We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bio Rad Laboratories Inc | NYSE:BIO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.52 | 0.19% | 279.83 | 283.4963 | 279.57 | 280.75 | 196,160 | 01:00:00 |
In the press release’s forward-looking statement, the second sentence should read: ...for the full year 2020 anticipating currency-neutral revenue growth of approximately 4.5 to 5.25 percent... (instead of ...for the full year 2020 anticipating currency-neutral revenue growth of approximately 4.5 to 5.0 percent...).
The corrected release reads:
BIO-RAD REPORTS FOURTH-QUARTER AND FULL-YEAR 2019 FINANCIAL RESULTS
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 fourth quarter and full year ended December 31, 2019.
Fourth-quarter 2019 net sales were $624.4 million, an increase of 1.2 percent compared to $616.8 million reported for the fourth quarter of 2018. On a currency-neutral basis, quarterly sales increased 2.3 percent compared to the same period in 2018. Fourth-quarter gross margin was 52.9 percent compared to 53.9 percent during the fourth quarter in 2018. As previously disclosed, we experienced a cyberattack on our network on December 5, 2019. We immediately took affected systems offline as part of our comprehensive response to contain the activity. We have since resumed normal operations, although this occurrence did have an impact on sales and operations during December 2019.
Life Science segment net sales for the fourth quarter were $242.0 million, an increase of 1.0 percent compared to the same period in 2018. On a currency-neutral basis, Life Science segment sales increased by 1.8 percent compared to the same quarter in 2018. Currency-neutral sales growth was primarily driven by growth of Process Media, Droplet Digital PCR and Food Safety products. On a geographic view, the sales increase was due to growth in North America and Europe.
Clinical Diagnostics segment net sales for the fourth quarter were $379.0 million, an increase of 1.6 percent compared to the same period in 2018. On a currency-neutral basis, net sales were up 2.8 percent compared to the same quarter last year. Currency-neutral sales were primarily attributed to Diabetes, Quality Controls, Autoimmune, and Blood Typing products. Sales increase during the fourth quarter of 2019 was the result of growth in Asia and the Americas.
Net income for the fourth quarter of 2019 was $553.5 million, or $18.31 per share on a diluted basis, compared to a net loss of ($828.5) million, or ($27.73) per share on a diluted basis, during the same period in 2018. Net income for the fourth quarter of 2019 was significantly and favorably impacted by the recognition on the income statement of changes in the fair market value of equity securities reflecting an increase in value of $646.0 million during the fourth quarter of 2019, primarily related to our holdings of Sartorius AG.
The effective tax rate for the fourth quarter of 2019 was 20.9 percent, compared to 20.4 percent for the same period in 2018.
“Aside from the impact of the cyberattack on our network in December, sales performance for the fourth quarter reflected continued momentum of many of our key life science and diagnostic product lines,” said Norman Schwartz, Bio-Rad President and Chief Executive Officer. “Looking back at the year, we are encouraged by our overall performance, in particular, our core operating results that provide us with good momentum toward continued topline growth and reaching our long-term goals as we head into 2020.”
GAAP Results
Q4 2019
Q4 2018
Revenue (millions)
$624.4
$616.8
Gross margin
52.9%
53.9%
Operating margin
9.5%
(36.8%)
Net income (loss) (millions)
$553.5
($828.5)
Income (loss) per diluted share
$18.31
($27.73)
Non-GAAP Results
Q4 2019
Q4 2018
Gross margin
54.1%
55.4%
Operating margin
14.3%
14.3%
Net income (millions)
$70.0
$63.1
Income per diluted share
$2.32
$2.09
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release. Non-GAAP adjustments include amortization of purchased intangibles; acquisition-related expenses and benefits; restructuring, impairment charges and valuation changes in equity-owned investments; gains and losses on equity-method investments; significant litigation charges or benefits and legal costs; and, discrete income tax events and the income tax effect on these non-GAAP adjustments.
