Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader
in life science research and clinical diagnostic products, today
announced financial results for the second quarter ended June 30,
2023.
Second-quarter 2023 net sales were $681.1 million, a decrease of
1.4 percent compared to $691.1 million reported for the second
quarter of 2022. On a currency-neutral basis, quarterly sales
decreased 0.3 percent compared to the same period in 2022.
COVID-related sales were approximately $0.4 million in the second
quarter of 2023 versus approximately $33 million in the year ago
period. Excluding COVID-related sales, revenue increased 4.6
percent on a currency-neutral basis.
Life Science segment net sales for the second quarter were
$300.2 million, a decrease of 6.9 percent compared to the same
period in 2022. On a currency-neutral basis, Life Science segment
sales decreased by 5.8 percent compared to the same quarter in
2022. Excluding COVID-related sales, Life Science revenue grew 4.5
percent and was primarily driven by Droplet Digital PCR and qPCR
products.
Clinical Diagnostics segment net sales for the second quarter
were $380.1 million, an increase of 3.3 percent compared to the
same period in 2022. On a currency-neutral basis, net sales
increased 4.6 percent versus the same quarter last year. Excluding
COVID-related sales, Clinical Diagnostics revenue increased 4.8
percent year over year, on a currency-neutral basis, driven by
continued strong demand for diagnostic testing systems, as well as
quality control products.
Second-quarter gross margin was 53.2 percent compared to 57.2
percent during the second quarter of 2022.
Income from operations during the second quarter of 2023 was
$89.6 million versus $122.9 million during the same quarter last
year.
Net loss for the second quarter of 2023 was $1,162.3 million, or
$39.59 per share, on a diluted basis, versus a net loss of $925.1
million, or $31.05 per share, on a diluted basis, during the same
period in 2022. Net loss amounts for the second quarter of 2023 and
2022 were primarily impacted by the recognition of changes in the
fair market value of equity securities related to the holdings of
the company’s investment in Sartorius AG.
The effective tax rate for the second quarter of 2023 was 22.5
percent, compared to 24.2 percent for the same period in 2022. The
tax rates for both periods were driven by the large unrealized loss
in equity securities.
“During the second quarter, we significantly reduced the backlog
of customer orders in our Life Science business, and we remain on
track to work down slightly elevated back orders in Clinical
Diagnostics during the remainder of this year,” said Norman
Schwartz, Bio-Rad’s President and Chief Executive Officer. “While
weakness in the early-stage biotech market persists, we are now
seeing softer demand from larger biopharma customers. As a result,
we are lowering our full-year 2023 expectations. We believe these
market dynamics to be transitory and remain confident in our
long-term growth outlook.”
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.
Non-GAAP gross margin was 54.4 percent for the second quarter of
2023 compared to 57.8 percent during the second quarter of
2022.
Non-GAAP income from operations during the second quarter of
2023 was $107.9 million versus $132.5 million during the comparable
prior-year period.
Non-GAAP net income for the second quarter of 2023 was $88.5
million, or $3.00 per share, on a diluted basis, compared to $103.4
million, or $3.44 per share, on a diluted basis, during the same
period in 2022.
The non-GAAP effective tax rate for the second quarter of 2023
was 22.5 percent, compared to 19.1 percent for the same period in
2022. The higher rate in 2023 was driven by geographical mix of
earnings.
GAAP Results
Q2 2023
Q2 2022
Revenue (millions)
$
681.1
$
691.1
Gross margin
53.2
%
57.2
%
Operating margin
13.2
%
17.8
%
Net loss (millions)
$
(1,162.3
)
$
(925.1
)
Loss per diluted share
$
(39.59
)
$
(31.05
)
Non-GAAP Results
Q2 2023
Q2 2022
Revenue (millions)
$
681.1
$
691.1
Gross margin
54.4
%
57.8
%
Operating margin
15.8
%
19.2
%
Net income (millions)
$
88.5
$
103.4
Income per diluted share
$
3.00
$
3.44
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. 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.
Updated 2023 Financial Outlook
Bio-Rad is updating its financial outlook for full-year 2023.
The company currently expects non-GAAP currency-neutral revenue
growth of approximately 0.8 percent in 2023 compared to its
previous estimate of 4.5 percent and an estimated non-GAAP
operating margin of about 16.0 percent versus the company’s prior
estimate of approximately 17.5 percent. Excluding COVID-related
sales, Bio-Rad estimates full-year 2023 non-GAAP currency-neutral
revenue growth to be about 4.5 percent compared to its prior
expectation of approximately 8.5 percent.
