BEC » Topics » 1. Nature of Business and Summary of Significant Accounting Policies

This excerpt taken from the BEC 10-K filed Feb 29, 2008.

1. Nature of Business and Summary of Significant Accounting Policies

STYLE="margin-top:6px;margin-bottom:0px">Nature of Business

Beckman Coulter, Inc. (the
“Company”, “we”, “our”) is a leading manufacturer of biomedical testing instrument systems, tests and supplies that simplify and automate laboratory processes. Spanning the biomedical testing continuum — from
pioneering medical research and clinical trials to laboratory diagnostics and point-of-care testing — our installed base of systems provides essential biomedical information to enhance health care around the world. We are dedicated to improving
patient health and reducing the cost of care.

Our revenue is evenly distributed inside and outside of the United States
(“U.S.”). Sales to clinical laboratories represent approximately 83% of our total revenue, with the balance coming from the life sciences markets. Approximately 78% of our total revenue is generated by recurring revenue from supplies, test
kits, services and operating-type lease payments. Central laboratories of mid- to large-size hospitals represent our most significant customer group.

SIZE="2">Principles of Consolidation

The Consolidated Financial Statements include the accounts of the Company, its wholly owned
subsidiaries and accounts of consolidated variable interest entities. All significant intercompany transactions have been eliminated from the Consolidated Financial Statements.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Prior to 2005, our subsidiaries outside the U.S. (except Canada) were included in the consolidated financial statements on the basis of fiscal years
ending November 30 in order to facilitate timely consolidation. This one-month reporting lag was eliminated at the beginning of 2005 as it was no longer required to achieve a timely consolidation. The December 2004 net loss of $3.1 million for
these subsidiaries, was recorded as an adjustment to retained earnings on January 1, 2005.

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