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Beckman Coulter Announces Third Quarter 2008 Results
Date:10/28/2008

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Scott Garrett, chairman, president and chief executive officer, said, "Strong revenue growth in the third quarter was led by continued gains in Clinical Diagnostics and international markets. In Clinical Diagnostics, which represents over 80% of total revenue, double-digit growth in each of our three product areas underscores the momentum and compelling advantage of our broad product offering, while solid recurring revenue growth demonstrates the stability of sector fundamentals."

Recurring revenue comprised of supplies, test kits, service revenue and operating-type lease payments, increased more than 10% to $594.7 million, or 78.4% of total revenue. Clinical Diagnostics' recurring revenue increased 10.8% over prior year quarter, led by Access-family Immunoassay growth of nearly 18%. Total company cash instrument sales increased more than 25%; continued strength in international markets, Life Sciences, and Chemistry and Clinical Automation product areas were the primary contributors.

On a geographic basis, third quarter revenue in the United States increased 6.8%. In constant currency, international revenue grew 13.9%, with each major region growing double-digits.

Garrett said, "In the quarter, we continued to expand our installed base and grow our emerging markets position, resulting in unusually high cash instrument sales. As we mentioned last quarter, growing our installed base shifts our product mix to lower-margin hardware. Although unfavorable in the short-term from a gross margin perspective, the associated recurring revenue in future periods positions the company for reliable and sustainable revenue and earnings growth. Within the quarter, rising transportation costs, adverse mix and currency shifts were effectively managed to deliver our targeted earnings. Despite these challenges, gross profit grew 12.9% to $352 million, while gross margin decreased 20 basis points to 46.4% versus third quarter 2007."

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SOURCE Beckman Coulter, Inc.
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