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    Bio-Rad Reports Second-Quarter 2024 Financial Results

    8/1/24 4:15:00 PM ET
    $BIO
    Biotechnology: Laboratory Analytical Instruments
    Industrials
    Get the next $BIO alert in real time by email

    Bio-Rad Laboratories, Inc. (NYSE:BIO), a global leader in life science research and clinical diagnostics products, today announced financial results for the second quarter ended June 30, 2024.

    Second-quarter 2024 total net sales were $638.5 million, a decrease of 6.3 percent compared to $681.1 million reported for the second quarter of 2023. On a currency-neutral basis, quarterly sales decreased 5.4 percent compared to the same period in 2023.

    Life Science segment net sales for the second quarter were $250.5 million, a decrease of 16.5 percent compared to the same period in 2023. On a currency-neutral basis, Life Science segment sales decreased by 15.9 percent compared to the same quarter in 2023. The currency-neutral year-over-year sales decrease was broad-based and was primarily driven by ongoing weakness in the biotech and biopharma end-markets.

    Clinical Diagnostics segment net sales for the second quarter were $387.9 million, an increase of 2.1 percent compared to the same period in 2023. On a currency-neutral basis, net sales increased 3.2 percent versus the same quarter last year. The currency-neutral year-over-year sales increase was primarily driven by an increased demand for quality control and blood typing products.

    Second-quarter gross margin was 55.6 percent compared to 53.2 percent during the second quarter of 2023.

    Income from operations during the second quarter of 2024 was $101.5 million versus $89.6 million during the same quarter last year.

    During the second quarter of 2024, the company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net loss of $2,165.5 million, or $76.26 per share, on a diluted basis, versus a net loss of $1,162.3 million, or $39.59 per share, on a diluted basis, reported for the same period of 2023.

    The effective tax rate for the second quarter of 2024 was 22.3 percent, compared to 22.5 percent for the same period in 2023. The effective tax rate reported in these periods was primarily affected by the accounting treatment of equity securities.

    "Our second quarter results were in line with expectations for topline revenue despite a challenging market environment," said Norman Schwartz, Bio-Rad's President and Chief Executive Officer. "We continue to experience constraints in biotech and biopharma customer spending and, as a result, expect a more modest pace of market recovery than originally anticipated. At the same time, ongoing supply chain initiatives, core process improvements, and cost control are positively impacting our margin profile. In addition, as our life science business rebounds, we are well positioned for further margin expansion."

    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 56.4 percent for the second quarter of 2024 compared to 54.4 percent during the second quarter of 2023.

    Non-GAAP income from operations during the second quarter of 2024 was $107.1 million versus $107.9 million during the comparable prior-year period.

    Non-GAAP net income for the second quarter of 2024 was $88.5 million, or $3.11 per share, on a diluted basis, compared to $88.5 million, or $3.00 per share, on a diluted basis, during the same period in 2023.

    The non-GAAP effective tax rate for the second quarter of 2024 was 23.4 percent, compared to 22.5 percent for the same period in 2023. The higher rate in 2024 was driven by geographical mix of earnings.

    GAAP Results

     

    Q2 2024

    Q2 2023

    Revenue (millions)

    $

    638.5

     

    $

    681.1

     

    Gross margin

     

    55.6

    %

     

    53.2

    %

    Operating margin

     

    15.9

    %

     

    13.2

    %

    Net loss (millions)

    $

    (2,165.5

    )

    $

    (1,162.3

    )

    Loss per diluted share

    $

    (76.26

    )

    $

    (39.59

    )

     

    Non-GAAP Results

     

    Q2 2024

    Q2 2023

    Revenue (millions)

    $

    638.5

     

    $

    681.1

     

    Gross margin

     

    56.4

    %

     

    54.4

    %

    Operating margin

     

    16.8

    %

     

    15.8

    %

    Net income (millions)

    $

    88.5

     

    $

    88.5

     

    Income per diluted share

    $

    3.11

     

    $

    3.00

     

    Updated Full-Year 2024 Financial Outlook

    Bio-Rad is updating its financial outlook for the full year 2024. The company currently expects its non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis compared to its previous estimate of 1.0 to 2.5 percent revenue growth. Bio-Rad also estimates a non-GAAP operating margin of about 12.0 to 13.0 percent versus the company's prior estimate of approximately 13.5 to 14.0 percent.

