Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader
of life science research and clinical diagnostic products, today
announced financial results for the third quarter ended September
30, 2019.
Third-quarter 2019 net sales were $560.6 million, an increase of
2.8 percent compared to $545.1 million reported for the third
quarter of 2018. On a currency-neutral basis, quarterly sales
increased 4.5 percent compared to the same period in 2018,
reflecting growth across the business. Third-quarter gross margin
was 54.8 percent compared to 52.6 percent during the third quarter
in 2018.
Life Science segment net sales for the third quarter were $215.7
million, an increase of 4.5 percent compared to the same period in
2018. On a currency-neutral basis, Life Science segment sales
increased by 5.7 percent compared to the same quarter in 2018.
Currency-neutral sales reflect growth of multiple product lines in
the segment, driven by double-digit growth in Droplet Digital PCR
and Food Safety products as well as good demand within Gene
Expression and Western Blotting product lines. Sales during the
third quarter of 2019 increased across all regions: the Americas,
Europe and Asia.
Clinical Diagnostics segment net sales for the third quarter
were $341.8 million, an increase of 2.4 percent compared to the
same period in 2018. On a currency-neutral basis, net sales were up
4.3 percent compared to the same quarter last year.
Currency-neutral sales from the third quarter reflected growth in
Quality Control, Blood Typing, and Immunology product lines. On a
geographic view, sales increased mainly in Asia and the
Americas.
Third-quarter 2019 operating income was $57.5 million versus
2018 third-quarter operating income of $36.3 million.
Reported net income for the third quarter of 2019 was a net loss
of $258.8 million, or ($8.68) per share on a diluted basis. This
loss was negatively impacted by a decline of $390.6 million in the
market value of equity securities that we hold, primarily related
to our investment in Sartorius AG. Net income for the third quarter
of 2018 was a net gain of $269.3 million, or $8.89 per share on a
diluted basis, which included a gain of $318.0 million related to
our investment holdings.
The effective tax rate for the third quarter of 2019 was 22.8
percent compared to 23.1 percent during the same quarter in
2018.
“We are pleased with our operating results for the third
quarter, which show continued strength in many of our key life
science and diagnostic product lines across most of our major
geographies,” said Norman Schwartz, Bio-Rad President and Chief
Executive Officer. “Our operating performance reflects continued
improvement compared to 2018, providing us with good momentum as we
head into the rest of the year.”
GAAP Results
Q3 2019
Q3 2018
Revenue (Millions)
$560.6
$545.1
Gross Margin
54.8%
52.6%
Operating Margin
10.2%
6.7%
Net (Loss) Income (Millions)
($258.8)
$269.3
(Loss) Income per Diluted Share
($8.68)
$8.89
Non-GAAP Results
Q3 2019
Q3 2018
Gross Margin
56.0%
53.5%
Operating Margin
12.0%
8.2%
Net Income (Millions)
$48.6
$27.6
Income per Diluted Share
$1.61
$0.91
A reconciliation between GAAP operating results and non-GAAP
operating results is provided following the financial statements
that are part of this press release. Non-GAAP adjustments include
amortization of purchased intangibles; acquisition-related expenses
and benefits; restructuring, impairment charges and valuation
changes in equity owned investments; gains and losses on
equity-method investments; significant litigation charges or
benefits and legal costs; and discrete income tax events and the
income tax effect on these non-GAAP adjustments.
Non-GAAP net income and non-GAAP diluted income per share
(non-GAAP EPS) are non-GAAP measures that exclude certain items
detailed later in this press release under the heading “Non-GAAP
Reporting.”
Non-GAAP net income for the third quarter of 2019 was $48.6
million, or $1.61 per share on a diluted basis, compared to $27.6
million, or $0.91 per share on a diluted basis, during the same
period in 2018. The non-GAAP effective tax rate for the third
quarter of 2019 was 25.5 percent compared to 31.9 percent for the
same period in 2018.
