HERCULES, Calif.–(BUSINESS WIRE)–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 first quarter ended March 31, 2019.
First-quarter 2019 net sales were $554.0 million, an increase of 0.4
percent compared to $551.5 million reported for the first quarter of
2018. On a currency-neutral basis, quarterly sales increased 4.0 percent
compared to the same period in 2018. First-quarter gross margin was 56.3
percent compared to 54.8 percent during the first quarter in 2018.
Life Science segment net sales for the first quarter were $215.7
million, an increase of 9.1 percent compared to the same period in 2018.
On a currency-neutral basis, Life Science segment sales increased by
12.0 percent compared to the same quarter in 2018. Currency-neutral
sales growth was primarily attributed to sales of cell biology, food
safety, Droplet Digital PCR, and process media products. On a geographic
view, sales increased across all regions, most notably in the Americas.
Clinical Diagnostics segment net sales for the first quarter were $334.1
million, a decrease of 4.8 percent compared to the same period in 2018.
On a currency-neutral basis, net sales were down less than 1.0 percent
compared to the same quarter last year. Currency-neutral sales in the
first quarter were positively affected by autoimmune and blood typing
products. Sales during the first quarter of 2019 increased in the
Americas, offset by slower sales in Asia Pacific and parts of Europe.
Net income for the first quarter of 2019 was $865.2 million, or $28.74
per share on a diluted basis versus the first quarter in 2018 in which
net income was $656.8 million, or $21.77 per share on a diluted basis.
Net income for the first quarters of both 2019 and 2018 were
significantly and favorably impacted by the recognition on the income
statement of changes in the fair market value of equity securities of
$1,059.2 million and $815.9 million, respectively, primarily related to
the holdings of our investment in Sartorius AG. In addition, the first
quarter of 2019 was favorably impacted by the declaration of $15.7
million of dividends from our investment in Sartorius AG, which have
been historically declared in the second quarter of each fiscal year.
The effective tax rate for the first quarter of 2019 was 23.2 percent
compared to 24.0 percent during the first three months of 2018.
“We are encouraged by our overall performance for the first quarter,
which reflects continued strength in many of our product areas across
most geographies,” said Norman Schwartz, Bio-Rad President and Chief
Executive Officer. “Improvements in our core operating performance
during the quarter provide us with good momentum as we head into the
rest of the year.”
| GAAP Results | ||||||
| Q1 2019 | Q1 2018 | |||||
| Revenue (Millions) | $554.0 | $551.5 | ||||
| Gross Margin | 56.3% | 54.8% | ||||
| Operating Margin | 10.2% | 7.9% | ||||
| Net Income (Millions) | $865.2 | $656.8 | ||||
| Income per Diluted Share | $28.74 | $21.77 | ||||
| Non-GAAP Results | ||||||
| Q1 2019 | Q1 2018 | |||||
| Gross Margin | 55.6% | 55.7% | ||||
| Operating Margin | 10.5% | 9.7% | ||||
| Net Income (Millions) | $49.6 | $35.4 | ||||
| Income per Diluted Share | $1.65 | $1.17 | ||||
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 first quarter of 2019 was $49.6 million, or
$1.65 per share on a diluted basis, compared to $35.4 million, or $1.17
per share on a diluted basis, during the same period in 2018. The
non-GAAP effective tax rate for the first quarter of 2019 was 28.5
percent compared to 27.0 percent for the same period in 2018.
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 March 31,
2019 and 2018:
|
Three Months Ended
March 31, |
||||||
| 2019 | 2018 | |||||
|
GAAP net income |
$865,195 | $656,774 | ||||
| Amortization of purchased intangibles | 5,327 | 6,879 | ||||
| Legal matters | 4,440 | 3,679 | ||||
| Acquisition-related (benefits) costs | (7,758) | (1,618) | ||||
| Restructuring (benefits) costs | (224) | 1,038 | ||||
| Valuation change in equity-owned securities | (1,059,230) | (815,934) | ||||
| Loss (gain) on equity-method investments | 317 | – | ||||
| Other non-recurring items | (759) | (9,208) | ||||
| Income tax effect on non-GAAP adjustments | 242,332 | 193,751 | ||||
| Non-GAAP net income | $49,640 | $35,361 | ||||
| GAAP diluted income per share | $28.74 |
$21.77 |
||||
| Non-GAAP diluted income per share | $1.65 | $1.17 | ||||
2019 Financial Outlook
For the full year 2019, the company continues to anticipate
currency-neutral revenue growth of approximately 4.0 to 4.5 percent and
improved profitability with an estimated non-GAAP operating margin of
12.5 to 13.0 percent.
