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Articles 

Immucor Inc. Reports Operating Results (10-Q)

January 13, 2012 | About:

Immucor Inc. (BLUD) filed Quarterly Report for the period ended 2011-11-30.

. Immucor Inc. had an annual average earning growth of 27.1% over the past 10 years. GuruFocus rated Immucor Inc. the business predictability rank of 3-star.

Highlight of Business Operations:

Traditional reagent revenue for the Successor quarter ended November 30, 2011 was $47.7 million compared to $49.6 million in the Predecessor quarter ended November 30, 2010. The $2.0 million decrease in sales revenue was driven primarily by weaker industry demand in the U.S. market. Traditional reagent revenue was $54.0 million in the Successor fiscal 2012 period and $42.9 million in the Predecessor fiscal 2012 period compared to $99.3 million in the Predecessor fiscal 2011 period. The overall decrease was $2.3 million, or 2%. While traditional reagent revenue benefited by $1.6 million from fluctuations in foreign currency exchange rates, lower sales revenue from weaker industry demand in the U.S. market resulted in an overall decrease in traditional reagent revenue. Additionally, traditional reagent revenue is negatively impacted as we convert current manual customers to automation by placing an instrument. Instruments use approximately 70% Capture reagents and 30% traditional reagents so placing an instrument results in an increase in Capture reagent revenue and a decrease in traditional reagent revenue when the instrument is placed with a current customer. With our automation strategy, we expect this trend to continue.

Capture reagent revenue for the Successor quarter ended November 30, 2011 was $22.4 million compared to $19.0 million in the Predecessor quarter ended November 30, 2010. The $3.4 million increase was partially driven by additional ship cycles in the quarter and incremental revenue from instrument placements. Capture reagent revenue was $25.6 million in the Successor fiscal 2012 period and $21.2 million in the Predecessor fiscal 2012 period compared to $40.7 million in the Predecessor fiscal 2011 period. The overall increase of $6.2 million, or 15%, was primarily driven by additional ship cycles and incremental revenue from instrument placements. Sales of Capture reagents are largely dependent on the number of installed instruments requiring the use of our proprietary Capture technology. As we continue to place more instruments in the market, we expect revenue from Capture reagents to continue to increase as a percent of our total revenue.

Molecular immunohematology revenue was $1.5 million and $1.3 million for the Successor quarter ended November 30, 2011 and the Predecessor quarter ended November 30, 2010, respectively. Molecular immunohematology revenue was $1.7 million in the Successor fiscal 2012 period and $1.3 million in the Predecessor fiscal 2012 period compared to $2.7 million in the Predecessor fiscal 2011 period. Overall, molecular immunohematology was essentially flat.

The effective tax rate for the Successor fiscal 2012 period, the Predecessor fiscal 2012 period, and the Predecessor fiscal 2011 period was 38.3%, (72.6)% and 34.2%, respectively. The difference between the federal statutory rate of 35% and the effective tax rate for the Successor fiscal 2012 period primarily relates to foreign tax credits. The difference between the federal statutory rate and the effective tax rate for the Predecessor fiscal 2012 period primarily relates to the income taxes associated with the repatriation of foreign earnings in excess of foreign tax credits earned, the non-deductibility of certain transaction costs, and state income taxes.

The effective tax rate for the Successor fiscal 2012 period, the Predecessor fiscal 2012 period, and the Predecessor fiscal 2011 period was 38.3%, (72.6)% and 34.2%, respectively. The difference between the federal statutory rate of 35% and the effective tax rate for the Successor fiscal 2012 period primarily relates to foreign tax credits. The difference between the federal statutory rate and the effective tax rate for the Predecessor fiscal 2012 period primarily relates to the income taxes associated with the repatriation of foreign earnings in excess of foreign tax credits earned, the non-deductibility of certain transaction costs, and state income taxes.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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