Beckman Coulter Inc., is a company that makes biomedical laboratory instruments. Founded by Caltech professor Arnold O. Beckman in 1935 as National Technical Laboratories to commercialize a pH meter that he had invented, the company eventually grew to employ over 10,000 people, with $2.4 billion in annual sales by 2004. Its current headquarters are in Brea, California.
In the 1940s, Beckman changed the name to Arnold O. Beckman, Inc. to sell oxygen analyzers, the Helipot precision potentiometer, and spectrophotometers. In the 1950s, the company name changed to Beckman Instruments, Inc..
In 1955, Beckman established the seminal Shockley Semiconductor Laboratory as a division of Beckman Instruments to begin commercializing the semiconductor transistor technology invented by Caltech alumnus William Shockley. Because Shockley's aging mother lived in Palo Alto, California, the Shockley Laboratory was established in nearby Mountain View, California, and thus, "Silicon Valley" was born.
In 1982, the company merged into SmithKline to form SmithKline Beckman, with Arnold Beckman as vice chairman, but regained its independence in 1989 after SmithKline merged with Beecham Group to form SmithKline Beecham (now part of GlaxoSmithKline).
In 1995, the company acquired Hybritech, Inc. from Eli Lilly
In 1996, the company acquired the Sanofi portion of Sanofi Pasteur Diagnostics
In 1998, the company acquired Coulter Corporation, a company founded by Wallace H. Coulter and changed its name to what it is today.
In 2005, the company acquired Diagnostic Systems Laboratories (DSL) based in Webster, Texas.
In 2006, the company acquired Lumigen and Agencourt Bioscience.
In 2007, the company acquired the Flow Cytometry Business Group of Dako North America, Inc.
In 2009, the company acquired Lab-based Diagnostics business of Olympus Corporation Japan.
In 2009, the company moved its world headquarters from Fullerton, California to the newly renovated facility in Brea, California.[3]
In February 2011 Danaher announced that it has entered into a definitive merger agreement with Beckman Coulter.
Beckman Coulter, Inc., incorporated in 1988, is a manufacturer and marketer of biomedical testing instrument systems, tests and supplies that simplify, automate and innovate complex laboratory processes It operates in two segments: segments: Clinical Diagnostics and Life Science. The Company’s products are classified into two categories, including clinical diagnostics and life science research instruments. As of December 31, 2010, the Company’s Clinical Diagnostics category represented over 87% of its total revenues, produce information physicians use to diagnose disease, make treatment decisions and monitor patients in hospitals and other critical care settings around the world. Its clinical diagnostic customers include hospitals, physician’s offices and reference laboratories, and central laboratories of mid- to large-size hospitals. As of December 31, 2010, Life Science research instruments category generated less than 13% of total revenues, are used by scientists to study complex biological problems, including the causes of disease, identifying new therapies and testing new drugs. Its Life Science customers include pharmaceutical and biotechnology companies, universities, medical schools and research institutions. Its products are also used in industrial settings to make critical measurements.
Clinical Diagnostics
Routine chemistry systems use electrochemical detection and chemical reactions with patient samples to detect and quantify substances of diagnostic interest in blood, urine and other body fluids. The tests include glucose, cholesterol, triglycerides, electrolytes, proteins and enzymes. The Company offers tests for more than 100 individual analytes, which account for the hospital-based clinical chemistry testing. The Company offers systems and workflow solutions for a range of customers from small hospitals to the reference laboratories. Its clinical chemistry systems include AU5800, AU 5400 and AU2700, the Company’s analyzers; UniCel DxC 800, UniCel DxC 600, and AU680 and AU480.
The Company’s power processor and AutoMate systems allow the laboratory to automate a number of pre-analytical steps, including sample log-in and sorting through bar code technology, centrifugation, aliquoting and cap removal. These systems also sort the prepared samples into discrete racks for further processing on its clinical chemistry, immunoassay, coagulation and hematology systems. The post-analytical capability includes re-sorting for additional testing on other instruments or to a storage position. The power processor can be integrated with modules, track systems and analyzers to create laboratory automation that handles all of the laboratory’s preanalytical and post analytical processes. The Automate 1200/2500 systems automate the pre- and post-analytical sample handling steps in laboratories.