The following table represents a reconciliation of Bio-Rad’s
reported net (loss) income and diluted (loss) income per share to
non-GAAP net income and non-GAAP diluted income per share for the
three and nine months ended September 30, 2019 and 2018:
Three Months Ended September
30,
Nine Months Ended September
30,
(in thousands, except per share data)
2019
2018
2019
2018
GAAP net (loss) income
$(258,816)
$269,326
$1,205,189
$1,194,143
Amortization of purchased intangibles
5,809
6,529
16,490
20,179
Legal matters
(1,900)
4,420
4,593
13,209
Acquisition-related costs (benefits)
6
(2,756)
(7,762)
(2,862)
Restructuring costs (benefits)
5,928
(10)
5,749
1,478
Valuation loss (gain) on equity-owned
securities
390,620
(318,007)
(1,384,999)
(1,420,339)
Loss on equity-method investments
37
222
698
625
Other non-recurring items
-
-
(759)
(9,208)
Income tax effect on non-GAAP
adjustments
(93,040)
67,878
303,890
315,276
Non-GAAP net income
$48,644
$27,602
$143,089
$112,501
GAAP diluted (loss) income per share
$(8.68)
$8.89
$39.97
$39.50
Non-GAAP diluted income per share
$1.61
$0.91
$4.75
$3.72
On a reported basis, net sales for the first three quarters of
2019 increased 0.9 percent to $1,687.2 million compared to $1,672.6
million for the same period in 2018. On a currency-neutral basis,
net sales grew 3.7 percent.
Year-to-date net income for 2019 was $1,205.2 million, or $39.97
per share on a fully diluted basis, compared to $1,194.1 million,
or $39.50 per share, respectively, during the same period in
2018.
2019 Financial Outlook
For the full year 2019, the company is projecting
currency-neutral revenue growth outlook of 4.0 to 4.5 percent with
an estimated non-GAAP operating margin of 12.5 to 13.0 percent.
“As we head into the end of the year, we anticipate 2019 will be
another year of growth in many of our key product areas, with broad
contribution from most of our major geographies,” Mr. Schwartz
said. “Our operating performance has rebounded nicely so far in
2019 and we expect more of the same for the remainder of the year,
reflecting substantial improvement in operating profit over
2018.”
Non-GAAP 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,
valuation changes of equity owned investments, 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, valuation costs,
integration costs, changes in the fair value of contingent
consideration liabilities, gain or expense on settlement of
pre-existing relationships, and other professional or consulting
fees. 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, valuation changes in equity
owned investments and gains and losses on equity-method
investments: we incur restructuring and impairment charges on
individual or groups of employed assets, charges and benefits
arising from valuation changes in equity owned investments and
gains and losses 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.
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.
Conference Call and Webcast
Management will discuss third quarter ended September 30, 2019
results in a conference call at 2 PM Pacific Time (5 PM Eastern
Time) October 31, 2019. Interested parties may access the call at
855-779-9068 within the U.S. or 631-485-4862 outside the U.S.,
Conference ID: 1469320. You may also listen to the conference call
via a webcast that is available in the "Investor Relations" section
of our website under “Quarterly Results” at www.bio-rad.com. The
webcast will be available for up to a year.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global
leader in developing, manufacturing, and marketing a broad range of
innovative products for the life science research and clinical
diagnostic markets. With a focus on quality and customer service
for over 65 years, our products advance the discovery process and
improve healthcare. Our customers are university and research
institutions, hospitals, public health and commercial laboratories,
biotechnology, pharmaceutical, as well as applied laboratories that
include food safety and environmental quality. Founded in 1952,
Bio-Rad is based in Hercules, California, and has a global network
of operations with more than 8,000 employees worldwide. Bio-Rad had
revenues exceeding $2.2 billion in 2018. For more information,
please visit www.bio-rad.com.
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, our operating results for the
third quarter showing continued strength in many of our key life
science and diagnostic product lines across most of our major
geographies, our operating performance reflecting continued
improvement compared to 2018, providing us with good momentum as we
head into the rest of the year, anticipating 2019 will be another
year of growth in many of our key product areas with broad
contribution from most of our major geographies, expecting our
operating performance to continue to rebound for the remainder of
the year which will reflect substantial improvement in operating
profit over 2018, and for the full year 2019 projecting
currency-neutral revenue growth outlook of 4.0 to 4.5 percent with
an estimated non-GAAP operating margin of 12.5 to 13.0 percent..
