Skip to main content
Premium Trial:

Request an Annual Quote

Bio-Rad’s Q2 Revenues Rise 7 Percent; Year-Ago Settlement with BioMerieux Impacts Profit

NEW YORK (GenomeWeb News) — Bio-Rad Laboratories today said second-quarter revenues increased 7 percent as R&D spending rose 13 percent and profit tumbled 20 percent.
 
Total receipts for the three months ended June 30 increased to $339.1 million from $317.7 million year over year. On a currency-neutral basis, revenues increased 3 percent compared to the second quarter of 2006.
 
In the year-ago quarter, the company reported one-time additional revenue of $11.7 million due to a licensing settlement with bioMerieux. Excluding that revenue, growth for the second quarter in 2007 was 10.8 percent compared to the second quarter of 2006, Bio-Rad said.
 
Revenue from the company’s Clinical Diagnostics segment rose 5.4 percent to $189.8 million, while receipts from the Life Science division grew by 8.6 percent to $146 million.
 
Growth in the Clinical Diagnostics segment was driven by “continued growth across all product lines, especially in blood virus, autoimmune, and quality control products,” the company said in a statement. Excluding the bioMerieux revenues from the year-ago period, the division’s revenue was up 12.7 percent.
 
The company said growth in the Life Sciences division was in part due to increased sales of its ProteOn and Bio-Plex array system lines and associated reagents as well as chromatography media. Growth was “somewhat tempered,” however, by a fall-off in its bovine spongiform encephalopathy tests, “as both the number of animals tested and the average selling price continues to decline.”
 
R&D spending rose to $34.8 million from $31 million year over year, while SG&A costs rose to $119.6 million from $110.5 million.
 
Bio-Rad's net income fell to $25.7 million from $32.3 million in the year-ago period. Excluding the impact of the bioMerieux settlement, net income was “approximately the same” as the second quarter of 2006, Bio-Rad said.
 
Bio-Rad said it had around $232.4 million in cash and cash equivalents and $270.5 million in short-term investments as of June 30.

The Scan

Boosters Chasing Variants

The New York Times reports that an FDA advisory panel is to weigh updated booster vaccines for COVID-19.

Not Yet

The World Health Organization says monkeypox is not yet a global emergency, the Washington Post reports.

More Proposed for Federal Research

Science reports that US House of Representatives panels are seeking to increase federal research funding.

PLOS Papers on Breast Cancer Metastasis, Left-Sided Cardiac Defects, SARS-CoV-2 Monitoring

In PLOS this week: link between breast cancer metastasis and CLIC4, sequencing analysis of left-sided cardiac defects, and more.