ORANGE COUNTY, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Beckman Coulter, Inc. (NYSE: BEC), a leading developer, manufacturer and marketer of products that simplify, automate and innovate complex biomedical testing, reaffirms 2008 outlook and provides preliminary 2009 financial outlook.
Scott Garrett, chairman, president and chief executive officer, said, "Despite broader economic uncertainties, we remain confident about achieving 2008 outlook and committed to double-digit earnings growth in 2009. While no company is fully insulated from vulnerable and volatile world markets, we expect our stable installed base to yield solid growth of recurring revenue and an intensified focus on operating excellence to drive achievement of our EPS objectives."
The company estimates that, based on current exchange rates, full year 2008 revenue should increase by about 12%. Operating margins are anticipated to be on par with prior year results, between 11.5% and 12%. Non operating expense should be about $48 million. Therefore, earnings per share expectations remain in the $3.55 to $3.65 range, with a tax rate of 26 to 27%.
2009 Preliminary Outlook
Full year 2009 revenue is expected to grow approximately 5% on a constant
currency basis, driven by a continued steady trend in recurring revenue
growth. Recurring revenue, which accounts for nearly 80% of total revenue, is
anticipated to continue to grow approximately 7% in constant currency. Cash
instrument sales should be flat to slightly down against unusually high sales
levels in 2008. The company has implemented a zero overhead growth policy to
control expenses. The shift in mix t
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