NEW YORK (GenomeWeb News) – Bio-Rad Laboratories reported after the market closed on Tuesday that its third-quarter revenues rose 4 percent driven by strong clinical diagnostics sales.
The firm reported total revenues of $461.1 million for the three-month period ended Sept. 30, compared to revenues of $441.8 million for the third quarter of 2008. On a currency-neutral basis, Bio-Rad's revenue growth for the quarter was 11 percent.
It beat analysts' consensus estimate on both the top and bottom line.
Bio-Rad said that its life science products business generated revenues of $150.4 million, a drop of around 4 percent year over year, or less than 1 percent on a currency-neutral basis. Sales of the firm's clinical diagnostic products were $307.5 million, up around 9 percent compared to the period a year ago.
Bio-Rad said that the year-over-year decline in the life science business was impacted by slowed research markets in the US and in Europe.
"As we had expected, the economy continued to have somewhat of a negative impact on customer spending particularly in our Life Science segment, but we are encouraged by the resiliency we've seen in many of our markets," Bio-Rad President and CEO Norman Schwartz said in a statement.
The firm posted a profit of $38.5 million, or $1.38 per share, up from $27.8 million, or $1.00 per share, for the third quarter of 2008.
The company's R&D costs rose 2 percent over the year before to $39.5 million, compared to $38.8 million, while its SG&A spending ticked up to $153.6 million from $150.5 million.
Bio-Rad finished the quarter with $554.2 million in cash and cash equivalents and $87.9 million in short-term investments.
In early Wednesday trade on the New York Stock Exchange, shares of Bio-Rad were up 4 percent at $94.38.