NEW YORK, May 6 (GenomeWeb News) - Shares in Bio-Rad Laboratories were up 7 percent, or $3.47, at $52.43 in mid-afternoon trading after the company yesterday reported a 14-percent increase in revenues and a jump in earnings for the first quarter of 2005.
As GenomeWeb News reported this morning, Bio-Rad recorded $299.2 million in revenues for the quarter, up from $262.7 million during the same period a year ago. Bio-Rad's life science segment accounted for $144.1 million of total revenues, an increase of 18.5 percent year-over-year.
Several product lines, including amplification reagents, process chromatography media, and the Bio-Plex protein assay system, contributed to the growth of this segment, while real time PCR instruments faced competition, and prices for BSE tests "eroded," according to the company.
Research and development costs went up slightly, to $26.8 million, from $24.3 million during last year's first quarter.
Net income totaled $33.5 million, or $1.26 per share, up from $22 million, or $.83 per share, during the first quarter of 2004. This includes a $4 million gain related to the sale of the company's confocal microscopy business.
As of March 31, Bio-Rad had $318 million in cash and cash equivalents and $65.9 million in short-term investments.