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Beckman Coulter's 4th Quarter and Full Year 2007 Revenue Grows 10.8% and 9.2%, Respectively; 2007 Earnings Per Share Beat Outlook
Date:2/8/2008

contributed 0.8% to this growth. Compared to prior year, Clinical Diagnostics revenue grew 11.9%, while sales to life sciences markets declined 2%.

Consumables revenue grew 10.6%, or 8.3% in constant currency. The Lumigen contribution to consumables sales growth was 1.4%. Access Immunoassay consumables grew 21.5% accelerating from 2006. Full year 2007 recurring revenue was up 11.8% to $2,162.8 million, or 78.3% of total revenue.

Gross profit margin declined 40 basis points from prior year to 46.9%, driven primarily by a temporary increase in distribution costs largely resulting from the 2007 implementation of the U.S. ERP program and printed circuit board supply issues.

Operating income for the year was $272.4 million. Adjusted operating income was $327.1 million, or 11.8% of revenue.

Non-operating income was $20.3 million, including a gain of $26.2 million from the company's Miami land sale and the Biosite transaction break up fee of $40.6 million. These gains were partially offset by a $9 million contribution to establish the Beckman Coulter Foundation. Non-operating expense excluding these items was approximately $37 million, compared to $40 million in 2006.

The tax rate for the year was 28.4%, up from 26.6% in the prior year period primarily due to a shift in geographic profit mix in 2007 and the phase out of certain manufacturing tax credits.

Earnings per fully diluted share were $3.30, up 13% over prior year. Adjusted earnings per fully diluted share were $3.25, exceeding the company's outlook range of $3.15 to $3.22. (See "Non-GAAP Financial Measures.")

Garrett continued, "For the full year 2007, free cash flow improved by $116.2 million to $122.7 million. EBITDA increased 24% over 2006. These improvements were driven in large part by the growing benefits of moving to an operating-type lease business model. The positive trends in free cash flow and EBITDA will continue going forward, as we close the gap betwee
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SOURCE Beckman Coulter, Inc.
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