    Increase to 2023 Share Repurchase Program Authorization

    On July 29, 2024, Bio-Rad's board of directors authorized increasing the amount available under the company's 2023 Share Repurchase Program to allow the company to repurchase up to an additional $500 million of the company's outstanding common stock. As of July 31, 2024, a total of approximately $578 million is available for repurchases under the 2023 Share Repurchase Program.

    Repurchases under the 2023 Share Repurchase Program may be made at management's discretion from time to time on the open market, through trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The 2023 Share Repurchase Program has no time limit and may be suspended for periods or discontinued at any time.

    Conference Call and Webcast

    Management will discuss the company's second quarter 2024 results and financial outlook in a conference call scheduled for 2 PM Pacific Time (5 PM Eastern Time) on August 1, 2024. To participate, dial 800-343-4849 within the U.S., or (+1) 203-518-9856 from outside the U.S., and provide access code: BIORAD.

    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.

    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.

    BIO-RAD is a trademark of Bio-Rad Laboratories, Inc. in certain jurisdictions.

    About Bio-Rad

    Bio-Rad Laboratories, Inc. (NYSE:BIO) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 8,000 employees and $2.7 billion in revenues in 2023. Our customers include universities, research institutions, hospitals, food safety and environmental quality laboratories, and biopharmaceutical companies. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, 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; being well positioned for further margin expansion as our life science business rebounds; continuing to experience constraints in biotech and biopharma customer spending and, as a result, expecting a more modest pace of market recovery than originally anticipated; and for the full-year 2024: expecting non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis compared to its previous estimate of 1.0 to 2.5 percent revenue growth, and estimating a non-GAAP operating margin of about 12.0 to 13.0 percent versus the company's prior estimate of approximately 13.5 to 14.0 percent. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "expect," "estimate," "continue," "believe," "anticipate," "target," "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 reductions in government funding or capital spending of our customers, global economic and geopolitical conditions, the uncertain pace of the biopharma sector's recovery, the challenging macroeconomic environment in China, supply chain issues, international legal and regulatory risks, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, 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, 2023, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 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

     

    Six Months Ended

    June 30,

     

    June 30,

    2024

     

    2023

     

    2024

     

    2023

    Net sales

    $

    638,476

     

    $

    681,110

     

    $

    1,249,296

     

    $

    1,357,954

     

    Cost of goods sold

     

    283,357

     

     

    318,627

     

     

    568,211

     

     

    633,054

     

    Gross profit

     

    355,119

     

     

    362,483

     

     

    681,085

     

     

    724,900

     

     
    Selling, general and administrative expense

     

    194,719

     

     

    207,824

     

     

    409,602

     

     

    433,377

     

    Research and development expense

     

    58,904

     

     

    65,042

     

     

    125,279

     

     

    139,993

     

    Income from operations

     

    101,496

     

     

    89,617

     

     

    146,204

     

     

    151,530

     

     
    Interest expense

     

    12,264

     

     

    12,343

     

     

    24,541

     

     

    24,680

     

    Foreign currency exchange gains, net

     

    (1,699

    )

     

    (1,253

    )

     

    (3,653

    )

     

    (3,600

    )

    Losses from change in fair market value of equity securities and loan receivable

     

    2,895,355

     

     

    1,595,442

     

     

    2,473,178

     

     

    1,612,967

     

    Other income, net

     

    (18,143

    )

     

    (16,488

    )

     

    (52,659

    )

     

    (66,919

    )

    Loss before income taxes

     

    (2,786,281

    )

     

    (1,500,427

    )

     

    (2,295,203

    )

     

    (1,415,598

    )

     
    Benefit from income taxes

     

    620,795

     

     

