0000012208false00000122082024-10-302024-10-300000012208us-gaap:CommonClassAMember2024-10-302024-10-300000012208us-gaap:CommonClassBMember2024-10-302024-10-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report:   October 30, 2024
(Date of earliest event reported)

BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)

Commission File Number: 001-07928
 
Delaware 94-1381833
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
 
1000 Alfred Nobel Dr.
Hercules, California 94547
(Address of principal executive offices, including zip code)
 
(510)724-7000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, Par Value $0.0001 per share BIO New York Stock Exchange
Class B Common Stock, Par Value $0.0001 per share 
BIO.B
 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




ITEM 2.02    Results of Operations and Financial Condition

On October 30, 2024, Bio-Rad Laboratories, Inc. announced its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.




ITEM 9.01    Financial Statements and Exhibits
Exhibit
Number 		 Description
99.1  
104.1Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
  BIO-RAD LABORATORIES, INC.
   
Date:October 30, 2024By:/s/ Roop K. Lakkaraju
   Roop K. Lakkaraju
   Executive Vice President and Chief Financial Officer





Exhibit 99.1

Press Release

Bio-Rad Reports Third-Quarter 2024 Financial Results

HERCULES, Calif.—October 30, 2024 -- Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results for the third quarter ended September 30, 2024.

Third-quarter 2024 total net sales were $649.7 million, an increase of 2.8 percent compared to $632.1 million reported for the third quarter of 2023. On a currency-neutral basis, quarterly sales increased 3.4 percent compared to the same period in 2023.The increase in net sales was driven by higher sales in our Clinical Diagnostics segment.

Life Science segment net sales for the third quarter were $260.9 million, a decrease of 1.0 percent compared to the same period in 2023. On a currency-neutral basis, sales decreased by 0.6 percent compared to the same quarter in 2023, driven by ongoing weakness in the biotech and biopharma end markets. Currency neutral sales decreased in the Americas, offset by increases in EMEA.

Clinical Diagnostics segment net sales for the third quarter were $388.8 million, an increase of 5.6 percent compared to the same period in 2023. On a currency-neutral basis, sales increased 6.4 percent compared to the same quarter last year. The currency neutral sales increase was primarily driven by increased demand for quality control products, and a favorable compare for our immunology products, which were impacted by supply constraints in the third quarter of 2023. Currency neutral sales increased across all regions.

Third-quarter gross margin was 54.8 percent compared to 53.1 percent during the third quarter of 2023.

Income from operations during the third quarter of 2024 was $64.5 million versus $90.9 million during the same quarter last year.

During the third quarter of 2024, the company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net income of $653.2 million, or $23.34 per share, on a diluted basis, versus a net income of $106.3 million, or $3.64 per share, on a diluted basis, reported for the same period of 2023.

The effective tax rate for the third quarter of 2024 was 24.2 percent, compared to 22.5 percent for the same period in 2023. The effective tax rate reported in these periods was primarily affected by the accounting treatment of our equity securities.

“Our third-quarter revenue performance was slightly ahead of expectations, driven by steady growth in clinical diagnostics products, while our life science business continued to improve reflecting a gradual recovery in the biopharma end market,” said Norman Schwartz, Bio-Rad’s Chairman and Chief Executive Officer. "During the quarter, we also welcomed Jon DiVincenzo as President and Chief Operating Officer. Jon joins Bio-Rad's other recently hired senior executives who collectively bring a wealth of life science, clinical diagnostics, and operations experience. With the new senior leadership team in place, we are focused on margin expansion, commercial excellence, and creating long-term shareholder value."

The non-GAAP financial measures discussed below exclude certain items detailed later in this press release under the heading “Use of Non-GAAP and Currency-Neutral Reporting.” A reconciliation between historical GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release.

1

Non-GAAP gross margin was 55.6 percent for the third quarter of 2024 compared to 53.9 percent during the third quarter of 2023.

Non-GAAP income from operations during the third quarter of 2024 was $73.3 million versus $81.6 million during the comparable prior-year period.

Non-GAAP net income for the third quarter of 2024 was $56.4 million, or $2.01 per share, on a diluted basis, compared to $68.1 million, or $2.33 per share, on a diluted basis, during the same period in 2023.

The non-GAAP effective tax rate for the third quarter of 2024 was 28.8 percent, compared to 23.9 percent for the same period in 2023. The higher rate in 2024 was driven by geographical mix of earnings and a one-time acquired in-process research and development expense.

