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,
2018.
Second-quarter 2018 net sales were $575.9 million, an increase
of 14.1 percent compared to $504.7 million reported for the second
quarter of 2017. On a currency-neutral basis, quarterly sales
increased 11.0 percent compared to the same period in 2017,
reflecting broad growth across the business. Second-quarter gross
margin was 52.4 percent compared to 54.2 percent during the second
quarter in 2017. The decline in gross margin versus the same period
last year is the result of changes in the quarterly make up of
product mix toward higher instrument placements, and certain costs
associated with the continued transition of European
operations.
Life Science segment net sales for the second quarter were
$217.8 million, an increase of 21.4 percent compared to the same
period in 2017. On a currency-neutral basis, Life Science segment
sales increased by 18.9 percent compared to the same quarter in
2017. Currency-neutral sales reflect growth of multiple product
lines in the segment, including sales of cell biology, process
media, digital PCR and food safety products. On a geographic view,
the sales increase was attributed to growth across all major
regions, including North America, Europe, and Asia.
Clinical Diagnostics segment net sales for the second quarter
were $354.0 million, an increase of 9.9 percent compared to the
same period in 2017. On a currency-neutral basis, net sales were up
6.5 percent compared to the same quarter last year.
Currency-neutral sales from the second quarter reflected growth in
blood typing, quality control, and immunology product lines. On a
geographic view, the sales increase for the quarter was attributed
to growth across all regions.
Net income for the second quarter of 2018 was $268.0 million, or
$8.87 per share on a diluted basis, compared to $5.0 million, or
$0.17 per share on a diluted basis, during the same period in 2017.
Net income for the second quarter of 2018 compared to the second
quarter of 2017 was significantly and favorably impacted by the
recognition on the income statement of changes in the fair market
value of equity securities of $286.4 million in this quarter
primarily related to the holdings of our investment in Sartorius
AG. Inclusion of these equity investment changes in valuation is
the result of new accounting standards that became effective in
2018.
The effective tax rate for the second quarter of 2018 was 21
percent compared to a 350 percent benefit for the same period in
2017. The effective tax rate for 2017 was due to the impact of
second quarter discrete items on a low pre-tax income.
“We are pleased with our sales performance for the second
quarter which reflects double digit growth in our three major
geographies and strength across many of our key life science and
diagnostic product lines,” said Norman Schwartz, Bio-Rad President
and Chief Executive Officer. “And while the gross margin for the
quarter was somewhat lower than expected, we continue to make
progress toward expanding our operating results and reaching our
long term goals.”
GAAP Results Q2 2018
Q2 2017 Revenue (Millions) $575.9 $504.7 Gross
Margin 52.4% 54.2% Operating Margin 7.6%
(0.3)% Net Income (Millions) $268.0 $5.0
Income per Diluted Share $8.87 $0.17
Non-GAAP Results Q2 2018 Q2
2017 Gross Margin 53.4% 55.6% Operating Margin
10.0% 3.5% Net Income (Millions) $49.5
$18.8 Income per Diluted Share $1.64 $0.62
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 second quarter of 2018 was $49.5
million, or $1.64 per share on a diluted basis, compared to $18.8
million, or $0.62 per share on a diluted basis, during the same
period in 2017. The non-GAAP effective tax rate for the second
quarter of 2018 was 27.1 percent compared to 9.3 percent for the
same period in 2017.
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
ended June 30, 2018 and 2017 and six months ended June 30, 2018 and
2017:
Three Months Ended
June 30,
Six Months Ended
June 30,
2018 2017 2018 2017
GAAP net income
$268,043 $5,035 $924,817 $17,448 Amortization of purchased
intangibles 6,771 8,813 13,650 15,601 Legal matters 5,110 (182)
8,789 3,356 Acquisition-related (benefits) costs 1,512 10,226 (106)
10,826 Restructuring costs 450 684 1,488 684 Valuation change in
equity-owned securities (286,398) - (1,102,332) - Loss on
equity-method investments 405 24 403 163 Other non-recurring items
- - (9,208) - Income tax effect on non-GAAP adjustments 53,647
(5,849) 247,398 (9,045) Non-GAAP net income $49,540 $18,751 $84,899
39,033
GAAP diluted income per share
$8.87 $0.17 $30.63 $0.58
Non-GAAP diluted income per share
$1.64 $0.62 $2.81 $1.30
On a reported basis, net sales for the first half of 2018
increased 12.2 percent to $1,127.4 billion compared to $1,004.7
billion for the same period in 2017. On a currency-neutral basis,
net sales grew 7.8 percent.