    338,176

     

     

    513,633

     

     

    322,309

     

    Net loss

    $

    (2,165,486

    )

    $

    (1,162,251

    )

    $

    (1,781,570

    )

    $

    (1,093,289

    )

     
    Basic and diluted loss per share:
    Net loss per share

    $

    (76.26

    )

    $

    (39.59

    )

    $

    (62.61

    )

    $

    (37.09

    )

     
    Weighted average common shares

     

    28,395

     

     

    29,355

     

     

    28,457

     

     

    29,475

     

     

    Note:

    As a result of the net loss for the three and six months ended June 30, 2024 and 2023,
    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)
     
     
     

    June 30,

     

    December 31,

    2024

     

    2023

    (Unaudited)

     

     

    Current assets:
    Cash and cash equivalents

    $

    406,913

    $

    403,815

    Short-term investments

     

    1,214,753

     

    1,208,887

    Accounts receivable, net

     

    445,506

     

    489,017

    Inventories, net

     

    803,693

     

    780,517

    Other current assets

     

    185,389

     

    166,094

    Total current assets

     

    3,056,254

     

    3,048,330

     
    Property, plant and equipment, net

     

    533,767

     

    529,007

    Operating lease right-of-use assets

     

    181,473

     

    194,730

    Goodwill, net

     

    412,116

     

    413,569

    Purchased intangibles, net

     

    307,093

     

    320,514

    Other investments

     

    5,099,554

     

    7,698,070

    Other assets

     

    98,189

     

    94,850

    Total assets

    $

    9,688,446

    $

    12,299,070

     
    Current liabilities:
    Accounts payable, accrued payroll and employee benefits

    $

    259,153

    $

    284,554

    Current maturities of long-term debt

     

    483

     

    486

    Income and other taxes payable

     

    35,896

     

    35,759

    Other current liabilities

     

    191,429

     

    202,000

    Total current liabilities

     

    486,961

     

    522,799

     
    Long-term debt, net of current maturities

     

    1,199,724

     

    1,199,052

    Other long-term liabilities

     

    1,222,974

     

    1,836,086

    Total liabilities

     

    2,909,659

     

    3,557,937

     
    Total stockholders' equity

     

    6,778,787

     

    8,741,133

    Total liabilities and stockholders' equity

    $

    9,688,446

    $

    12,299,070

    Bio-Rad Laboratories, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
     
     
     

    Six Months Ended

    June 30,

    2024

     

    2023

     
    Cash flows from operating activities:
    Cash received from customers

    $

    1,265,453

     

    $

    1,360,206

     

    Cash paid to suppliers and employees

     

    (1,084,925

    )

     

    (1,173,285

    )

    Interest paid, net

     

    (23,301

    )

     

    (23,535

    )

    Income tax payments, net

     

    (52,172

    )

     

    (31,556

    )

    Other operating activities

     

    62,383

     

     

    64,355

     

    Net cash provided by operating activities

     

    167,438

     

     

    196,185

     

     
    Cash flows from investing activities:
    Payments for purchases of marketable securities and investments

     

    (654,541

    )

     

    (341,522

    )

    Proceeds from sales and maturities of marketable securities and investments

     

    662,886

     

     

    369,358

     

    Other investing activities

     

    (82,365

    )

     

    (70,325

    )

    Net cash used in investing activities

     

    (74,020

    )

     

    (42,489

    )

     
    Cash flows from financing activities:
    Payments on long-term borrowings

     

    (236

    )

     

    (231

    )

    Other financing activities

     

    (96,330

    )

     

    (198,198

    )

    Net cash used in financing activities

     

    (96,566

    )

     

    (198,429

    )

     
    Effect of foreign exchange rate changes on cash

     

    6,494

     

     

    670

     

     
    Net increase (decrease) in cash, cash equivalents and restricted cash

     

    3,346

     

     

    (44,063

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    404,369

     

     

    434,544

     

    Cash, cash equivalents and restricted cash at end of period

    $

    407,715

     

    $

    390,481

     

     
     
