Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Bio-Rad Reports First-Quarter 2024 Financial Results

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results for the first quarter ended March 31, 2024.

First-quarter 2024 total net sales were $610.8 million, a decrease of 9.8 percent compared to $676.8 million reported for the first quarter of 2023. On a currency-neutral basis, quarterly sales decreased 9.6 percent compared to the same period in 2023.

Life Science segment net sales for the first quarter were $241.7 million, a decrease of 25.3 percent compared to the same period in 2023. On a currency-neutral basis, Life Science segment sales decreased by 25.2 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 and the economic environment in China.

Clinical Diagnostics segment net sales for the first quarter were $368.6 million, an increase of 4.7 percent compared to the same period in 2023. On a currency-neutral basis, net sales increased 4.8 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, blood typing, and diabetes products.

First-quarter gross margin was 53.4 percent compared to 53.5 percent during the first quarter of 2023.

Income from operations during the first quarter of 2024 was $44.7 million versus $61.9 million during the same quarter last year.

Net income for the first quarter of 2024 was $383.9 million, or $13.45 per share, on a diluted basis, versus net income of $69.0 million, or $2.32 per share, on a diluted basis, during the same period in 2023. Net income amounts for the first quarter of 2024 and 2023 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 2024 was 21.8 percent, compared to 18.7 percent for the same period in 2023. The effective tax rate reported in these periods was primarily affected by the accounting treatment of our equity securities.

“Our first quarter results were largely in line with expectations,” said Norman Schwartz, Bio-Rad’s President and Chief Executive Officer. “The ongoing weakness in the biotech and biopharma markets impacted sales of our life science research products while increased demand for our clinical diagnostics products drove year-over-year growth for this business. We are cautiously optimistic about a gradual biopharma market recovery in the second half of the year and remain confident in our overall strategy and long-term market opportunities.”

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 of 54.2 percent for the first quarter of 2024 was unchanged compared to 54.2 percent during the first quarter of 2023.

Non-GAAP income from operations during the first quarter of 2024 was $59.0 million versus $84.2 million during the comparable prior-year period.

Non-GAAP net income for the first quarter of 2024 was $65.2 million, or $2.29 per share, on a diluted basis, compared to $99.4 million, or $3.34 per share, on a diluted basis, during the same period in 2023.

The non-GAAP effective tax rate for the first quarter of 2024 was 22.3 percent, compared to 20.9 percent for the same period in 2023. The higher rate in 2024 was driven by geographical mix of earnings and change in valuation allowance related to our deferred tax assets.

 

GAAP Results

 

Q1 2024

Q1 2023

Revenue (millions)

$610.8

 

$676.8

Gross margin

53.4%

 

53.5%

Operating margin

7.3%

 

9.1%

Net income (millions)

$383.9

 

$69.0

Income per diluted share

$13.45

 

$2.32

 

Non-GAAP Results

 

Q1 2024

Q1 2023

Revenue (millions)

$610.8

$676.8

Gross margin

54.2%

54.2%

Operating margin

9.7%

12.4%

Net income (millions)

$65.2

$99.4

Income per diluted share

$2.29

$3.34

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.

Full-Year 2024 Financial Outlook

Bio-Rad is maintaining its financial outlook for the full year 2024. The company continues to expect non-GAAP, currency-neutral revenue growth of approximately 1.0 to 2.5 percent and an estimated non-GAAP operating margin of approximately 13.5 to 14.0 percent.

Conference Call and Webcast

Management will discuss the company’s first quarter 2024 results and financial outlook in a conference call scheduled for 2 PM Pacific Time (5 PM Eastern Time) on May 7, 2024. To participate, dial 800-274-8461 within the U.S., or (+1) 203-518-9814 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.

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

About Bio-Rad

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) 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 cautiously optimistic about a gradual biopharma market recovery in the second half of the year and remaining confident in our overall strategy and long-term market opportunities; and for the full-year 2024: continuing to expect non-GAAP, currency-neutral revenue growth of approximately 1.0 to 2.5 percent and an estimated non-GAAP operating margin 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," "anticipate," “target,” "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 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 March 31, 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

 

March 31,

 

2024

2023

Net sales

$

610,820

 

$

676,844

 

Cost of goods sold

 

284,854

 

 

314,427

 

Gross profit

 

325,966

 

 

362,417

 

Selling, general and administrative expense

 

214,883

 

 

225,553

 

Research and development expense

 

66,375

 

 

74,951

 

Income from operations

 

44,708

 

 

61,913

 

Interest expense

 

12,277

 

 

12,337

 

Foreign currency exchange gains, net

 

(1,954

)

 

(2,347

)

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

 

(422,177

)

 

17,525

 

Other income, net

 

(34,516

)

 

(50,431

)

Income before income taxes

 

491,078

 

 

84,829

 

Provision for income taxes

 

(107,162

)

 

(15,867

)

Net income

$

383,916

 

$

68,962

 

 

 

 

Basic earnings per share:

 

 

Net income per basic share

$

13.46

 

$

2.33

 

Weighted average common shares - basic

 

28,518

 

 

29,596

 

 

 

 

Diluted earnings per share:

 

 

Net income per diluted share

$

13.45

 

$

2.32

 

Weighted average common shares - diluted

 

28,537

 

 

29,747

 

Bio-Rad Laboratories, Inc.