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as, "anticipate," "expect,"
"project," "continue," "estimate," "believe," "will," "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 our ability to
develop and market new or improved products, our ability to compete
effectively, foreign currency exchange fluctuations, international
legal and regulatory risks, global economic and geopolitical
conditions, product quality and liability issues, reductions in
government funding or capital spending of our customers, our
ability to integrate acquired companies, products or technologies
into our company successfully, supply chain issues, 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 December 31, 2018, and its Quarterly Report on
Form 10-Q for the fiscal quarter ended September 30, 2019 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.
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Income (In thousands, except per share
data) (Unaudited)
Three Months Ended Nine
Months Ended September 30, September 30,
2019
2018
2019
2018
Net sales
$
560,633
$
545,138
$
1,687,231
$
1,672,568
Cost of goods sold
253,607
258,422
760,674
781,982
Gross profit
307,026
286,716
926,557
890,586
Selling, general and administrative expense
201,622
201,196
610,460
620,751
Research and development expense
47,944
49,245
145,641
146,122
Income from operations
57,460
36,275
170,456
123,713
Interest expense
5,525
6,064
17,352
17,823
Foreign currency exchange losses, net
898
672
3,411
1,911
Change in fair market value of equity securities
390,620
(318,007
)
(1,384,999
)
(1,420,339
)
Other (income) expense, net
(4,367
)
(2,585
)
(26,959
)
(29,588
)
(Loss) income before income taxes
(335,216
)
350,131
1,561,651
1,553,906
Benefit from (provision for) income taxes
76,400
(80,805
)
(356,462
)
(359,763
)
Net (loss) income
$
(258,816
)
$
269,326
$
1,205,189
$
1,194,143
Basic (loss) earnings per share: Net (loss) income per basic
share
$
(8.68
)
$
9.02
$
40.42
$
40.04
Weighted average common shares - basic
29,831
29,863
29,815
29,822
Diluted (loss) earnings per share: Net (loss) income per
diluted share
$
(8.68
)
$
8.89
$
39.97
$
39.50
Weighted average common shares - diluted
29,831
30,292
30,149
30,234
Note:
As a result of the net loss for the three months ended September
30, 2019, 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.
Bio-Rad Laboratories,
Inc. Condensed Consolidated Balance Sheets (In
thousands)
September 30, December 31,
2019
2018
(Unaudited) Current assets: Cash and cash equivalents
$
561,071
$
431,526
Short-term investments
423,737
418,830
Accounts receivable, net
356,025
392,443
Inventories, net
587,987
583,815
Other current assets
118,812
196,864
Total current assets
2,047,632
2,023,478
Property, plant and equipment, net
495,876
508,690
Operating lease right-of-use assets
217,516
-
Goodwill, net
264,084
219,770
Purchased intangibles, net
146,965
133,123
Other investments
3,931,715
2,655,709
Other assets
73,328
70,298
Total assets
$
7,177,116
$
5,611,068
Current liabilities: Accounts payable, accrued payroll and
employee benefits
$
249,835
$
265,960
Current maturities of long-term debt
1,769
493
Income and other taxes payable
35,252
56,188
Other current liabilities
147,184
128,154
Total current liabilities
434,040
450,795
Long-term debt, net of current maturities
437,808
438,937
Other long-term liabilities
1,174,076
701,005
Total liabilities
2,045,924
1,590,737
Total stockholders' equity
5,131,192
4,020,331
Total liabilities and stockholders' equity
$
7,177,116
$
5,611,068
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Nine Months Ended September 30,