Year-to-date net income for 2018 was $924.8 million, or $30.63
per share on a fully diluted basis, compared to $17.4 million, or
$0.58 per share, respectively, during the same period in 2017.
2018 Financial Outlook
For the full year 2018, the company is raising the
currency-neutral revenue growth outlook to be 4.0 to 4.5 percent,
up from the previous estimate of 3.5 to 4.0 percent. The company
continues to target a full year currency-neutral operating margin
of 10 percent, or an estimated 11.0 to 11.5 percent on a non-GAAP
basis. This maintaining of the prior operating margin outlook
assumes a substantial improvement in gross margin for the second
half of the year as compared to the first half results. Management
will discuss this outlook in greater detail on the second quarter
2018 financial results conference call.
“We are very encouraged with our growth in the first half of the
year, especially because it represents a broad contribution from
all our major geographies, as well as across key product lines,”
Mr. Schwartz said. “We will continue to stay focused on improving
operating efficiency and driving benefit from the numerous
investments we have made over the past several years,” he
added.
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, valuation costs,
integration costs, changes in the fair value of contingent
consideration liabilities, gain or expense on settlement of
pre-existing relationships, and other professional or consulting
fees. 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 second quarter ended June 30, 2018
results in a conference call at 2 PM Pacific Time (5 PM Eastern
Time) August 7, 2018. Interested parties may access the call at
855-779-9068 within the U.S. or 631-485-4862 outside the U.S.,
Conference ID: 6068817. 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.
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 $2.1 billion in 2017. For more information,
please visit www.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,
continuing to make progress toward expanding our operating results
and reaching our long term goals, staying focused on improving our
operating efficiency and driving benefit from the numerous
investments we have made over the past several years.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as, "anticipate," "believe,"
"expect," "assume," "continue," "may," "will," "intend,"
"estimate," 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, difficulties in implementing our global
enterprise resource planning system, recent and planned changes to
our global organizational structure and executive management team,
our ability to compete effectively, foreign currency exchange
fluctuations, product quality and liability issues, international
legal and regulatory risks, global economic conditions, 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, 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, 2017, and its Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30, 2018 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
June 30,
Six Months Ended
June 30,
2018 2017 2018 2017 Net
sales $ 575,911 $ 504,666 $ 1,127,430 $ 1,004,717 Cost of goods
sold 274,244 231,291 523,560
461,279 Gross profit 301,667 273,375 603,870
543,438
Selling, general and administrative
expense
210,425 212,489 419,555 406,891 Research and development expense
47,450 62,587 96,877
112,039 Income (loss) from operations 43,792 (1,701 )
87,438 24,508 Interest expense 5,977 6,045 11,759 11,361
Foreign currency exchange (gains) losses,
net
(15 ) 2,516 1,239 4,305 Change in fair market value of equity
securities (286,398 ) - (1,102,332 ) - Other (income) expense, net
(15,858 ) (11,382 ) (27,003 ) (12,425 )
Income before income taxes 340,086 1,120 1,203,775 21,267
(Provision) benefit for income taxes (72,043 ) 3,915
(278,958 ) (3,819 ) Net income $ 268,043
$ 5,035 $ 924,817 $ 17,448 Basic
earnings per share: Net income per basic share $ 8.99 $ 0.17
$ 31.03 $ 0.59 Weighted average common
shares - basic 29,814 29,613
29,801 29,597 Diluted earnings per