The point of care testing products is used in physicians’ office laboratories, clinics, hospitals and other medical settings. These products include a range of rapid diagnostic test kits, as well as immunoassay and hematology instruments that give physicians immediate information to help them manage patients. The Hemoccult and Hemoccult SENSA tests are in fecal occult blood testing and are used as aids in screening for gastrointestinal disease and colorectal cancer. Its immunohematology products include the PK 7300 automated analyzers, blood grouping reagents and CMV and Syphilis screening tests. These products are sold to blood donor testing centers. The PK 7300 analyzer includes features that enable customers to comply with donor testing regulations around the globe. PK systems is the product in the donor testing market.
Immunoassay systems also detect and quantify chemical substances of diagnostic interest in blood, urine or other body fluids. Immunoassay tests assess thyroid function, screen and monitor for cancer and cardiac risk and provide important information in fertility and reproductive testing. Other tests are used to monitor critical factors associated with anemia, blood viruses and infectious disease. The Company offers more than 60 automated immunoassay test kits targeted to a range of disease states, from heart disease (troponin) to reproductive testing (Inhibin A). Its products are the Access family of immunoassay systems, which includes Access 2 Immunoassay System, UniCel DxI 600 Access Immunoassay System and UniCel DxI 800 Access Immunoassay System. The Company is developing a sample-to-result system for molecular diagnostics, the UniCel DxN. The Company offers work cells in the industry, from the mid-volume UniCel DxC 600i to the high-volume DxC 880i.
The Company’s blood cell systems use principles of physics, optics, electronics and chemistry to separate cells of diagnostic interest and then quantify and characterize them. These systems allow clinicians to study formed elements in blood, such as red and white blood cells and platelets. The laboratory diagnostic test, complete blood count (CBC), which provides information on from 8 to 23 different blood cell parameters. Its hematology product line includes COULTER DxH 800, which provides a differentiated modular and scalable system for cellular testing; COULTER LH 500 Hematology Analyzer; COULTER DxH300 and AcT family of hematology systems, and COULTER LH 750, 755, 780, and 1500 series of hematology systems, which offers features, such as five-part white blood cell differential analysis, enumeration of nucleated red blood cells, random-access capability and automated slide making and staining from a single aspiration of blood. The LH 780 system offers quality control features that improve productivity and add additional parameters to support anemia studies. The LH 1500 series of hematology automation systems are designed to link multiple analyzers, to automate the pre-analytical process and to eliminate a number of post-analytical steps.
Flow cytometry is used in applications in basic research, clinical research, therapeutics and clinical diagnostics testing. Flow cytometers sort, identify, categorize and characterize multiple types of cells in suspension. Flow cytometers allows analysis of cell types, including specific cell characteristics, such as phenotype, thereby allowing researchers to analyze specific cell populations. This analysis can be performed beyond blood to include bone marrow, tumors and other cellular samples. Its line of flow cytometry systems includes Gallios research analyzer used for a range of research applications; Navios clinical analyzer used in applications, such as human immunodeficiency virus (HIV) monitoring and a variety of clinical research applications, such as leukemia and lymphoma testing; CyAn ADP analyzer, predominantly used in research; MoFlo Astrios and XDP cell sorters are used to identify and individually select and sort cells of interest for further analysis, often at a functional or genetic level; Cytomics FC 500 series of flow cytometry systems and COULTER EPICS XL and XL-MCL flow cytometer series, which also are used in the clinical laboratory, predominantly for HIV monitoring and additionally in the case of the FC500 for CD34 enumeration, and cell surface and intracellular characterization reagents for both the clinical and research settings.
