Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader
in life science research and clinical diagnostic products, today
announced financial results for the first quarter ended March 31,
2023.
First-quarter 2023 net sales were $676.8 million, a decrease of
3.3 percent compared to $700.1 million reported for the first
quarter of 2022. On a currency-neutral basis, quarterly sales
decreased 0.3 percent compared to the same period in 2022.
COVID-related sales were $2.6 million in the first quarter of 2023
versus approximately $45 million in the year ago period. Excluding
COVID-related sales, revenue increased 6.1 percent on a
currency-neutral basis.
Life Science segment net sales for the first quarter were $323.6
million, a decrease of 6.8 percent compared to the same period in
2022. On a currency-neutral basis, Life Science segment sales
decreased by 3.6 percent compared to the same quarter in 2022.
Excluding COVID-related sales, Life Science revenue grew 9.6
percent and was primarily driven by qPCR, western blotting, and
Droplet Digital™ PCR products.
Clinical Diagnostics segment net sales for the first quarter
were $352.1 million, or essentially flat when compared to the same
period in 2022. On a currency-neutral basis, net sales increased
2.8 percent versus the same quarter last year. Excluding
COVID-related sales, Clinical Diagnostics revenue increased 3.1
percent year over year, on a currency-neutral basis, driven by
strong demand for diagnostic instruments.
First-quarter gross margin was 53.5 percent compared to 57.5
percent during the first quarter of 2022.
Income from operations during the first quarter of 2023 was
$61.9 million versus $146.4 million during the same quarter last
year.
Net income for the first quarter of 2023 was $69 million, or
$2.32 per share, on a diluted basis, versus a net loss of $3,367
million, or $112.50 per share, on a diluted basis, during the same
period in 2022. Net income (loss) amounts for the first quarter of
2023 and 2022 were primarily impacted by the recognition of changes
in the fair market value of equity securities related to the
holdings of the company’s investment in Sartorius AG.
The effective tax rate for the first quarter of 2023 was 18.7
percent, compared to 22.9 percent for the same period in 2022. The
effective tax rate reported in Q1 2023 was primarily affected by
geographical mix of earnings. The effective tax rate reported in Q1
of 2022 was primarily affected by an unrealized loss in equity
securities.
“The expected decline in first quarter COVID-related sales
resulted in lower year-over-year total revenues; however, we are
encouraged by continued underlying strength of our core business in
Life Science and Clinical Diagnostics,” said Norman Schwartz,
Bio-Rad’s President and Chief Executive Officer. “While lingering
effects of supply chain challenges continued to impact our
operations during the quarter, we are working diligently through
our elevated order backlog to meet customer demand.”
The non-GAAP financial measures discussed below exclude certain
items detailed later in this press release under the heading “Use
of Non-GAAP and Currency-Neutral Reporting.” A reconciliation
between historical GAAP operating results and non-GAAP operating
results is provided following the financial statements that are
part of this press release.
Non-GAAP gross margin was 54.2 percent for the first quarter of
2023 compared to 58.2 percent during the first quarter of 2022.
Non-GAAP income from operations during the first quarter of 2023
was $84.2 million versus $156.8 million during the comparable
prior-year period.
Non-GAAP net income for the first quarter of 2023 was $99.4
million, or $3.34 per share, on a diluted basis, compared to $151.5
million, or $5.02 per share, on a diluted basis, during the same
period in 2022.
The non-GAAP effective tax rate for the first quarter of 2023
was 20.9 percent, compared to 19.6 percent for the same period in
2022. The higher rate in 2023 was driven by geographical mix of
earnings and lower compensation-related deductions.
GAAP Results
Q1 2023
Q1 2022
Revenue (millions)
$676.8
$700.1
Gross margin
53.5%
57.5%
Operating margin
9.1%
20.9%
Net income (loss) (millions)
$69.0
($3,367.3)
Income (loss) per diluted share
$2.32
($112.50)
Non-GAAP Results
Q1 2023
Q1 2022
Revenue (millions)
$676.8
$700.1
Gross margin
54.2%
58.2%
Operating margin
12.4%
22.4%
Net income (millions)
$99.4
$151.5
Income per diluted share
$3.34
$5.02
A reconciliation between historical GAAP operating results and
non-GAAP operating results is provided following the financial
statements that are part of this press release. We do not provide a
reconciliation of our non-GAAP financial expectations to
expectations for the most comparable GAAP measure because the
amount and timing of many future charges that impact these measures
(such as amortization of future acquisition-related intangible
assets, future acquisition-related expenses and benefits, future
restructuring charges, future asset impairment charges, future
valuation changes of equity-owned securities, future gains and
losses on equity -method investments or future legal charges or
benefits), which could be material, are variable, uncertain, or out
of our control and therefore cannot be reasonably predicted without
unreasonable effort, if at all.