Non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS) are non-GAAP measures that exclude certain items detailed later in this press release under the heading “Non-GAAP Reporting.”
Non-GAAP net income for the fourth quarter of 2019 was $70.0 million, or $2.32 per share on a diluted basis, compared to $63.1 million, or $2.09 per share on a diluted basis, during the same period in 2018. The non-GAAP effective tax rate for the fourth quarter of 2019 was 17.7 percent, compared to 28.7 percent for the same period in 2018. The lower rate in 2019 was largely driven by favorable regulatory guidance relating to U.S. Tax reform issued in the fourth quarter of 2019.
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 months and for the full year ended December 31, 2019 and 2018:
Three Months Ended December 31,
Year Ended December 31,
(in thousands, except per share data)
2019
2018
2019
2018
GAAP net income (loss)
$553,486
($828,529)
$1,758,675
$365,614
Amortization of purchased intangibles
6,663
6,016
23,153
26,195
Legal matters
2,248
10,143
6,841
23,352
Acquisition-related benefits
(2,849)
(127)
(10,611)
(2,989)
Restructuring costs
23,720
6,901
29,469
8,379
Goodwill and long-lived assets impairment
-
292,513
-
292,513
Valuation (gain) loss on equity-owned securities
(645,988)
814,109
(2,030,987)
(606,230)
Loss on equity-method investments
1,845
66
2,543
691
Other non-recurring items
-
-
(759)
(9,208)
Income tax effect on non-GAAP adjustments
130,871
(238,042)
434,761
77,234
Non-GAAP net income
$69,996
$63,050
$213,085
$175,551
GAAP diluted income (loss) per share
$18.31
($27.73)
$58.27
$12.10
Non-GAAP diluted income per share
$2.32
$2.09
$7.06
$5.81
Full Year 2019 Results
On a reported basis, net sales for the full year of 2019 increased 1.0 percent to $2,311.7 million compared to $2,289.4 million for the full year of 2018. On a currency-neutral basis, net sales grew 3.3 percent. Full-year reported net sales for the Life Science segment were $885.9 million, an increase of 2.8 percent compared to 2018. On a currency-neutral basis sales increased 4.6 percent versus 2018. Full-year reported net sales for the Clinical Diagnostics segment were $1,412.0 million, flat compared to 2018, or an increase of 2.8 percent on a currency-neutral basis. Full-year gross margin was 54.4 percent, compared to 53.4 percent during the same period in 2018.
Net income for 2019 was $1,758.7 million, or $58.27 per share on a fully diluted basis, compared to $365.6 million, or $12.10 per share, respectively, during the same period in 2018. This significant increase was primarily due to the change in fair market value of our equity securities in 2019 primarily related to our holdings of Sartorius AG.
The effective tax rate in 2019 was 22.2 percent compared to 28.7 percent in 2018. The tax rate in 2019 and 2018 was driven by the large unrealized gain in equity securities. The rate in 2018 was also impacted by our accounting for U.S. Tax reform and non-deductible goodwill impairment.
2019 Full-Year Highlights
2020 Financial Outlook
For the full year 2020, the company anticipates currency-neutral revenue growth of approximately 4.5 to 5.25 percent and improved profitability with an estimated non-GAAP operating margin of 13.8 to 14.3 percent. Management will discuss this outlook in greater detail on the fourth-quarter and full-year 2019 financial results conference call.
“Looking ahead to 2020, we expect another year of progress driven by a combination of healthy markets, new products, and a focus on operating efficiencies,” Mr. Schwartz said. “We continue to pursue our goal of 20 percent adjusted EBITDA run rate by the end of the year.”
Non-GAAP Reporting
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP EPS, which exclude amortization of acquisition-related intangible assets, certain acquisition-related expenses and benefits, restructuring charges, asset impairment charges, valuation changes of equity owned investments, gains and losses on equity-method investments, and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. More specifically, management adjusts for the excluded items for the following reasons:
Amortization of purchased intangible assets: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.