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, 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, changes in the fair value of contingent
consideration liabilities, gain or expense on settlement of pre-existing
relationships, etc. 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 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 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
items identified 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 first quarter ended March 31, 2019 results in a
conference call at 2 PM Pacific Time (5 PM Eastern Time) May 8, 2019.
Interested parties may access the call at 855-779-9068 within the U.S.
or 631-485-4862 outside the U.S., Conference ID: 9578218. 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 $2.2 billion in 2018. 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, our overall performance in the first quarter
reflecting continued strength in many of our product areas across most
geographies, improvements in our core operating performance during the
first quarter providing us with good momentum as we head into the rest
of the year, and for the full year 2019 anticipating currency-neutral
revenue growth of approximately 4.0 to 4.5 percent and improved
profitability with an estimated non-GAAP operating margin of 12.5 to
13.0 percent. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as, “anticipate,” “expect,”
“estimate,” “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, foreign currency exchange
fluctuations, international legal and regulatory risks, global economic
conditions, 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, difficulties in implementing
our global enterprise resource planning system, 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, 2018, and its Quarterly Report on Form 10-Q for the fiscal
quarter ended March 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
March 31, |
||||||||||
| 2019 | 2018 | |||||||||
| Net sales | $ | 553,979 | $ | 551,519 | ||||||
| Cost of goods sold | 242,217 | 249,316 | ||||||||
| Gross profit | 311,762 | 302,203 | ||||||||
| Selling, general and administrative expense | 207,581 | 209,130 | ||||||||
| Research and development expense | 47,575 | 49,427 | ||||||||
| Income from operations | 56,606 | 43,646 | ||||||||
| Interest expense | 5,986 | 5,782 | ||||||||
| Foreign currency exchange losses, net | 1,280 | 1,254 | ||||||||
| Change in fair market value of equity securities | (1,059,230 | ) | (815,934 | ) | ||||||
| Other (income) expense, net | (18,696 | ) | (11,145 | ) | ||||||
| Income before income taxes | 1,127,266 | 863,689 | ||||||||
| Provision for income taxes | (262,071 | ) | (206,915 | ) | ||||||
| Net income | $ | 865,195 | $ | 656,774 | ||||||
| Basic earnings per share: | ||||||||||
| Net income per basic share | $ | 29.03 | $ | 22.05 | ||||||
| Weighted average common shares – basic | 29,801 | 29,787 | ||||||||
| Diluted earnings per share: | ||||||||||
| Net income per diluted share | $ | 28.74 | $ | 21.77 | ||||||
| Weighted average common shares – diluted | 30,104 | 30,171 | ||||||||
| Bio-Rad Laboratories, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2019 | 2018 | |||||||
| (Unaudited) | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 455,890 | $ | 431,526 | ||||
| Short-term investments | 408,659 | 418,830 | ||||||
| Accounts receivable, net | 391,699 | 392,443 | ||||||
| Inventories, net | 590,438 | 583,815 | ||||||
| Other current assets | 184,957 | 196,864 | ||||||
| Total current assets | 2,031,643 | 2,023,478 | ||||||
| Property, plant and equipment, net | 502,952 | 508,690 | ||||||
| Operating lease right-of-use assets | 221,597 | – | ||||||
| Goodwill, net | 230,541 | 219,770 | ||||||
| Purchased intangibles, net | 139,382 | 133,123 | ||||||
| Other investments | 3,671,912 | 2,655,709 | ||||||
| Other assets | 64,887 | 70,298 | ||||||
| Total assets | $ | 6,862,914 | $ | 5,611,068 | ||||
| Current liabilities: | ||||||||
| Accounts payable, accrued payroll and employee benefits | $ | 239,018 | $ | 265,960 | ||||
