NEW YORK (GenomeWeb News) – Beckman Coulter reported after the close of the market on Tuesday that its third-quarter revenues rose 13.4 percent, while its profits slipped on charges.
The firm brought in revenues of $758.8 million for the three months ended Sept. 30, up from $669 million for the third quarter of 2007. Its clinical diagnostics sales increased 13.7 percent to $635.9 million from $559.1 million, and its life sciences sales rose 11.9 percent to $122.9 million from $109.9 million.
Within Beckman Coulter’s clinical diagnostics segment, chemistry and clinical automation sales jumped 12.2 percent to $220.4 million, cell analysis product sales increased 14.8 percent to $233.1 million from $203 million, and immunoassay and molecular diagnostics sales rose 14.3 percent to $182.4 million from $159.6 million.
“I am encouraged by balanced, above-market revenue growth across all major regions outside the US and diagnostics product areas,” Scott Garrett, chairman, president and CEO of Beckman Coulter, said in a statement. “Robust topline growth allowed us to invest in acquisitions of promising new tests, our molecular diagnostics project and expansion of our emerging markets’ sales and service infrastructure.”
Beckman Coulter posted a profit of $26.1 million, or $.41 per share, versus a profit of $60 million, or $.93 per share, for the third quarter of 2007. This year’s third-quarter results include a $19 million environmental remediation charge related to its Fullerton, Calif., site. It also incurred an $11.7 million charge related to buying out future royalty payments under a license from Nephromics.
In addition, the firm took a $7.8 million restructuring charge during the quarter versus a restructuring charge of $3 million in the comparable period of 2007.
Beckman Coulter’s SG&A expenses increased around 15 percent to $209.2 million from $181.5 million, and its R&D spending rose roughly 25 percent to $74.8 million from $59.9 million.
The company finished the third quarter with $71.4 million in cash and cash equivalents.
Garrett said that based on current exchange rates, the firm expects full-year revenue growth of 12 percent to 13 percent. The company expects FY 2008 EPS of between $3.55 and $3.65.
In early Wednesday trade on the New York Stock Exchange, Beckman Coulter's shares were down 5.2 percent at $47.20.