GAAP Results
Q3 2024Q3 2023
Revenue (millions)$649.7 $632.1 
Gross margin54.8 %53.1 %
Operating margin9.9 %14.4 %
Net income (millions)$653.2 $106.3 
Income per diluted share$23.34 $3.64 
Non-GAAP Results
Q3 2024Q3 2023
Revenue (millions)$649.7 $632.1 
Gross margin55.6 %53.9 %
Operating margin11.3 %12.9 %
Net income (millions)$56.4 $68.1 
Income per diluted share$2.01 $2.33 

Updated Full-Year 2024 Financial Outlook

Bio-Rad continues to expect its non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis. The company estimates a non-GAAP operating margin of between 12.75 to 13.25 percent, which now also includes the impact of a one-time acquired in-process research and development expense related to an acquisition completed during the third quarter.

Conference Call and Webcast

Management will discuss the company’s third quarter 2024 results and financial outlook in a conference call scheduled for 2 PM Pacific Time (5 PM Eastern Time) on October 30, 2024. To participate, dial 800-579-2543 within the U.S., or (+1) 785-424-1789 from outside the U.S., and provide access code: BIORAD.

A live webcast of the conference call will also be available in the "Investor Relations" section of the company’s website under "Events & Presentations" at investors.bio-rad.com. A replay of the webcast will be available for up to a year.

2


Use of Non-GAAP and Currency-Neutral Reporting

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP EPS, which exclude amortization of acquisition-related intangible assets, certain acquisition-related expenses and benefits, restructuring charges, asset impairment charges, gains and losses from change in fair market value of equity securities and loan receivable, gains and losses on equity-method investments, and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. More specifically, management adjusts for the excluded items for the following reasons:

Amortization of purchased intangible assets: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.

Acquisition-related expenses and benefits: we incur expenses or benefits with respect to certain items associated with our acquisitions, such as transaction costs, professional fees for assistance with the transaction; valuation or integration costs; changes in the fair value of contingent consideration, gain or loss on settlement of pre-existing relationships with the acquired entity; or adjustments to purchase price. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business.

Restructuring, impairment charges, and gains and losses from change in fair market value of equity securities and loan receivable, and gains and losses on equity-method investments: we incur restructuring and impairment charges on individual or groups of employed assets and charges and benefits arising from gains and losses from change in fair market value of equity securities and loan receivable, and gains and losses (including impairments) on equity-method investments, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.

Significant litigation charges or benefits and legal costs: we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results.

Income tax expense: we estimate the tax effect of the excluded items identified above to determine a non-GAAP annual effective tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and/or tax jurisdiction requires the application of a specific tax rate or treatment.

From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.
3


Percentage sales growth in currency neutral amounts are calculated by translating prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales.

There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

We do not provide a reconciliation of our non-GAAP financial expectations to expectations for the most comparable GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquisition-related intangible assets, future acquisition-related expenses and benefits, future restructuring charges, future asset impairment charges, future valuation changes of equity-owned securities, future gains and losses on equity-method investments or future legal charges or benefits), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all.

BIO-RAD is a trademark of Bio-Rad Laboratories, Inc. in certain jurisdictions.

About Bio-Rad

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 7,700 employees and $2.7 billion in revenues in 2023. Our customers include universities, research institutions, hospitals, and biopharmaceutical companies, as well as clinical, food safety and environmental quality laboratories. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, visit bio-rad.com.

Forward-Looking Statements

This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results; being focused on margin expansion, commercial excellence, and creating long-term shareholder value; and for the full-year 2024: continuing to expect non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis and estimating a non-GAAP operating margin of between 12.75 to 13.25 percent. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "expect,” "estimate," "continue," "believe," "anticipate," “target,” "will," "project," "assume," "may," "intend," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include reductions in government funding or capital spending of our customers, global economic and geopolitical conditions, the uncertain pace of the biopharma sector’s recovery, the challenging macroeconomic environment in China, supply chain issues, international legal and regulatory risks, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, changes in the healthcare industry, and natural disasters and other catastrophic events beyond our control. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended
4

December 31, 2023, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.