share: Net income per diluted share $ 8.87 $ 0.17 $
30.63 $ 0.58 Weighted average common shares -
diluted 30,219 30,006 30,197
29,962
Bio-Rad Laboratories,
Inc. Condensed Consolidated Balance Sheets (In
thousands)
June 30,
December 31, 2018 2017 (UNAUDITED)
Current assets: Cash and cash equivalents $ 403,006 $ 383,824
Short-term investments 420,801 376,714 Accounts receivable, net
404,091 464,847 Inventories, net 591,433 594,804 Other current
assets 173,003 156,460 Total current assets 1,992,334
1,976,649 Property, plant and equipment, net 490,249 493,496
Goodwill, net 500,022 506,069 Purchased intangibles, net 158,035
174,113 Other investments 3,170,820 1,027,736 Other assets
74,763 94,949 Total assets $ 6,386,223 $ 4,273,012
Current liabilities: Accounts payable, accrued payroll and employee
benefits $ 261,721 $ 306,814 Current maturities of long-term debt
1,721 420 Income and other taxes payable 29,585 39,941 Other
current liabilities 149,394 155,521 Total current
liabilities 442,421 502,696 Long-term debt, net of current
maturities 438,776 434,581 Other long-term liabilities
866,080 405,485 Total liabilities 1,747,277 1,342,762
Total stockholders' equity 4,638,946 2,930,250 Total
liabilities and stockholders' equity $ 6,386,223 $ 4,273,012
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands) (UNAUDITED)
Six Months
Ended June 30,
2018 2017 Cash flows from operating
activities: Cash received from customers $ 1,160,904 $ 999,779 Cash
paid to suppliers and employees (1,007,565 ) (968,719 ) Interest
paid, net (11,277 ) (10,865 ) Income tax payments, net (47,620 )
(19,066 ) Other operating activities 23,766
5,168 Net cash provided by operating activities 118,208
6,297 Cash flows from investing activities: Proceeds from
(payments for) acquisitions and long-term investments 266 (73,573 )
Other investing activities (102,924 ) (74,102 ) Net
cash used in investing activities (102,658 ) (147,675 ) Cash
flows from financing activities: Payments on long-term borrowings
(1,505 ) (149 ) Other financing activities 2,004
(246 ) Net cash provided by (used in) financing activities
499 (395 ) Effect of foreign exchange rate changes on cash
3,053 7,190 Net increase
(decrease) in cash, cash equivalents, and restricted cash 19,102
(134,583 )
Cash, cash equivalents, and restricted
cash at beginning of period
384,983 457,171 Cash, cash equivalents,
and restricted cash at end of period $ 404,085 $ 322,588
Reconciliation of net income to net cash
provided by operating activities:
Net income $ 924,817 $ 17,448
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 68,669 70,688 Changes in working
capital (29,857 ) (91,898 ) Other (845,421 ) 10,059
Net cash provided by operating activities $ 118,208 $
6,297
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; 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 revenue June 30, %
of revenue June 30, % of revenue June 30,
% of revenue 2018 revenue
2017 revenue 2018
revenue 2017
revenue GAAP cost of goods sold $ 274,244 $
231,291 $ 523,560 $ 461,279 Amortization of purchased intangibles
(4,717 ) (7,061 ) (9,526 ) (12,166 ) Acquisition related benefits
(costs) (1) - - - (10,000 ) Restructuring costs (1,286 )
- (1,474 ) -
Non-GAAP cost of
goods sold $ 268,241 $ 224,230 $ 512,560 $
439,113
GAAP gross profit $ 301,667 52.4 % $
273,375 54.2 % $ 603,870 53.6 % $ 543,438 54.1 % Amortization of
purchased intangibles 4,717 7,061 9,526 12,166 Acquisition related
(benefits) costs (1) - - - 10,000 Restructuring costs 1,286
- 1,474 -
Non-GAAP gross profit $ 307,670 53.4 % $ 280,436
55.6 % $ 614,870 54.5 % $ 565,604 56.3 %
GAAP selling, general and administrative expense $
210,425 $ 212,489 $ 419,555 $ 406,891 Amortization of purchased
intangibles (2,054 ) (1,752 ) (4,124 ) (3,435 ) Legal matters
(5,110 ) 182 (8,789 ) (3,356 ) Acquisition related benefits (costs)
(2) (1,512 ) 1,300 618 10,700 Restructuring costs 492
(684 ) (358 ) (684 )
Non-GAAP selling,
general and administrative expense $ 202,241 $ 211,535
$ 406,902 $ 410,116
GAAP research
and development expense $ 47,450 $ 62,587 $ 96,877 $ 112,039