Condensed Consolidated Balance Sheets
(In thousands)
 
March 31, December 31,

2024

2023

(Unaudited)
Current assets:
Cash and cash equivalents

$

433,280

$

403,815

Short-term investments

 

1,217,954

 

1,208,887

Accounts receivable, net

 

444,809

 

489,017

Inventories, net

 

783,369

 

780,517

Other current assets

 

181,524

 

166,094

Total current assets

 

3,060,936

 

3,048,330

 
Property, plant and equipment, net

 

522,364

 

529,007

Operating lease right-of-use assets

 

188,918

 

194,730

Goodwill, net

 

412,817

 

413,569

Purchased intangibles, net

 

313,602

 

320,514

Other investments

 

8,018,383

 

7,698,070

Other assets

 

92,873

 

94,850

Total assets

$

12,609,893

$

12,299,070

 
Current liabilities:
Accounts payable, accrued payroll and employee benefits

$

249,241

$

284,554

Current maturities of long-term debt

 

487

 

486

Income and other taxes payable

 

33,961

 

35,759

Other current liabilities

 

182,465

 

202,000

Total current liabilities

 

466,154

 

522,799

 
Long-term debt, net of current maturities

 

1,199,381

 

1,199,052

Other long-term liabilities

 

1,893,224

 

1,836,086

Total liabilities

 

3,558,759

 

3,557,937

 
Total stockholders' equity

 

9,051,134

 

8,741,133

Total liabilities and stockholders' equity

$

12,609,893

$

12,299,070

Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Three Months Ended
March 31,

2024

2023

 
Cash flows from operating activities:
Cash received from customers

$

638,324

 

$

677,522

 

Cash paid to suppliers and employees

 

(560,316

)

 

(552,990

)

Interest paid, net

 

(22,425

)

 

(22,482

)

Income tax payments, net

 

(3,835

)

 

(13,283

)

Other operating activities

 

18,044

 

 

9,352

 

Net cash provided by operating activities

 

69,792

 

 

98,119

 

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

 

(406,458

)

 

(203,588

)

Proceeds from sales and maturities of marketable securities and investments

 

403,515

 

 

168,840

 

Other investing activities

 

(40,150

)

 

(35,725

)

Net cash used in investing activities

 

(43,093

)

 

(70,473

)

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

 

(118

)

 

(115

)

Other financing activities

 

139

 

 

4,424

 

Net cash provided by financing activities

 

21

 

 

4,309

 

 
Effect of foreign exchange rate changes on cash

 

2,663

 

 

(1,996

)

 
Net increase in cash, cash equivalents and restricted cash

 

29,383

 

 

29,959

 

Cash, cash equivalents and restricted cash at beginning of period

 

404,369

 

 

434,544

 

Cash, cash equivalents and restricted cash at end of period

$

433,752

 

$

464,503

 

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

$

383,916

 

$

68,962

 

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

 

37,091

 

 

35,587

 

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

 

10,676

 

 

9,999

 

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

 

(422,177

)

 

17,525

 

Changes in working capital

 

(40,551

)

 

(38,830

)

Other

 

100,837

 

 

4,876

 

Net cash provided by operating activities

$

69,792

 

$

98,119

 

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

2024

revenue

2023

revenue
 
GAAP cost of goods sold

$

284,854

 

$

314,427

 

Amortization of purchased intangibles

 

(4,448

)

 

(4,288

)

Restructuring benefits (costs)

 

(518

)

 

(330

)

Non-GAAP cost of goods sold

$

279,888

 

$

309,809

 

 
GAAP gross profit

$

325,966

 

53.4%

$

362,417

 

53.5%

Amortization of purchased intangibles

 

4,448

 

 

4,288

 

Restructuring (benefits) costs

 

518

 

 

330

 

Non-GAAP gross profit

$

330,932

 

54.2%

$

367,035

 

54.2%

 
GAAP selling, general and administrative expense

$

214,883

 

$

225,553

 

Amortization of purchased intangibles

 

(1,044

)

 