Updated 2023 Financial Outlook
Bio-Rad is updating its financial outlook for full-year 2023.
The company currently anticipates non-GAAP currency-neutral revenue
growth of approximately 4.5 percent in 2023 compared to its
previous estimate of 6.0 to 7.0 percent and an estimated non-GAAP
operating margin of approximately 17.5 percent versus the company’s
prior estimate of approximately 19.5 percent. Excluding
COVID-related sales, Bio-Rad estimates full-year 2023 non-GAAP
currency-neutral revenue growth to be approximately 8.5 percent
versus its prior guidance of 10.0 to 11.0 percent.
Updated 2025 Financial Outlook
Bio-Rad is also updating its financial outlook for full-year
2025 presented at the company’s 2022 Investor Day event on February
25, 2022. The company now targets a currency-neutral, compounded
annual average core revenue growth rate of approximately 8.0
percent between 2021 and 2025 versus its previous target of
approximately 8.9 percent and an adjusted EBITDA margin of
approximately 26.0 percent in 2025 compared to the company’s
previous target of approximately 28.0 percent. Core revenue is
defined as currency-neutral, non-GAAP revenue that also excludes
COVID-related sales.
Conference Call and Webcast
Management will discuss the company’s first quarter ended March
31, 2023, results and financial outlook in a conference call at 2
PM Pacific Time (5 PM Eastern Time) on May 4, 2023. To participate,
dial 833-470-1428 within the U.S. or +1 929-526-1599 outside the
U.S., access code: 522530. A live webcast of the conference call
will also be available in the "Investor Relations" section of the
company’s website under "Events & Presentations" at
investors.bio-rad.com. A replay of the webcast will be available
for up to a year.
Use of Non-GAAP and Currency-Neutral 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, gains
and losses from change in fair market value of equity securities
and loan receivable, 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 gains and losses from
change in fair market value of equity securities and loan
receivable, 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 gains and
losses from change in fair market value of equity securities and
loan receivable, and gains and losses (including impairments) 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.
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
diagnostics markets. With focus on quality and customer service for
over 70 years, our products advance scientific discovery 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 8,300 employees
worldwide and 2022 revenues of $2.8 billion. For more information,
please visit bio-rad.com.
Forward-Looking Statements
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 continued underlying strength
of our core business in Life Science and Clinical Diagnostics;
working diligently through our elevated order backlog to meet
customer demand; for the full-year 2023: currently anticipating
non-GAAP currency-neutral revenue growth of approximately 4.5
percent, an estimated non-GAAP operating margin of approximately
17.5 percent, and, excluding COVID-related sales, estimating
non-GAAP currency-neutral revenue growth of approximately 8.5
percent; and for our 2025 financial outlook: targeting a
currency-neutral, compounded annual average core revenue growth
rate of approximately 8.0 percent between 2021 and 2025, and an
adjusted EBITDA margin of approximately 26.0 percent in 2025.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as, "anticipate," "estimate,"
"expect,” “target,” "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 impact of the
COVID-19 pandemic, supply chain issues, global economic conditions,
foreign currency exchange fluctuations, our ability to develop and
market new or improved products, our ability to compete
effectively, 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, 2022, and its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2023 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 (Loss) (In thousands, except per
share data) (Unaudited)
Three Months Ended March
31,
2023
2022
Net sales
$
676,844
$
700,062
Cost of goods sold
314,427
297,427
Gross profit
362,417
402,635
Selling, general and administrative expense
225,553
196,692
Research and development expense
74,951
59,535
Income from operations
61,913
146,408
Interest expense
12,337
4,048
Foreign currency exchange gains, net
(2,347
)
(2,128