Acquisition-related expenses and benefits: we incur expenses or benefits with respect to certain items associated with our acquisitions such as transaction costs; 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, valuation changes in equity owned investments and gains and losses on equity-method investments: we incur restructuring and impairment charges on individual or groups of employed assets, charges and benefits arising from valuation changes in equity owned investments and gains and losses on equity-method investments, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.
Significant litigation charges or benefits and legal costs: we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results.
Income tax expense: we estimate the tax effect of the excluded items identified above to determine a non-GAAP annual effective tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and/or tax jurisdiction requires the application of a specific tax rate or treatment.
From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.
Conference Call and Webcast
Management will discuss fourth quarter and full year ended December 31, 2019 results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) February 13, 2020. Interested parties may access the call at 855-779-9068 within the U.S. or 631-485-4862 outside the U.S., Conference ID: 1397614. You may also listen to the conference call via a webcast that is available in the "Investor Relations" section of our website under “Quarterly Results” at www.bio-rad.com. The webcast will be available for up to a year.
BIO-RAD, DDPCR, 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 more than 8,000 employees worldwide. Bio-Rad had revenues exceeding $2.3 billion in 2019. For more information, please visit bio-rad.com.
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results, the growth of our business, sales performance for the fourth quarter (aside from the impact of the cyberattack on our network in December) reflecting continued momentum of many of our key life science and diagnostic product lines, our core operating results providing us with good momentum toward continued topline growth and reaching our long-term goals as we head into 2020, for the full year 2020 anticipating currency-neutral revenue growth of approximately 4.5 to 5.25 percent and improved profitability with an estimated non-GAAP operating margin of 13.8 to 14.3 percent, expecting another year of progress driven by a combination of healthy markets, new products, and a focus on operating efficiencies, and continuing to pursue our goal of 20 percent adjusted EBITDA run rate by the end of the year. 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 our ability to develop and market new or improved products, our ability to compete effectively, international legal and regulatory risks, risks relating to breaches of our information systems, global economic conditions, foreign currency exchange fluctuations, recent and planned changes to our global organizational structure and executive management team, product quality and liability issues, reductions in government funding or capital spending of our customers, our ability to integrate acquired companies, products or technologies into our company successfully, supply chain issues, changes in the healthcare industry, difficulties in implementing our global enterprise resource planning system, and natural disasters and other catastrophic events beyond our control. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s public reports filed with the Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2019, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.
Bio-Rad Laboratories, Inc. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited)Three Months Ended
Year Ended
December 31,
December 31,
2019
2018
2019
2018
Net sales$
624,428
$
616,847
$
2,311,659
$
2,289,415
Cost of goods sold
293,989
284,282
1,054,663
1,066,264
Gross profit
330,439
332,565
1,256,996
1,223,151
Selling, general and administrative expense
214,165
214,032
824,625
834,783
Research and development expense
57,069
53,074
202,710
199,196
Impairment losses on goodwill and long-lived assets
-
292,513
-
292,513
Income (loss) from operations
