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, 2020.
Third-quarter 2020 net sales were $647.3 million, an increase of
15.5 percent compared to $560.6 million reported for the third
quarter of 2019. On a currency-neutral basis, quarterly sales
increased 14.9 percent compared to the same period in 2019.
Third-quarter gross margin was 56.7 percent compared to 54.8
percent during the third quarter in 2019.
Life Science segment net sales for the third quarter were $324.0
million, an increase of 50.2 percent compared to the same period in
2019. On a currency-neutral basis, Life Science segment sales
increased by 48.8 percent compared to the same quarter in 2019.
Currency-neutral sales growth was primarily attributed to sales of
our PCR and Droplet Digital PCR product lines, which experienced
significant demand resulting from the COVID-19 pandemic. Our
Process Media product lines also benefitted the Life Science
segment. On a geographic view, all regions experienced
currency-neutral sales growth compared to the same quarter last
year.
Clinical Diagnostics segment net sales for the third quarter
were $322.2 million, a decrease of 5.7 percent compared to the same
period in 2019. On a currency-neutral basis, net sales were down
5.9 percent versus the same quarter last year. The currency-neutral
sales decrease was primarily driven by lower demand resulting from
the COVID-19 pandemic and was across most product lines and across
all regions.
Income from operations during the third quarter of 2020 was
$109.6 million versus $57.5 million during the same quarter last
year.
Net income for the third quarter of 2020 was $1,314.8 million,
or $43.64 per share on a diluted basis versus a net loss of
($258.8) million, or ($8.68) per share, on a diluted basis, during
the same period in 2019. The net income (loss) for the third
quarter of 2020 and 2019, respectively, 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 2020
was 21.9 percent, compared to 22.8 percent for the same period in
2019. The tax rates in both periods were driven by the changes in
the fair market value of equity securities.
“As we anticipated, sales during the third quarter continued to
be impacted both positively and negatively by the coronavirus
pandemic,” said Norman Schwartz, Bio-Rad President and Chief
Executive Officer. “However, we experienced increased activity and
lab utilization across our customers, globally. Although the
COVID-19 situation is still unpredictable, we remain focused on our
core strategies as well as our contributions in response to the
pandemic. We would like to recognize our employees around the world
who continue to make extraordinary efforts to serve our customers
during this challenging time," he said.
GAAP Results
Q3 2020
Q3 2019
Revenue (millions)
$647.3
$560.6
Gross margin
56.7%
54.8%
Operating margin
16.9%
10.2%
Net income (loss) (millions)
$1,314.8
($258.8)
Income (loss) per diluted share
$43.64
($8.68)
Non-GAAP Results
Q3 2020
Q3 2019
Gross margin
57.5%
56.0%
Operating margin
18.8%
12.0%
Net income (millions)
$90.3
$48.6
Income per diluted share
$3.00
$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 third quarter of 2020 was $90.3
million, or $3.00 per share on a diluted basis, compared to $48.6
million, or $1.61 per share on a diluted basis, during the same
period in 2019.
The non-GAAP effective tax rate for the third quarter of 2020
was 22.5 percent, compared to 25.5 percent for the same period in
2019. The decrease in the rate was driven by a change in our
geographic mix of earnings and the taxation of our foreign
earnings.
The following table represents a reconciliation of Bio-Rad’s
reported net income (loss) and diluted income (loss) per share to
non-GAAP net income and non-GAAP diluted income per share for the
three and nine months ended September 30, 2020 and 2019:
(in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020
2019
2020
2019
GAAP net income (loss)
$1,314,824
$(258,816)
$2,967,165
$1,205,189
Amortization of purchased intangibles
7,163
5,809
20,257
16,490
Legal matters
5,977
(1,900)
10,395
4,593
Acquisition related costs (benefits)
165
6
(837)
(7,762)
Restructuring (benefits) costs
(1,111)
5,928
(827)
5,749
Valuation (gain) loss on equity-owned
securities
(1,580,350)
390,620
(3,591,509)
(1,384,999)
Loss on equity-method investments
183
37
2,634
698
Other non-recurring items
-
-
(11,680)
(759)
Income tax effect on non-GAAP
adjustments
343,401
(93,040)
800,631
303,890
Non-GAAP net income
$90,252
$48,644
$196,229
$143,089
GAAP diluted income (loss) per share
$43.64
$(8.68)
$98.46
$39.97
Non-GAAP diluted income per share
$3.00
$1.61
$6.51
$4.75
On a reported basis, net sales for the first three quarters of
2020 increased 4.1 percent to $1,755.8 million compared to $1,687.2
million for the same period in 2019. On a currency-neutral basis,
net sales grew 5.0 percent.
