Bio-Rad Laboratories this week reported a 2 percent increase in its third-quarter revenues, to $471.5 million from $461.1 million in the comparable period of 2009.
Sales for the company's life science segment increased 2 percent to $153.2 million, while clinical diagnostics sales were also up around 2 percent to $314.9 million. Clinical diagnostic sales include $13.6 million from the Biotest business, which Bio-Rad acquired in the first quarter of 2010.
The company said in a statement that the life science segment "benefited from strong sales of core product lines," including its next-generation CFX96 real-time PCR detection system and associated reagents.
Bio-Rad posted net income of $44.8 million, or $1.59 per share, versus net income of $38.5 million, or $1.38 per share, for the prior-year period.
Third-quarter R&D spending increased around 9 percent to $42.9 million from $39.5 million, while SG&A expenses fell 3 percent to $148.7 million from $153.6 million.
Bio-Rad finished the quarter with $630.6 million in cash and cash equivalents and $107.4 million in short-term investments.
The firm expects organic revenue growth for full-year 2010 to be in the 4 percent to 5 percent range. The company expects to report fourth-quarter sales of between $510 million and $520 million.