Beckman Coulter Targets Mid-Teens Earnings Growth In 2010

Biomedical test-maker Beckman Coulter Inc. (BEC) expects its earnings to grow in a mid-teens percentage range next year, thanks in part to August's $800 million acquisition of Olympus Corp.'s (OCPNY) diagnostic systems business.

The company issued some preliminary forecasts for the coming new year during its annual business meeting Thursday. Chief Executive Scott Garrett highlighted long-term goals of growing recurring revenue by 7% to 9% per year while growing earnings 9% to 12%.

The recurring revenue outlook is a little lower for this year and next due to the temporary effects of the economic downturn, said Beckman, which reiterated its guidance for 2009.

On the top line, the company sees 2010 recurring revenue rising about 7% and cash instrument revenue, the area hurt by the economic downturn, growing in a low to mid single-digit percentage range.

The sales-growth projections exclude any impact from currency rates, and the 2010 forecast excludes the Olympus business, which is seen contributing $480 million to $500 million.

The company's preliminary earnings forecast, which is adjusted and doesn't include intangible amortization associated with the Olympus deal, calls for earnings in a range of $4.40 to $4.55 per share next year.

Shares of the Orange County, Calif., company were recently unchanged in after-hours trading after slipping 1.3% to $65.74 during Thursday's regular trading session.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; [e-mail]