Year-to-date net income for 2020 was $2,967.2 million, or $98.46
per share on a fully diluted basis, compared to $1,205.2 million,
or $39.97 per share, respectively, during the same period in 2019.
As mentioned earlier, the COVID-19 pandemic impacted overall
results for the first three quarters of the year. On a non-GAAP
basis net income for the first three quarters of 2020 was $196.2
million, or $6.51 per share, compared to $143.1 million, or $4.75
per share, during the same period in 2019.
"Although 2020 was met with many challenges, our team has been
able to effectively respond,” Mr. Schwartz said. “As we head into
the end of the year, we continue to expect a gradual improvement in
our end-markets. Through our team’s discipline and tight cost
control in this unique year, we expect to generate significantly
higher operating profit over 2019."
2020 Financial Outlook
The company currently believes that full-year 2020
year-over-year currency-neutral sales may be up 5.9 to 6.3 percent
with an estimated non-GAAP operating margin of 16.0 to 16.5
percent. Management will discuss this outlook in greater detail on
the third-quarter 2020 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, 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 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, 2020
results in a conference call at 3 PM Pacific Time (6 PM Eastern
Time) October 29, 2020. To listen, call 855-779-9068 within the
U.S. or 631-485-4862 outside the U.S., passcode: 7061137. 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 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, that we remain focused on our
core strategies as well as our contributions in response to the
pandemic, believing that full-year 2020 year-over-year
currency-neutral sales may be up 5.9 to 6.3 percent with an
estimated non-GAAP operating margin of 16.0 to 16.5 percent,
continuing to expect a gradual improvement in our end-markets as we
head into the end of the year, and expecting to generate
significantly higher operating profit over 2019 through our team’s
discipline and tight cost control in this unique 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 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, 2019, and its Quarterly Report on
Form 10-Q for the fiscal quarter ended September 30, 2020 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,
2020
2019
2020
2019
Net sales
$
647,263
$
560,633
$
1,755,787
$
1,687,231
Cost of goods sold
279,952
253,607
778,120
760,674
Gross profit
367,311
307,026
977,667
926,557
Selling, general and administrative expense
198,165
201,622
581,119
610,460
Research and development expense
59,546
47,944
160,833
145,641
Income from operations
109,600
57,460
235,715
170,456
Interest expense
5,728
5,525
17,158
17,352
Foreign currency exchange losses, net
776
898
2,478
3,411
Change in fair market value of equity securities
(1,580,350
)
390,620
(3,591,509
)
(1,384,999
)
Other (income) expense, net
(1,015
)
(4,367
)
(21,517
)
(26,959
)
Income (loss) before income taxes
1,684,461
(335,216
)
3,829,105
1,561,651
(Provision for) benefit from income taxes
(369,637
)
76,400
(861,940
)
(356,462
)
Net income (loss)
$
1,314,824
$
(258,816
)
$
2,967,165
$
1,205,189
Basic earnings (loss) per share: Net income (loss) per basic
share
$
44.24
$
(8.68
)
$
99.75
$
40.42
Weighted average common shares - basic
29,721
29,831
29,746
29,815
Diluted earnings (loss) per share: Net income (loss) per
diluted share
$
43.64
$
(8.68
)
$
98.46
$
39.97
Weighted average common shares - diluted
30,128
29,831
30,137
30,149
Note:
As a result of the net loss for
the three months ended September 30, 2019, 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)
September 30,
December 31,
2020
2019
(Unaudited) Current assets: Cash and cash equivalents
$
840,325
$
660,672
Short-term investments
319,662
459,533
Accounts receivable, net
402,241
392,672
Inventories, net