Investor Contact:
Edward Chung, Investor Relations
510-741-6104
ir@bio-rad.com

Media Contact:
Anna Gralinska, Corporate Communications
510-741-6643
cc@bio-rad.com

5

Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Income (Loss)
(In thousands, except per share data)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Net sales$649,729 $632,124 $1,899,025 $1,990,078 
Cost of goods sold293,826 296,441 862,037 929,495 
Gross profit355,903 335,683 1,036,988 1,060,583 
Selling, general and administrative expense200,440 201,199 610,042 634,576 
Research and development expense90,997 43,535 216,276 183,528 
Income from operations64,466 90,949 210,670 242,479 
Interest expense12,174 12,398 36,715 37,078 
Foreign currency exchange (gains) losses, net1,641 (1,680)(2,012)(5,280)
(Gains) losses from change in fair market value of equity securities and loan receivable(792,888)(36,425)1,680,290 1,576,542 
Other income, net(18,081)(20,446)(70,740)(87,365)
Income (loss) before income taxes861,620 137,102 (1,433,583)(1,278,496)
(Provision for) benefit from income taxes(208,448)(30,845)305,185 291,464 
Net income (loss)$653,172 $106,257 $(1,128,398)$(987,032)
Basic earnings (loss) per share:
Net income (loss) per basic share$23.37 $3.65 $(39.89)$(33.63)
Weighted average common shares - basic27,949 29,102 28,286 29,349 
Diluted earnings (loss) per share:
Net income (loss) per diluted share$23.34 $3.64 $(39.89)$(33.63)
Weighted average common shares - diluted27,985 29,223 28,286 29,349 


Note: As a result of the net loss for the nine months ended September 30, 2024 and 2023,
all potentially issuable common shares have been excluded from the diluted shares
used in the computation of earnings per share as their effect was anti-dilutive.

6


Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
(In thousands)

September 30,
2024		December 31,
2023
 (Unaudited)
Current assets: 
Cash and cash equivalents$410,377 $403,815 
Short-term investments1,217,641 1,208,887 
Accounts receivable, net461,940 489,017 
Inventories, net804,276 780,517 
Other current assets161,386 166,094 
        Total current assets3,055,620 3,048,330 
Property, plant and equipment, net545,304 529,007 
Operating lease right-of-use assets173,866 194,730 
Goodwill, net415,100 413,569 
Purchased intangibles, net307,325 320,514 
Other investments6,002,635 7,698,070 
Other assets103,622 94,850 
Total assets$10,603,472 $12,299,070 
Current liabilities:  
Accounts payable, accrued payroll and employee benefits$268,209 $284,554 
Current maturities of long-term debt1,262 486 
Income and other taxes payable43,625 35,759 
Other current liabilities184,847 202,000 
        Total current liabilities497,943 522,799 
Long-term debt, net of current maturities1,200,062 1,199,052 
Other long-term liabilities1,417,608 1,836,086 
Total liabilities3,115,613 3,557,937 
Total stockholders’ equity7,487,859 8,741,133 
Total liabilities and stockholders’ equity$10,603,472 $12,299,070 

7

Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 Nine Months Ended
 September 30,
 20242023
Cash flows from operating activities:  
Cash received from customers$1,920,985 $2,007,482 
Cash paid to suppliers and employees(1,531,330)(1,722,173)
Interest paid, net(45,628)(46,394)
Income tax payments, net(75,710)(40,966)
Other operating activities62,731 95,947 
Net cash provided by operating activities331,048 293,896 
Cash flows from investing activities:
Payments for purchases of marketable securities and investments(1,053,660)(537,540)
Proceeds from sales and maturities of marketable securities and investments1,069,951 599,882 
Other investing activities(145,947)(114,331)
Net cash used in investing activities(129,656)(51,989)
Cash flows from financing activities:  
Payments on long-term debt(359)(349)
Other financing activities(192,193)(224,678)
Net cash used in financing activities(192,552)(225,027)
Effect of foreign exchange rate changes on cash(1,021)6,891 
Net increase in cash, cash equivalents and restricted cash7,819 23,771 
Cash, cash equivalents and restricted cash at beginning of period404,369 434,544 
Cash, cash equivalents and restricted cash at end of period$412,188 $458,315 
Reconciliation of net loss to net cash provided by operating activities:  
Net loss$(1,128,398)$(987,032)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization112,393 108,724 
Reduction in the carrying amount of right-of-use assets31,066 30,725 
Losses from change in fair market value of equity securities and loan receivable1,680,290 1,576,542 
Changes in working capital(29,950)(61,623)
Other(334,353)(373,440)
Net cash provided by operating activities$331,048 $293,896 
8

Bio-Rad Laboratories, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In thousands, except per share data)
(Unaudited)

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS), which exclude amortization of acquisition-related intangible assets; certain acquisition-related expenses and benefits; restructuring charges; asset impairment charges; gains and losses from change in fair market value of equity securities and loan receivable; gains and losses on equity-method investments; and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