)
Losses from change in fair market value of equity securities and
loan receivable
17,525
4,545,117
Other income, net
(50,431
)
(32,597
)
Income (loss) before income taxes
84,829
(4,368,032
)
(Provision for) benefit from income taxes
(15,867
)
1,000,685
Net income (loss)
$
68,962
$
(3,367,347
)
Basic earnings (loss) per share: Net income (loss) per basic
share
$
2.33
$
(112.50
)
Weighted average common shares - basic
29,596
29,933
Diluted earnings (loss) per share: Net income (loss) per
diluted share
$
2.32
$
(112.50
)
Weighted average common shares - diluted
29,747
29,933
Note: As a result of the net loss for the three months ended March
31, 2022, 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)
March 31, December 31,
2023
2022
(Unaudited) Current assets: Cash and cash equivalents
$
464,136
$
434,215
Short-term investments
1,392,877
1,362,017
Accounts receivable, net
498,273
494,645
Inventories, net
752,937
719,316
Other current assets
169,029
147,783
Total current assets
3,277,252
3,157,976
Property, plant and equipment, net
506,454
498,612
Operating lease right-of-use assets
174,096
180,952
Goodwill, net
407,757
406,488
Purchased intangibles, net
327,828
332,147
Other investments
8,878,514
8,830,892
Other assets
95,513
94,599
Total assets
$
13,667,414
$
13,501,666
Current liabilities: Accounts payable, accrued payroll and
employee benefits
$
334,892
$
329,831
Current maturities of long-term debt
519
465
Income and other taxes payable
50,867
32,428
Other current liabilities
203,345
205,984
Total current liabilities
589,623
568,708
Long-term debt, net of current maturities
1,198,005
1,197,716
Other long-term liabilities
2,116,070
2,119,990
Total liabilities
3,903,698
3,886,414
Total stockholders' equity
9,763,716
9,615,252
Total liabilities and stockholders' equity
$
13,667,414
$
13,501,666
Bio-Rad Laboratories,
Inc.
Condensed Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
Three Months Ended March
31,
2023
2022
Cash flows from operating activities: Cash received from
customers
$
677,522
$
649,993
Cash paid to suppliers and employees
(552,990
)
(615,630
)
Interest paid, net
(22,482
)
(306
)
Income tax payments, net
(13,283
)
(14,324
)
Other operating activities
9,352
30,761
Net cash provided by operating activities
98,119
50,494
Cash flows from investing activities: Payments for purchases
of marketable securities and investments
(203,588
)
(960,940
)
Proceeds from sales and maturities of marketable securities and
investments
168,840
77,877
Other investing activities
(35,725
)
(33,078
)
Net cash used in investing activities
(70,473
)
(916,141
)
Cash flows from financing activities: Proceeds from issuance
of Notes, net of debt financing costs
-
1,186,220
Payments on long-term borrowings
(115
)
(104
)
Other financing activities
4,424
4,177
Net cash provided by financing activities
4,309
1,190,293
Effect of foreign exchange rate changes on cash
(1,996
)
6,877
Net increase in cash, cash equivalents and restricted cash
29,959
331,523
Cash, cash equivalents and restricted cash at beginning of period
434,544
471,133
Cash, cash equivalents and restricted cash at end of period
$
464,503
$
802,656
Reconciliation of net income (loss) to net cash
provided by operating activities: Net income (loss)
$
68,962
$
(3,367,347
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation and amortization
35,587
33,401
Reduction in the carrying amount of right-of-use assets
9,999
10,018
Losses from change in fair market value of equity securities and
loan receivable
17,525
4,545,117
Changes in working capital
(38,830
)
(156,678
)
Other
4,876
(1,014,017
)
Net cash provided by operating activities
$
98,119
$
50,494
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; gains and losses from change in fair market value of
equity securities and loan receivable; 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 March 31, % of March
31, % of
2023
revenue
2022
revenue GAAP cost of goods sold
$
314,427
$
297,427
Amortization of purchased intangibles
(4,288
)
(4,461
)
Restructuring benefits (costs)
(330
)
(3
)
Non-GAAP cost of goods sold
$
309,809
$
292,963
GAAP gross profit
$
362,417
53.5
%
$
402,635
57.5
%
Amortization of purchased intangibles
4,288
4,461
Restructuring (benefits) costs
330
3
Non-GAAP gross profit
$
367,035
54.2
%
$
407,099
58.2
%
GAAP selling, general and administrative expense
$
225,553
$
196,692
Amortization of purchased intangibles
(1,691
)
(1,849
)
Legal matters