Conference Call and Webcast
Management will discuss the company’s second quarter 2023
results and financial outlook in a conference call scheduled for 2
PM Pacific Time (5 PM Eastern Time) on August 3, 2023. To
participate, dial 888-259-6580 within the U.S., access code:
94809387. From outside the U.S., participants can join the call via
the Audience Entry URL, access code: 94809387.
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.
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.
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.
BIO-RAD and DROPLET DIGITAL PCR are trademarks of Bio-Rad
Laboratories, Inc. in certain jurisdictions.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) 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
over 8,200 employees and $2.8 billion in revenues in 2022. Our
customers include universities, research institutions, hospitals,
food safety and environmental quality laboratories, and
biopharmaceutical companies. 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; remaining on track to work down
slightly elevated back orders in Clinical Diagnostics during the
remainder of this year; believing market dynamics relating to the
early-stage biotech market and larger biopharma customers are
transitory; remaining confident in our long-term growth outlook;
and for the full-year 2023: currently expecting non-GAAP
currency-neutral revenue growth of approximately 0.8 percent, an
estimated non-GAAP operating margin of about 16.0 percent, and,
excluding COVID-related sales, estimating non-GAAP currency-neutral
revenue growth to be about 4.5 percent. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as, "expect,” "anticipate," "estimate," “target,”
"continue," "believe," "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 the impact of the COVID-19 pandemic, supply
chain issues, global economic and geopolitical conditions, our
ability to develop and market new or improved products, our ability
to compete effectively, foreign currency exchange fluctuations,
reductions in government funding or capital spending of our
customers, international legal and regulatory risks, 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 December 31, 2022, and its Quarterly Report
on Form 10-Q for the quarter ended June 30, 2023 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 (Loss) (In thousands, except per share
data) (Unaudited)
Three Months Ended Six
Months Ended June 30, June 30,
2023
2022
2023
2022
Net sales
$
681,110
$
691,099
$
1,357,954
$
1,391,161
Cost of goods sold
318,627
296,068
633,054
593,495
Gross profit
362,483
395,031
724,900
797,666
Selling, general and administrative expense
207,824
207,793
433,377
404,485
Research and development expense
65,042
64,346
139,993
123,881
Income from operations
89,617
122,892
151,530
269,300
Interest expense
12,343
10,720
24,680
14,768
Foreign currency exchange (gains) losses, net
(1,253
)
897
(3,600
)
(1,231
)
Losses from change in fair market value of equity securities and
loan receivable
1,595,442
1,338,190
1,612,967
5,883,307
Other income, net
(16,488
)
(6,710
)
(66,919
)
(39,307
)
Loss before income taxes
(1,500,427
)
(1,220,205
)
(1,415,598
)
(5,588,237
)
Benefit from income taxes
338,176
295,091
322,309
1,295,776
Net loss
$
(1,162,251
)
$
(925,114
)
$
(1,093,289
)
$
(4,292,461
)
Basic and diluted loss per share: Net loss per share
$
(39.59
)
$
(31.05
)
$
(37.09
)
$
(143.74
)
Weighted average common shares
29,355
29,794
29,475
29,863
Note: As a result of the net loss for the three and
six months ended June 30, 2023 and 2022, 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)
June 30, December 31,
2023
2022
(Unaudited) Current assets: Cash and cash equivalents
$
390,001
$
434,215
Short-term investments
1,338,245
1,362,017
Accounts receivable, net
491,575
494,645
Inventories, net
776,600
719,316
Other current assets
142,445
147,783
Total current assets
3,138,866
3,157,976
Property, plant and equipment, net
514,013
498,612
Operating lease right-of-use assets
173,922
180,952
Goodwill, net
411,519
406,488
Purchased intangibles, net
328,710
332,147
Other investments
7,311,135
8,830,892
Other assets
100,064
94,599
Total assets
$
11,978,229
$
13,501,666
Current liabilities: Accounts payable, accrued payroll and
employee benefits
$
304,239
$
329,831
Current maturities of long-term debt
476
465
Income and other taxes payable
74,481
32,428
Other current liabilities
202,786
205,984
Total current liabilities
581,982
568,708
Long-term debt, net of current maturities
1,198,384
1,197,716
Other long-term liabilities
1,750,970
2,119,990
Total liabilities
3,531,336
3,886,414
Total stockholders' equity
8,446,893
9,615,252
Total liabilities and stockholders' equity
$
11,978,229
$
13,501,666
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Six Months Ended June 30,
2023
2022
Cash flows from operating activities: Cash received from customers
$
1,360,206
$
1,323,873
Cash paid to suppliers and employees
(1,173,285
)
(1,193,916
)
Interest paid, net
(23,535
)
(440
)
Income tax payments, net
(31,556
)
(86,155
)
Other operating activities
64,355
60,401
Net cash provided by operating activities
196,185
103,763
Cash flows from investing activities: Payments for purchases of
marketable securities and investments
(341,522
)
(1,478,432
)
Proceeds from sales and maturities of marketable securities and
investments
369,358
466,754
Other investing activities
(70,325
)
(48,944
)
Net cash used in investing activities
(42,489
)
(1,060,622
)
Cash flows from financing activities: Proceeds from issuance of
Notes, net of debt financing costs
-
1,186,220
Payments on long-term borrowings
(231
)
(254
)
Other financing activities
(198,198
)
(116,999
)
Net cash provided by (used in) financing activities
(198,429
)
1,068,967
Effect of foreign exchange rate changes on cash
670
13,666
Net increase (decrease) in cash, cash equivalents and restricted
cash
(44,063
)
125,774
Cash, cash equivalents and restricted cash at beginning of period
434,544
471,133
Cash, cash equivalents and restricted cash at end of period
$
390,481
$
596,907
Reconciliation of net loss to net cash provided by operating
activities: Net loss
$
(1,093,289
)
$
(4,292,461
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
71,446
67,513
Reduction in the carrying amount of right-of-use assets
19,872
20,008
Losses from change in fair market value of equity securities and
loan receivable
1,612,966
5,883,307
Changes in working capital
(56,568
)
(243,552
)
Other
(358,242
)
(1,331,052
)
Net cash provided by operating activities
$
196,185
$
103,763
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.
