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, 2021.
Third-quarter 2021 net sales were $747.0 million, an increase of
15.4 percent compared to $647.3 million reported for the third
quarter of 2020. On a currency-neutral basis, quarterly sales
increased 13.8 percent compared to the same period in 2020.
Third-quarter gross margin was 58.6 percent compared to 56.7
percent during the third quarter in 2020.
Life Science segment net sales for the third quarter were $373.5
million, an increase of 15.3 percent compared to the same period in
2020. On a currency-neutral basis, Life Science segment sales
increased by 13.9 percent compared to the same quarter in 2020.
Currency-neutral sales growth was primarily attributed to sales of
our Droplet Digital PCR® and Process Media product lines, as well
as back royalties from a legal settlement. On a geographic basis,
Life Science currency-neutral year-over-year sales grew across the
Americas and Asia but declined in Europe. Excluding
COVID-19-related sales, European region revenue posted a
double-digit percent increase from the year ago period.
Clinical Diagnostics segment net sales for the third quarter
were $372.2 million, an increase of 15.5 percent compared to the
same period in 2020. On a currency-neutral basis, net sales
increased 13.7 percent versus the same quarter last year.
Currency-neutral sales were up for all product lines and across all
regions, primarily driven by higher utilization in lab operations
as businesses recover from the COVID-19 pandemic.
Income from operations during the third quarter of 2021 was
$156.8 million versus $109.6 million during the same quarter last
year.
Net income for the third quarter of 2021 was $3,928.0 million,
or $129.96 per share on a diluted basis, versus $1,314.8 million,
or $43.64 per share on a diluted basis, during the same period in
2020. Net income for the third 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 third
quarter of 2021 was 21.8 percent, compared to 21.9 percent for the
same period in 2020. The tax rates for both periods were driven by
the large unrealized gain in equity securities.
“We are pleased with our performance in the third quarter, which
reflected strength across many product lines,” said Norman
Schwartz, Bio-Rad President and Chief Executive Officer. “During
the quarter, demand continued for products associated with COVID-19
testing and research, though at a more moderate level,” he
said.
GAAP Results
Q3 2021
Q3 2020
Revenue (millions)
$747.0
$647.3
Gross margin
58.6%
56.7%
Operating margin
21.0%
16.9%
Net income (millions)
$3,928.0
$1,314.8
Income per diluted share
$129.96
$43.64
Non-GAAP Results
Q3 2021
Q3 2020
Revenue (millions)
$715.2
$647.3
Gross margin
57.9%
57.5%
Operating margin
19.4%
18.8%
Net income (millions)
$112.2
$90.3
Income per diluted share
$3.71
$3.00
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 third quarter of 2021 was $112.2
million, or $3.71 per share on a diluted basis, compared to $90.3
million, or $3.00 per share on a diluted basis, during the same
period in 2020.
The non-GAAP effective tax rate for the third quarter of 2021
was 18.0 percent, compared to 22.5 percent for the same period in
2020. The lower rate in 2021 was driven by the geographic mix of
earnings. In addition, the effective tax rate was lower as a result
of an increase in compensation related tax deductions.
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 nine
months ended September 30, 2021 and 2020:
(in thousands, except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
GAAP net income
$
3,928,033
$
1,314,824
$
5,819,561
$
2,967,165
Legal settlements
(28,083
)
-
(28,619
)
-
Amortization of purchased intangibles
7,097
7,163
21,032
20,257
Legal matters
2,325
5,977
15,501
10,395
Acquisition related costs (benefits)
-
165
(40
)
(837
)
Restructuring costs (benefits)
15
(1,111
)
67,799
(827
)
Valuation gain on equity-owned
securities
(4,868,659
)
(1,580,350
)
(7,078,753
)
(3,591,509
)
Loss on equity-method investments
1,899
183
5,579
2,634
Other non-recurring items
-
-
-
(11,680
)
Income tax effect on non-GAAP
adjustments
1,069,577
343,401
1,554,100
800,631
Non-GAAP net income
$
112,204
$
90,252
$
376,160
$
196,229
GAAP diluted income per share
$
129.96
$
43.64
$
192.76
$
98.46
Non-GAAP diluted income per share
$
3.71
$
3.00
$
12.46
$
6.51
On a reported basis, net sales for the first three quarters of
2021 increased 24.7 percent to $2,189.8 million compared to
$1,755.8 million for the same period in 2020. On a currency-neutral
basis, net sales grew 21.2 percent.