Acquisition related benefits (costs) (2) - (11,526 ) (512 ) (11,526
) Restructuring costs 344 - 344
-
Non-GAAP research and development
expense $ 47,794 $ 51,061 $ 96,709 $
100,513
GAAP income from operations $ 43,792
7.6 % $ (1,701 ) -0.3 % $ 87,438 7.8 % $ 24,508 2.4 % Amortization
of purchased intangibles 6,771 8,813 13,650 15,601 Legal matters
5,110 (182 ) 8,789 3,356 Acquisition related (benefits) costs (1)
(2) 1,512 10,226 (106 ) 10,826 Restructuring costs 450
684 1,488 684
Non-GAAP income from operations $ 57,635 10.0 % $
17,840 3.5 % $ 111,259 9.9 % $ 54,975 5.5 %
GAAP change in fair market value of equity securities
$ (286,398 ) $ - $ (1,102,332 ) $ - Valuation change in
equity-owned securities (3) 286,398 -
1,102,332 -
Non-GAAP change in fair
market value of equity securities $ - $ - $ -
$ -
GAAP other (income) expense, net $
(15,858 ) $ (11,382 ) $ (27,003 ) $ (12,425 ) Loss on equity-method
investments (405 ) (24 ) (403 ) (163 ) Other non-recurring items
(4) - - 9,208 -
Non-GAAP other (income) expense, net $ (16,263 ) $
(11,406 ) $ (18,198 ) $ (12,588 )
GAAP income before
income taxes $ 340,086 $ 1,120 $ 1,203,775 $ 21,267
Amortization of purchased intangibles 6,771 8,813 13,650 15,601
Legal matters 5,110 (182 ) 8,789 3,356 Acquisition related
(benefits) costs (1) (2) 1,512 10,226 (106 ) 10,826 Restructuring
costs 450 684 1,488 684 Valuation change in equity-owned securities
(3) (286,398 ) - (1,102,332 ) - Loss on equity-method investments
405 24 403 163 Other non-recurring items (4) -
- (9,208 ) -
Non-GAAP income before
income taxes $ 67,936 $ 20,685 $ 116,459 $
51,897
GAAP (provision) benefit for income
taxes $ (72,043 ) $ 3,915 $ (278,958 ) $ (3,819 ) Income tax
effect of non-GAAP adjustments (5) 53,647
(5,849 ) 247,398 (9,045 )
Non-GAAP
provision for income taxes $ (18,396 ) $ (1,934 ) $ (31,560 ) $
(12,864 )
GAAP net income $ 268,043 46.5 % $ 5,035
1.0 % $ 924,817 82.0 % $ 17,448 1.7 % Amortization of purchased
intangibles 6,771 8,813 13,650 15,601 Legal matters 5,110 (182 )
8,789 3,356 Acquisition related (benefit) costs (1) (2) 1,512
10,226 (106 ) 10,826 Restructuring costs 450 684 1,488 684
Valuation change in equity-owned securities (3) (286,398 ) -
(1,102,332 ) - Loss on equity-method investments 405 24 403 163
Other non-recurring items (4) - - (9,208 ) - Income tax effect of
non-GAAP adjustments (5) 53,647 (5,849 )
247,398 (9,045 )
Non-GAAP net income $
49,540 8.6 % $ 18,751 3.7 % $ 84,899 7.5 % $
39,033 3.9 %
GAAP diluted income per share $
8.87 $ 0.17 $ 30.63 $ 0.58 Amortization of purchased intangibles
0.22 0.29 0.45 0.52 Legal matters 0.17 (0.01 ) 0.29 0.11
Acquisition related (benefits) costs (1) (2) 0.05 0.34 - 0.36
Restructuring costs 0.01 0.02 0.05 0.02 Valuation change in
equity-owned securities (3) (9.48 ) - (36.50 ) - Loss on
equity-method investments 0.01 - 0.01 0.01 Other non-recurring
items (4) - - (0.30 ) - Income tax effect of non-GAAP adjustments
(5) 1.79 (0.19 ) 8.18
(0.30 )
Non-GAAP diluted income per share $ 1.64 $
0.62 $ 2.81 $ 1.30
GAAP diluted
weighted average shares used in per share calculation 30,219
30,006 30,197 29,962 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 30,219 30,006
30,197 29,962 (1)
One-time expense associated with the February 2017 acquisition of
RainDance Technologies, Inc. (2) Release of contingent
consideration and other acquisition-related expense (3)
Mark-to-market gain on equity-owned securities (4) Gain on
the sale of land and a product line
(5) 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.
2018 Financial Outlook
Forecasted non-GAAP operating margin excludes 1.5 basis points
related to amortization of purchased intangibles and certain legal
matters. 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/20180807005939/en/
Investor & Financial Contacts:Bio-Rad Laboratories,
Inc.Christine Tsingos, 510-724-7000Executive Vice President and
Chief Financial Officerinvestor_relations@bio-rad.comRon Hutton,
510-724-7000Vice President and
Treasurerinvestor_relations@bio-rad.com
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