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Beckman Coulter Says Q1 Revenues Rise 8 Percent Atop 12-Percent Jump in Profits

NEW YORK (GenomeWeb News) — Beckman Coulter today said first-quarter revenues increased 8 percent as R&D spending rose 6 percent and profit grew 12 percent.
 
Total receipts for the three months ended March 31 increased to $613.6 million from $569 million year over year.
 
Product-related revenue increased 8 percent to $512.4 million while service-related revenue was up 6 percent to $101.2 million. Sales of consumables grew by nearly 13 percent, the company said.
 
The acquisition of Lumigen, which Beckman bought in the fourth quarter of 2006 for $185 million, added about 1.6 percent to sales, and about 83 percent of sales came from recurring revenue including “supplies, test kits, service revenue and operating-type lease payments.”
 
R&D spending rose to $57.8 million from $54.5 million in the previous first quarter.
 
The company said profit increased to $37.1 million from $32.6 million in the year-ago period.
 
Beckman said it had around $89.3 million in cash and equivalents as of Mar. 31, 2007.
 
The company said it expects 2007 revenue to grow between 7 percent and 9 percent year over year.
 
Beckman CEO Scott Garrett said the company expects to bring two new immunoassays to market sometime this year.
 
Also today, Beckman said it has raised its offer in an agreement to acquire Biosite, from $85 a share to $90 a share, or around $1.67 billion.  This agreement expires on May 15.

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