59,205
(227,054
)
229,661
(103,341
)
Interest expense
6,064
6,139
23,416
23,962
Foreign currency exchange (gains) losses, net
(1,166
)
950
2,245
2,861
Change in fair market value of equity securities
(645,988
)
814,109
(2,030,987
)
(606,230
)
Other (income) expense, net
865
(7,005
)
(26,094
)
(36,593
)
Income (loss) before income taxes
699,430
(1,041,247
)
2,261,081
512,659
(Provision for) benefit from income taxes
(145,944
)
212,718
(502,406
)
(147,045
)
Net income (loss)$
553,486
$
(828,529
)
$
1,758,675
$
365,614
Basic earnings (loss) per share: Net income (loss) per basic share
$
18.50
$
(27.73
)
$
58.93
$
12.25
Weighted average common shares - basic
29,924
29,878
29,843
29,836
Diluted earnings (loss) per share: Net income (loss) per diluted share
$
18.31
$
(27.73
)
$
58.27
$
12.10
Weighted average common shares - diluted
30,221
29,878
30,184
30,228
Note:
As a result of the net loss for the three months ended December 31, 2018, 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) (Unaudited)December 31,
December 31,
2019
2018
Current assets: Cash and cash equivalents$
660,672
$
431,526
Short-term investments
459,533
418,830
Accounts receivable, net
392,672
392,443
Inventories, net
554,007
583,815
Other current assets
113,271
196,864
Total current assets
2,180,155
2,023,478
Property, plant and equipment, net
499,339
508,690
Operating lease right-of-use assets
201,868
-
Goodwill, net
264,131
219,770
Purchased intangibles, net
145,525
133,123
Other investments
4,638,205
2,655,709
Other assets
79,636
70,298
Total assets$
8,008,859
$
5,611,068
Current liabilities: Accounts payable, accrued payroll and employee benefits$
287,098
$
265,960
Current maturities of long-term debt
426,172
493
Income and other taxes payable
36,285
56,188
Other current liabilities
155,940
128,154
Total current liabilities
905,495
450,795
Long-term debt, net of current maturities
13,579
438,937
Other long-term liabilities
1,334,728
701,005
Total liabilities
2,253,802
1,590,737
Total stockholders' equity
5,755,057
4,020,331
Total liabilities and stockholders' equity$
8,008,859
$
5,611,068
Bio-Rad Laboratories, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)Year Ended
December 31,
2019
2018
Cash flows from operating activities: Cash received from customers$
2,311,925
$
2,326,310
Cash paid to suppliers and employees
(1,818,575
)
(1,989,685
)
Interest paid, net
(22,330
)
(22,703
)
Income tax payments, net
(45,081
)
(62,414
)
Other operating activities
31,958
33,986
Net cash provided by operating activities
457,897
285,494
Cash flows from investing activities: (Payments for) proceeds from acquisitions
(79,386
)
266
Other investing activities
(129,503
)
(187,244
)
Net cash used in investing activities
(208,889
)
(186,978
)
Cash flows from financing activities: Payments on long-term borrowings
(643
)
(2,961
)
Other financing activities
(22,115
)
(45,719
)
Net cash used in financing activities
(22,758
)
(48,680
)
Effect of foreign exchange rate changes on cash
2,237
(655
)
Net increase in cash, cash equivalents, and restricted cash
228,487
49,181
Cash, cash equivalents, and restricted cash at beginning of year
434,164
384,983
Cash, cash equivalents, and restricted cash at end of year
$
662,651
$
434,164
Reconciliation of net income to net cash provided by operating activities: Net income
$
1,758,675
$
365,614
Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization
134,238
138,088
Reduction in the carrying amount of right-of-use assets
40,339
-
Impairment losses on goodwill and long-lived assets
-
292,513
Changes in working capital
55,392
(34,945
)
Other
(1,530,747
)
(475,776
)
Net cash provided by operating activities$
457,897
$
285,494
Bio-Rad Laboratories, Inc. Reconciliation of GAAP financial measures to non-GAAP financial measures (In thousands, except per share data) (Unaudited)
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS), which exclude amortization of acquisition-related intangible assets; certain acquisition-related expenses and benefits; restructuring charges; asset impairment charges; valuation changes of equity owned investments; gains and losses on equity-method investments; and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.
