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Shares in Bio-Rad Slide 7.12 Percent on Declining Q2 Profit

NEW YORK, Aug. 5 (GenomeWeb News) - Shares in Bio-Rad slipped 7.12 percent, or $4.42, to $57.63 after the company posted a 9-percent decline in profit.

 

As GenomeWeb News reported, Bio-Rad said total receipts for the period ended June 30 increased 11.8 percent to $291.3 million $260.5 million during the same period. The growth was due to strong sales in the areas of diabetes monitoring, blood virus screening, quality controls, protein expression analysis, and amplification products. This latter category grew in part because of Bio-Rad's acquisition of MJ Research.

 

Research and development costs increased to $28.5 million from $25.5 million during the same quarter a year ago.

 

Bio-Rad's net income for the quarter fell 9.3 percent to $18.4 million, or $.71 per share, from $22.9 million, or $.79 per share, during last year's second quarter. The company attributed this decrease to its continuing investment in systems and infrastructure and increased interest expenses associated with the sale of bonds at the end of last year.

 

As of June 30, Bio-Rad had $252.1 million in cash and cash equivalents, $35.6 million in restricted cash, and $91.3 million in short-term investments.

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