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Beckman Coulter Announces First Quarter 2009 Results
Date:4/28/2009

sales. Recurring revenue strength was greatest in Access Immunoassay and AutoChemistry, both continuing above-market, constant currency growth of 8%. Cellular Analysis cash instrument sales showed the greatest decline, off more than $18 million versus an unusually strong first quarter 2008 when a backlog from a 2007 supply chain disruption drove 67% growth.

Revenue from life science customers decreased 14.7% compared to prior year, or 10% in constant currency. Life Science cash instrument sales were off nearly 20%, versus a strong prior year quarter in which cash instrument sales grew 29% driven by a weaker dollar. A challenging capital expenditure environment and difficult comparables contributed to this trend.

Total recurring revenue decreased 1% to $573.7 million, but maintained solid growth of 4.7% on a constant currency basis. Above-market growth in Immunoassay continued with recurring revenue in the Access product line up 2.4%, or 8.4% in constant currency. Access Immunoassay recurring revenue was impacted by a decrease of more than $5 million in sales of the BNP assay to Inverness Medical. In 2008, Inverness transitioned to direct distribution, and ordered higher levels of BNP test kits. Excluding this unusual pacing of Inverness purchases, Access Immunoassay recurring revenue grew 13.6% on a constant currency basis.

On a geographic basis, first quarter revenue in the United States decreased 3%, due to a 25% decline in cash instrument sales. In constant currency, international revenue grew 2.7%, on the strength of a double digit increase in Clinical Diagnostics recurring revenue driven by mid-teens growth within Access Immunoassay.

In the quarter, the company reclassified its currency hedging gains and losses related to operating cash flows, moving these items from non operating expense to cost of sales from non operating expense to cost of sales for both periods. While gross
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SOURCE Beckman Coulter, Inc.
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