    Reconciliation of net loss to net cash provided by operating activities:
    Net loss

    $

    (1,781,570

    )

    $

    (1,093,289

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:
    Depreciation and amortization

     

    73,502

     

     

    71,446

     

    Reduction in the carrying amount of right-of-use assets

     

    20,904

     

     

    19,872

     

    Losses from change in fair market value of equity securities and loan receivable

     

    2,473,178

     

     

    1,612,966

     

    Changes in working capital

     

    (71,637

    )

     

    (56,568

    )

    Other

     

    (546,939

    )

     

    (358,242

    )

    Net cash provided by operating activities

    $

    167,438

     

    $

    196,185

     

    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 Six Months Ended Six Months Ended
    June 30, % of June 30, % of June 30, % of June 30, % of

     

    2024

     

    revenue

     

    2023

     

    revenue

     

    2024

     

    revenue

     

    2023

     

    revenue
     
    GAAP cost of goods sold

    $

    283,357

     

    $

    318,627

     

    $

    568,211

     

    $

    633,054

     

    Amortization of purchased intangibles

     

    (4,444

    )

     

    (4,336

    )

     

    (8,892

    )

     

    (8,624

    )

    Restructuring benefits (costs)

     

    (643

    )

     

    (3,377

    )

     

    (1,161

    )

     

    (3,707

    )

    Non-GAAP cost of goods sold

    $

    278,270

     

    $

    310,914

     

    $

    558,158

     

    $

    620,723

     

     
    GAAP gross profit

    $

    355,119

     

    55.6%

    $

    362,483

     

    53.2%

    $

    681,085

     

    54.5%

    $

    724,900

     

    53.4%

    Amortization of purchased intangibles

     

    4,444

     

     

    4,336

     

     

    8,892

     

     

    8,624

     

    Restructuring (benefits) costs

     

    643

     

     

    3,377

     

     

    1,161

     

     

    3,707

     

    Non-GAAP gross profit

    $

    360,206

     

    56.4%

    $

    370,196

     

    54.4%

    $

    691,138

     

    55.3%

    $

    737,231

     

    54.3%

     
    GAAP selling, general and administrative expense

    $

    194,719

     

    $

    207,824

     

    $

    409,602

     

    $

    433,377

     

    Amortization of purchased intangibles

     

    (817

    )

     

    (1,611

    )

     

    (1,861

    )

     

    (3,302

    )

    Acquisition related benefits (costs)

     

    -

     

     

    800

     

     

    -

     

     

    -

     

    Restructuring benefits (costs)

     

    1,421

     

     

    (6,328

    )

     

    (3,006

    )

     

    (15,316

    )

    Other non-recurring items (2)

     

    (1,543

    )

     

    (1,995

    )

     

    (3,041

    )

     

    (3,917

    )

    Non-GAAP selling, general and administrative expense

    $

    193,780

     

    $

    198,690

     

    $

    401,694

     

    $

    410,842

     

     
    GAAP research and development expense

    $

    58,904

     

    $

    65,042

     

    $

    125,279

     

    $

    139,993

     

    Acquisition related benefits (costs)

     

    (200

    )

     

    (400

    )

     

    (400

    )

     

    (400

    )

    Restructuring benefits (costs)

     

    664

     

     

    (1,080

    )

     

    (1,500

    )

     

    (5,315

    )

    Non-GAAP research and development expense

    $

    59,368

     

    $

    63,562

     

    $

    123,379

     

    $

    134,278

     

     
    GAAP income from operations

    $

    101,496

     

    15.9%

    $

    89,617

     

    13.2%

    $

    146,204

     

    11.7%

    $

    151,530

     

    11.2%

    Amortization of purchased intangibles

     

    5,261

     

     

    5,947

     

     

    10,753

     

     

    11,926

     

    Acquisition related (benefits) costs

     

    200

     

     

    (400

    )

     

    400

     

     

    400

     

    Restructuring (benefits) costs

     

    (1,442

    )

     

    10,785

     

     

    5,667

     

     

    24,338

     