Year-to-date net income for 2021 was $5,819.6 million, or
$192.76 per share on a fully diluted basis, compared to $2,967.2
million, or $98.46 per share during the same period in 2020. The
COVID-19 pandemic positively impacted overall results for the first
three quarters of the year. On a non-GAAP basis net income for the
first three quarters of 2021 was $376.2 million, or $12.46 per
share, compared to $196.2 million, or $6.51 per share during the
same period in 2020.
“Throughout the year we adapted well to challenges posed by the
COVID-19 pandemic, supporting our customers and ensuring the safety
of our employees while continuing to make progress on our core
strategies,” Mr. Schwartz said. “As we head into the end of 2021,
we will continue to build on the progress we’ve made during the
first three quarters and expect to generate improved operating
profit over 2020,” he added.
2021 Financial Outlook
For the full year 2021, the company has updated its guidance and
now anticipates non-GAAP currency-neutral revenue growth between 12
to 13 percent and an estimated non-GAAP operating margin of
approximately 19.5 percent. Management will discuss this outlook in
greater detail on the third-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 third-quarter ended September 30, 2021
results in a conference call at 2 PM Pacific Time (5 PM Eastern
Time) October 28, 2021. To listen, call 844-200-6205 within the
U.S. or 929-526-1599 outside the U.S., access code: 535686. 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 and pharmaceutical companies, 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 7,800 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 12 to 13 percent and an
estimated non-GAAP operating margin of approximately 19.5 percent
for the full year 2021; continuing to build on the progress we’ve
made during the first three quarters as we head into the end of
2021; and expecting to generate improved operating profit over
2020. 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, supply chain issues, 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, 2020, and its Quarterly Report
on Form 10-Q for the fiscal quarter ended September 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
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
Net sales
$
747,049
$
647,263
$
2,189,776
$
1,755,787
Cost of goods sold
309,614
279,952
950,116
778,120
Gross profit
437,435
367,311
1,239,660
977,667
Selling, general and administrative expense
216,150
198,165
655,428
581,119
Research and development expense
64,481
59,546
201,784
160,833
Income from operations
156,804
109,600
382,448
235,715
Interest expense
426
5,728
1,187
17,158
Foreign currency exchange losses, net
2,232
776
542
2,478
Change in fair market value of equity securities
(4,868,659
)
(1,580,350
)
(7,078,753
)
(3,591,509
)
Other expense (income), net
579
(1,015
)
(16,732
)
(21,517
)
Income before income taxes
5,022,226
1,684,461
7,476,204
3,829,105
Provision for income taxes
(1,094,193
)
(369,637
)
(1,656,643
)
(861,940
)
Net income
$
3,928,033
$
1,314,824
$
5,819,561
$
2,967,165
Basic earnings per share: Net income per basic share
$
131.75
$
44.24
$
195.29
$
99.75
Weighted average common shares - basic
29,814
29,721
29,800
29,746
Diluted earnings per share: Net income per diluted share
$
129.96
$
43.64
$
192.76
$
98.46
Weighted average common shares - diluted
30,224
30,128
30,190
30,137
Bio-Rad Laboratories, Inc. Condensed Consolidated Balance
Sheets (In thousands)
September 30,
December 31,
2021
2020
(Unaudited) Current assets: Cash and cash equivalents
$
859,902
$
662,205
Short-term investments
482,756
334,473
Accounts receivable, net
417,714
419,424
Inventories, net
588,911
622,253
Other current assets
117,003
101,480
Total current assets
2,466,286
2,139,835
Property, plant and equipment, net
476,648
491,371
Operating lease right-of-use assets
