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Beckman Q2 Revenue Grew, Though Robotic Sales Shriveled

This update serves to correct that Beckman Coulter reported net earnings, not net losses, during the second quarter.

 

NEW YORK  July 31 - Beckman Coulter today posted a modest uptick in second-quarter revenue atop increased R&D spending and increased earnings. However, sale of lab-automation and genetic-analysis tools shrank.

 

Total revenue for the period ended June 30 increased to $551.8 million from $516.1 million one year ago. Receipts from lab-automation and genetic analysis instruments in the quarter fell more than 10 percent to $39.2 million year over year, while centrifuge and analytical-system sales increased by 1.9 percent to $69.7 million, Beckman said.

 

Second-quarter R&D spending increased to $48 million from $47.8 million during the same period one year ago. As a result, net income in the quarter grew to $52.2 million, or $.86 per share, from $41.9 million, or $.68 per share, for the same quarter 2002.

 

Beckman CEO John Wareham said In the third quarter, we expect sales to be up 7 percent to 8 percent. Sales of biomedical research products, which contains Beckman's lab-automation and genetic- and protein-analysis tools, should grow in the low single digits, he said.

"In biomedical research we are cautiously optimistic about R&D spending in the government funded and pharmaceutical sectors, but still bearish on biotechnology R&D spending," Wareham said in a statement.

 

He added that forthcoming new-product releases, like the ProteomeLab PF 2D, the ProteomeLab PA 800 protein-characterization system, and the CEQ 8800 genetic-analysis system, should aid sales growth in the second half.

Beckman said it had around $66.6 million in cash and cash equivalents as of June 30.

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