Fourth Quarter Discussion
Recurring revenue comprised of supplies, test kits, service and operating-type lease payments, was $610 million or approximately 75% of total revenue. Recurring revenue continued its steady performance increasing 5.1%, or 8.9% in constant currency. In Clinical Diagnostics, recurring revenue increased 5.7%, or 9.6% in constant currency, led by Access Immunoassay constant currency growth of more than 20%.
Total cash instrument sales were flat with prior year quarter in constant currency, reflecting strong prior year sales and a decline in Life Sciences of 10.4%, or 6.3% in constant currency.
On a geographic basis, fourth quarter revenue in the United States increased 7.4%. In constant currency, International revenue grew 5.8%, with 9.7% growth in Clinical Diagnostics, offset partially by a 6% decline in Life Sciences.
Scott Garrett, chairman, president and chief executive officer, said, "Fourth quarter results demonstrate the ongoing strength of our Clinical Diagnostics business worldwide and the stability of sector fundamentals. Continued robust growth of recurring revenue at stable margins in combination with disciplined expense management allowed us to deliver on our earnings commitments, despite flat cash instrument sales."
Gross profit grew 4.4% to $385.7 million, as gross margin increased 70 basis points to 47.5% versus fourth quarter 2007. Operating income was $115.1 million. On an adjusted basis, operating income increased 8% to $123.3 million
|SOURCE Beckman Coulter - IR|
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