Three MonthsEnded Three MonthsEnded Year Ended Year EndedDecember 31,
% ofDecember 31,
% ofDecember 31,
% ofDecember 31,
% of2019
revenue2018
revenue2019
revenue2018
revenue GAAP cost of goods sold$
293,989
$
284,282
$
1,054,663
$
1,066,264
Amortization of purchased intangibles
(4,532
)
(4,239
)
(15,898
)
(18,491
)
Acquisition related benefits (costs) (1)
1,508
-
8,911
-
Restructuring benefits (costs)
(4,397
)
(5,144
)
(7,448
)
(7,028
)
Non-GAAP cost of goods sold$
286,568
$
274,899
$
1,040,228
$
1,040,745
GAAP gross profit
$
330,439
52.9%
$
332,565
53.9%
$
1,256,996
54.4%
$
1,223,151
53.4%
Amortization of purchased intangibles
4,532
4,239
15,898
18,491
Acquisition related (benefits) costs (1)
(1,508
)
-
(8,911
)
-
Restructuring (benefits) costs
4,397
5,144
7,448
7,028
Non-GAAP gross profit
$
337,860
54.1%
$
341,948
55.4%
$
1,271,431
55.0%
$
1,248,670
54.5%
GAAP selling, general and administrative expense$
214,165
$
214,032
$
824,625
$
834,783
Amortization of purchased intangibles
(2,131
)
(1,777
)
(7,255
)
(7,704
)
Legal matters
(2,248
)
(10,143
)
(6,841
)
(23,352
)
Acquisition related benefits (costs) (1)
1,341
127
1,700
3,501
Restructuring benefits (costs)
(13,200
)
(421
)
(16,002
)
(855
)
Non-GAAP selling, general and administrative expense$
197,927
$
201,818
$
796,227
$
806,373
GAAP research and development expense
$
57,069
$
53,074
$
202,710
$
199,196
Acquisition related benefits (costs) (1)
-
-
-
(512
)
Restructuring benefits (costs)
(6,123
)
(1,336
)
(6,019
)
(496
)
Non-GAAP research and development expense$
50,946
$
51,738
$
196,691
$
198,188
GAAP impairment losses on goodwill and long-lived assets
$
-
$
292,513
$
-
$
292,513
Goodwill and long-lived assets impairment
-
(292,513
)
-
(292,513
)
Non-GAAP impairment losses on goodwill and long-lived assets$
-
$
-
$
-
$
-
GAAP income (loss) from operations
$
59,205
9.5%
$
(227,054
)
-36.8%
$
229,661
9.9%
$
(103,341
)
-4.5%
Amortization of purchased intangibles
6,663
6,016
23,153
26,195
Legal matters
2,248
10,143
6,841
23,352
Acquisition related (benefits) costs (1)
(2,849
)
(127
)
(10,611
)
(2,989
)
Restructuring (benefits) costs
23,720
6,901
29,469
8,379
Goodwill and long-lived assets impairment
-
292,513
-
292,513
Non-GAAP income from operations
$
88,987
14.3%
$
88,392
14.3%
$
278,513
12.0%
$
244,109
10.7%
GAAP change in fair market value of equity securities$
(645,988
)
$
814,109
$
(2,030,987
)
$
(606,230
)
Valuation (loss) gain on equity-owned securities
645,988
(814,109
)
2,030,987
606,230
Non-GAAP change in fair market value of equity securities
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
865
$
(7,005
)
$
(26,094
)
$
(36,593
)
(Loss) gain on equity-method investments
(1,845
)
(66
)
(2,543
)
(691
)
Other non-recurring items (2)
-
-
759
9,208
Non-GAAP other (income) expense, net
$
(980
)
$
(7,071
)
$
(27,878
)
$
(28,076
)
GAAP income (loss) before income taxes$
699,430
$
(1,041,247
)
$
2,261,081
$
512,659
Amortization of purchased intangibles
6,663
6,016
23,153
26,195
Legal matters
2,248
10,143
6,841
23,352
Acquisition related (benefits) costs (1)
(2,849
)
(127
)
(10,611
)
(2,989
)
Restructuring (benefits) costs
23,720
6,901
29,469
8,379
Goodwill and long-lived assets impairment
-
292,513
-
292,513