(1,691

)

Acquisition related benefits (costs)

 

-

 

 

(800

)

Restructuring benefits (costs)

 

(4,427

)

 

(8,988

)

Other non-recurring items (2)

 

(1,498

)

 

(1,922

)

Non-GAAP selling, general and administrative expense

$

207,914

 

$

212,152

 

 
GAAP research and development expense

$

66,375

 

$

74,951

 

Acquisition related benefits (costs)

 

(200

)

 

-

 

Restructuring benefits (costs)

 

(2,164

)

 

(4,235

)

Non-GAAP research and development expense

$

64,011

 

$

70,716

 

 
GAAP income from operations

$

44,708

 

7.3%

$

61,913

 

9.1%

Amortization of purchased intangibles

 

5,492

 

 

5,979

 

Acquisition related (benefits) costs

 

200

 

 

800

 

Restructuring (benefits) costs

 

7,109

 

 

13,553

 

Other non-recurring items (2)

 

1,498

 

 

1,922

 

Non-GAAP income from operations

$

59,007

 

9.7%

$

84,167

 

12.4%

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

$

(422,177

)

$

17,525

 

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

 

422,177

 

 

(17,525

)

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

$

-

 

$

-

 

 
GAAP other (income) expense, net

$

(34,516

)

$

(50,431

)

Gains (losses) on equity-method investments

 

(783

)

 

(995

)

Non-GAAP other (income) expense, net

$

(35,299

)

$

(51,426

)

 
GAAP income before income taxes

$

491,078

 

$

84,829

 

Amortization of purchased intangibles

 

5,492

 

 

5,979

 

Acquisition related (benefits) costs

 

200

 

 

800

 

Restructuring (benefits) costs

 

7,109

 

 

13,553

 

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

 

(422,177

)

 

17,525

 

(Gains) losses on equity-method investments

 

783

 

 

995

 

Other non-recurring items (2)

 

1,498

 

 

1,922

 

Non-GAAP income before income taxes

$

83,983

 

$

125,603

 

 
GAAP provision for income taxes

$

(107,162

)

$

(15,867

)

Income tax effect of non-GAAP adjustments (1)

 

88,396

 

 

(10,376

)

Non-GAAP provision for income taxes

$

(18,766

)

$

(26,243

)

 
GAAP net income

$

383,916

 

62.9%

$

68,962

 

10.2%

Amortization of purchased intangibles

 

5,492

 

 

5,979

 

Acquisition related (benefits) costs

 

200

 

 

800

 

Restructuring (benefits) costs

 

7,109

 

 

13,553

 

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

 

(422,177

)

 

17,525

 

(Gains) losses on equity-method investments

 

783

 

 

995

 

Other non-recurring items (2)

 

1,498

 

 

1,922

 

Income tax effect of non-GAAP adjustments (1)

 

88,396

 

 

(10,376

)

Non-GAAP net income

$

65,217

 

10.7%

$

99,360

 

14.7%

 
GAAP diluted income per share

$

13.45

 

$

2.32

 

Amortization of purchased intangibles

 

0.19

 

 

0.20

 

Acquisition related (benefits) costs

 

0.01

 

 

0.03

 

Restructuring (benefits) costs

 

0.25

 

 

0.46

 

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

 

(14.79

)

 

0.59

 

(Gains) losses on equity-method investments

 

0.03

 

 

0.03

 

Other non-recurring items (2)

 

0.05

 

 

0.06

 

Income tax effect of non-GAAP adjustments (1)

 

3.10

 

 

(0.35

)

Non-GAAP diluted income per share

$

2.29

 

$

3.34

 

 
GAAP diluted weighted average shares used in per share calculation

 

28,537

 

 

29,747

 

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

 

28,537

 

 

29,747

 

 
Reconciliation of Net income to adjusted EBITDA:
GAAP net income

$

383,916

 

62.9%

$

68,962

 

10.2%

Interest expense

 

12,277

 

 

12,337

 

Provision for income taxes

 

107,162

 

 

15,867

 

Depreciation and amortization

 

37,091

 

 

35,587

 

Foreign currency exchange gains, net

 

(1,954

)

 

(2,347

)

Other income, net

 

(34,516

)

 

(50,431

)

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

 

(422,177

)

 

17,525

 

Dividend from Sartorius AG

 

17,930

 

 

34,766

 

Acquisition related (benefits) costs

 

200

 

 

800

 

Restructuring (benefits) costs

 

7,109

 

 

13,553

 

Other non-recurring items (2)

 

1,498

 

 

1,922

 

Adjusted EBITDA

$

108,536

 

17.8%

$

148,541

 

21.9%

(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 87 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.

Contacts

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

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.