NEW YORK (GenomeWeb News) — Bio-Rad Laboratories today said first-quarter revenues increased 5 percent as R&D spending rose 17 percent and profit fell 13 percent.
Total receipts for the three months ended March 31 increased to $322.5 million from $308.3 million year over year.
Revenue from the company’s Clinical Diagnostics segment increased nearly 11 percent to $177.6 million, while receipts from the Life Science division slipped 2 percent to $141.6 million.
According to Bio-Rad, increased Clinical Diagnostics sales came “across all product lines,” with notable growth coming from its blood virus and quality-control products.
Meantime, Life Sciences revenue was hurt by decreased testing revenues from bovine spongiform encephalopathy and reduced government-sponsored research.
R&D spending rose to $32.8 million from $28.1 million year over year.
The company said first-quarter profit fell to $27 million from $31.2 million in the year-ago period.
Bio-Rad said it had around $230.3 million in cash, cash equivalents, and $241.4 million in short-term investments as of March 31.