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Beckman Coulter Tops Expectations, Lowers Outlook

Brea-based Beckman Coulter Inc. on Wednesday reported first-quarter results that beat Wall Street’s expectations but lowered its 2010 profit outlook after a March recall of a test to diagnose heart disease.

Beckman, a maker of instruments and chemicals used by medical laboratories and researchers, reported an adjusted profit of $61.8 million, up 35% from a year earlier and above analysts’ expectations of $60.8 million.

Excluding costs and items, Beckman earned $38.7 million.

First-quarter revenue came in at $881 million, up 27% and ahead of Wall Street’s expectation of $876.1 million.

The revenue number included $115.7 million from Beckman’s $800 million deal last year for Olympus Corp.’s medical diagnostic unit.

Beckman also revised its 2010 outlook.

The device maker now expects its adjusted full-year profit to come in at $306.6 million to $320.9 million, down from a previous forecast of $313.7 million to $324.4 million.

Wall Street had been looking for Beckman to have a $313 million profit in 2010.

Full-year sales are now seen as coming in at $3.75 billion to $3.85 billion, compared to a previous projection of $3.8 billion to $3.9 billion. Analysts expect Beckman’s full-year sales to come in at $3.78 billion.

The revision had been expected.

Beckman lowered its 2010 outlook “based on the present status of pending product compliance and quality matters,” Chief Executive Scott Garrett said in a release.

He was referring to an issue surrounding a critical-care test used to diagnose heart disease that Beckman in March recalled from its DxI testing instruments.

The company recalled the product after the Food and Drug Administration said changes to a test used to detect proteins after heart damage were made without appropriate regulatory clearances.

At the time, Beckman said the recall “may have a material adverse impact on our previously issued outlook for 2010.”

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