Beckman Coulter Inc. (NYSE:BEC) confirmed its financial forecast for 2009 and put out a preliminary guidance for 2010.
The Orange County, Calif.-based diagnostic equipment maker held to its prediction that full-year 2009 sales will be flat compared with 2008, with recurring revenue growing up to 7 percent, and diluted earnings per share of between $3.85 and $3.95.
But taking its $800 million buyout of Olympus Corp.’s diagnostics division into account, the company said earnings per share will be more like $3.77 to $3.87.
As for 2010, Beckman Coulter said it expects recurring revenue to increase by about 7 percent, with the new Olympus division contributing about $480 million to $500 million. Fully diluted earnings per share, including ODS, should range from $4.40 to $4.55, based on 71.3 million shares and a 27 percent tax rate, but excluding amortization of ODS intangibles — and the effect of any healthcare reform legislation that comes down the pike.
Chairman, president and CEO Scott Garrett said the ODS acquisition will help the company generate earnings growth in the “mid-teens,” helped by the stability of the installed base of customers using BEC equipment.
Garrett will have a busy 2010. In addition to his duties at Beckman Coulter, he’ll be the chairman of AdvaMed Dx, a new lobbying group for the diagnostics industry formed by the Advanced Medical Technology Assn
Beckman Coulter posted third-quarter sales of $822.8 million, up 8.4 percent compared to the third quarter of 2008. But a $65.1 million charge from the ODS deal slashed its net earnings to $1.5 million during the three months ended Sept. 30, compared with $24.1 million in profits during the same period last year.