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Beckman Coulter's Q2 Revenues Jump 15.7 Percent on Strong Dx Sales

NEW YORK (GenomeWeb News) – Beckman Coulter today reported that its second-quarter revenues increased 15.7 percent, or 11.2 percent excluding currency translation effects, driven by 17.1 percent growth in its clinical diagnostics business.
 
The Orange County, Calif.-based firm brought in total revenues of $798.3 million for the three-month period ended June 30, compared to revenues of $689.7 million for the second quarter of 2007.
 
Within its clinical diagnostics segment, chemistry and clinical automation sales increased 13.7 percent to $233 million from $205 million, cellular product sales rose 17.4 percent to $244.5 million from $208.3 million, and immunoassay and molecular diagnostic sales increased 21 percent to $193.3 million from $159.7 million.
 
Sales for the life sciences segment climbed 9.3 percent to $127.5 million from $116.7 million year over year.
 
Beckman Coulter said that its recurring revenue — from supplies, test kits, service, royalty revenue, and operating-type lease payments — rose more than 13 percent to $618.7 million in Q2. Cash instrument sales jumped 25 percent to $179.6 million.
 
The firm posted a profit of $47.8 million, or $.74 per share, compared with net earnings of $69.4 million, or $1.09 per share, in the second quarter of 2007. Last year’s results included a $40.6 million gain from a break-up fee associated with the termination of Beckman’s agreement to acquire Biosite.
 
In May 2007, Beckman pulled out of a bidding war with Inverness Medical Innovations to buy diagnostics firm Biosite. Inverness purchased the firm for $92.50 per share, or approximately $1.72 billion, triggering the break-up fee to Beckman.
 
The company’s R&D costs rose 32.1 percent to $77.7 million from $58.8 million. During the quarter, Beckman sub-licensed rights to hepatitis C virus technology from Siemens Healthcare Diagnostics, resulting in a $12 million R&D charge.
 
Beckman finished the quarter with $69.5 million in cash and cash equivalents.

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