NEW YORK, Nov. 4 (GenomeWeb News) - Bio-Rad Laboratories yesterday reported a 9.4-percent increase in net sales for the third quarter, which it attributed to strong sales in protein-expression analysis, process chromatography, diabetes monitoring, blood virus screening, and quality control products.
Net sales for the quarter ended Sept. 30 increased to $283.2 million from $258.8 million for the third quarter last year.
R&D spending in the quarter increased 8 percent to $28.7 million from $26.6 million during the same period last year.
Third quarter income from continuing operations was up 158 percent to $16.2 million, or $.62 cents per share, from $6.2 million, or $.24 per share, during the same period last year.
As of Sept. 30, BioRad had $244 million in cash and cash equivalents.
BioRad said that sales in its life science business could be hurt by a lawsuit against Applera and Roche that prevents the company from selling its MJ Research line of thermal cycling products acquired in August 2004.
Sales in life sciences could be reduced by as much as $10 million to $15 million during the fourth quarter due to a lawsuit, and pre-tax operating profit could be reduced by $8 million to $10 million compared to prior expectations, the company said.