    Other non-recurring items (2)

     

    1,543

     

     

    1,995

     

     

    3,041

     

     

    3,917

     

    Non-GAAP income from operations

    $

    107,058

     

    16.8%

    $

    107,944

     

    15.8%

    $

    166,065

     

    13.3%

    $

    192,111

     

    14.1%

     
    GAAP (gains) losses from change in fair market value of equity securities and loan receivable

    $

    2,895,355

     

    $

    1,595,442

     

    $

    2,473,178

     

    $

    1,612,967

     

    Gains (losses) from change in fair market value of equity securities and loan receivable

     

    (2,895,355

    )

     

    (1,595,442

    )

     

    (2,473,178

    )

     

    (1,612,967

    )

    Non-GAAP (gains) losses from change in fair market value of equity securities and loan receivable

    $

    -

     

    $

    -

     

    $

    -

     

    $

    -

     

     
    GAAP other (income) expense, net

    $

    (18,143

    )

    $

    (16,488

    )

    $

    (52,659

    )

    $

    (66,919

    )

    Gains (losses) on equity-method investments

     

    (940

    )

     

    (851

    )

     

    (1,723

    )

     

    (1,846

    )

    Non-GAAP other (income) expense, net

    $

    (19,083

    )

    $

    (17,339

    )

    $

    (54,382

    )

    $

    (68,765

    )

     
    GAAP loss before income taxes

    $

    (2,786,281

    )

    $

    (1,500,427

    )

    $

    (2,295,203

    )

    $

    (1,415,598

    )

    Amortization of purchased intangibles

     

    5,261

     

     

    5,947

     

     

    10,753

     

     

    11,926

     

    Acquisition related (benefits) costs

     

    200

     

     

    (400

    )

     

    400

     

     

    400

     

    Restructuring (benefits) costs

     

    (1,442

    )

     

    10,785

     

     

    5,667

     

     

    24,338

     

    (Gains) losses from change in fair market value of equity securities and loan receivable

     

    2,895,355

     

     

    1,595,442

     

     

    2,473,178

     

     

    1,612,967

     

    (Gains) losses on equity-method investments

     

    940

     

     

    851

     

     

    1,723

     

     

    1,846

     

    Other non-recurring items (2)

     

    1,543

     

     

    1,995

     

     

    3,041

     

     

    3,917

     

    Non-GAAP income before income taxes

    $

    115,576

     

    $

    114,193

     

    $

    199,559

     

    $

    239,796

     

     
    GAAP benefit from income taxes

    $

    620,795

     

    $

    338,176

     

    $

    513,633

     

    $

    322,309

     

    Income tax effect of non-GAAP adjustments (1)

     

    (647,855

    )

     

    (363,858

    )

     

    (559,459

    )

     

    (374,234

    )

    Non-GAAP provision for income taxes

    $

    (27,060

    )

    $

    (25,682

    )

    $

    (45,826

    )

    $

    (51,925

    )

     
    GAAP net loss

    $

    (2,165,486

    )

    -339.2%

    $

    (1,162,251

    )

    -170.6%

    $

    (1,781,570

    )

    -142.6%

    $

    (1,093,289

    )

    -80.5%

    Amortization of purchased intangibles

     

    5,261

     

     

    5,947

     

     

    10,753

     

     

    11,926

     

    Acquisition related (benefits) costs

     

    200

     

     

    (400

    )

     

    400

     

     

    400

     

    Restructuring (benefits) costs

     

    (1,442

    )

     

    10,785

     

     

    5,667

     

     

    24,338

     

    (Gains) losses from change in fair market value of equity securities and loan receivable

     

    2,895,355

     

     

    1,595,442

     

     

    2,473,178

     

     

    1,612,967

     

    (Gains) losses on equity-method investments

     

    940

     

     

    851

     

     

    1,723

     

     

    1,846

     

    Other non-recurring items (2)

     

    1,543

     

     

    1,995

     

     

    3,041

     

     

    3,917

     

    Income tax effect of non-GAAP adjustments (1)

