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Bio-Rad's Q4 Revenues Jump 34 Percent, But Charges Hit Profit

NEW YORK (GenomeWeb News) – Bio-Rad Laboratories today reported a 34 percent increase in fourth-quarter revenues, helped by the acquisition of diagnostics firm DiaMed, while its profit dipped 25.3 percent due to charges related to that acquisition.
The Hercules, Calif.-based firm had fourth-quarter 2007 revenues of $459.7 million compared to revenues of $343.1 million in the comparable period the year before. Though revenue growth was 34 percent, excluding the contribution from DiaMed, revenues increased 15.9 percent year over year, said Bio-Rad.
Its life science segment sales were $184.5 million, up 16.1 percent year over year, and clinical diagnostics segment sales were up 50.7 percent at $271.4 million. Excluding DiaMed’s contribution, sales for the segment were up 16.3 percent.
The firm’s net income dropped to $12.4 million, or $.45 per share, from $16.6 million, or $.61 per share. Bio-Rad recognized non-cash charges of $12.9 million in the quarter related to purchased in-process R&D and amortization of intangibles tied to the DiaMed acquisition.
Bio-Rad’s R&D costs climbed 19.8 percent to $39.9 million from $33.3 million year over year, while SG&A expenses increased 33.1 percent to $163 million from $122.5 million.
For full-year 2007, Bio-Rad reported revenues of $1.46 billion, up 14.7 percent from revenues of $1.27 billion in 2006. Sales for the life sciences segment grew 6.9 percent to $615.1 million, while clinical diagnostics sales increased 21.5 percent to $832.2 million.
The firm’s net income slipped 10 percent to $93 million, or $3.41 per share, from $103.3 million, or $3.83 per share. Last year’s results include $11.7 million in revenue from a legal settlement with bioMérieux.
Bio-Rad’s R&D expenses in 2007 increased 13.9 percent to $140.6 million from $123.4 million, while SG&A expenses were up 15.7 percent at $508 million versus $438.9 million the year before.
The firm finished the year with $161.8 million in cash and cash equivalents.
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