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Bio-Rad's Q3 Revenues Drop 4 Percent on Currency Effects

NEW YORK (GenomeWeb News) – Bio-Rad Laboratories reported after the close of the market Tuesday that its third-quarter revenues slipped nearly 4 percent year over year largely due to the effects of currency translation.

The Hercules, Calif.-based life science research tools firm brought in total revenues of $498.7 million for the three months ended Sept. 30, compared to $516.5 million for the third quarter of 2011.

Bio-Rad CFO Christine Tsingos said on a conference call following the release of the results that there was a $36 million currency impact in the quarter. On a currency-neutral basis, the firm's quarterly revenues increased nearly 4 percent year over year.

The consensus Wall Street estimate was for revenues of $506.1 million.

Sales for Bio-Rad's life science segment declined around 3 percent to $167 million, but were up 2 percent on a currency-neutral basis. Sales for the segment include a $5.2 million contribution from droplet digital PCR products related to Bio-Rad's acquisition of QuantaLife in October 2011. QuantaLife sales more than doubled year over year, and Tsingos said the firm is "in the ball park or just shy" of its FY 2012 sales target for the digital PCR platform.

In the life sciences segment, strong sales in North America were offset by slowness in Europe and Japan, said Bio-Rad.

The firm's clinical diagnostics segment had sales of $328.4 million, down 4 percent year over year, but up nearly 5 percent on a currency-neutral basis.

Bio-Rad posted net income of $42.4 million, or $1.48 per share, for the quarter versus $45.9 million, or $1.61 per share, for Q3 2011. The most recent quarter was positively impacted by $8.5 million tied to a reduction in the valuation of contingent consideration associated with the QuantaLife purchase.

Its adjusted EPS was $1.27, easily beating analysts' consensus estimate EPS of $1.17.

The firm's R&D spending for the quarter increased 8 percent to $49 million from $45.4 million, while its SG&A expenses declined 9 percent to $160.3 million from $176.9 million.

Bio-Rad finished the quarter with $426.5 million in cash and cash equivalents and $427.2 million in short-term investments.

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