Three Months EndedThree Months EndedNine Months EndedNine Months Ended
September 30, 2024% of revenueSeptember 30, 2023% of revenueSeptember 30, 2024% of revenueSeptember 30, 2023% of revenue
GAAP cost of goods sold$293,826 $296,441 $862,037 $929,495 
Amortization of purchased intangibles(4,499)(4,507)(13,391)(13,131)
Restructuring benefits (costs) (603)(215)(1,764)(3,922)
Non-GAAP cost of goods sold$288,724 $291,719 $846,882 $912,442 

GAAP gross profit$355,903 54.8%$335,683 53.1%$1,036,988 54.6%$1,060,583 53.3%
Amortization of purchased intangibles4,499 4,507 13,391 13,131 
Restructuring (benefits) costs603 215 1,764 3,922 
Non-GAAP gross profit$361,005 55.6%$340,405 53.9%$1,052,143 55.4%$1,077,636 54.2%

GAAP selling, general and administrative expense$200,440 $201,199 $610,042 $634,576 
Amortization of purchased intangibles(825)(1,629)(2,686)(4,931)
Acquisition related benefits (costs) — 4,100 — 4,100 
Restructuring benefits (costs) (819)(1,339)(3,825)(16,655)
Other non-recurring items (2)(1,663)(1,877)(4,704)(5,794)
Non-GAAP selling, general and administrative expense$197,133 $200,454 $598,827 $611,296 

9

GAAP research and development expense$90,997 $43,535 $216,276 $183,528 
Acquisition related benefits (costs)(400)14,800 (800)14,400 
Restructuring benefits (costs) (19)22 (1,519)(5,293)
Non-GAAP research and development expense$90,578 $58,357 $213,957 $192,635 

GAAP income from operations$64,466 9.9%$90,949 14.4%$210,670 11.1%$242,479 12.2%
Amortization of purchased intangibles5,324 6,136 16,077 18,062 
Acquisition related (benefits) costs 400 (18,900)800 (18,500)
Restructuring (benefits) costs1,441 1,532 7,108 25,870 
Other non-recurring items (2)1,663 1,877 4,704 5,794 
Non-GAAP income from operations$73,294 11.3%$81,594 12.9%$239,359 12.6%$273,705 13.8%

GAAP (gains) losses from change in fair market value of equity securities and loan receivable$(792,888)$(36,425)$1,680,290 $1,576,542 
Gains (losses) from change in fair market value of equity securities and loan receivable792,888 36,425 (1,680,290)(1,576,542)
Non-GAAP (gains) losses from change in fair market value of equity securities and loan receivable$— $— $— $— 

GAAP other (income) expense, net$(18,081)$(20,446)$(70,740)$(87,365)
Gains (losses) on equity-method investments (1,626)(697)(3,349)(2,543)
Other non-recurring items (3)— 2,500 — 2,500 
Non-GAAP other (income) expense, net$(19,707)$(18,643)$(74,089)$(87,408)

GAAP income (loss) before income taxes$861,620 $137,102 $(1,433,583)$(1,278,496)
Amortization of purchased intangibles5,324 6,136 16,077 18,062 
Acquisition related (benefits) costs 400 (18,900)800 (18,500)
Restructuring (benefits) costs1,441 1,532 7,108 25,870 
(Gains) losses from change in fair market value of equity securities and loan receivable(792,888)(36,425)1,680,290 1,576,542 
(Gains) losses on equity-method investments 1,626 697 3,349 2,543 
Other non-recurring items (2) (3)1,663 (623)4,704 3,294 
Non-GAAP income before income taxes$79,186 $89,519 $278,745 $329,315 

GAAP (provision for) benefit from income taxes$(208,448)$(30,845)$305,185 $291,464 
Income tax effect of non-GAAP adjustments (1)185,624 9,408 (373,835)(364,826)
Non-GAAP provision for income taxes$(22,824)$(21,437)$(68,650)$(73,362)
10

GAAP net income (loss)$653,172 100.5%$106,257 16.8%$(1,128,398)(59.4)%$(987,032)(49.6)%
Amortization of purchased intangibles5,324 6,136 16,077 18,062 
Acquisition related (benefits) costs400 (18,900)800 (18,500)
Restructuring (benefits) costs1,441 1,532 7,108 25,870 
(Gains) losses from change in fair market value of equity securities and loan receivable(792,888)(36,425)1,680,290 1,576,542 
(Gains) losses on equity-method investments 1,626 697 3,349 2,543 
Other non-recurring items (2) (3)1,663 (623)4,704 3,294 
Income tax effect of non-GAAP adjustments (1)185,624 9,408 (373,835)(364,826)
Non-GAAP net income$56,362 8.7%$68,082 10.8%$210,095 11.1%$255,953 12.9%

