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 second quarter ended June 30,
2021.
Second-quarter 2021 net sales were $715.9 million, an increase
of 33.4 percent compared to $536.9 million reported for the second
quarter of 2020. On a currency-neutral basis, quarterly sales
increased 27.5 percent compared to the same period in 2020.
Second-quarter gross margin was 56.1 percent compared to 54.6
percent during the second quarter in 2020.
Life Science segment net sales for the second quarter of 2021
were $334.2 million, an increase of 32.6 percent compared to the
same quarter last year. On a currency-neutral basis, sales
increased 27.1 percent compared to the same period in 2020.
Currency-neutral sales increased across nearly all life science
research products but were primarily driven by growth in our
Western Blotting, Droplet Digital PCR®, qPCR, and Process Media
product lines. All regions experienced strong currency-neutral
sales growth compared to the second quarter of 2020.
Clinical Diagnostics segment sales for the second quarter of
2021 were $380.2 million, an increase of 34.3 percent compared to
the same period last year. On a currency-neutral basis, sales
increased 28.0 percent compared to the second quarter in 2020. The
currency-neutral sales increase was primarily driven by the ongoing
recovery across product lines in all regions.
Income from operations during the second quarter of 2021 was
$124.8 million versus $51.7 million during the same quarter last
year.
Net income for the second quarter of 2021 was $914.1 million, or
$30.32 per share, on a diluted basis, versus $966.4 million, or
$32.15 per share, on a diluted basis, during the same period in
2020. Net income for the second quarter of 2021 and 2020 was
impacted by the recognition of changes in the fair market value of
equity securities, primarily related to the holdings of our
investment in Sartorius AG. The effective tax rate for the second
quarter of 2021 was 21.0 percent, compared to 22.4 percent for the
same period in 2020. The tax rates for both periods were driven by
the large unrealized gain in equity securities. In addition, the
effective income tax rate for the second quarter of 2021 was lower
also due to the release of certain tax reserves resulting from the
lapse of certain statute of limitations.
“Performance in the second quarter for both our Life Science and
Clinical Diagnostics segments was strong and ahead of
expectations,” said Norman Schwartz, Bio-Rad President and Chief
Executive Officer. “We are pleased to see the gradual recovery in
our end markets across the business and in all regions after the
significant downturn last year with the onset of COVID-19. Although
the pandemic is still somewhat unpredictable, we have adapted well
to the constraints of COVID-19 and continue to make progress on our
core strategies, while supporting our customers and ensuring the
safety of our employees,” he said.
GAAP Results
Q2 2021
Q2 2020
Revenue (millions)
$715.9
$536.9
Gross margin
56.1%
54.6%
Operating margin
17.4%
9.6%
Net income (millions)
$914.1
$966.4
Income per diluted share
$30.32
$32.15
Non-GAAP Results
Q2 2021
Q2 2020
Gross margin
56.9%
55.5%
Operating margin
18.5%
11.8%
Net income (millions)
$106.6
$48.3
Income per diluted share
$3.54
$1.61
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
securities; 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 second quarter of 2021 was $106.6
million, or $3.54 per share, on a diluted basis, compared to $48.3
million, or $1.61 per share, on a diluted basis, during the same
period in 2020.
The non-GAAP effective income tax rate for the second quarter of
2021 was 21.5 percent, compared to 23.8 percent for the same period
in 2020. The lower rate in 2021 was driven by geographic mix of
earnings.
The following table represents a reconciliation of Bio-Rad’s
reported net income and diluted income per share to non-GAAP net
income and non-GAAP diluted income per share for the three and six
months ended June 30, 2021 and 2020:
(in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
GAAP net income
$
914,114
$
966,429
$
1,891,528
$
1,652,341
Amortization of purchased intangibles
6,995
7,239
13,935
13,094
Legal matters
8,761
2,585
12,640
4,418
Acquisition related benefits
(40
)
(955
)
(40
)
(1,002
)
Restructuring (benefits) costs
(7,781
)
2,652
67,784
284
Valuation gain on equity-owned
securities
(1,030,691
)
(1,183,488
)
(2,210,094
)
(2,011,159
)
Loss on equity-method investments
1,840
1,138
3,680
2,451
Other non-recurring items
-
(11,680
)
-
(11,680
)
Income tax effect on non-GAAP
adjustments
213,387
264,428
484,523
457,230
Non-GAAP net income
$
106,585
$
48,348
$
263,956
$
105,977
GAAP diluted income per share
$
30.32
$
32.15
$
62.70
$
54.84
Non-GAAP diluted income per share
$
3.54
$
1.61
$
8.75
$
3.52
On a reported basis, net sales for the first half of 2021
increased 30.1 percent to $1,442.7 million compared to $1,108.5
million for the same period in 2020. On a currency-neutral basis,
net sales increased 25.4 percent.