Coagulation systems rely on clotting, chromogenic and immunologic technologies to provide the detailed information that clinicians require to diagnose bleeding and clotting disorders and to monitor anticoagulant therapy. The Company offers a range of hemostasis systems and reagents as the distributor of the Instrumentation Laboratory ACL line of hemostasis systems and its Instrumentation Laboratory and Hemoliance brands of reagents in North America, China and certain other markets.
The Company competes with Abbott Laboratories, Johnson & Johnson, F. Hoffman-La Roche Ltd., Siemens AG, Mindray Medical International Limited and Sysmex Corporation.
Life Science
The Company’s life science automation products are used in many parts of the drug discovery and development process, as well as automated sample preparation for genomic and cellular analysis. The applications for these automation products include sample preparation for high throughput genomic analysis, such as genotyping. Its automation systems are used in the process of handling live cells in a throughput mode as biologic drugs are a critical part of the drug development pipeline. Other drug development applications that require samples to be processed in an automated or high-throughput mode include target identification, secondary screening and pre-clinical testing. Its centrifuges are routinely used in cellular, genomic and proteomic research, as well as in vaccine development and production.
Capillary Electrophoresis (CE), this microscale technology provides the separation, quantitation and characterization of charged/polar molecules like ions, drugs, metabolites, proteins, glycoproteins and nucleic acids. The Company has developed this core separation technology into analytical solutions for industrial, food safety, academic, medical and government laboratories. Its CE-based solutions include PA 800 Plus, Pharmaceutical Analysis system for characterization and quality control of therapeutic biologics using automated SDS-gel for purity analysis, isoelectric focusing for heterogeneity and identity determination and glycan analysis for in depth characterization; GeXP Genetic Analysis system that focus on gene expression, SNP detection, STR analysis and sequencing for pathogen identification, stem cell, cancer and industrial applications, and P/ACE Series system focusing on ion, drug and metabolite analysis in industrial, forensic and medical research.
The Company’s wholly owned subsidiary, Beckman Coulter Genomics, Inc., is a provider of nucleic acid purification products in the biomedical research and clinical diagnostic market. Its patented Solid Phase Reversible Immobilization (SPRI) technology provides results for the isolation and purification of RNA and DNA. The technology may be integrated with any automated liquid handling systems, including Beckman’s Biomek, to provide customers with an automated solution for nucleic acid purification. The Company offers a set of Genomic Services, including PCR, NextGen Sequencing, Genotyping, Genexpression and biologic testing. These genomic services provide critical information to its customer in support of scientific advancement from benchtop discovery through phase IV clinical trial support. The Company continues its genomic services testing business offering services for biotechnology and pharmaceutical companies.
The Company competes with Agilent Technologies, Inc., Life Technologies Corporation, Hamilton Company, Perkin Elmer Inc., Tecan Group, Ltd., Hitachi Koki Co., Ltd., Becton Dickinson and Company (BD Bioscience Immunocytometry Systems), eBioscience, Inc., and Thermo Fisher Scientific Inc.
Coulter and Beckman each brought relative strengths to this merger. Beckman expected that Coulter would help increase its usually weak sales among managed care firms and purchasing groups. On the other hand, Beckman's expertise in fiscal restraint and being accountable to stockholders were hoped to increase Coulter's profitability.
Beckman's 1997 purchase of Coulter surprised some analysts, who knew Coulter had sought a buyer for some time, partly because of the question of succession in this family-owned and -managed firm. Cofounder Joseph Coulter, Jr., had died in 1995. His daughter, Laura Coulter-Jones, replaced him as president of Coulter Corporation. Wallace Coulter, who never married and had no children, remained board chairman. Some observers speculated that either Roche or Johnson & Johnson would buy Coulter as it made the transition to the second generation of family leadership. The normally conservative Beckman had purchased several small firms, but this major acquisition broke new ground.