     

    (647,855

    )

     

    (363,858

    )

     

    (559,459

    )

     

    (374,234

    )

    Non-GAAP net income

    $

    88,516

     

    13.9%

    $

    88,511

     

    13.0%

    $

    153,733

     

    12.3%

    $

    187,871

     

    13.8%

     
    GAAP diluted loss per share

    $

    (76.26

    )

    $

    (39.59

    )

    $

    (62.61

    )

    $

    (37.09

    )

    Amortization of purchased intangibles

     

    0.19

     

     

    0.20

     

     

    0.38

     

     

    0.40

     

    Acquisition related (benefits) costs

     

    0.01

     

     

    (0.01

    )

     

    0.01

     

     

    0.01

     

    Restructuring (benefits) costs

     

    (0.05

    )

     

    0.37

     

     

    0.20

     

     

    0.82

     

    (Gains) losses from change in fair market value of equity securities and loan receivable

     

    101.88

     

     

    54.10

     

     

    86.84

     

     

    54.46

     

    (Gains) losses on equity-method investments

     

    0.03

     

     

    0.03

     

     

    0.06

     

     

    0.06

     

    Other non-recurring items (2)

     

    0.05

     

     

    0.07

     

     

    0.11

     

     

    0.13

     

    Income tax effect of non-GAAP adjustments (1)

     

    (22.80

    )

     

    (12.35

    )

     

    (19.64

    )

     

    (12.63

    )

    Add back anti-dilutive shares

     

    0.06

     

     

    0.18

     

     

    0.05

     

     

    0.18

     

    Non-GAAP diluted income per share

    $

    3.11

     

    $

    3.00

     

    $

    5.40

     

    $

    6.34

     

     
    GAAP diluted weighted average shares used in per share calculation

     

    28,395

     

     

    29,355

     

     

    28,457

     

     

    29,475

     

    Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive

     

    25

     

     

    135

     

     

    22

     

     

    143

     

    Non-GAAP diluted weighted average shares used in per share calculation

     

    28,420

     

     

    29,490

     

     

    28,479

     

     

    29,618

     

     
    Reconciliation of Net loss to adjusted EBITDA:
    GAAP net loss

    $

    (2,165,486

    )

    -339.2%

    $

    (1,162,251

    )

    -170.6%

    $

    (1,781,570

    )

    -142.6%

    $

    (1,093,289

    )

    -80.5%

    Interest expense

     

    12,264

     

     

    12,343

     

     

    24,541

     

     

    24,680

     

    Benefit from income taxes

     

    (620,795

    )

     

    (338,176

    )

     

    (513,633

    )

     

    (322,309

    )

    Depreciation and amortization

     

    36,411

     

     

    35,859

     

     

    73,502

     

     

    71,446

     

    Foreign currency exchange gains, net

     

    (1,699

    )

     

    (1,253

    )

     

    (3,653

    )

     

    (3,600

    )

    Other income, net

     

    (18,143

    )

     

    (16,488

    )

     

    (52,659

    )

     

    (66,919

    )

    Losses from change in fair market value of equity securities and loan receivable

     

    2,895,355

     

     

    1,595,442

     

     

    2,473,178

     

     

    1,612,967

     

    Dividend from Sartorius AG

     

    -

     

     

    -

     

     

    17,930

     

     

    34,766

     

    Acquisition related (benefits) costs

     

    200

     

     

    (400

    )

     

    400

     

     

    400

     

    Restructuring (benefits) costs

     

    (1,442

    )

     

    10,785

     

     

    5,667

     

     

    24,338

     

    Other non-recurring items (2)

     

    1,543

     

     

    1,995

     

     

    3,041

     

     

    3,917

     

    Adjusted EBITDA

    $

    138,208

     

    21.6%

    $

    137,856

     

    20.2%

    $

    246,744

     

    19.8%

    $

    286,397

     

    21.1%

    (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.

    2024 Financial Outlook

    Forecasted non-GAAP operating margin excludes 89 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. 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.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801492841/en/

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