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Danaher Life Sciences, Dx Revenues Rise 58 Percent in Q4

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Danaher today said fourth quarter revenues for its Life Sciences & Diagnostics division rose to $681.9 million from $432.1 million a year ago.

The Washington-based conglomerate began reporting Life Sciences & Diagnostics as a separate segment this quarter. Reporting those businesses in the year-ago period also as its own segment, revenues for the three months ended Dec. 31, 2010 represented a 58 percent spike year over year.

The current quarter includes revenues from its AB Sciex business, a purchase that was completed in January 2010. Danaher did not break out revenue figures for the mass spectrometer company, but during a conference call following the release of its earnings results, Danaher CEO Larry Culp said that AB Sciex's revenues in the second half of 2010 were up double-digits compared to the year-ago period.

Core revenues in Life Sciences & Diagnostics rose 10 percent year over year, Culp added.

He said that the integration of AB Sciex and MDS, also purchased a year ago, are going very well "and we couldn't be happier with where the team and the business are."

He noted that customers have responded well to the change of hands in the mass spec business and to the launch of the AB Sciex TripleTOF 5600, with interest in the platform, which was launched in May, high across the research, clinical, and applied spaces.
With Beckman Coulter rumored to be up for sale, Danaher is reportedly a possible suitor, and during the JP Morgan Healthcare Conference earlier this month in San Francisco, Culp said that Danaher is eyeing the molecular diagnostics space.

Today, without commenting about any specific deals on the horizon, he said, "We're excited about the deal pipeline. It's certainly been a longstanding priority for us to add more quality businesses.

"I would characterize [the deal pipeline] … as very full," he added. "We are exceptionally busy … We think it's going to be an active year for Danaher as we deploy capital as we strengthen our portfolio."

For the fourth quarter, Danaher reported company-wide revenues of $3.61 billion, up 15 percent from $3.13 billion a year ago, and exceeding consensus Wall Street estimates of $3.49 billion.

Core revenues improved 13 percent in the quarter, year over year.

Net earnings came in at $473.9 million, or $.069 per share, up 78 percent from $266.9 million, or $0.40 per share, from a year ago.

On a non-GAAP basis, Danaher reported EPS of $0.67 for the quarter, edging out Wall Street's expectation of $0.66.

Its R&D spending rose 44 percent to $222 million from $154.2 million, and SG&A expenses increased to $1 billion from $890.5 million, a 13 percent increase.

For full-year 2010, Life Sciences & Diagnostics revenues were up 55 percent to $2.3 billion from $1.48 billion in 2009.

Total revenues for the company for 2010 climbed 18 percent to $13.20 billion from $11.18 billion a year ago, beating Wall Street estimates of $13.09 billion.

Net earnings increased 56 percent to $1.79 billion, or $2.64 per share, compared to $1.15 billion, $1.73 per share, in 2009.

On a non-GAAP basis, EPS for full-year 2010 was $2.31, beating analyst estimates of $2.30.

As of Dec. 31, Danaher said it had $1.63 billion in cash and equivalents.

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