Beckman's Chairman Rosso explained that, "There were certain attractions to Beckman in our cultural and historical base. In that sense, we may have been emotionally well-positioned." Rosso was referring to Beckman Instruments being founded by Dr. Arnold Beckman in 1935 with the invention of the acidimeter, reminiscent of Wallace Coulter and Joseph Coulter developing the first Coulter Counter in the late 1940s and early 1950s. Both firms thus started with the invention of a single device.
The bottom line was that only time would tell if this merger proved successful. Although the merger had several positives, the trend to cut healthcare costs and the fact that medical diagnostics was not a growth industry indicated turbulent times ahead for the newly created Beckman Coulter, Inc.
Principal Subsidiaries: Coulter Electronics, Pty. Ltd. (Australia and New Zealand); Instrumentation Laboratory, Ges.m.b.H. (Austria); Coulter Electronics Ind. & Com. Ltda. (Brazil); Counter Electronics of Canada, Ltd.; Coultronics France, S.A.; Coulter Electronics, GmbH (Germany); Coulter Electronics (Hong Kong) Ltd.; Coulter K.K. (Japan); Coulter de Mexico S.A., DE C.V.; Coulter Electronics, Ltd. (Netherlands, U.K., and Turkey); Coulter Electronics Sales of Puerto Rico, Inc.; Coulter Electronics S.A. Pty. Ltd. (South Africa); Coulter Electronics S.A. (Venezuela); Coulter/Immunotech, Inc.; Izasa, S.A. (Spain); Instrumentation Laboratory AG (Switzerland); Instrumentation Laboratory, SpA (Italy); Coulter Pharmaceutical Inc.
OVERALL
Beta: 0.77
Market Cap (Mil.): $5,903.78
Shares Outstanding (Mil.): 71.26
Annual Dividend: 0.76
Yield (%): 0.92
FINANCIALS
BEC Industry Sector
P/E (TTM): 25.42 8.83 40.56
EPS (TTM): 49.37 -- --
ROI: 5.95 3.20 1.92
ROE: 11.27 4.15 2.49
Statistics:
Public Company
Incorporated: 1958 as Coulter Electronics, Inc.
Employees: 5,000
Sales: $1.2 billion (1997)
Stock Exchanges: New York
SICs: 3841 Surgical & Medical Instruments
Name Age Since Current Position
Schafer, Glenn 61 2010 Non-Executive Independent Chairman of the Board
Hurley, James 61 2010 President, Chief Executive Officer, Chairman, Beckman Coulter, Japan
Slacik, Charles 56 2006 Chief Financial Officer, Senior Vice President
Kleinert, Robert 59 2007 Executive Vice President - Worldwide Commercial Operations
Atkin, Scott 47 2010 Executive Vice President - Chemistry, Discovery and Instrument Systems Development
Pinkston, Arnold 52 2005 Senior Vice President, General Counsel, Secretary
Blackwell, Allison 46 2010 Senior Vice President - Human Resources
Glyer, Paul 54 2006 Senior Vice President - Strategy, Business Development and Communications
Miller, Pamela 56 2006 Senior Vice President - Supply Chain Management
O'Donovan, Clair 54 2009 Senior Vice President - Quality and Regulatory Affairs
Beaver, Carolyn 53 2006 Corporate Vice President, Chief Accounting Officer, Controller
Widergren, James 52 2010 Group Vice President - Chemistry and Automation Systems Business Center
Collins, Cynthia 52 2007 Group Vice President - Cellular Analysis Business
Creager, Richard 58 2009 Group Vice President - Immunoassay and Molecular Diagnostics
Haggerty, Charles 69 1996 Independent Director
Kelley, William 71 1994 Independent Director
Dervan, Peter 65 1997 Independent Director
Honeycutt, Van 66 1998 Independent Director
Woods, Betty 72 2010 Independent Director
Farr, Kevin 53 2004 Independent Director
Funari, Robert 64 2005 Independent Director
Salka, Susan 46 2007 Independent Director
Wallace, Richard 50 2009 Independent Director
Williams, Lewis 61 2009 Independent Director
Address:
2500 Harbor Boulevard
P.O. Box 3100
Fullerton, California 92634-3100
U.S.A.