ThreeMonthsEnded ThreeMonthsEnded
SixMonthsEnded SixMonthsEnded June 30, %
of June 30, % of June 30, % of
June 30, % of
2023
revenue
2022
revenue
2023
revenue
2022
revenue GAAP cost of goods sold
$
318,627
$
296,068
$
633,054
$
593,495
Amortization of purchased intangibles
(4,336
)
(4,450
)
(8,624
)
(8,911
)
Restructuring benefits (costs)
(3,377
)
-
(3,707
)
(3
)
Non-GAAP cost of goods sold
$
310,914
$
291,618
$
620,723
$
584,581
GAAP gross profit
$
362,483
53.2
%
$
395,031
57.2
%
$
724,900
53.4
%
$
797,666
57.3
%
Amortization of purchased intangibles
4,336
4,450
8,624
8,911
Restructuring (benefits) costs
3,377
-
3,707
3
Non-GAAP gross profit
$
370,196
54.4
%
$
399,481
57.8
%
$
737,231
54.3
%
$
806,580
58.0
%
GAAP selling, general and administrative expense
$
207,824
$
207,793
$
433,377
$
404,485
Amortization of purchased intangibles
(1,611
)
(1,841
)
(3,302
)
(3,690
)
Legal matters
-
(875
)
-
(2,068
)
Acquisition related benefits (costs)
800
-
-
-
Restructuring benefits (costs)
(6,328
)
(19
)
(15,316
)
(163
)
Other non-recurring items (2)
(1,995
)
(2,521
)
(3,917
)
(5,330
)
Non-GAAP selling, general and administrative expense
$
198,690
$
202,537
$
410,842
$
393,234
GAAP research and development expense
$
65,042
$
64,346
$
139,993
$
123,881
Acquisition related benefits (costs)
(400
)
-
(400
)
-
Restructuring benefits (costs)
(1,080
)
62
(5,315
)
165
Non-GAAP research and development expense
$
63,562
$
64,408
$
134,278
$
124,046
GAAP income from operations
$
89,617
13.2
%
$
122,892
17.8
%
$
151,530
11.2
%
$
269,300
19.4
%
Amortization of purchased intangibles
5,947
6,291
11,926
12,601
Legal matters
-
875
-
2,068
Acquisition related (benefits) costs
(400
)
-
400
-
Restructuring (benefits) costs
10,785
(43
)
24,338
1
Other non-recurring items (2)
1,995
2,521
3,917
5,330
Non-GAAP income from operations
$
107,944
15.8
%
$
132,536
19.2
%
$
192,111
14.1
%
$
289,300
20.8
%
GAAP (gains) losses from change in fair market value of
equity securities and loan receivable
$
1,595,442
$
1,338,190
$
1,612,967
$
5,883,307
Gains (losses) from change in fair market value of equity
securities and loan receivable
(1,595,442
)
(1,338,190
)
(1,612,967
)
(5,883,307
)
Non-GAAP (gains) losses from change in fair market value of
equity securities and loan receivable
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
(16,488
)
$
(6,710
)
$
(66,919
)
$
(39,307
)
Gains (losses) on equity-method investments
(851
)
(1,633
)
(1,846
)
(2,623
)
Other non-recurring items (3)
-
1,360
-
1,360
Non-GAAP other (income) expense, net
$
(17,339
)
$
(6,983
)
$
(68,765
)
$
(40,570
)
GAAP loss before income taxes
$
(1,500,427
)
$
(1,220,205
)
$
(1,415,598
)
$
(5,588,237
)
Amortization of purchased intangibles
5,947
6,291
11,926
12,601
Legal matters
-
875
-
2,068
Acquisition related (benefits) costs
(400
)
-
400
-
Restructuring (benefits) costs
10,785
(43
)
24,338
1
(Gains) losses from change in fair market value of equity
securities and loan receivable
1,595,442
1,338,190
1,612,967
5,883,307
(Gains) losses on equity-method investments
851
1,633
1,846
2,623
Other non-recurring items (2) (3)
1,995
1,161
3,917
3,970
Non-GAAP income before income taxes
$
114,193
$
127,902
$