640,228
554,007
Other current assets
121,405
113,271
Total current assets
2,323,861
2,180,155
Property, plant and equipment, net
480,949
499,339
Operating lease right-of-use assets
196,652
201,868
Goodwill, net
291,916
264,131
Purchased intangibles, net
205,305
145,525
Other investments
8,439,897
4,638,205
Other assets
82,351
79,636
Total assets
$
12,020,931
$
8,008,859
Current liabilities: Accounts payable, accrued payroll and
employee benefits
$
323,085
$
287,098
Current maturities of long-term debt
426,636
426,172
Income and other taxes payable
41,646
36,285
Other current liabilities
195,290
155,940
Total current liabilities
986,657
905,495
Long-term debt, net of current maturities
12,241
13,579
Other long-term liabilities
2,196,888
1,334,728
Total liabilities
3,195,786
2,253,802
Total stockholders' equity
8,825,145
5,755,057
Total liabilities and stockholders' equity
$
12,020,931
$
8,008,859
Bio-Rad Laboratories,
Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2020
2019
Cash flows from operating activities: Cash received from
customers
$
1,741,431
$
1,716,486
Cash paid to suppliers and employees
(1,406,427
)
(1,392,653
)
Interest paid, net
(11,066
)
(11,381
)
Income tax payments, net
(51,539
)
(42,634
)
Other operating activities
18,195
28,277
Net cash provided by operating activities
290,594
298,095
Cash flows from investing activities: Payments for
acquisitions
(96,655
)
(75,811
)
Other investing activities
86,514
(71,882
)
Net cash used in investing activities
(10,141
)
(147,693
)
Cash flows from financing activities: Payments on long-term
borrowings
(1,780
)
(487
)
Other financing activities
(99,377
)
(17,488
)
Net cash used in financing activities
(101,157
)
(17,975
)
Effect of foreign exchange rate changes on cash
3,154
(3,239
)
Net increase in cash, cash equivalents, and restricted cash
182,450
129,188
Cash, cash equivalents, and restricted cash at beginning of period
662,651
434,164
Cash, cash equivalents, and restricted cash at end of period
$
845,101
$
563,352
Reconciliation of net income to net cash provided by
operating activities: Net income
$
2,967,165
$
1,205,189
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
101,938
99,757
Reduction in the carrying amount of right-of-use assets
27,694
31,108
Changes in working capital
(44,360
)
8,861
Other
(2,761,843
)
(1,046,820
)
Net cash provided by operating activities
$
290,594
$
298,095
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
2020
revenue
2019
revenue
2020
revenue
2019
revenue
GAAP cost of goods sold
$
279,952
$
253,607
$
778,120
$
760,674
Amortization of purchased intangibles
(4,841
)
(3,944
)
(13,700
)
(11,366
)
Acquisition related benefits (costs) (1)
-
-
-
7,403
Restructuring benefits (costs)
237
(3,243
)
1,705
(3,051
)
Non-GAAP cost of goods sold
$
275,348
$
246,420
$
766,125
$
753,660
GAAP gross profit
$
367,311
56.7
%
$
307,026
54.8
%
$
977,667
55.7
%
$
926,557
54.9
%
Amortization of purchased intangibles
4,841
3,944
13,700
11,366
Acquisition related (benefits) costs (1)
-
-
-
(7,403
)
Restructuring (benefits) costs
(237
)
3,243
(1,705
)
3,051
Non-GAAP gross profit
$
371,915
57.5
%
$
314,213
56.0
%
$
989,662
56.4
%
$
933,571
55.3
%
GAAP selling, general and administrative expense
$
198,165
$
201,622
$
581,119
$
610,460
Amortization of purchased intangibles
(2,322
)
(1,865
)
(6,557
)
(5,124
)
Legal matters
(5,977
)
1,900
(10,395
)
(4,593
)
Acquisition related benefits (costs) (1)
(165
)
(6
)
837
359
Restructuring benefits (costs)
815
(2,662
)
(1,992
)
(2,802
)
Non-GAAP selling, general and administrative expense
$
190,516
$
198,989
$
563,012
$
598,300
GAAP research and development expense
$
59,546
$
47,944
$
160,833
$
145,641
Restructuring benefits (costs)
59
(23
)
1,114
104
Non-GAAP research and development expense
$
59,605
$
47,921
$
161,947
$
145,745
GAAP income from operations
$
109,600
16.9
%
$
57,460
10.2
%
$
235,715
13.4
%
$
170,456
