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 committed to advancing our transformation, margin expansion, commercial excellence, and long-term shareholder value creation; the anticipated acquisition of digital PCR developer Stilla Technologies furthering our planned transformation; and for the full year 2025: expecting non-GAAP, currency-neutral revenue growth of approximately 1.5 to 3.5 percent and an estimated non-GAAP operating margin of approximately 13.0 to 13.5 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," "plan," "remain," "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; natural disasters and other catastrophic events beyond our control; the timing of the anticipated acquisition of Stilla Technologies; the possibility that various conditions to the consummation of the anticipated acquisition of Stilla Technologies may not be satisfied or waived; the ability to obtain necessary regulatory approvals or to obtain them on acceptable terms or within expected timing for the anticipated acquisition of Stilla Technologies; the possibility that the anticipated benefits from the anticipated acquisition of Stilla Technologies cannot be realized in the manner contemplated; and other factors 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, 2023, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and its Annual Report on Form 10-K for the fiscal year ended December 31, 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.
Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Income (Loss)
(In millions, except number of shares, which are reflected in
thousands, and per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------ -----------------------
2024 2023 2024 2023
-------- -------- ---------- -----------
Net sales $ 667.5 $ 681.2 $ 2,566.5 $2,671.2
Cost of goods
sold 325.5 314.9 1,187.6 1,244.3
------ ------ -------- -------
Gross profit 342.0 366.3 1,378.9 1,426.9
Selling, general
and
administrative
expense 204.0 207.1 814.0 841.7
Research and
development
expense 79.6 63.9 295.9 247.4
------ ------ -------- -------
Income from
operations 58.4 95.3 269.0 337.8
Interest expense 12.2 12.3 48.9 49.4
Foreign currency
exchange gains,
net (1.8) (2.0) (3.9) (7.3)
(Gains) losses
from change in
fair market
value of equity
securities and
loan receivable 976.5 (324.3) 2,656.8 1,252.3
Other income, net (19.6) (19.1) (90.3) (106.5)
------ ------ -------- -------
Income (loss)
before income
taxes (908.9) 428.4 (2,342.5) (850.1)
Benefit from
(provision for)
income taxes 193.1 (78.7) 498.3 212.8
------ ------ -------- -------
Net income (loss) $(715.8) $ 349.7 $(1,844.2) $ (637.3)
====== ====== ======== =======
Basic earnings
(loss) per share:
Net income (loss)
per basic share $(25.57) $ 12.15 $ (65.36) $ (21.82)
====== ====== ======== =======
Weighted average
common shares -
basic 27,997 28,792 28,214 29,209
====== ====== ======== =======
Diluted earnings
(loss) per share:
Net income (loss)
per diluted
share $(25.57) $ 12.14 $ (65.36) $ (21.82)
====== ====== ======== =======
Weighted average
common shares -
diluted 27,997 28,815 28,214 29,209
====== ====== ======== =======
Note: As a result of the net loss for the three months ended December 31,
2024 and the years ended
December 31, 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.
Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
(In millions)
December 31, December 31,
2024 2023
-------------- ----------------
(Unaudited)
Current assets:
Cash and cash equivalents $ 488.1 $ 403.8
Short-term investments 1,176.4 1,208.9
Accounts receivable, net 452.5 489.0
Inventories, net 760.0 780.5
Other current assets 153.3 166.1
---------- ----------
Total current assets 3,030.3 3,048.3
Property, plant and equipment, net 528.1 529.0
Operating lease right-of-use assets 160.5 194.7
Goodwill, net 410.5 413.6
Purchased intangibles, net 293.6 320.5
Other investments 4,839.2 7,698.1
Other assets 101.9 94.9
---------- ----------
Total assets $ 9,364.1 $ 12,299.1
========== ==========
Current liabilities:
Accounts payable, accrued payroll
and employee benefits $ 246.5 $ 284.5
Current maturities of long-term debt 1.2 0.5
Income and other taxes payable 31.2 35.8
Other current liabilities 188.9 202.0
---------- ----------
Total current liabilities 467.8 522.8
Long-term debt, net of current
maturities 1,200.4 1,199.1
Other long-term liabilities 1,126.6 1,836.0
---------- ----------
Total liabilities 2,794.8 3,557.9
Total stockholders' equity 6,569.3 8,741.2
---------- ----------
Total liabilities and
stockholders' equity $ 9,364.1 $ 12,299.1
========== ==========
Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Year Ended
December 31,
2024 2023
---------- ------------
Cash flows from operating activities:
Cash received from customers $ 2,553.1 $ 2,684.2
Cash paid to suppliers and employees (2,058.2) (2,240.5)
Interest paid, net (46.5) (47.5)
Income tax payments, net (99.4) (129.6)
Other operating activities 106.2 108.3
-------- --------
(MORE TO FOLLOW) Dow Jones Newswires
February 13, 2025 16:20 ET (21:20 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.