239,796
$
316,333
GAAP benefit from income taxes
$
338,176
$
295,091
$
322,309
$
1,295,776
Income tax effect of non-GAAP adjustments (1)
(363,858
)
(319,582
)
(374,234
)
(1,357,240
)
Non-GAAP provision for income taxes
$
(25,682
)
$
(24,491
)
$
(51,925
)
$
(61,464
)
GAAP net loss
$
(1,162,251
)
(170.6
)%
$
(925,114
)
(133.9
)%
$
(1,093,289
)
(80.5
)%
$
(4,292,461
)
(308.6
)%
Amortization of purchased intangibles
5,947
6,291
11,926
12,601
Legal matters
-
875
-
2,068
Acquisition related (benefits) costs
(400
)
-
400
-
Restructuring (benefits) costs
10,785
(43
)
24,338
1
(Gains) losses from change in fair market value of equity
securities and loan receivable
1,595,442
1,338,190
1,612,967
5,883,307
(Gains) losses on equity-method investments
851
1,633
1,846
2,623
Other non-recurring items (2) (3)
1,995
1,161
3,917
3,970
Income tax effect of non-GAAP adjustments (1)
(363,858
)
(319,582
)
(374,234
)
(1,357,240
)
Non-GAAP net income
$
88,511
13.0
%
$
103,411
15.0
%
$
187,871
13.8
%
$
254,869
18.3
%
GAAP diluted loss per share
$
(39.59
)
$
(31.05
)
$
(37.09
)
$
(143.74
)
Amortization of purchased intangibles
0.20
0.21
0.40
0.42
Legal matters
-
0.03
-
0.07
Acquisition related (benefits) costs
(0.01
)
-
0.01
-
Restructuring (benefits) costs
0.37
-
0.82
-
(Gains) losses from change in fair market value of equity
securities and loan receivable
54.10
44.56
54.46
195.40
(Gains) losses on equity-method investments
0.03
0.05
0.06
0.09
Other non-recurring items (2) (3)
0.07
0.04
0.13
0.13
Income tax effect of non-GAAP adjustments (1)
(12.35
)
(10.65
)
(12.63
)
(45.09
)
Add back anti-dilutive shares
0.18
0.25
0.18
1.18
Non-GAAP diluted income per share
$
3.00
$
3.44
$
6.34
$
8.46
GAAP diluted weighted average shares used in per share
calculation
29,355
29,794
29,475
29,863
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
135
238
143
246
Non-GAAP diluted weighted average shares used in per share
calculation
29,490
30,032
29,618
30,109
Reconciliation of Net loss to adjusted EBITDA:
GAAP net loss
$
(1,162,251
)
(170.6
)%
$
(925,114
)
(133.9
)%
$
(1,093,289
)
(80.5
)%
$
(4,292,461
)
(308.6
)%
Interest expense
12,343
10,720
24,680
14,768
Benefit from income taxes
(338,176
)
(295,091
)
(322,309
)
(1,295,776
)
Depreciation and amortization
35,859
34,112
71,446
67,513
Foreign currency exchange (gains) losses, net
(1,253
)
897
(3,600
)
(1,231
)
Other income, net
(16,488
)
(6,710
)
(66,919
)
(39,307
)
Losses from change in fair market value of equity securities and
loan receivable
1,595,442
1,338,190
1,612,967
5,883,307
Dividend from Sartorius AG
-
-
34,766
31,586
Legal matters
-
875
-
2,068
Acquisition related (benefits) costs
(400
)
-
400
-
Restructuring (benefits) costs
10,785
(43
)
24,338
1
Other non-recurring items (2)
1,995
2,521
3,917
5,330
Adjusted EBITDA
$
137,856
20.2
%
$
160,357
23.2
%
$
286,397
21.1
%
$
375,798
27.0
%
(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 sale of a division in 2020.
2023 Financial Outlook Forecasted non-GAAP operating
margin excludes 83 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803001058/en/
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
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