Bio-Rad Laboratories, Inc. (NYSE:BIO) Q2 2024 Earnings Conference Call August 1, 2024 5:00 PM ET Company Participants Edward Chung - Vice President of Investor Relations Norman Schwartz - Chairman of the Board, President and CEO Andy Last - Executive Vice President and Chief Operating Officer Roop Lakkaraju - Executive Vice President and CFO Conference Call Participants Patrick Donnelly - Citi Daniel Leonard - UBS Tycho Peterson - Jefferies Jack Meehan - Nephron Research Operator Good day, everyone, and wel ...

Bio-Rad Laboratories (BIO) came out with quarterly earnings of $3.11 per share, beating the Zacks Consensus Estimate of $2.12 per share. This compares to earnings of $3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 46.70%. A quarter ago, it was expected that this maker of instruments used in biomedical research would post earnings of $2.04 per share when it actually produced earnings of $2.29, delivering a surprise of 12.25 ...

Financial Performance - Total net sales for Q2 2024 were $638.5 million, a decrease of 6.3% compared to $681.1 million in Q2 2023[1] - Life Science segment net sales decreased by 16.5% to $250.5 million in Q2 2024, primarily due to weakness in biotech and biopharma markets[2] - Clinical Diagnostics segment net sales increased by 2.1% to $387.9 million in Q2 2024, driven by demand for quality control and blood typing products[2] - The company reported a net loss of $2,165.5 million, or $76.26 per share, in Q2 2024, compared to a net loss of $1,162.3 million, or $39.59 per share, in Q2 2023[5] - Non-GAAP net income for Q2 2024 was $88.5 million, or $3.11 per share, compared to $88.5 million, or $3.00 per share, in Q2 2023[6] - The company expects non-GAAP revenue to decline by approximately 2.5% to 4.0% for the full year 2024, a revision from previous growth estimates[7] Margins and Profitability - Gross margin for Q2 2024 was 55.6%, up from 53.2% in Q2 2023[5] - Non-GAAP operating margin is estimated to be about 12.0% to 13.0% for the full year 2024, down from the prior estimate of 13.5% to 14.0%[19] - Gross profit for Q2 2024 was $355,119, down from $362,483 in Q2 2023, reflecting a gross margin of 55.6%[24] - GAAP gross profit for the latest quarter was $724,900, representing a margin of 53.4%, compared to $681,085 and 54.5% in the previous quarter[31] - Non-GAAP gross profit was $737,231, with a margin of 54.3%, compared to $691,138 and 55.3% in the previous quarter[31] - GAAP income from operations was $151,530, with a margin of 11.2%, compared to $146,204 and 11.7% in the previous quarter[34] - Non-GAAP income from operations was $192,111, representing a margin of 14.1%, compared to $166,065 and 13.3% in the previous quarter[34] Expenses and Losses - Research and development expenses for Q2 2024 were $58,904, a decrease of 9.5% from $65,042 in Q2 2023[24] - The company reported a significant loss from changes in fair market value of equity securities and loan receivable amounting to $2,895,355 in Q2 2024, compared to $1,595,442 in Q2 2023[24] - The company reported restructuring costs of $15,316, significantly higher than $3,707 in the previous quarter[31] - Non-GAAP selling, general and administrative expenses were $410,842, compared to $401,694 in the previous quarter[31] - The company experienced a GAAP loss before income taxes of $1,415,598, compared to a loss of $2,295,203 in the previous quarter[34] - The company reported a GAAP benefit from income taxes of $322,309, compared to $513,633 in the previous quarter[34] - GAAP net loss for the period was $2,165,486, representing a decline of 339.2% compared to the previous period[35] - Non-GAAP net income was $88,516, reflecting a 13.9% increase year-over-year[35] Cash Flow and Assets - Cash provided by operating activities for Q2 2024 was $167,438, a decrease from $196,185 in Q2 2023[28] - Cash and cash equivalents at the end of Q2 2024 were $407,715, up from $390,481 at the end of Q2 2023[28] - Total current assets increased to $3,056,254 as of June 30, 2024, compared to $3,048,330 at the end of 2023[26] - Total liabilities decreased to $2,909,659 as of June 30, 2024, down from $3,557,937 at the end of 2023[26] Shareholder Actions - Bio-Rad's board authorized an increase of $500 million to the 2023 Share Repurchase Program, bringing the total available for repurchases to approximately $578 million[8] Other Financial Metrics - Adjusted EBITDA reached $138,208, showing a growth of 21.6% compared to the prior year[35] - The diluted loss per share under GAAP was $(76.26), while the non-GAAP diluted income per share was $3.11[35] - The company experienced a foreign currency exchange loss of $1,699 during the reporting period[35] - The weighted average shares used in the non-GAAP net income per share calculation were 28,395[35] - The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the unpredictability of future charges[37]

With the second-quarter earnings season in full swing, it's going to be a pivotal week for numerous firms within the medical device sector. The latest Earnings Preview report indicates strong earnings and revenue growth within the Medical sector. The top and bottom-line improvements are likely to have been due to sustained demand for medical products and services and favorable pricing strategies, which might have offset the burden of increased costs and interest expenses stemming from worldwide geopolitical ...

Simple Western instruments are fully automated, capillary western systems designed to resolve proteins based on molecular weight followed by immunodetection. Simple Western Systems replace traditional western blotting workflows by offering improvements in data quality and speed. The enhanced quantitation, reproducibility and throughput Leo now provides makes it possible for scientists to adopt western-based readouts in applications where westerns are not typically used due to inadequate reproducibility and ...

Investors might want to bet on Bio-Rad Laboratories (BIO) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. For Bio-Rad, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher. Harnessing the Power of ...

MINNEAPOLIS, July 29, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today announced its participation in Spear Bio's $45 million Series A funding round. Spear Bio will use the proceeds from this funding round to further accelerate product development and scale its in-house manufacturing capacity. BioTechne joined Foresite Capital, and other investors, in this funding round. "We are excited to invest in Spear Bio," said Kim Kelderman, President and Chief Executive Officer of BioTechne. "Spear Bi ...

Bio-Rad Laboratories, Inc.'s (BIO) growth in the upcoming quarters is likely to be backed by its Digital PCR business, which boasts a strong pipeline. The company's Clinical Diagnostics arm is seeing increased demand for quality control, blood typing and diabetes products. Sound financial stability also appears encouraging. However, the impact of macroeconomic challenges on Bio-Rad's operations poses a concern. Persistent reduced demand in the Biopharma segment adds to the worry. Let's delve deeper. Image S ...

Revenues of $610.8 million in the first quarter missed the Zacks Consensus Estimate by 0.2%. The figure dropped 9.8% from the year-ago quarter's levels (down 9.6% at the constant exchange rate or CER). VGM Scores The cumulative net cash flow from operating activities at the end of the first quarter was $697.9 million compared with the year-ago figure of $981.2 million. Bio-Rad belongs to the Zacks Medical - Products industry. Another stock from the same industry, Boston Scientific (BSX) , has gained 4.4% ov ...

About Bio-Techne Jefferies Global Healthcare Conference June 6, 2024 9:30 AM EDT Goldman Sachs 45th Annual Global Healthcare Conference June 11, 2024 9:20 AM EDT A live webcast of the presentations can be accessed via the IR Calendar page of Bio-Techne's Investor Relations website at https://investors.bio-techne.com/ir-calendar. MINNEAPOLIS, May 31, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today announced that Kim Kelderman, President and Chief Executive Officer will present at the followi ...