Valuation loss (gain) on equity-owned securities
(645,988
)
814,109
(2,030,987
)
(606,230
)
Loss (gain) on equity-method investments
1,845
66
2,543
691
Other non-recurring items (2)
-
-
(759
)
(9,208
)
Non-GAAP income before income taxes$
85,069
$
88,374
$
280,730
$
245,362
GAAP (provision for) benefit from income taxes
$
(145,944
)
$
212,718
$
(502,406
)
$
(147,045
)
Income tax effect of non-GAAP adjustments (3)
130,871
(238,042
)
434,761
77,234
Non-GAAP provision for income taxes
$
(15,073
)
$
(25,324
)
$
(67,645
)
$
(69,811
)
GAAP net income (loss)$
553,486
88.6%
$
(828,529
)
-134.3%
$
1,758,675
76.1%
$
365,614
16.0%
Amortization of purchased intangibles
6,663
6,016
23,153
26,195
Legal matters
2,248
10,143
6,841
23,352
Acquisition related (benefits) costs (1)
(2,849
)
(127
)
(10,611
)
(2,989
)
Restructuring (benefits) costs
23,720
6,901
29,469
8,379
Goodwill and long-lived assets impairment
-
292,513
-
292,513
Valuation loss (gain) on equity-owned securities
(645,988
)
814,109
(2,030,987
)
(606,230
)
Loss (gain) on equity-method investments
1,845
66
2,543
691
Other non-recurring items (2)
-
-
(759
)
(9,208
)
Income tax effect of non-GAAP adjustments (3)
130,871
(238,042
)
434,761
77,234
Non-GAAP net income
$
69,996
11.2%
$
63,050
10.2%
$
213,085
9.2%
$
175,551
7.7%
GAAP diluted income (loss) per share$
18.31
$
(27.73
)
$
58.27
$
12.10
Amortization of purchased intangibles
0.22
0.20
0.77
0.87
Legal matters
0.07
0.34
0.23
0.77
Acquisition related (benefits) costs (1)
(0.09
)
-
(0.35
)
(0.10
)
Restructuring (benefits) costs
0.78
0.23
0.98
0.28
Goodwill and long-lived assets impairment
-
9.70
-
9.68
Valuation loss (gain) on equity-owned securities
(21.38
)
26.99
(67.29
)
(20.06
)
Loss (gain) on equity-method investments
0.06
-
0.08
0.02
Other non-recurring items (2)
-
-
(0.03
)
(0.30
)
Income tax effect of non-GAAP adjustments (3)
4.35
(7.90
)
14.40
2.55
Add back anti-dilutive shares
(0.00
)
0.26
-
-
Non-GAAP diluted income per share
$
2.32
$
2.09
$
7.06
$
5.81
GAAP diluted weighted average shares used in per share calculation
30,221
29,878
30,184
30,228
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive
-
287
-
-
Non-GAAP diluted weighted average shares used in per share calculation
30,221
30,165
30,184
30,228
(1)
Release of contingent consideration and other acquisition-related (benefits) expenses.
(2)
Gain on the sale of a product line (2018 and 2019), and gain on the sale of land (2018).
(3)
Excluded items identified in the reconciliation schedule are tax effected by application of a non-GAAP effective tax rate. The non-GAAP tax provision is adjusted for items, the nature of which and/or tax jurisdiction requires the application of a specific tax rate or treatment.
2020 Financial Outlook
Forecasted non-GAAP operating margin excludes 93 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/20200213005908/en/
Investor Contact: Bio-Rad Laboratories, Inc. Ilan Daskal, Executive Vice President & Chief Financial Officer 510-724-7000 investor_relations@bio-rad.com
Press Contact: Bio-Rad Laboratories, Inc. Tina Cuccia, Corporate Communications 510-724-7000 tina_cuccia@bio-rad.com
1 Year Bio Rad Laboratories Chart |
1 Month Bio Rad Laboratories Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions