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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.

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