In the 1940s, Beckman changed the name to Arnold O. Beckman, Inc. to sell oxygen analyzers, the Helipot precision potentiometer, and spectrophotometers. In the 1950s, the company name changed to Beckman Instruments, Inc..
In 1955, Beckman established the seminal Shockley Semiconductor Laboratory as a division of Beckman Instruments to begin commercializing the semiconductor transistor technology invented by Caltech alumnus William Shockley. Because Shockley's aging mother lived in Palo Alto, California, the Shockley Laboratory was established in nearby Mountain View, California, and thus, "Silicon Valley" was born.
In 1982, the company merged into SmithKline to form SmithKline Beckman, with Arnold Beckman as vice chairman, but regained its independence in 1989 after SmithKline merged with Beecham Group to form SmithKline Beecham (now part of GlaxoSmithKline).
In 1995, the company acquired Hybritech, Inc. from Eli Lilly
In 1996, the company acquired the Sanofi portion of Sanofi Pasteur Diagnostics
In 1998, the company acquired Coulter Corporation, a company founded by Wallace H. Coulter and changed its name to what it is today.
In 2005, the company acquired Diagnostic Systems Laboratories (DSL) based in Webster, Texas.
In 2006, the company acquired Lumigen and Agencourt Bioscience.
In 2007, the company acquired the Flow Cytometry Business Group of Dako North America, Inc.
In 2009, the company acquired Lab-based Diagnostics business of Olympus Corporation Japan.
In 2009, the company moved its world headquarters from Fullerton, California to the newly renovated facility in Brea, California.[3]
In February 2011 Danaher announced that it has entered into a definitive merger agreement with Beckman Coulter.
Beckman Coulter, Inc., incorporated in 1988, is a manufacturer and marketer of biomedical testing instrument systems, tests and supplies that simplify, automate and innovate complex laboratory processes It operates in two segments: segments: Clinical Diagnostics and Life Science. The Company’s products are classified into two categories, including clinical diagnostics and life science research instruments. As of December 31, 2010, the Company’s Clinical Diagnostics category represented over 87% of its total revenues, produce information physicians use to diagnose disease, make treatment decisions and monitor patients in hospitals and other critical care settings around the world. Its clinical diagnostic customers include hospitals, physician’s offices and reference laboratories, and central laboratories of mid- to large-size hospitals. As of December 31, 2010, Life Science research instruments category generated less than 13% of total revenues, are used by scientists to study complex biological problems, including the causes of disease, identifying new therapies and testing new drugs. Its Life Science customers include pharmaceutical and biotechnology companies, universities, medical schools and research institutions. Its products are also used in industrial settings to make critical measurements.
Clinical Diagnostics
Routine chemistry systems use electrochemical detection and chemical reactions with patient samples to detect and quantify substances of diagnostic interest in blood, urine and other body fluids. The tests include glucose, cholesterol, triglycerides, electrolytes, proteins and enzymes. The Company offers tests for more than 100 individual analytes, which account for the hospital-based clinical chemistry testing. The Company offers systems and workflow solutions for a range of customers from small hospitals to the reference laboratories. Its clinical chemistry systems include AU5800, AU 5400 and AU2700, the Company’s analyzers; UniCel DxC 800, UniCel DxC 600, and AU680 and AU480.
The Company’s power processor and AutoMate systems allow the laboratory to automate a number of pre-analytical steps, including sample log-in and sorting through bar code technology, centrifugation, aliquoting and cap removal. These systems also sort the prepared samples into discrete racks for further processing on its clinical chemistry, immunoassay, coagulation and hematology systems. The post-analytical capability includes re-sorting for additional testing on other instruments or to a storage position. The power processor can be integrated with modules, track systems and analyzers to create laboratory automation that handles all of the laboratory’s preanalytical and post analytical processes. The Automate 1200/2500 systems automate the pre- and post-analytical sample handling steps in laboratories.
