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Beckman Coulter's 2010 Revenues up 12 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Beckman Coulter reported after the close of the market on Wednesday that it posted $3.66 billion in revenues for full-year 2010, up 12 percent from $3.26 billion in 2009.

In its Form 10-K filed with the US Securities and Exchange Commission, the company, which is in the process of being acquired by Danaher for $6.8 billion, did not report its earnings for the fourth quarter ended Dec. 31, 2010.

But based on what it reported for the nine months ended Sept. 30, the company brought in revenues of $986.5 million in the final quarter of 2010, a decline of less than 1 percent from $989.6 million in revenues recorded during the fourth quarter of 2009. Analyst estimates were for revenues of $994.2 million for the quarter.

Its R&D costs for the fourth quarter totaled $68.6 million, down 7 percent from $74.1 million a year ago, while SG&A costs increased 6 percent to $236.1 million from $223.3 million.

Beckman's net income for the quarter was $80.4 million. The weighted average common shares outstanding for Beckman Coulter was unclear for the fourth quarter and an EPS could not be calculated.

For full-year 2010, the company's $3.66 billion in revenues fell just short of the $3.67 billion expected by Wall Street.

Recurring revenues comprised the bulk of total revenues, $2.97 billion, up 12 percent from $2.65 billion in 2009. Instrument sales increased 13 percent to $694 million from $615.4.

Revenues for Beckman Coulter's clinical diagnostics segment climbed 15 percent to $3.21 billion from $2.79 billion. Within that segment, immunoassay and molecular diagnostic revenues rose to $886.8 million from $798.3 million, an 11 percent hike.

Revenues for the life science segment declined 4 percent to $453.3 million from $472 million in 2009.

Its FY 2010 R&D costs inched up less than 1 percent to $268.6 million from $266.4 million a year ago, while SG&A costs jumped 11 percent to $897.5 million from $811.6 million.

Beckman's net income for the year climbed 57 percent to $230.7 million, or $3.25 per share, compared to $147.1 million, $2.18 per share a year ago, but short of the $3.92 estimated by Wall Street. In 2009, Beckman took charges for restructuring and acquisition-related costs of $152.3 million.

As of Dec. 31, Beckman Coulter had $376.2 million in cash and cash equivalents.

In early Thursday trade, Beckman Coulter shares on the New York Stock Exchange were up a fraction of a percentage point at $82.98.

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