GAAP diluted income (loss) per share$23.34 $3.64 $(39.89)$(33.63)
Amortization of purchased intangibles0.19 0.21 0.57 0.61 
Acquisition related (benefits) costs 0.01 (0.65)0.03 (0.63)
Restructuring (benefits) costs0.05 0.05 0.25 0.88 
(Gains) losses from change in fair market value of equity securities and loan receivable(28.33)(1.25)59.35 53.47 
(Gains) losses on equity-method investments 0.06 0.02 0.12 0.09 
Other non-recurring items (2) (3)0.06 (0.02)0.17 0.11 
Income tax effect of non-GAAP adjustments (1)6.63 0.33 (13.21)(12.38)
Add back anti-dilutive shares— — 0.03 0.16 
Non-GAAP diluted income per share$2.01 $2.33 $7.42 $8.68 

GAAP diluted weighted average shares used in per share calculation27,985 29,223 28,286 29,349 
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive— — 24 137 
Non-GAAP diluted weighted average shares used in per share calculation27,985 29,223 28,310 29,486 

11

Reconciliation of net income (loss) to adjusted EBITDA:
GAAP net income (loss)$653,172 100.5%$106,257 16.8%$(1,128,398)(59.4)%$(987,032)(49.6)%
Interest expense12,174 12,398 36,715 37,078 
(Provision for) benefit from income taxes208,448 30,845 (305,185)(291,464)
Depreciation and amortization38,891 37,278 112,393 108,724 
Foreign currency exchange (gains) losses, net1,641 (1,680)(2,012)(5,280)
Other income, net(18,081)(20,446)(70,740)(87,365)
(Gains) losses from change in fair market value of equity securities and loan receivable(792,888)(36,425)1,680,290 1,576,542 
Dividend from Sartorius AG— — 17,930 34,766 
Acquisition related (benefits) costs400 (18,900)800 (18,500)
Restructuring (benefits) costs1,441 1,532 7,108 25,870 
Other non-recurring items (2) 1,663 1,877 4,704 5,794 
Adjusted EBITDA$106,861 16.4%$112,736 17.8%$353,605 18.6%$399,133 20.1%


(1) Excluded items identified in the reconciliation schedule are tax effected by application of a non-GAAP effective tax rate. The non-GAAP tax provision is adjusted for items, the nature of which and/or tax jurisdiction requires the application of a specific tax rate or treatment.

(2) Incremental costs to comply with the European Union's In Vitro Diagnostics Regulation ("IVDR") for previously approved products.

(3) Gain from the release of an escrow for the acquisition in 2021 (2023).

2024 Financial Outlook

Forecasted non-GAAP operating margin excludes 85 basis points related to amortization of purchased intangibles. Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as foreign currency fluctuations, future gains or losses associated with certain legal matters, acquisitions and restructuring activities. We do not provide a reconciliation of our non-GAAP financial expectations to expectations for the most comparable GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquisition-related intangible assets, future acquisition-related expenses and benefits, future restructuring charges, future asset impairment charges, future valuation changes of equity-owned securities, future gains and losses on equity-method investments or future legal charges or benefits), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all.
12
v3.24.3
Document and Entity Information Document
Oct. 30, 2024
Entity Information [Line Items]  
Entity Central Index Key 0000012208
Entity Emerging Growth Company false
Written Communications false
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity Registrant Name BIO-RAD LABORATORIES, INC.
Entity File Number 001-07928
Entity Tax Identification Number 94-1381833
Entity Address, Address Line One 1000 Alfred Nobel Dr.
Entity Address, City or Town Hercules
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94547
City Area Code (510)
Local Phone Number 724-7000
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Amendment Flag false
Common Class A [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock, Par Value $0.0001 per share
Trading Symbol BIO
Security Exchange Name NYSE
Common Class B [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class B Common Stock, Par Value $0.0001 per share
Trading Symbol BIO.B
Security Exchange Name NYSE
Bio Rad Laboratories (NYSE:BIO.B)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Bio Rad Laboratories Charts.
Bio Rad Laboratories (NYSE:BIO.B)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Bio Rad Laboratories Charts.