The point of care testing products is used in physicians’ office laboratories, clinics, hospitals and other medical settings. These products include a range of rapid diagnostic test kits, as well as immunoassay and hematology instruments that give physicians immediate information to help them manage patients. The Hemoccult and Hemoccult SENSA tests are in fecal occult blood testing and are used as aids in screening for gastrointestinal disease and colorectal cancer. Its immunohematology products include the PK 7300 automated analyzers, blood grouping reagents and CMV and Syphilis screening tests. These products are sold to blood donor testing centers. The PK 7300 analyzer includes features that enable customers to comply with donor testing regulations around the globe. PK systems is the product in the donor testing market.
Immunoassay systems also detect and quantify chemical substances of diagnostic interest in blood, urine or other body fluids. Immunoassay tests assess thyroid function, screen and monitor for cancer and cardiac risk and provide important information in fertility and reproductive testing. Other tests are used to monitor critical factors associated with anemia, blood viruses and infectious disease. The Company offers more than 60 automated immunoassay test kits targeted to a range of disease states, from heart disease (troponin) to reproductive testing (Inhibin A). Its products are the Access family of immunoassay systems, which includes Access 2 Immunoassay System, UniCel DxI 600 Access Immunoassay System and UniCel DxI 800 Access Immunoassay System. The Company is developing a sample-to-result system for molecular diagnostics, the UniCel DxN. The Company offers work cells in the industry, from the mid-volume UniCel DxC 600i to the high-volume DxC 880i.
The Company’s blood cell systems use principles of physics, optics, electronics and chemistry to separate cells of diagnostic interest and then quantify and characterize them. These systems allow clinicians to study formed elements in blood, such as red and white blood cells and platelets. The laboratory diagnostic test, complete blood count (CBC), which provides information on from 8 to 23 different blood cell parameters. Its hematology product line includes COULTER DxH 800, which provides a differentiated modular and scalable system for cellular testing; COULTER LH 500 Hematology Analyzer; COULTER DxH300 and AcT family of hematology systems, and COULTER LH 750, 755, 780, and 1500 series of hematology systems, which offers features, such as five-part white blood cell differential analysis, enumeration of nucleated red blood cells, random-access capability and automated slide making and staining from a single aspiration of blood. The LH 780 system offers quality control features that improve productivity and add additional parameters to support anemia studies. The LH 1500 series of hematology automation systems are designed to link multiple analyzers, to automate the pre-analytical process and to eliminate a number of post-analytical steps.
Flow cytometry is used in applications in basic research, clinical research, therapeutics and clinical diagnostics testing. Flow cytometers sort, identify, categorize and characterize multiple types of cells in suspension. Flow cytometers allows analysis of cell types, including specific cell characteristics, such as phenotype, thereby allowing researchers to analyze specific cell populations. This analysis can be performed beyond blood to include bone marrow, tumors and other cellular samples. Its line of flow cytometry systems includes Gallios research analyzer used for a range of research applications; Navios clinical analyzer used in applications, such as human immunodeficiency virus (HIV) monitoring and a variety of clinical research applications, such as leukemia and lymphoma testing; CyAn ADP analyzer, predominantly used in research; MoFlo Astrios and XDP cell sorters are used to identify and individually select and sort cells of interest for further analysis, often at a functional or genetic level; Cytomics FC 500 series of flow cytometry systems and COULTER EPICS XL and XL-MCL flow cytometer series, which also are used in the clinical laboratory, predominantly for HIV monitoring and additionally in the case of the FC500 for CD34 enumeration, and cell surface and intracellular characterization reagents for both the clinical and research settings.
