| HOME >> BIOLOGY >> TECHNOLOGY |
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
'/>"/>
| SOURCE Beckman Coulter - IR Copyright©2009 PR Newswire. All rights reserved |
Related biology technology :
1. Beckman Coulter to Present at the Bear Stearns Healthcare Conference
2. Beckman Coulter to Present at the UBS Global Life Sciences Conference
3. Beckman Coulter Announces Third Quarter 2007 Earnings to Be Released on Tuesday, October 30, 2007 Before Market Opens
4. Beckman Coulter Declares Quarterly Dividend
5. Beckman Coulter Announces Third Quarter 2007 Results
6. Beckman Coulter to Present at the 19th Annual Piper Jaffray Healthcare Conference
7. Beckman Coulter to Present at the Lazard Capital Markets Fourth Annual Healthcare Conference
8. Beckman Coulter to Acquire Exclusive Rights to Break-Through Technologies
9. Beckman Coulter Elects AMN Healthcare Executive to Board of Directors
10. Beckman Coulter to Present at the JPMorgan Healthcare Conference
11. AcroMetrix Signs Development and Supply Agreement With Beckman Coulter Inc. for Molecular Quality Control Standards
| Copyright © 2003-2012 Bio-Medicine. All rights reserved. ABOUT | CONTACT US | DISCLAIMER | PRIVACY POLICY | TERMS AND CONDITIONS |  |