(RTTNews) - Biomedical testing instrument systems maker Beckman Coulter Inc. (BEC: News ) said Thursday that its third quarter profit plunged from last year, hurt by restructuring costs related to the acquisition of Olympus Lab-Based Diagnostics. Looking ahead, the company raised its earnings outlook for fiscal 2009.

The Fullerton, California-based company posted net earnings of $1.5 million or $0.02 per share for the third quarter, much lower than $24.1 million or $0.37 per share in the prior year quarter.

Result for the quarter included restructuring and acquisition-related costs of $79.2 million or $1.14 per share.

Excluding items, adjusted net earnings rose to $59.2 million or $0.85 per share from $48.0 million or $0.75 per share in the year-ago quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the third quarter. Analysts' estimates typically exclude special items.

Third quarter total revenue increased to $822.8 million from $758.8 million in the same quarter last year. Eleven analysts had a consensus revenue estimate of $819.14 million for the third quarter.

Recurring revenue for the quarter grew 13.7% to $676.1 million from $594.6 million in the previous year quarter. The company noted that a decline in cash instrument sales partially offset strong recurring revenue growth.

On a geographic basis, third quarter revenue in the U.S. increased 6.8%, with the ODS acquisition contributing 5.6%. In constant currency, international revenue grew 16.2%, with ODS contributing 11.5% to growth.
International growth was driven by continued strength in Asia Pacific and Europe as a result of the ODS acquisition and by substantial gains in Immunoassay.

Total Clinical Diagnostics for the quarter increased 11.8% to $711 million, while Life Sciences revenue dropped 9% to $111.8 million for the quarter.

On a geographic basis, third quarter revenue in the United States decreased 6.8%, revenues from Europe rose 10.3%, and Asia Pacific revenues rose 30.0%. On the other hand, revenue from Emerging markets dropped 4.6%, and other revenues decreased 7.4%.

In constant currency, International revenue grew 16.2%, driven by continued strength in Asia Pacific, in Europe as a result of the ODS acquisition and by substantial gains in Immunoassay.

During the quarter, Beckman Coulter completed the acquisition of Tokyo-based precision technology company Olympus Corp.'s (OCPNY.PK) lab-based diagnostics business. The company delivered 76 billion yen in cash, or about US$ 780 million.

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