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BioMerieux Settlement Helps Bio-Rad Post 9-Percent Revenue Gain in Q2; Shares Climb 5 Percent

NEW YORK (GenomeWeb News) – Bio-Rad Laboratories today reported that second-quarter revenue grew 9 percent as net income jumped 75 percent.
 
The results helped drive up shares in Bio-Rad by more than 5 percent, or $3.30, to $68.43 in mid-afternoon trading.
 
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.
 
On a currency-neutral basis, total revenues increased 9.7 percent year over year and 5.6 percent when not factoring the settlement
 
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.
 
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.
 
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. 
 
"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.
 
R&D costs increased 39 percent to $31 million from $28.5 million from the comparable quarter a year ago.
 
The company said net income increased to $32.2 million from $18 million during the comparable period last year.
 
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.

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