Year-to-date net income for 2021 was $1,891.5 million, or $62.70
per share on a fully diluted basis, compared to $1,652.3 million,
or $54.84 per share, respectively, during the same period in 2020.
On a non-GAAP basis net income for the first two quarters of 2021
was $264.0 million, or $8.75 per share, compared to $106.0 million,
or $3.52 per share, during the same period in 2020.
2021 Financial Outlook
For the full year 2021, the company has updated its guidance and
now anticipates non-GAAP currency-neutral revenue growth between
10.0 to 10.5 percent and an estimated non-GAAP operating margin of
approximately 19.0 percent. Management will discuss this outlook in
greater detail on the second-quarter 2021 financial results
conference call.
Use of Non-GAAP Reporting and Currency-Neutral
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 securities, 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, income 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 valuation changes in
equity-owned securities 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 valuation changes in equity-owned securities 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
income 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.
Conference Call and Webcast
Management will discuss second-quarter ended June 30, 2021
results in a conference call at 3 PM Pacific Time (6 PM Eastern
Time) July 29, 2021. To listen, call 855-779-9068 within the U.S.
or 631-485-4862 outside the U.S., passcode: 5382265. You may also
listen to the conference call live via a webcast that is available
on the “Investor Relations” section of our website under “Quarterly
Results” at bio-rad.com. The webcast will be available for up to a
year.
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 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 approximately 7,700 employees worldwide. Bio-Rad
had revenues exceeding $2.5 billion in 2020. Please visit
bio-rad.com for further information.
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; anticipating non-GAAP
currency-neutral revenue growth of between 10.0 to 10.5 percent and
an estimated non-GAAP operating margin of approximately 19.0
percent for the full year 2021; and continuing to make progress on
our core strategies, while supporting our customers and ensuring
the safety of our employees. Forward-looking statements generally
can be identified by the use of forward-looking terminology such
as, "anticipate," "estimate," "expect," "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 duration, severity and impact of the
COVID-19 pandemic, global economic 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, supply chain issues,
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, 2020, and its Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2021 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 Six Months
Ended June 30, June 30,
2021
2020
2021
2020
Net sales
$
715,931
$
536,880
$
1,442,727
$
1,108,524
Cost of goods sold
314,333
243,892
640,502
498,168
Gross profit
401,598
292,988
802,225
610,356
Selling, general and administrative expense
213,425
189,262
439,278
382,954
Research and development expense
63,391
51,984
137,303
101,287
Income from operations
124,782
51,742
225,644
126,115
Interest expense
363
5,740
761
11,430
Foreign currency exchange (gains) losses, net
(1,761
)
774
(1,690
)
1,702
Change in fair market value of equity securities
(1,030,691
)
(1,183,488
)
(2,210,094
)
(2,011,159
)
Other expense (income), net
96
(17,229
)
(17,311
)
(20,502
)
Income before income taxes
1,156,775
1,245,945
2,453,978
2,144,644
Provision for income taxes
(242,661
)
(279,516
)
(562,450
)
(492,303
)
Net income
$
914,114
$
966,429
$
1,891,528
$
1,652,341
Basic earnings per share: Net income per basic share
$
30.71
$
32.59
$
63.49
$
55.52
Weighted average common shares - basic
29,764
29,652
29,793
29,759
Diluted earnings per share: Net income per diluted share
$
30.32
$
32.15
$
62.70
$
54.84
Weighted average common shares - diluted
30,148
30,058
30,167
30,131
Bio-Rad Laboratories, Inc. Condensed Consolidated
Balance Sheets (In thousands)
