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Bio-Rad's Q4 Revenues Increase 10 Percent on Strong Life Science, Dx Sales

By a GenomeWeb staff reporter

NEW YORK (Genomeweb News) – Bio-Rad reported after the close of the market Wednesday that its fourth-quarter revenues increased 10 percent with both its life sciences and clinical diagnostics segments contributing double-digit increases.

The Hercules, Calif.-based firm brought in total revenues of $495.1 million for the three-month period ended Dec. 31, 2009, compared to $448 million for the fourth quarter of 2008. Its life sciences segment had sales of $191 million, up 12 percent year over year, while its clinical diagnostics sales increased 10 percent to $300.5 million.

The Q4 2009 results beat analysts' consensus expectations of $469.9 million.

Bio-Rad posted a fourth-quarter profit of $37.9 million, or $1.35 per share, compared to a net loss of $8.2 million, or $.30 per share, for Q4 2008. It easily beat analysts' expectations of $1.10 per share.

The 2008 results include $28.8 million in charges for impairment losses on goodwill and long-lived assets. The fourth quarter of 2009 had $3.8 million in such charges.

The firm's R&D spending for the quarter rose 8 percent to $44.5 million from $41.1 million, while its SG&A expenses increased 6 percent to $163.9 million from $154.5 million.

For full-year 2009, Bio-Rad's revenues increased 1 percent to $1.78 billion from $1.76 billion. Excluding currency, its revenues were up 5 percent for the year.

The firm's life sciences segment had sales of $631.5 million, down 2 percent year over year. Sales for the clinical diagnostics segment increased 3 percent to $1.14 billion.

Bio-Rad's net income for the year was $144.6 million, or $5.20 per share, compared to $89.5 million, or $3.24 per share, for full-year 2008.

The firm's R&D spending for the year increased to $163.6 million from $159.5 million, while its SG&A spending increased to $601.5 million from $591.3 million.

Bio-Rad finished the year with cash and cash equivalents of $649.9 million and short-term investments of $94.9 million.

Christine Tsingos, Bio-Rad's CFO, said during a conference call that the firm projects organic revenue growth of around 5 percent for full-year 2010, though reported growth may be higher, especially in the first half of year, depending on currency effects.

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