Coagulation systems rely on clotting, chromogenic and immunologic technologies to provide the detailed information that clinicians require to diagnose bleeding and clotting disorders and to monitor anticoagulant therapy. The Company offers a range of hemostasis systems and reagents as the distributor of the Instrumentation Laboratory ACL line of hemostasis systems and its Instrumentation Laboratory and Hemoliance brands of reagents in North America, China and certain other markets.
The Company competes with Abbott Laboratories, Johnson & Johnson, F. Hoffman-La Roche Ltd., Siemens AG, Mindray Medical International Limited and Sysmex Corporation.
Life Science
The Company’s life science automation products are used in many parts of the drug discovery and development process, as well as automated sample preparation for genomic and cellular analysis. The applications for these automation products include sample preparation for high throughput genomic analysis, such as genotyping. Its automation systems are used in the process of handling live cells in a throughput mode as biologic drugs are a critical part of the drug development pipeline. Other drug development applications that require samples to be processed in an automated or high-throughput mode include target identification, secondary screening and pre-clinical testing. Its centrifuges are routinely used in cellular, genomic and proteomic research, as well as in vaccine development and production.
Capillary Electrophoresis (CE), this microscale technology provides the separation, quantitation and characterization of charged/polar molecules like ions, drugs, metabolites, proteins, glycoproteins and nucleic acids. The Company has developed this core separation technology into analytical solutions for industrial, food safety, academic, medical and government laboratories. Its CE-based solutions include PA 800 Plus, Pharmaceutical Analysis system for characterization and quality control of therapeutic biologics using automated SDS-gel for purity analysis, isoelectric focusing for heterogeneity and identity determination and glycan analysis for in depth characterization; GeXP Genetic Analysis system that focus on gene expression, SNP detection, STR analysis and sequencing for pathogen identification, stem cell, cancer and industrial applications, and P/ACE Series system focusing on ion, drug and metabolite analysis in industrial, forensic and medical research.
The Company’s wholly owned subsidiary, Beckman Coulter Genomics, Inc., is a provider of nucleic acid purification products in the biomedical research and clinical diagnostic market. Its patented Solid Phase Reversible Immobilization (SPRI) technology provides results for the isolation and purification of RNA and DNA. The technology may be integrated with any automated liquid handling systems, including Beckman’s Biomek, to provide customers with an automated solution for nucleic acid purification. The Company offers a set of Genomic Services, including PCR, NextGen Sequencing, Genotyping, Genexpression and biologic testing. These genomic services provide critical information to its customer in support of scientific advancement from benchtop discovery through phase IV clinical trial support. The Company continues its genomic services testing business offering services for biotechnology and pharmaceutical companies.
The Company competes with Agilent Technologies, Inc., Life Technologies Corporation, Hamilton Company, Perkin Elmer Inc., Tecan Group, Ltd., Hitachi Koki Co., Ltd., Becton Dickinson and Company (BD Bioscience Immunocytometry Systems), eBioscience, Inc., and Thermo Fisher Scientific Inc.
Coulter and Beckman each brought relative strengths to this merger. Beckman expected that Coulter would help increase its usually weak sales among managed care firms and purchasing groups. On the other hand, Beckman's expertise in fiscal restraint and being accountable to stockholders were hoped to increase Coulter's profitability.
Beckman's 1997 purchase of Coulter surprised some analysts, who knew Coulter had sought a buyer for some time, partly because of the question of succession in this family-owned and -managed firm. Cofounder Joseph Coulter, Jr., had died in 1995. His daughter, Laura Coulter-Jones, replaced him as president of Coulter Corporation. Wallace Coulter, who never married and had no children, remained board chairman. Some observers speculated that either Roche or Johnson & Johnson would buy Coulter as it made the transition to the second generation of family leadership. The normally conservative Beckman had purchased several small firms, but this major acquisition broke new ground.
Beckman's Chairman Rosso explained that, "There were certain attractions to Beckman in our cultural and historical base. In that sense, we may have been emotionally well-positioned." Rosso was referring to Beckman Instruments being founded by Dr. Arnold Beckman in 1935 with the invention of the acidimeter, reminiscent of Wallace Coulter and Joseph Coulter developing the first Coulter Counter in the late 1940s and early 1950s. Both firms thus started with the invention of a single device.
