NEW YORK (GenomeWeb News) – Bio-Rad Laboratories today reported that second-quarter revenue grew 9 percent as net income jumped 75 percent.
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The results helped drive up shares in Bio-Rad by more than 5 percent, or $3.30, to $68.43 in mid-afternoon trading.
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Receipts for the three months ended June 30 increased to $317.7 million from $291.3 million year over year. The company included a one-time licensing settlement of $11.7 million from bioMérieux.
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On a currency-neutral basis, total revenues increased 9.7 percent year over year and 5.6 percent when not factoring the settlement
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In segment results, Clinical Diagnostics revenue grew 16 percent. On a currency-neutral basis, segment sales increased 16.6 percent, Bio-Rad said. These results are due in part to growth across the product line in addition to the bioMérieux settlement.
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Sales in the Life Science segment net sales for the quarter, on the other hand, grew 1 percent to $134.4 million from $133.1 million year over year. On a currency-neutral basis, sales increased by 1.8 percent.
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Performance in this segment "was the result of a number of factors including sales of amplification reagents, process chromatography media and the Bio-Plex suspension array system, which continue to show impressive growth worldwide," Bio-Rad said in a statement.Â
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"These results were somewhat tempered, however, by the continued erosion of BSE testing revenue as well as increased competition in real-time instrument sales worldwide," Bio-Rad said.
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R&D costs increased 39 percent to $31 million from $28.5 million from the comparable quarter a year ago.
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The company said net income increased to $32.2 million from $18 million during the comparable period last year.
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Bio-Rad said it had around $245.6 million in cash and cash equivalents and $188.3 million in short-term investments as of June 30.