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Bio-Rad Posts Mild Q3 Revenue Growth from Life Science and Clinical Dx Segments

NEW YORK, Nov. 5 (GenomeWeb News) - Bio-Rad Laboratories yesterday reported increased revenues for the third quarter from its life science and clinical diagnostic business segments, while its earnings declined.

 

Bio-Rad booked $258.8 million in revenues for the quarter ended Sept. 30, compared with $241.8 million during the same period last year. Its life science segment contributed $120.6 million in revenues, up 7 percent over last year's receipts, driven by a mix of products geared more towards reagents and increased sales of multiplex array technology, amplification and electrophoresis reagents, and gene transfer technology.

 

Life science also benefited from gene expression products from MJ GeneWorks and MJ Research, which Bio-Rad acquired in August.

 

Bio-Rad spent $26.6 million during the quarter on R&D, up from $23 million during the same period last year.

 

Net income fell to $6.3 million, or $.24 per share, from $9.7 million, or $.37 per share, during the third quarter of 2003.

 

As of Sept. 30, Bio-Rad had $125.2 million in cash and cash equivalents.

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