June 30,
December 31,
2021
2020
(Unaudited) Current assets: Cash and cash equivalents
$
732,836
$
662,205
Short-term investments
434,122
334,473
Accounts receivable, net
399,307
419,424
Inventories, net
598,989
622,253
Other current assets
123,839
101,480
Total current assets
2,289,093
2,139,835
Property, plant and equipment, net
482,001
491,371
Operating lease right-of-use assets
190,233
202,136
Goodwill, net
291,916
291,916
Purchased intangibles, net
184,852
199,497
Other investments
11,580,390
9,561,140
Other assets
99,071
86,723
Total assets
$
15,117,556
$
12,972,618
Current liabilities: Accounts payable, accrued
payroll and employee benefits
$
342,345
$
362,326
Current maturities of long-term debt
1,736
1,798
Income and other taxes payable
52,421
57,335
Other current liabilities
190,550
210,077
Total current liabilities
587,052
631,536
Long-term debt, net of current maturities
10,779
12,258
Other long-term liabilities
2,924,845
2,448,884
Total liabilities
3,522,676
3,092,678
Total stockholders' equity
11,594,880
9,879,940
Total liabilities and stockholders' equity
$
15,117,556
$
12,972,618
Bio-Rad Laboratories, Inc. Condensed
Consolidated Statements of Cash Flows (In thousands)
(Unaudited)
Six Months Ended
June 30,
2021
2020
Cash flows from operating activities: Cash received from
customers
$
1,456,601
$
1,127,141
Cash paid to suppliers and employees
(1,131,533
)
(959,300
)
Interest paid, net
(1,536
)
(10,847
)
Income tax payments, net
(77,573
)
(10,005
)
Other operating activities
22,275
7,941
Net cash provided by operating activities
268,234
154,930
Cash flows from investing activities: Payments
for acquisitions
-
(96,889
)
Other investing activities
(148,604
)
(4,106
)
Net cash used in investing activities
(148,604
)
(100,995
)
Cash flows from financing activities: Payments
on long-term borrowings
(1,523
)
(1,597
)
Other financing activities
(42,959
)
(99,999
)
Net cash used in financing activities
(44,482
)
(101,596
)
Effect of foreign exchange rate changes on cash
(5,102
)
(2,858
)
Net increase (decrease) in cash, cash equivalents,
and restricted cash
70,046
(50,519
)
Cash, cash equivalents, and restricted cash at beginning of period
667,115
662,651
Cash, cash equivalents, and restricted cash at end of period
$
737,161
$
612,132
Reconciliation of net income to net
cash provided by operating activities: Net income
$
1,891,528
$
1,652,341
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
66,388
68,256
Reduction in the carrying amount of right-of-use assets
19,556
18,674
Changes in working capital
(61,418
)
(34,539
)
Other
(1,647,820
)
(1,549,802
)
Net cash provided by operating activities
$
268,234
$
154,930
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
securities; 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
Ended
Three Months
Ended
Six Months
Ended
Six Months
Ended
June 30,
% of
June 30,
% of
June 30,
% of
June 30,
% of
2021
revenue
2020
revenue
2021
revenue
2020
revenue
GAAP cost of goods sold
$
314,333
$
243,892
$
640,502
$
498,168
Amortization of purchased intangibles
(4,640
)
(4,962
)
(9,225
)
(8,859
)
Legal matters
-
-
536
-
Restructuring benefits (costs)
(1,209
)
12
(25,189
)
1,468
Non-GAAP cost of goods sold
$
308,484
$
238,942
$
606,624
$
490,777
GAAP gross profit
$
401,598
56.1
%
$
292,988
54.6
%
$
802,225
55.6
%
$
610,356
55.1
%
Amortization of purchased intangibles
4,640
4,962
9,225
8,859
Legal matters
-
-
(536
)
-
Restructuring (benefits) costs
1,209
(12
)
25,189
(1,468
)
Non-GAAP gross profit
$
407,447
56.9
%
$
297,938
55.5
%
$
836,103
58.0
%
$
617,747
55.7
%
GAAP selling, general and administrative expense
$
213,425
$
189,262
$
439,278
$
382,954
Amortization of purchased intangibles
(2,355
)
(2,277
)
(4,710
)
(4,235
)
Legal matters
(8,761
)
(2,585
)
(13,176
)
(4,418
)
Acquisition related benefits (costs) (1)
40
955
40
1,002
Restructuring benefits (costs)
6,929
(3,320
)
(27,806
)
(2,807
)
Non-GAAP selling, general and administrative expense
$
209,278
$
182,035
$
393,626
$
372,496
GAAP research and development expense
$
63,391
$
51,984
$
137,303
$
101,287
Restructuring benefits (costs)
2,061
656
