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Beckman Coulter Announces Fourth Quarter and Full Year 2008 Results; Earnings Outlook Achieved on Strong Fundamentals
Date:2/9/2009

Full Year 2008 Discussion

Revenue for full year 2008 was $3.1 billion up 12.2% over prior year, or 10.4% in constant currency. The 2007 flow cytometry acquisition contributed 1.4% to this growth. Compared to prior year, Clinical Diagnostics revenue grew 13.5%, while unusually strong first-half sales in Life Sciences drove growth of 6.1%.

Throughout 2008, constant currency recurring revenue grew steadily in the 7 to 9% range, resulting in full year growth of 8.3%. Clinical Diagnostics recurring revenue grew 10.9%, or 9% in constant currency driven by continued gains in Access Immunoassay and Flow Cytometry, which grew 19.6% and 14.6%, respectively.

Gross profit margin declined 40 basis points from prior year to 46.5%, driven in part by strong placements of instruments and faster growth in developing countries, both of which have lower margins. Operating income for the year was $298.6 million compared to $272.4 million in 2007. Adjusted operating income increased 11.2% to $363.7 million, or 11.7% of revenue.

Non-operating expense was $46.7 million versus non-operating income of $20.3 million in 2007, which included gains from the company's Miami land sale and the Biosite transaction break up fee, partially offset by the establishment of the Beckman Coulter Foundation. Non-operating expense, excluding these items, increased from approximately $37 million in 2007 to about $48 million in 2008 primarily due to currency related expense.

The effective tax rate for 2008 was 23.0%, while the adjusted tax rate for the year was 26%, down from a 2007 adjusted rate of 28.3% primarily due to a shift in geographic profit mix and additional R&E tax credits. Earnings per fully diluted share were $3.01, down 8.8% from prior year. Adjusted earnings per fully diluted share were $3.63, within the company's outlook range of $3.55 to $3.65.

Garrett continued, "In 2008, o
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SOURCE Beckman Coulter - IR
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