10.1
%
Amortization of purchased intangibles
7,163
5,809
20,257
16,490
Legal matters
5,977
(1,900
)
10,395
4,593
Acquisition related (benefits) costs (1)
165
6
(837
)
(7,762
)
Restructuring (benefits) costs
(1,111
)
5,928
(827
)
5,749
Non-GAAP income from operations
$
121,794
18.8
%
$
67,303
12.0
%
$
264,703
15.1
%
$
189,526
11.2
%
GAAP change in fair market value of equity securities
$
(1,580,350
)
$
390,620
$
(3,591,509
)
$
(1,384,999
)
Valuation (loss) gain on equity-owned securities
1,580,350
(390,620
)
3,591,509
1,384,999
Non-GAAP change in fair market value of equity securities
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
(1,015
)
$
(4,367
)
$
(21,517
)
$
(26,959
)
(Loss) gain on equity-method investments
(183
)
(37
)
(2,634
)
(698
)
Other non-recurring items (2)
-
-
11,680
759
Non-GAAP other (income) expense, net
$
(1,198
)
$
(4,404
)
$
(12,471
)
$
(26,898
)
GAAP income (loss) before income taxes
$
1,684,461
$
(335,216
)
$
3,829,105
$
1,561,651
Amortization of purchased intangibles
7,163
5,809
20,257
16,490
Legal matters
5,977
(1,900
)
10,395
4,593
Acquisition related (benefits) costs (1)
165
6
(837
)
(7,762
)
Restructuring (benefits) costs
(1,111
)
5,928
(827
)
5,749
Valuation loss (gain) on equity-owned securities
(1,580,350
)
390,620
(3,591,509
)
(1,384,999
)
Loss (gain) on equity-method investments
183
37
2,634
698
Other non-recurring items (2)
-
-
(11,680
)
(759
)
Non-GAAP income before income taxes
$
116,488
$
65,284
$
257,538
$
195,661
GAAP (provision for) benefit from income taxes
$
(369,637
)
$
76,400
$
(861,940
)
$
(356,462
)
Income tax effect of non-GAAP adjustments (3)
343,401
(93,040
)
800,631
303,890
Non-GAAP provision for income taxes
$
(26,236
)
$
(16,640
)
$
(61,309
)
$
(52,572
)
GAAP net income (loss)
$
1,314,824
203.1
%
$
(258,816
)
-46.2
%
$
2,967,165
169.0
%
$
1,205,189
71.4
%
Amortization of purchased intangibles
7,163
5,809
20,257
16,490
Legal matters
5,977
(1,900
)
10,395
4,593
Acquisition related (benefits) costs (1)
165
6
(837
)
(7,762
)
Restructuring (benefits) costs
(1,111
)
5,928
(827
)
5,749
Valuation loss (gain) on equity-owned securities
(1,580,350
)
390,620
(3,591,509
)
(1,384,999
)
Loss (gain) on equity-method investments
183
37
2,634
698
Other non-recurring items (2)
-
-
(11,680
)
(759
)
Income tax effect of non-GAAP adjustments (3)
343,401
(93,040
)
800,631
303,890
Non-GAAP net income
$
90,252
13.9
%
$
48,644
8.7
%
$
196,229
11.2
%
$
143,089
8.5
%
GAAP diluted income (loss) per share
$
43.64
$
(8.68
)
$
98.46
$
39.97
Amortization of purchased intangibles
0.24
0.19
0.67
0.55
Legal matters
0.20
(0.06
)
0.34
0.15
Acquisition related (benefits) costs (1)
0.01
-
(0.03
)
(0.26
)
Restructuring (benefits) costs
(0.04
)
0.20
(0.03
)
0.19
Valuation loss (gain) on equity-owned securities
(52.45
)
12.94
(119.17
)
(45.94
)
Loss (gain) on equity-method investments
0.01
-
0.09
0.02
Other non-recurring items (2)
-
-
(0.39
)
(0.03
)
Income tax effect of non-GAAP adjustments (3)
11.39
(3.09
)
26.57
10.10
Add back anti-dilutive shares
-
0.11
-
-
Non-GAAP diluted income per share
$
3.00
$
1.61
$
6.51
$
4.75
GAAP diluted weighted average shares used in per share
calculation
30,128
29,831
30,137
30,149
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
-
358
-
-
Non-GAAP diluted weighted average shares used in per share
calculation
30,128
30,189
30,137
30,149
(1)
Release of contingent
consideration and other acquisition-related (benefits)
expenses.
(2)
Gain on the sale of a division
(2020) and gain on the sale of a product line (2019).
(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 108 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/20201029006233/en/
Investor Contact: Kevin Han, Senior Director Investor
Relations 510-741-6777 ir@bio-rad.com
Media Contact: Tina Cuccia, Manager Corporate
Communications 510-741-6063 tina_cuccia@bio-rad.com
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