204,191
202,136
Goodwill, net
291,916
291,916
Purchased intangibles, net
177,073
199,497
Other investments
16,230,635
9,561,140
Other assets
106,631
86,723
Total assets
$
19,953,380
$
12,972,618
Current liabilities: Accounts payable, accrued payroll and
employee benefits
$
380,344
$
362,326
Current maturities of long-term debt
1,739
1,798
Income and other taxes payable
54,050
57,335
Other current liabilities
213,783
210,077
Total current liabilities
649,916
631,536
Long-term debt, net of current maturities
10,645
12,258
Other long-term liabilities
3,960,441
2,448,884
Total liabilities
4,621,002
3,092,678
Total stockholders' equity
15,332,378
9,879,940
Total liabilities and stockholders' equity
$
19,953,380
$
12,972,618
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Nine Months Ended
September 30,
2021
2020
Cash flows from operating activities: Cash received from
customers
$
2,177,199
$
1,741,431
Cash paid to suppliers and employees
(1,597,938
)
(1,406,427
)
Interest paid, net
(1,848
)
(11,066
)
Income tax payments, net
(103,902
)
(51,539
)
Other operating activities
25,086
18,195
Net cash provided by operating activities
498,597
290,594
Cash flows from investing activities: Payments for
acquisitions
-
(96,655
)
Other investing activities
(229,954
)
86,514
Net cash used in investing activities
(229,954
)
(10,141
)
Cash flows from financing activities: Payments on long-term
borrowings
(1,645
)
(1,780
)
Other financing activities
(58,419
)
(99,377
)
Net cash used in financing activities
(60,064
)
(101,157
)
Effect of foreign exchange rate changes on cash
(11,174
)
3,154
Net increase in cash, cash equivalents, and restricted cash
197,405
182,450
Cash, cash equivalents, and restricted cash at beginning of period
667,115
662,651
Cash, cash equivalents, and restricted cash at end of period
$
864,520
$
845,101
Reconciliation of net income to net cash provided by
operating activities: Net income
$
5,819,561
$
2,967,165
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
100,075
101,938
Reduction in the carrying amount of right-of-use assets
29,311
27,694
Changes in working capital
(14,538
)
(44,360
)
Other
(5,435,812
)
(2,761,843
)
Net cash provided by operating activities
$
498,597
$
290,594
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
Nine Months Ended
Nine Months Ended
September 30,
% of
September 30,
% of
September 30,
% of
September 30,
% of
2021
revenue
2020
revenue
2021
revenue
2020
revenue
GAAP net sales
$
747,049
$
647,263
$
2,189,776
$
1,755,787
Legal settlements
(31,843
)
-
(31,843
)
-
Non-GAAP net sales
$
715,206
$
647,263
$
2,157,933
$
1,755,787
GAAP cost of goods sold
$
309,614
$
279,952
$
950,116
$
778,120
Amortization of purchased intangibles
(4,678
)
(4,841
)
(13,903
)
(13,700
)
Legal settlements
(4,071
)
-
(3,535
)
-
Restructuring benefits (costs)
(52
)
237
(25,241
)
1,705
Non-GAAP cost of goods sold
$
300,813
$
275,348
$
907,437
$
766,125
GAAP gross profit
$
437,435
58.6
%
$
367,311
56.7
%
$
1,239,660
56.6
%
$
977,667
55.7
%
Amortization of purchased intangibles
4,678
4,841
13,903
13,700
Legal settlements
(27,772
)
-
(28,308
)
-
Restructuring (benefits) costs
52
(237
)
25,241
(1,705
)
Non-GAAP gross profit
$
414,393
57.9
%
$
371,915
57.5
%
$
1,250,496
57.9
%
$
989,662
56.4
%
GAAP selling, general and administrative expense
$
216,150
$
198,165
$
655,428
$
581,119
Amortization of purchased intangibles
(2,419
)
(2,322
)
(7,129
)
(6,557
)
Legal matters
(2,325
)
(5,977
)
(15,501
)
(10,395
)
Acquisition related benefits (costs) (1)
-
(165
)
40
837
Restructuring benefits (costs)
299
815
(27,507
)
(1,992
)
Non-GAAP selling, general and administrative expense
$
211,705
$
190,516
$
605,331
$
563,012
GAAP research and development expense
$
64,481
$
59,546
$
201,784
$
160,833
Restructuring benefits (costs)
(262
)
59
(15,051
)
1,114
Non-GAAP research and development expense
$
64,219
$
