For the first nine months of 2008, free cash flow was $40.7 million, approximately $20 million below prior year period, which included the break-up fee ($40.6 million) associated with the termination of the Biosite acquisition. On an adjusted basis year-to-date EBITDA increased by $60 million, or 16%, compared to 2007.
Full Year Outlook
Garrett continued, "I am encouraged by balanced, above-market revenue growth across all major regions outside the U.S. and diagnostics product areas. Robust topline growth allowed us to invest in acquisitions of promising new tests, our molecular diagnostics project and expansion of our emerging markets' sales and service infrastructure, while still delivering 13% growth in adjusted operating income. Demonstrating the flexibility of our operating model, adjusted operating income growth was achieved despite dilution from our flow cytometry acquisition, pressures from rising transportation costs and increasing raw materials prices.
"Based on current exchange rates, full year revenue growth should be in the range of 12% to 13%. We expect 2008 adjusted operating margin to be on par with prior year. The outlook for adjusted non-operating expense is about $45 million. Adjusted pretax profit growth should be around 10%, with an adjusted tax rate of 26% to 27%. Consequently, our adjusted EPS outlook remains at $3.55 to $3.65 based on a share count of about 64.5 million. Adjusted EBITDA should be about $625 million. Capital expenditures are expected to be approximately $300 million, and depreciation and amortization should be around $260 million.
"In the fourth quarter, we anticipate moderating total revenue growth
largely due to slower growing cash instrument revenues. We should see
improved gross and operating margins relative to prior year quarter driven
by mix and operating efficiencies. Strong growth in Immunoassay as well as
Chemistry and Clinical Automation should continue as new product
|SOURCE Beckman Coulter, Inc.|
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