| Current maturities of long-term debt | 1,757 | 493 | ||||||
| Income and other taxes payable | 41,967 | 56,188 | ||||||
| Other current liabilities | 161,564 | 128,154 | ||||||
| Total current liabilities | 444,306 | 450,795 | ||||||
| Long-term debt, net of current maturities | 437,606 | 438,937 | ||||||
| Other long-term liabilities | 1,117,147 | 701,005 | ||||||
| Total liabilities | 1,999,059 | 1,590,737 | ||||||
| Total stockholders’ equity | 4,863,855 | 4,020,331 | ||||||
| Total liabilities and stockholders’ equity | $ | 6,862,914 | $ | 5,611,068 | ||||
| Bio-Rad Laboratories, Inc. | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
|
Three Months Ended
March 31, |
|||||||||||
| 2019 | 2018 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Cash received from customers | $ | 550,291 | $ | 589,869 | |||||||
| Cash paid to suppliers and employees | (507,160 | ) | (543,700 | ) | |||||||
| Interest paid, net | (459 | ) | (378 | ) | |||||||
| Income tax payments, net | (4,567 | ) | (3,245 | ) | |||||||
| Other operating activities | 4,838 | (2,200 | ) | ||||||||
| Net cash provided by operating activities | 42,943 | 40,346 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Payments for acquisitions | (16,083 | ) | – | ||||||||
| Other investing activities | (6,630 | ) | (18,816 | ) | |||||||
| Net cash used in investing activities | (22,713 | ) | (18,816 | ) | |||||||
| Cash flows from financing activities: | |||||||||||
| Payments on long-term borrowings | (237 | ) | (87 | ) | |||||||
| Other financing activities | 2,398 | 2,602 | |||||||||
| Net cash provided by financing activities | 2,161 | 2,515 | |||||||||
| Effect of foreign exchange rate changes on cash | 1,982 | (1,383 | ) | ||||||||
| Net increase in cash, cash equivalents, and restricted cash | 24,373 | 22,662 | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 434,164 | 384,983 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 458,537 | $ | 407,645 | |||||||
|
Reconciliation of net income to net cash provided by operating |
|
||||||||||
| Net income | $ | 865,195 | $ | 656,774 | |||||||
|
Adjustments to reconcile net income to net cash provided by |
|||||||||||
| Depreciation and amortization | 32,904 | 34,344 | |||||||||
| Right-of-use asset amortization | 10,038 | – | |||||||||
| Changes in working capital | (7,615 | ) | (25,346 | ) | |||||||
| Other | (857,579 | ) | (625,426 | ) | |||||||
| Net cash provided by operating activities | $ | 42,943 | $ | 40,346 | |||||||
| 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 Months | Three Months | ||||||||||||||||
| Ended | Ended | ||||||||||||||||
| March 31, |
% of |
March 31, |
% of |
||||||||||||||
| 2019 | revenue | 2018 | revenue | ||||||||||||||
| GAAP cost of goods sold | $ | 242,217 | $ | 249,316 | |||||||||||||
| Amortization of purchased intangibles | (3,663 | ) | (4,809 | ) | |||||||||||||
| Acquisition related benefits (costs) (1) | 7,403 | – | |||||||||||||||
| Restructuring benefits (costs) | 190 | (188 | ) | ||||||||||||||
| Non-GAAP cost of goods sold | $ | 246,147 | $ | 244,319 | |||||||||||||
| GAAP gross profit | $ | 311,762 | 56.3 | % | $ | 302,203 | 54.8 | % | |||||||||
| Amortization of purchased intangibles | 3,663 | 4,809 | |||||||||||||||
| Acquisition related (benefits) costs (1) | (7,403 | ) | – | ||||||||||||||
| Restructuring (benefits) costs | (190 | ) | 188 | ||||||||||||||
| Non-GAAP gross profit | $ | 307,832 | 55.6 | % | $ | 307,200 | 55.7 | % | |||||||||
| GAAP selling, general and administrative expense | $ | 207,581 | $ | 209,130 | |||||||||||||
| Amortization of purchased intangibles | (1,664 | ) | (2,070 | ) | |||||||||||||
| Legal matters | (4,440 | ) | (3,679 | ) | |||||||||||||
| Acquisition related benefits (costs) (1) | 355 | 2,130 | |||||||||||||||
| Restructuring benefits (costs) | 2 | (850 | ) | ||||||||||||||
| Non-GAAP selling, general and administrative expense | $ | 201,834 | $ | 204,661 | |||||||||||||
| GAAP research and development expense | $ | 47,575 | $ | 49,427 | |||||||||||||