2019
2018
Cash flows from operating activities: Cash received from
customers
$ 1,716,486
$ 1,715,960
Cash paid to suppliers and employees
(1,392,653)
(1,494,794)
Interest paid, net
(11,381)
(11,721)
Income tax payments, net
(42,634)
(57,840)
Other operating activities
28,277
28,880
Net cash provided by operating activities
298,095
180,485
Cash flows from investing activities: (Payments for)
proceeds from acquisitions
(75,811)
266
Other investing activities
(71,882)
(132,433)
Net cash used in investing activities
(147,693)
(132,167)
Cash flows from financing activities: Payments on long-term
borrowings
(487)
(1,595)
Other financing activities
(17,488)
(82)
Net cash used in financing activities
(17,975)
(1,677)
Effect of foreign exchange rate changes on cash
(3,239)
3,965
Net increase in cash, cash equivalents, and restricted cash
129,188
50,606
Cash, cash equivalents, and restricted cash at beginning of period
434,164
384,983
Cash, cash equivalents, and restricted cash at end of period
$ 563,352
$ 435,589
Reconciliation of net income to net cash provided by
operating activities: Net income
$ 1,205,189
$ 1,194,143
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
99,757
103,509
Right-of-use asset amortization
31,108
-
Changes in working capital
8,861
(28,087)
Other
(1,046,820)
(1,089,080)
Net cash provided by operating activities
$ 298,095
$ 180,485
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; valuation changes of equity owned
investments; 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 MonthsEnded Three MonthsEnded Nine
MonthsEnded Nine MonthsEnded September 30, %
of September 30, % of September 30, %
of September 30, % of
2019
revenue
2018
revenue
2019
revenue
2018
revenue GAAP cost of goods sold
$
253,607
$
258,422
$
760,674
$
781,982
Amortization of purchased intangibles
(3,944
)
(4,726
)
(11,366
)
(14,252
)
Acquisition related benefits (costs) (1)
-
-
7,403
-
Restructuring benefits (costs)
(3,243
)
(410
)
(3,051
)
(1,884
)
Non-GAAP cost of goods sold
$
246,420
$
253,286
$
753,660
$
765,846
GAAP gross profit
$
307,026
54.8
%
$
286,716
52.6
%
$
926,557
54.9
%
$
890,586
53.2
%
Amortization of purchased intangibles
3,944
4,726
11,366
14,252
Acquisition related (benefits) costs (1)
-
-
(7,403
)
-
Restructuring (benefits) costs
3,243
410
3,051
1,884
Non-GAAP gross profit
$
314,213
56.0
%
$
291,852
53.5
%
$
933,571
55.3
%
$
906,722
54.2
%
GAAP selling, general and administrative expense
$
201,622
$
201,196
$
610,460
$
620,751
Amortization of purchased intangibles
(1,865
)
(1,803
)
(5,124
)
(5,927
)
Legal matters
1,900
(4,420
)
(4,593
)
(13,209
)
Acquisition related benefits (costs) (1)
(6
)
2,756
359
3,374
Restructuring benefits (costs)
(2,662
)
(76
)
(2,802
)
(434
)
Non-GAAP selling, general and administrative expense
$
198,989
$
197,653
$
598,300
$
604,555
GAAP research and development expense
$
47,944
$
49,245
$
145,641
$
146,122
Acquisition related benefits (costs) (1)
-
-
-
(512
)
Restructuring benefits (costs)
(23
)
496
104
840
Non-GAAP research and development expense
$
47,921
$
49,741
$
145,745
$
146,450
GAAP income from operations
$
57,460
10.2
%
$
36,275
6.7
%
$
170,456
10.1
%
$
123,713
7.4
%
Amortization of purchased intangibles
5,809
6,529
16,490
20,179
Legal matters
(1,900
)
4,420
4,593
13,209
Acquisition related (benefits) costs (1)
6
(2,756
)
(7,762
)
(2,862
)
Restructuring (benefits) costs
5,928
(10
)
5,749
1,478
Non-GAAP income from operations
$
67,303
12.0
%
$
44,458
8.2
%
$
189,526
11.2
%
$
155,717
9.3
%
GAAP change in fair market value of equity securities
$
390,620
$
(318,007
)
$
(1,384,999
)
$
(1,420,339
