Wednesday, Immucor Inc. (BLUD), a manufacturer of reagents and automated systems, reported improved first quarter earnings benefiting from top line growth. Quarterly revenues grew 15% driven by price increases in the U.S. Both earnings and revenues topped the Street estimates. However, for the full year, the company has forecast earnings lower than a year ago. Meanwhile, competitor Bio-Rad Laboratories, Inc. (BIO, BIO-B) reported a lower first-quarter profit, despite a 40% increase in quarterly revenues, as increased expenses offset revenue increase.
The Norcross, Georgia-based Immucor's first quarter net income rose to $20.0 million or $0.28 per share, up from $17.8 million or $0.25 per share, a year ago. Earnings topped the average estimate of five analysts polled by First Call/Thomson Financial of $0.23 per share for the quarter.
The change in the Euro, Japanese Yen and Canadian dollar exchange rates impacted net income favorably by about $0.4 million in the quarter, compared to the prior-year quarter.
Revenue for the quarter advanced to $73.2 million, up 15% from $63.6 million in the corresponding period last year, surpassing Street estimate of $71.05 million.
Of the $9.6 million total increase in revenues, nearly $7.3 million came from price increases in the United States, while approximately $2.5 million resulted from sales increases including instrument revenues outside the United States. Favorable currency exchange rates contributed approximately $2.0 million to revenues.
Instrument revenue surged to $8.6 million in the quarter, up 68% from $5.1 million a year ago. As of August 31, 2008, the company had deferred instrument revenues, including deferred service revenues, totaling $23.9 million.
Sales of traditional reagent products not using the Immucor's patented Capture technology increased by $4.2 million or 9% to $49.3 million in the quarter from $45.1 million in the same period last year. Sales of Capture products increased 27% or $3.2 million year-over-year to $15.2 million.
As of August 31, 2008 the company had received orders for a total of 586 Galileo instruments worldwide, including 323 in Europe, 259 in North America and 4 in Japan. Approximately 553 of these instruments were generating reagent revenues, an increase of 16 in the quarter. As on the same date, Immucor had received orders for a total of 378 Echo instruments worldwide, including 67 in Europe, 304 in North America and 7 in Japan; approximately 129 of instruments were generating reagent revenues, which is an increase of 38 in the quarter.
Commenting on the results, Gioacchino De Chirico, president and chief executive officer, said, "We are very pleased with our record quarterly financial results and the number of Echo orders received in North America. All-time highs were achieved in revenues, and net income for the quarter as our strategies to grow our business and the execution of our plan once again generated outstanding results."
Gross margin was 73.0% for the quarter, compared to 72.1% in the prior year quarter. Gross profit increased to $53.43 million from $45.88 million in the prior-year quarter.
Immucor noted that overall, operating expenses increased by $4.0 million in the first quarter to $22.80 million, compared to the prior-year first quarter primarily as a result new affiliates in France and the U.K.
Looking ahead, Immucor expects earnings in the range of $0.94 to $0.98 per share for fiscal year 2009 on revenues in the range of $292 million to $300 million and a gross margin of 70% to 71%. Wall Street analysts are looking for earnings of $0.95 per share on revenues of $297.35 million. For fiscal 2008, the company reported net income of $71.5 million or $1.00 per share, on net sales of $261.2 million.
BLUD gained $1.03 or 3.21% in the after hours trading at $33.10. The shares closed the regular trading at $32.07, up $0.11 or 0.34% on a volume of about 750 thousand shares.
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