 25% compared with the same period last year.

“We are pleased to report record revenues for the sixth consecutive quarter, and our second highest quarterly revenue total ever,” stated Joseph D. Keegan, Ph.D., Molecular Devices’ President and Chief Executive Officer. “Drug Discovery products, including the IonWorks™, FLIPR^® and Discovery-1™ product families were the primary growth drivers during the quarter. We were also pleased with the initial customer response to the recent introduction of the SpectraMax^® M2, the first dual-monochromator, multi-detection microplate reader with dual-mode cuvette port for fluorescence and absorbance assays. Our continuing commitment to innovation, and our employees’ ability to execute, has enabled us to deliver results that have met or exceeded expectations throughout persistent uncertain market conditions.”

The Company also reaffirmed guidance for the remainder of 2003 and established guidance for 2004. For the fourth quarter of 2003, the Company anticipates revenues of $32 to $34 million and fully diluted earnings per share of $0.18 to $0.20. This brings expected revenues for the full year 2003 to $114 to $116 million and fully diluted earnings per share to $0.49 to $0.51. For 2004, the Company anticipates revenues of $125 to $135 million and fully diluted earnings per share of $0.65 to $0.75.

Conference Call Information

An earnings announcement conference call is scheduled for Wednesday, October 15, 2003 at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate in the call by dialing 800-822-4794 (domestic) or 913-981-4912 (international). A taped replay of this call will be available through October 21, 2003. Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international) and the access code for the replay is 766550.

Investors can also access a live web-cast of the call through a link posted on the investor page on Molecular Devices’ website (www.moleculardevices.com). A replay of the web cast will remain at this location through October 21, 2003.

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, 2002 and its quarterly report on Form 10-Q for the quarter ended June 30, 2003. Molecular Devices Corporation does not undertake any obligation to update forward-looking statements.

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MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
TOTAL REVENUES	$	29,276		$	25,907		$	82,331		$	71,972
TOTAL COST OF REVENUES		10,763			10,373			30,876			28,879
GROSS PROFIT		18,513			15,534			51,455			43,093
OPERATING EXPENSES:
Research and development		4,649			4,612			14,127			13,101
Selling, general and administrative		10,681			9,084			31,136			25,063
Total operating expenses		15,330			13,696			45,263			38,164
INCOME FROM OPERATIONS		3,183			1,838			6,192			4,929
Other income, net		73			461			639			1,244
INCOME BEFORE TAXES		3,256			2,299			6,831			6,173
Income tax provision		(977	)		(504	)		(2,050	)		(1,975	)
NET INCOME	$	2,279		$	1,795		$	4,781		$	4,198
BASIC NET INCOME PER SHARE	$	0.15		$	0.12		$	0.32		$	0.27
DILUTED NET INCOME PER SHARE	$	0.15		$	0.12		$	0.31		$	0.27
SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE		14,935			15,318			15,142			15,354
SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE		15,103			15,381			15,223			15,455

MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)

	September 30, 2003		December 31, 2002
ASSETS
Current assets:
Cash and cash equivalents	$	42,550	$	43,733
Short-term investments		11,642		10,050
Accounts receivable, net		24,718		26,443
Inventories, net		17,391		17,722
Deferred tax assets		3,976		5,230
Other current assets		1,902		1,770
Total current assets		102,179		104,948
Long-term investments		3,247		--
Equipment and leasehold improvements, net		9,818		10,943
Other assets		45,950		47,010
	$	161,194	$	162,901
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	3,560	$	2,863
Accrued liabilities		13,093		17,234
Total current liabilities		16,653		20,097
Stockholders' equity		144,541		142,804
	$	161,194	$	162,901