NEW YORK, May 5 (GenomeWeb News) - Bio-Rad Laboratories yesterday reported first-quarter revenue of $308.3 million, a 3-percent increase over revenue of $299.2 million for the first quarter last year. On a currency-neutral basis, the firm's revenue rose 8.3 percent year over year.
Sales for its life science segment were up .5 percent, and 5.6 percent on a currency-neutral basis, to $144.8 million. According to the company, revenues rose on increased sales of amplification reagents and instrumentation, automated electrophoresis, and process chromatography products.
Bio-Rad's MJ Research unit resumed sales of its thermal cycler products during the quarter, following a settlement with Roche Molecular Diagnostics and Applera. Bio-Rad President and CEO Norman Schwartz noted during a conference call yesterday that the firm had resumed selling the thermal cycler with roughly six weeks left in the first quarter.
Sales for the company's clinical diagnostics segment rose 5.5 percent, or 10.9 percent excluding currency effects, to $160.3 million. The company credited the increase to growth in the blood typing, blood-virus screening, autoimmune testing, and diabetes monitoring product lines.
Bio-Rad's net income dropped 6.9 percent year over year to $31.2 million, or $1.19 per basic share, from $33.5 million, or $1.29 per share. Last year's Q1 results include $4 million, or $.15 per share in income from discontinued operations.
R&D spending climbed 4.9 percent to $28.1 million year over year.
As of March 31, Bio-Rad had cash and cash equivalents of $265.6 million.