laboratory information system.
* Entered into an agreement with Nephromics LLC to buy out future U.S.
royalties for tests for the detection, monitoring and risk
assessment of preeclampsia, a leading cause of maternal death.
* Signed a new agreement with Adventist Health of Northern California
valued at approximately $36 million over six years to be the sole
supplier of Chemistry, Immunoassay and Hematology products to an
integrated health network that includes 18 hospitals, numerous
outpatient facilities and 15 home care agencies.
First Nine Months Summary
For the first nine months of 2008, revenue increased 16.0%, with the acquired flow cytometry products contributing approximately 1% to this growth. Revenue grew 11.9% in constant currency, compared to the first nine months of 2007. Year-to-date recurring revenue was up 12.2%, or 8.0% in constant currency. Year-to-date gross margin, reflecting unusually high levels of cash instrument and international sales, decreased 70 basis points to 46.2%. Adjusted operating margin decreased 30 basis points, while adjusted operating income increased by 12.9% to $240.4 million.
Adjusted operating income growth was achieved while absorbing dilution from: (1) $7.4 million related to the flow cytometry acquisition, (2) $3.6 million for changes in retirement vesting terms for new share-based compensation and (3) a payment of $4.6 million related to currency swap agreements embedded in the company's facility leases.
On an adjusted basis, net earnings increased 9.2%, and on a fully diluted share basis, earnings per share increased 8.4% over the same period 2007. Adjusted net earnings were negatively impacted by a 130 basis point increase in the adjusted tax rate, from 25.6% to 26.9%, as a result of fewer favorable discrete items in 2008.'/>"/>
|SOURCE Beckman Coulter, Inc.|
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