The bottom line was that only time would tell if this merger proved successful. Although the merger had several positives, the trend to cut healthcare costs and the fact that medical diagnostics was not a growth industry indicated turbulent times ahead for the newly created Beckman Coulter, Inc.
Principal Subsidiaries: Coulter Electronics, Pty. Ltd. (Australia and New Zealand); Instrumentation Laboratory, Ges.m.b.H. (Austria); Coulter Electronics Ind. & Com. Ltda. (Brazil); Counter Electronics of Canada, Ltd.; Coultronics France, S.A.; Coulter Electronics, GmbH (Germany); Coulter Electronics (Hong Kong) Ltd.; Coulter K.K. (Japan); Coulter de Mexico S.A., DE C.V.; Coulter Electronics, Ltd. (Netherlands, U.K., and Turkey); Coulter Electronics Sales of Puerto Rico, Inc.; Coulter Electronics S.A. Pty. Ltd. (South Africa); Coulter Electronics S.A. (Venezuela); Coulter/Immunotech, Inc.; Izasa, S.A. (Spain); Instrumentation Laboratory AG (Switzerland); Instrumentation Laboratory, SpA (Italy); Coulter Pharmaceutical Inc.
OVERALL
Beta: 0.77
Market Cap (Mil.): $5,903.78
Shares Outstanding (Mil.): 71.26
Annual Dividend: 0.76
Yield (%): 0.92
FINANCIALS
BEC Industry Sector
P/E (TTM): 25.42 8.83 40.56
EPS (TTM): 49.37 -- --
ROI: 5.95 3.20 1.92
ROE: 11.27 4.15 2.49
Statistics:
Public Company
Incorporated: 1958 as Coulter Electronics, Inc.
Employees: 5,000
Sales: $1.2 billion (1997)
Stock Exchanges: New York
SICs: 3841 Surgical & Medical Instruments
Name Age Since Current Position
Schafer, Glenn 61 2010 Non-Executive Independent Chairman of the Board
Hurley, James 61 2010 President, Chief Executive Officer, Chairman, Beckman Coulter, Japan
Slacik, Charles 56 2006 Chief Financial Officer, Senior Vice President
Kleinert, Robert 59 2007 Executive Vice President - Worldwide Commercial Operations
Atkin, Scott 47 2010 Executive Vice President - Chemistry, Discovery and Instrument Systems Development
Pinkston, Arnold 52 2005 Senior Vice President, General Counsel, Secretary
Blackwell, Allison 46 2010 Senior Vice President - Human Resources
Glyer, Paul 54 2006 Senior Vice President - Strategy, Business Development and Communications
Miller, Pamela 56 2006 Senior Vice President - Supply Chain Management
O'Donovan, Clair 54 2009 Senior Vice President - Quality and Regulatory Affairs
Beaver, Carolyn 53 2006 Corporate Vice President, Chief Accounting Officer, Controller
Widergren, James 52 2010 Group Vice President - Chemistry and Automation Systems Business Center
Collins, Cynthia 52 2007 Group Vice President - Cellular Analysis Business
Creager, Richard 58 2009 Group Vice President - Immunoassay and Molecular Diagnostics
Haggerty, Charles 69 1996 Independent Director
Kelley, William 71 1994 Independent Director
Dervan, Peter 65 1997 Independent Director
Honeycutt, Van 66 1998 Independent Director
Woods, Betty 72 2010 Independent Director
Farr, Kevin 53 2004 Independent Director
Funari, Robert 64 2005 Independent Director
Salka, Susan 46 2007 Independent Director
Wallace, Richard 50 2009 Independent Director
Williams, Lewis 61 2009 Independent Director
Address:
2500 Harbor Boulevard
P.O. Box 3100
Fullerton, California 92634-3100
U.S.A.