Robert W. Baird downgraded the stock to "neutral" from "outperform" after Bio-Rad yesterday reported that fourth-quarter income slipped to $17.1 million, or $.65 per share, from $19.2 million, or $.73 per share. However, sales in the quarter rose to $307.9 million from $258.1 million.
As GenomeWeb News reported yesterday, Bio-Rad reported a 19.3-percent increase in total net sales during then fourth quarter, while sales from its Life Science segment jumped 16.4 percent, excluding currency benefits.
Total net sales for the Hercules, Calif.-based life-sciences company increased to $307.9 million during the fourth quarter of 2004 from $258 million in the year-ago quarter. With currency benefits, net sales in the Life Science segment grew 21.6 percent to $148.5 million, the firm said.
Bio-Rad said that the revenue increase in Life Science was helped along by its August 2004 acquisition of MJ GeneWorks.
R&D spending during the three months ended
The company said net income in the quarter fell to $17.1 million, or $.65 per share, from $19.2 million, or $.73 per share.
Bio-Rad said it had around $195.7 million in cash and equivalents and $165.9 million in short-term investments as of