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

ur Clinical Diagnostics business continued its above-market growth demonstrating the strength of our portfolio in which the introduction of four new chemistry-immunoassay work cells and our next-generation cellular analysis system extended our breadth and capability. A fourth consecutive year of record placements for UniCel DxC chemistry analyzers and robust growth in immunoassay system placements also contributed to our success. Strong total and recurring revenue growth allowed us to make significant investments in our DxN molecular diagnostics product development, intellectual property for new tests and developing markets sales and service infrastructure. Despite challenges from increased commodity prices, unprecedented capital markets turmoil and significant shifts in currency exchange rates, we delivered on our earnings commitments.

"We made continued gains in operating excellence, further consolidating manufacturing and distribution sites, optimizing our processes and footprint. Also, the growing benefits of moving to an operating-type lease business model and increased effectiveness in asset management resulted in considerable improvements in operating and free cash flow. Operating cash flow improved more than $75 million to approximately $475 million, and free cash flow increased more than $50 million to $175 million. In total, 2008 adjusted results reflect the company's strong fundamentals with fully diluted EPS growth of 11.7% and EBITDA increasing more than 14%," he said.

Full Year 2009 Outlook

The following outlook is based on adjusted results and does not include special items that may occur in 2009 or the adoption of accounting changes regarding convertible debt (FSP APB 14-1).

"On a constant currency basis, our 2009 full year outlook for revenue growth is 4% to 6%, driven by recurring revenue growth estimated in the 6% to 7% range. However, at current exchange rates we expect repo
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SOURCE Beckman Coulter - IR
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