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Articles 

Immucor Inc. Reports Operating Results (10-K)

July 27, 2012 | About:

Immucor Inc. (BLUD) filed Annual Report for the period ended 2012-05-31.

. 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:

Revenue was $261.8 million in the Successor fiscal 2012 period and $74.9 million in Predecessor fiscal 2012 period compared to $333.1 million in the Predecessor fiscal 2011 period. The overall increase of $3.6 million was primarily due to growth in foreign business offset by weaker industry demand in the U.S. market. Fiscal 2012 revenue also benefited from favorable fluctuations in foreign currency exchange rates of $1.2 million.

Traditional reagent revenue was $151.6 million in the Successor fiscal 2012 period and $42.9 million in the Predecessor fiscal 2012 period compared to $199.8 million in the Predecessor fiscal 2011 period. The overall decrease was $5.2 million, or 3%. While traditional reagent revenue benefited by $1.0 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 was 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.

Traditional reagent revenue was $151.6 million in the Successor fiscal 2012 period and $42.9 million in the Predecessor fiscal 2012 period compared to $199.8 million in the Predecessor fiscal 2011 period. The overall decrease was $5.2 million, or 3%. While traditional reagent revenue benefited by $1.0 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 was 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.

Molecular immunohematology revenue was $4.8 million in the Successor fiscal 2012 period and $1.3 million in the Predecessor fiscal 2012 period compared to $5.8 million in the Predecessor fiscal 2011 period, which is an increase of $0.3 million, or 4%.

Revenue from instruments increased by approximately $5.4 million, or approximately 14% in fiscal 2011 compared with the prior year due to increased instrument placements. Instrument revenue is typically recognized over the life of either the instrument rental period or the underlying reagent contract period dependent upon how the instrument was acquired. Historically, when instruments are sold (versus rented) revenue is deferred and recognized over the life of the underlying reagent contract period when the contract includes a price guarantee (which our contracts typically do). Since the launch of the Echo in the first quarter of fiscal 2008, the proportion of instruments rented (versus sold) has increased. In fiscal 2011, approximately $15.2 million of deferred revenue was recognized from previous instrument sales compared with $16.8 million recognized in fiscal 2010. In fiscal 2011, we deferred approximately $11.6 million of instrument and associated service revenues related to instrument sales compared with $11.6 million in the prior year. As of May 31, 2011 and 2010, deferred instrument and service revenues on the balance sheet totaled approximately $13.6 million and $16.7 million, respectively. The decrease in the deferred revenue balance is due to the increase in rentals as an acquisition option.

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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