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Propelled by DiaMed Acquisition, Bio-Rad's Q3 Revenues Climb 30 Percent

This article has been updated with analysts' EPS estimate and a stock quote.
NEW YORK (GenomeWeb News) - Bio-Rad Laboratories today reported a 30 percent increase in third-quarter revenues, driven by its acquisition last year of DiaMed Holdings, but charges related to the acquisition cut into the firm’s profit for the quarter.
Bio-Rad’s revenues for the three months ended Sept. 30 rose to $441.8 million from $339.7 million in the same period of 2007. Sales of DiaMed products contributed $63.5 million to third-quarter results. Excluding the revenue from these products, the company’s third-quarter revenues were up 11.4 percent, or 5.6 percent on a currency-neutral basis, compared to the prior-year quarter.
Sales in the company’s Life Science segment rose 9.7 percent to $156.9 million. Excluding the impact of currency exchange, sales in the segment increased by 4.4 percent.
Bio-Rad said that it saw “strong sales” of electrophoresis, chromatography, and gel imaging products during the quarter, as well as Bio-Plex suspension array system reagents. However, the company noted that capital instrument sales for the segment were down "slightly” due to reduced spending by academic and biopharmaceutical customers.
Sales in Bio-Rad’s Clinical Diagnostics segment rose 45.6 percent, or 39.4 percent on a currency-neutral basis, to $281.4 million. Excluding revenue from the DiaMed acquisition, sales for the segment rose 12.7 percent, or 6.5 percent on a currency-neutral basis.
Third-quarter SG&A costs rose 27 percent to $150.5 million from $117.7 million in the prior-year period, while R&D spending rose 17 percent to $38.8 million from $33.1 million in the third quarter of 2007.
Third-quarter net income dipped slightly to $27.8 million, or $1.01 per share, from $28 million, or $1.03 per share, in the year-ago period. The current quarter includes $7.7 million of amortization of intangibles and other adjustments associated with the DiaMed acquisition, Bio-Rad said.
Bio-Rad's EPS fell $.05 short of analysts' expectations. The miss caused the firm's stock price to drop throughout Friday, closing down around 11 percent at $70.34 on the New York Stock Exchange.
As of Sept. 30, Bio-Rad held $193.6 million in cash and cash equivalents.

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