Skip to main content

Beckman Coulter Posts 8 Percent Q3 Growth on Strong Recurring Revenue

NEW YORK (GenomeWeb News) – Beckman Coulter reported after the close of the market Thursday that its third-quarter revenues rose 8 percent, or nearly 12 percent on a constant currency basis, due to a strong recurring revenue.

The Orange County, Calif.-based firm had total revenues of $822.8 million for the three-month period ended Sept. 30, compared to revenues of $758.8 million. Its recurring revenues — derived from supplies, service, and lease payments — were $676.1 million, up from $594.6 million for the third quarter of 2008. Its cash instrument sales fell to $146.7 million from $164.2 million.

Beckman's clinical diagnostics sales rose 12 percent to $711 million from $635.9 million. Within that group, its chemistry and clinical automation sales rose 28 percent to $282.7 million, while its immunoassay and molecular diagnostics sales increased 9 percent to $199.3 million. Its cellular analysis sales declined 2 percent to $229 million. The firm's life sciences revenues fell 9 percent to $111.8 million from $122.9 million.

Beckman's net income for the quarter was $1.5 million, or $.02 per share, compared with net earnings of $24.1 million, or $.37 per share, for the comparable period in 2008. The most recent quarter included restructuring and acquisition-related charges of $79.2 million related to its $780 million acquisition of Olympus' lab-based diagnostics business, its office consolidation project, and a supply chain improvement initiative.

Its adjusted EPS for Q3 2009 was $.85, beating analysts' consensus estimate by a penny.

Beckman's R&D expenses declined to $71.7 million from $74.8 million, and its SG&A spending climbed to $222.6 million from $209.2 million.

The firm finished the quarter with $262.3 million in cash and cash equivalents.

"Based on the year-to-date results and the current market conditions, we expect our total revenue to be roughly flat, or up 0 percent to 2 percent in constant currency," Beckman Chairman, President, and CEO Scott Garrett said in a statement. "Recurring revenue is still expected to grow in the range of 6% to 7% for the year on a constant currency basis."

The Scan

And For Adolescents

The US Food and Drug Administration has authorized the Pfizer-BioNTech SARS-CoV-2 vaccine for children between the ages of 12 and 15 years old.

Also of Concern to WHO

The Wall Street Journal reports that the World Health Organization has classified the SARS-CoV-2 variant B.1.617 as a "variant of concern."

Test for Them All

The New York Times reports on the development of combined tests for SARS-CoV-2 and other viruses like influenza.

PNAS Papers on Oral Microbiome Evolution, Snake Toxins, Transcription Factor Binding

In PNAS this week: evolution of oral microbiomes among hominids, comparative genomic analysis of snake toxins, and more.