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Beckman's Q1 Revenues Inch up 2 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Beckman Coulter today disclosed that its first-quarter revenues rose slightly under 2 percent year over year.

In its quarterly earnings document filed with the US Securities and Exchange Commission, the Brea, Calif.-based diagnostics test and instrument firm, which is in the process of being bought by Danaher, said that for the three months ended March 31, it took in $895.4 million, compared to $881.1 million during the first quarter of 2010.

The results were short of Wall Street estimates of $905 million.

Beckman's Clinical Diagnostics segment posted revenues of $801.6 million, up 3 percent from $775.8 million a year ago. Within the segment, revenues in the chemistry and clinical automation business inched up to $326.7 from $323 million a year ago, cellular analysis revenues rose to $248.2 million from $239.1 million, and immunoassay and molecular diagnostics revenues increased to $226.7 million from $213.7 million.

Revenues from Beckman's other segment, Life Science, dipped to $93.9 million, off 11 percent from $105.3 million a year ago.

The firm's R&D costs dropped 12 percent to $61.5 million from $70.1 million, while SG&A spending increased 9 percent to $243.1 million from $222.9 million.

Beckman posted net earnings of $10.3 million, or $.14 per share, down sharply from $38.7 million, or $.54 per share, a year ago.

The company said it recorded a $14.1 million out-of-period adjustment for an understatement of cost of sales associated with inventory originating primarily in 2010.

Beckman ended the quarter with $584.8 million in cash and cash equivalents.

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