(14,789
)
1,055
Non-GAAP research and development expense
$
65,452
$
52,640
$
122,514
$
102,342
GAAP income from operations
$
124,782
17.4
%
$
51,742
9.6
%
$
225,644
15.6
%
$
126,115
11.4
%
Amortization of purchased intangibles
6,995
7,239
13,935
13,094
Legal matters
8,761
2,585
12,640
4,418
Acquisition related (benefits) costs (1)
(40
)
(955
)
(40
)
(1,002
)
Restructuring (benefits) costs
(7,781
)
2,652
67,784
284
Non-GAAP income from operations
$
132,717
18.5
%
$
63,263
11.8
%
$
319,963
22.2
%
$
142,909
12.9
%
GAAP change in fair market value of equity securities
$
(1,030,691
)
$
(1,183,488
)
$
(2,210,094
)
$
(2,011,159
)
Valuation (loss) gain on equity-owned securities
1,030,691
1,183,488
2,210,094
2,011,159
Non-GAAP change in fair market value of equity securities
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
96
$
(17,229
)
$
(17,311
)
$
(20,502
)
(Loss) gain on equity-method investments
(1,840
)
(1,138
)
(3,680
)
(2,451
)
Other non-recurring items (3)
-
11,680
-
11,680
Non-GAAP other (income) expense, net
$
(1,744
)
$
(6,687
)
$
(20,991
)
$
(11,273
)
GAAP income before income taxes
$
1,156,775
$
1,245,945
$
2,453,978
$
2,144,644
Amortization of purchased intangibles
6,995
7,239
13,935
13,094
Legal matters
8,761
2,585
12,640
4,418
Acquisition related (benefits) costs (1)
(40
)
(955
)
(40
)
(1,002
)
Restructuring (benefits) costs
(7,781
)
2,652
67,784
284
Valuation loss (gain) on equity-owned securities
(1,030,691
)
(1,183,488
)
(2,210,094
)
(2,011,159
)
Loss (gain) on equity-method investments
1,840
1,138
3,680
2,451
Other non-recurring items (3)
-
(11,680
)
-
(11,680
)
Non-GAAP income before income taxes
$
135,859
$
63,436
$
341,883
$
141,050
GAAP provision for income taxes
$
(242,661
)
$
(279,516
)
$
(562,450
)
$
(492,303
)
Income tax effect of non-GAAP adjustments (2)
213,387
264,428
484,523
457,230
Non-GAAP provision for income taxes
$
(29,274
)
$
(15,088
)
$
(77,927
)
$
(35,073
)
GAAP net income
$
914,114
127.7
%
$
966,429
180.0
%
$
1,891,528
131.1
%
$
1,652,341
149.1
%
Amortization of purchased intangibles
6,995
7,239
13,935
13,094
Legal matters
8,761
2,585
12,640
4,418
Acquisition related (benefits) costs (1)
(40
)
(955
)
(40
)
(1,002
)
Restructuring (benefits) costs
(7,781
)
2,652
67,784
284
Valuation loss (gain) on equity-owned securities
(1,030,691
)
(1,183,488
)
(2,210,094
)
(2,011,159
)
Loss (gain) on equity-method investments
1,840
1,138
3,680
2,451
Other non-recurring items (3)
-
(11,680
)
-
(11,680
)
Income tax effect of non-GAAP adjustments (2)
213,387
264,428
484,523
457,230
Non-GAAP net income
$
106,585
14.9
%
$
48,348
9.0
%
$
263,956
18.3
%
$
105,977
9.6
%
GAAP diluted income per share
$
30.32
$
32.15
$
62.70
$
54.84
Amortization of purchased intangibles
0.23
0.24
0.46
0.43
Legal matters
0.29
0.09
0.42
0.15
Acquisition related (benefits) costs (1)
-
(0.03
)
-
(0.03
)
Restructuring (benefits) costs
(0.26
)
0.09
2.25
0.01
Valuation loss (gain) on equity-owned securities
(34.19
)
(39.37
)
(73.26
)
(66.75
)
Loss (gain) on equity-method investments
0.06
0.04
0.12
0.08
Other non-recurring items (3)
-
(0.39
)
-
(0.39
)
Income tax effect of non-GAAP adjustments (2)
7.09
8.79
16.06
15.18
Non-GAAP diluted income per share
$
3.54
$
1.61
$
8.75
$
3.52
GAAP diluted weighted average shares used in per share
calculation
30,148
30,058
30,167
30,131
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
-
-
-
-
Non-GAAP diluted weighted average shares used in per share
calculation
30,148
30,058
30,167
30,131
(1)
Release of contingent consideration and other
acquisition-related (benefits) expenses.
(2)
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.
(3)
Gain on the sale of a division (2020).
2021 Financial Outlook
Forecasted non-GAAP operating margin excludes 102 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/20210729005974/en/
Investor Contact: Bio-Rad Laboratories, Inc. Edward
Chung, Vice President, Investor Relations 510-741-6577
ir@bio-rad.com
Media Contact: Bio-Rad Laboratories, Inc. Tina Cuccia,
Manager, Corporate Communications 510-741-6063
tina_cuccia@bio-rad.com
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