59,605
$
186,733
$
161,947
GAAP income from operations
$
156,804
21.0
%
$
109,600
16.9
%
$
382,448
17.5
%
$
235,715
13.4
%
Legal settlements
(27,772
)
-
(28,308
)
-
Amortization of purchased intangibles
7,097
7,163
21,032
20,257
Legal matters
2,325
5,977
15,501
10,395
Acquisition related (benefits) costs (1)
-
165
(40
)
(837
)
Restructuring (benefits) costs
15
(1,111
)
67,799
(827
)
Non-GAAP income from operations
$
138,469
19.4
%
$
121,794
18.8
%
$
458,432
21.2
%
$
264,703
15.1
%
GAAP change in fair market value of equity securities
$
(4,868,659
)
$
(1,580,350
)
$
(7,078,753
)
$
(3,591,509
)
Valuation (loss) gain on equity-owned securities
4,868,659
1,580,350
7,078,753
3,591,509
Non-GAAP change in fair market value of equity securities
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
579
$
(1,015
)
$
(16,732
)
$
(21,517
)
(Loss) gain on equity-method investments
(1,899
)
(183
)
(5,579
)
(2,634
)
Legal settlements
311
-
311
-
Other non-recurring items (3)
-
-
-
11,680
Non-GAAP other (income) expense, net
$
(1,009
)
$
(1,198
)
$
(22,000
)
$
(12,471
)
GAAP income before income taxes
$
5,022,226
$
1,684,461
$
7,476,204
$
3,829,105
Legal settlements
(28,083
)
-
(28,619
)
-
Amortization of purchased intangibles
7,097
7,163
21,032
20,257
Legal matters
2,325
5,977
15,501
10,395
Acquisition related (benefits) costs (1)
-
165
(40
)
(837
)
Restructuring (benefits) costs
15
(1,111
)
67,799
(827
)
Valuation loss (gain) on equity-owned securities
(4,868,659
)
(1,580,350
)
(7,078,753
)
(3,591,509
)
Loss (gain) on equity-method investments
1,899
183
5,579
2,634
Other non-recurring items (3)
-
-
-
(11,680
)
Non-GAAP income before income taxes
$
136,820
$
116,488
$
478,703
$
257,538
GAAP provision for income taxes
$
(1,094,193
)
$
(369,637
)
$
(1,656,643
)
$
(861,940
)
Income tax effect of non-GAAP adjustments (2)
1,069,577
343,401
1,554,100
800,631
Non-GAAP provision for income taxes
$
(24,616
)
$
(26,236
)
$
(102,543
)
$
(61,309
)
GAAP net income
$
3,928,033
525.8
%
$
1,314,824
203.1
%
$
5,819,561
265.8
%
$
2,967,165
169.0
%
Legal settlements
(28,083
)
-
(28,619
)
-
Amortization of purchased intangibles
7,097
7,163
21,032
20,257
Legal matters
2,325
5,977
15,501
10,395
Acquisition related (benefits) costs (1)
-
165
(40
)
(837
)
Restructuring (benefits) costs
15
(1,111
)
67,799
(827
)
Valuation loss (gain) on equity-owned securities
(4,868,659
)
(1,580,350
)
(7,078,753
)
(3,591,509
)
Loss (gain) on equity-method investments
1,899
183
5,579
2,634
Other non-recurring items (3)
-
-
-
(11,680
)
Income tax effect of non-GAAP adjustments (2)
1,069,577
343,401
1,554,100
800,631
Non-GAAP net income
$
112,204
15.7
%
$
90,252
13.9
%
$
376,160
17.4
%
$
196,229
11.2
%
GAAP diluted income per share
$
129.96
$
43.64
$
192.76
$
98.46
Legal settlements
(0.93
)
-
(0.95
)
-
Amortization of purchased intangibles
0.23
0.24
0.70
0.67
Legal matters
0.08
0.20
0.51
0.34
Acquisition related (benefits) costs (1)
-
0.01
-
(0.03
)
Restructuring (benefits) costs
-
(0.04
)
2.25
(0.03
)
Valuation loss (gain) on equity-owned securities
(161.09
)
(52.45
)
(234.47
)
(119.17
)
Loss (gain) on equity-method investments
0.06
0.01
0.18
0.09
Other non-recurring items (3)
-
-
-
(0.39
)
Income tax effect of non-GAAP adjustments (2)
35.40
11.39
51.48
26.57
Non-GAAP diluted income per share
$
3.71
$
3.00
$
12.46
$
6.51
GAAP diluted weighted average shares used in per share
calculation
30,224
30,128
30,190
30,137
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
30,224
30,128
30,190
30,137
(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 96 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/20211028006011/en/
Investor Contact: Edward Chung, Vice President, Investor
Relations 510-741-6577 ir@bio-rad.com
Media Contact: Tina Cuccia, Manager, Corporate
Communications 510-741-6063 tina_cuccia@bio-rad.com
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