| Acquisition related benefits (costs) (1) | – | (512 | ) | ||||||||||||||
| Restructuring benefits (costs) | 32 | – | |||||||||||||||
| Non-GAAP research and development expense | $ | 47,607 | $ | 48,915 | |||||||||||||
| GAAP income from operations | $ | 56,606 | 10.2 | % | $ | 43,646 | 7.9 | % | |||||||||
| Amortization of purchased intangibles | 5,327 | 6,879 | |||||||||||||||
| Legal matters | 4,440 | 3,679 | |||||||||||||||
| Acquisition related (benefits) costs (1) | (7,758 | ) | (1,618 | ) | |||||||||||||
| Restructuring (benefits) costs | (224 | ) | 1,038 | ||||||||||||||
| Non-GAAP income from operations | $ | 58,391 | 10.5 | % | $ | 53,624 | 9.7 | % | |||||||||
| GAAP change in fair market value of equity securities | $ | (1,059,230 | ) | $ | (815,934 | ) | |||||||||||
| Valuation change in equity-owned securities (2) | 1,059,230 | 815,934 | |||||||||||||||
| Non-GAAP change in fair market value of equity securities | $ | – | $ | – | |||||||||||||
| GAAP other (income) expense, net | $ | (18,696 | ) | $ | (11,145 | ) | |||||||||||
| (Loss) gain on equity-method investments | (317 | ) | – | ||||||||||||||
| Other non-recurring items (3) | 759 | 9,208 | |||||||||||||||
| Non-GAAP other (income) expense, net | $ | (18,254 | ) | $ | (1,937 | ) | |||||||||||
| GAAP income before income taxes | $ | 1,127,266 | $ | 863,689 | |||||||||||||
| Amortization of purchased intangibles | 5,327 | 6,879 | |||||||||||||||
| Legal matters | 4,440 | 3,679 | |||||||||||||||
| Acquisition related (benefits) costs (1) | (7,758 | ) | (1,618 | ) | |||||||||||||
| Restructuring (benefits) costs | (224 | ) | 1,038 | ||||||||||||||
| Valuation change in equity-owned securities (2) | (1,059,230 | ) | (815,934 | ) | |||||||||||||
| Loss (gain) on equity-method investments | 317 | – | |||||||||||||||
| Other non-recurring items (3) | (759 | ) | (9,208 | ) | |||||||||||||
| Non-GAAP income before income taxes | $ | 69,379 | $ | 48,525 | |||||||||||||
| GAAP provision for income taxes | $ | (262,071 | ) | $ | (206,915 | ) | |||||||||||
| Income tax effect of non-GAAP adjustments (4) | 242,332 | 193,751 | |||||||||||||||
| Non-GAAP provision for income taxes | $ | (19,739 | ) | $ | (13,164 | ) | |||||||||||
| GAAP net income | $ | 865,195 | 156.2 | % | $ | 656,774 | 119.1 | % | |||||||||
| Amortization of purchased intangibles | 5,327 | 6,879 | |||||||||||||||
| Legal matters | 4,440 | 3,679 | |||||||||||||||
| Acquisition related (benefit) costs (1) | (7,758 | ) | (1,618 | ) | |||||||||||||
| Restructuring (benefits) costs | (224 | ) | 1,038 | ||||||||||||||
| Valuation change in equity-owned securities (2) | (1,059,230 | ) | (815,934 | ) | |||||||||||||
| Loss (gain) on equity-method investments | 317 | – | |||||||||||||||
| Other non-recurring items (3) | (759 | ) | (9,208 | ) | |||||||||||||
| Income tax effect of non-GAAP adjustments (4) | 242,332 | 193,751 | |||||||||||||||
| Non-GAAP net income | $ | 49,640 | 9.0 | % | $ | 35,361 | 6.4 | % | |||||||||
| GAAP diluted income per share | $ | 28.74 | $ | 21.77 | |||||||||||||
| Amortization of purchased intangibles | 0.18 | 0.23 | |||||||||||||||
| Legal matters | 0.15 | 0.12 | |||||||||||||||
| Acquisition related (benefits) costs (1) | (0.26 | ) | (0.05 | ) | |||||||||||||
| Restructuring (benefits) costs | (0.01 | ) | 0.03 | ||||||||||||||
| Valuation change in equity-owned securities (2) | (35.19 | ) | (27.04 | ) | |||||||||||||
| Loss (gain) on equity-method investments | 0.01 | – | |||||||||||||||
| Other non-recurring items (3) | (0.03 | ) | (0.31 | ) | |||||||||||||
| Income tax effect of non-GAAP adjustments (4) | 8.06 | 6.42 | |||||||||||||||
| Non-GAAP diluted income per share | $ | 1.65 | $ | 1.17 | |||||||||||||
| GAAP diluted weighted average shares used in per share calculation | 30,104 | 30,171 | |||||||||||||||
|
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 |
30,104 | 30,171 | |||||||||||||||
Contacts
Investor Contact:
Bio-Rad Laboratories, Inc.
Ilan Daskal
Executive
Vice President and 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