)
Valuation (loss) gain on equity-owned securities
(390,620
)
318,007
1,384,999
1,420,339
Non-GAAP change in fair market value of equity securities
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
(4,367
)
$
(2,585
)
$
(26,959
)
$
(29,588
)
(Loss) gain on equity-method investments
(37
)
(222
)
(698
)
(625
)
Other non-recurring items (2)
-
-
759
9,208
Non-GAAP other (income) expense, net
$
(4,404
)
$
(2,807
)
$
(26,898
)
$
(21,005
)
GAAP (loss) income before income taxes
$
(335,216
)
$
350,131
$
1,561,651
$
1,553,906
Amortization of purchased intangibles
5,809
6,529
16,490
20,179
Legal matters
(1,900
)
4,420
4,593
13,209
Acquisition related (benefits) costs (1)
6
(2,756
)
(7,762
)
(2,862
)
Restructuring (benefits) costs
5,928
(10
)
5,749
1,478
Valuation loss (gain) on equity-owned securities
390,620
(318,007
)
(1,384,999
)
(1,420,339
)
Loss (gain) on equity-method investments
37
222
698
625
Other non-recurring items (2)
-
-
(759
)
(9,208
)
Non-GAAP income before income taxes
$
65,284
$
40,529
$
195,661
$
156,988
GAAP benefit from (provision for) income taxes
$
76,400
$
(80,805
)
$
(356,462
)
$
(359,763
)
Income tax effect of non-GAAP adjustments (3)
(93,040
)
67,878
303,890
315,276
Non-GAAP provision for income taxes
$
(16,640
)
$
(12,927
)
$
(52,572
)
$
(44,487
)
GAAP net (loss) income
$
(258,816
)
-46.2
%
$
269,326
49.4
%
$
1,205,189
71.4
%
$
1,194,143
71.4
%
Amortization of purchased intangibles
5,809
6,529
16,490
20,179
Legal matters
(1,900
)
4,420
4,593
13,209
Acquisition related (benefits) costs (1)
6
(2,756
)
(7,762
)
(2,862
)
Restructuring (benefits) costs
5,928
(10
)
5,749
1,478
Valuation loss (gain) on equity-owned securities
390,620
(318,007
)
(1,384,999
)
(1,420,339
)
Loss (gain) on equity-method investments
37
222
698
625
Other non-recurring items (2)
-
-
(759
)
(9,208
)
Income tax effect of non-GAAP adjustments (3)
(93,040
)
67,878
303,890
315,276
Non-GAAP net income
$
48,644
8.7
%
$
27,602
5.1
%
$
143,089
8.5
%
$
112,501
6.7
%
GAAP diluted (loss) income per share
$
(8.68
)
$
8.89
$
39.97
$
39.50
Amortization of purchased intangibles
0.19
0.22
0.55
0.67
Legal matters
(0.06
)
0.15
0.15
0.44
Acquisition related (benefits) costs (1)
-
(0.09
)
(0.26
)
(0.09
)
Restructuring (benefits) costs
0.20
-
0.19
0.05
Valuation loss (gain) on equity-owned securities
12.94
(10.50
)
(45.94
)
(46.98
)
Loss (gain) on equity-method investments
-
0.01
0.02
0.02
Other non-recurring items (2)
-
-
(0.03
)
(0.30
)
Income tax effect of non-GAAP adjustments (3)
(3.09
)
2.23
10.10
10.41
Add back anti-dilutive shares
0.11
-
-
-
Non-GAAP diluted income per share
$
1.61
$
0.91
$
4.75
$
3.72
GAAP diluted weighted average shares used in per share
calculation
29,831
30,292
30,149
30,234
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
358
-
-
-
Non-GAAP diluted weighted average shares used in per share
calculation
30,189
30,292
30,149
30,234
(1)
Release of contingent consideration and other acquisition-related
(benefits) expenses.
(2)
Gain on the sale of a product line (2018 and 2019), and gain on the
sale of land (2018).
(3)
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.
2019 Financial Outlook
Forecasted non-GAAP operating margin excludes 110 basis points
primarily 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191031005864/en/
Investor Contact: Bio-Rad Laboratories, Inc. Ilan Daskal,
Executive Vice President & Chief Financial Officer 510-724-7000
investor_relations@bio-rad.com
Press Contact: Bio-Rad Laboratories, Inc. Tina Cuccia,
Corporate Communications 510-724-7000 tina_cuccia@bio-rad.com
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