-
(1,193
)
Acquisition related benefits (costs)
(800
)
-
Restructuring benefits (costs)
(8,988
)
(144
)
Other non-recurring items (2)
(1,922
)
(2,809
)
Non-GAAP selling, general and administrative expense
$
212,152
$
190,697
GAAP research and development expense
$
74,951
$
59,535
Restructuring benefits (costs)
(4,235
)
103
Non-GAAP research and development expense
$
70,716
$
59,638
GAAP income from operations
$
61,913
9.1
%
$
146,408
20.9
%
Amortization of purchased intangibles
5,979
6,310
Legal matters
-
1,193
Acquisition related (benefits) costs
800
-
Restructuring (benefits) costs
13,553
44
Other non-recurring items (2)
1,922
2,809
Non-GAAP income from operations
$
84,167
12.4
%
$
156,764
22.4
%
GAAP (gains) losses from change in fair market value of
equity securities and loan receivable
$
17,525
$
4,545,117
Gains (losses) from change in fair market value of equity
securities and loan receivable
(17,525
)
(4,545,117
)
Non-GAAP (gains) losses from change in fair market value of
equity securities and loan receivable
$
-
$
-
GAAP other (income) expense, net
$
(50,431
)
$
(32,597
)
Gains (losses) on equity-method investments
(995
)
(990
)
Non-GAAP other (income) expense, net
$
(51,426
)
$
(33,587
)
GAAP income (loss) before income taxes
$
84,829
$
(4,368,032
)
Amortization of purchased intangibles
5,979
6,310
Legal matters
-
1,193
Acquisition related (benefits) costs
800
-
Restructuring (benefits) costs
13,553
44
(Gains) losses from change in fair market value of equity
securities and loan receivable
17,525
4,545,117
(Gains) losses on equity-method investments
995
990
Other non-recurring items (2)
1,922
2,809
Non-GAAP income before income taxes
$
125,603
$
188,431
GAAP (provision for) benefit from income taxes
$
(15,867
)
$
1,000,685
Income tax effect of non-GAAP adjustments (1)
(10,376
)
(1,037,658
)
Non-GAAP provision for income taxes
$
(26,243
)
$
(36,973
)
GAAP net income (loss)
$
68,962
10.2
%
$
(3,367,347
)
-481.0
%
Amortization of purchased intangibles
5,979
6,310
Legal matters
-
1,193
Acquisition related (benefits) costs
800
-
Restructuring (benefits) costs
13,553
44
(Gains) losses from change in fair market value of equity
securities and loan receivable
17,525
4,545,117
(Gains) losses on equity-method investments
995
990
Other non-recurring items (2)
1,922
2,809
Income tax effect of non-GAAP adjustments (1)
(10,376
)
(1,037,658
)
Non-GAAP net income
$
99,360
14.7
%
$
151,458
21.6
%
GAAP diluted income (loss) per share
$
2.32
$
(112.50
)
Amortization of purchased intangibles
0.20
0.21
Legal matters
-
0.04
Acquisition related (benefits) costs
0.03
-
Restructuring (benefits) costs
0.46
-
(Gains) losses from change in fair market value of equity
securities and loan receivable
0.59
150.57
(Gains) losses on equity-method investments
0.03
0.03
Other non-recurring items (2)
0.06
0.09
Income tax effect of non-GAAP adjustments (1)
(0.35
)
(34.37
)
Add back anti-dilutive shares
-
0.95
Non-GAAP diluted income per share
$
3.34
$
5.02
GAAP diluted weighted average shares used in per share
calculation
29,747
29,933
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
-
253
Non-GAAP diluted weighted average shares used in per share
calculation
29,747
30,186
Reconciliation of Net income (loss) to adjusted
EBITDA: GAAP net income (loss)
$
68,962
10.2
%
$
(3,367,347
)
-481.0
%
Interest expense
12,337
4,048
(Benefit from) provision for income taxes
15,867
(1,000,685
)
Depreciation and amortization
35,587
33,401
Foreign currency exchange gains, net
(2,347
)
(2,128
)
Other income, net
(50,431
)
(32,597
)
Losses from change in fair market value of equity securities and
loan receivable
17,525
4,545,117
Dividend from Sartorius AG
34,766
31,586
Legal matters
-
1,193
Acquisition related (benefits) costs
800
-
Restructuring (benefits) costs
13,553
44
Other non-recurring items (2)
1,922
2,809
Adjusted EBITDA
$
148,541
21.9
%
$
215,441
30.8
%
(1)
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.
(2)
Incremental costs to comply with the European Union's In Vitro
Diagnostics Regulation ("IVDR") for previously approved products.
2023 Financial Outlook Forecasted non-GAAP
operating margin excludes 80 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/20230504005499/en/
Investor Contact: Edward Chung, Investor Relations
510-741-6104 ir@bio-rad.com
Media Contact: Anna Gralinska, Corporate Communications
510-741-6643 cc@bio-rad.com
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