Financial Performance - Net sales for Q1 2025 were $585.4 million, a decrease of 4.2% from $610.8 million in Q1 2024[117] - Life Science segment sales decreased by 5.4% to $228.6 million in Q1 2025, while Clinical Diagnostics segment sales decreased by 3.2% to $356.8 million[118][119] - Consolidated gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024, with Life Science segment gross margin increasing by 1.7 percentage points and Clinical Diagnostics segment gross margin decreasing by 2.9 percentage points[120] Research and Development - Research and development expense increased to $73.5 million, or 12.6% of sales, compared to $66.4 million, or 10.9% of sales in Q1 2024[122] Cash Flow and Investments - Net cash provided by operations was $129.9 million for Q1 2025, up from $69.8 million in Q1 2024[131] - The company had $1.66 billion in cash, cash equivalents, and short-term investments as of March 31, 2025[129] Taxation - The effective income tax rate increased to 23.3% in Q1 2025 from 21.8% in Q1 2024, primarily due to the geographical mix of earnings[127] Share Repurchase - The company repurchased 399,295 shares of Class A common stock for $100.9 million under the 2023 Share Repurchase Program[135] Foreign Currency Impact - Foreign currency exchange gains for Q1 2025 were $2.7 million, compared to $2.0 million in Q1 2024[124] Market Outlook - The company expects ongoing challenges in the biopharma market and reduced government spending to continue impacting business through the rest of 2025[111]

Financial Performance - First-quarter 2025 total net sales were $585.4 million, a decrease of 4.2% compared to $610.8 million in Q1 2024[5] - Life Science segment net sales for Q1 2025 were $228.6 million, down 5.4% year-over-year, primarily due to challenges in the academic research market[6] - Clinical Diagnostics segment net sales for Q1 2025 were $356.8 million, a decrease of 3.2% compared to the same period in 2024[7] - Net sales for Q1 2025 were $585.4 million, a decrease of 4.4% compared to $610.8 million in Q1 2024[30] - Gross profit for Q1 2025 was $306.0 million, representing a gross margin of 52.3%, down from 53.4% in Q1 2024[30] - Net income for Q1 2025 was $64.0 million, a significant decline of 83.3% from $383.9 million in Q1 2024[30] - Basic earnings per share for Q1 2025 were $2.29, compared to $13.46 in Q1 2024[30] Margins and Income - First-quarter gross margin was 52.3%, down from 53.4% in Q1 2024[8] - Non-GAAP net income for Q1 2025 was $71.0 million, or $2.54 per share, compared to $65.3 million, or $2.30 per share, in Q1 2024[11] - The estimated non-GAAP operating margin for 2025 is now expected to be approximately 10.0% to 12.0%, down from the previous expectation of 13.0% to 13.5%[12] - Non-GAAP gross profit for Q1 2025 was $315.0 million, with a margin of 53.8%, compared to $330.9 million and 54.2% in Q1 2024[37] - Adjusted EBITDA stands at $113.7 million, reflecting a 19.4% margin, compared to $108.4 million, which is a 17.7% margin in the previous period[39] - GAAP income from operations is $23.7 million, a 4.0% margin, compared to $44.6 million, which is a 7.3% margin in the prior period[38] Tax and Restructuring - The effective tax rate for Q1 2025 was 23.3%, compared to 21.8% in Q1 2024[10] - The company incurred restructuring costs of $33.2 million in the current period, compared to $7.1 million in the previous period[38] - The company reported a provision for income taxes of $(19.4) million, compared to $(107.2) million in the previous period[39] Cash Flow and Assets - Cash received from customers in Q1 2025 was $640.0 million, slightly up from $638.3 million in Q1 2024[34] - Net cash provided by operating activities in Q1 2025 was $129.9 million, an increase of 86.1% from $69.8 million in Q1 2024[34] - Total assets as of March 31, 2025, were $9,526.9 million, up from $9,364.1 million at the end of 2024[32] - Total stockholders' equity increased to $6,679.4 million as of March 31, 2025, compared to $6,569.3 million at the end of 2024[32] Market Outlook - Bio-Rad is moderating its full-year 2025 outlook, expecting non-GAAP, currency-neutral revenue to decline by approximately 1.0% to grow by 1.5%[12] - Bio-Rad remains committed to advancing growth and margin expansion initiatives despite current market uncertainties[3] Investment and Fair Market Value - The company recognized a change in the fair market value of its investment in Sartorius AG, contributing to a net income of $64.0 million in Q1 2025[9] - The company reported losses from changes in fair market value of equity securities and loan receivable amounting to $(31.8) million, compared to $(422.2) million in the previous period[38] GAAP and Non-GAAP Measures - GAAP net income for the current period is $64.0 million, representing a 10.9% increase, compared to $383.9 million, which is a 62.9% increase in the previous period[38] - Non-GAAP net income is reported at $71.0 million, a 12.1% increase, versus $65.3 million, which is a 10.7% increase from the prior period[38] - GAAP diluted income per share is $2.29, while non-GAAP diluted income per share is $2.54, compared to $13.45 and $2.30 respectively in the prior period[38] - The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the unpredictable nature of future charges[41]

Financial Performance - Life Science and Clinical Diagnostics segments generated 40% and 60% of consolidated net sales, respectively, for the year ended December 31, 2024[10]. - Sartorius reported sales revenue of €3,395.7 million and a net profit of €290.0 million for the year ended December 31, 2023[45]. - Bio-Rad had $1.20 billion in principal amount of fixed-rate long-term debt outstanding as of December 31, 2024[181]. Revenue Sources - Approximately 41% of consolidated net sales were generated from the U.S., while 59% came from international locations, with Europe being the largest region[10]. - The worldwide sales for products in the Life Science market are estimated at approximately $19 billion, while the Clinical Diagnostics market is estimated at approximately $16 billion[12][14]. - The installed base of diagnostic test systems creates a recurring revenue source through the sale of test kits for each sample analyzed[14]. - The company estimates that revenue in the Clinical Diagnostics segment is highly recurring due to standardization of test methodologies[14]. Employee and R&D Information - The company employs around 950 employees focused on research and development, continuously developing new products and applications[26]. - Approximately 7,700 employees are employed globally, with 48% in the Americas, 35% in Europe, the Middle-East and Africa, and 17% in Asia Pacific[37]. Regulatory and Compliance - The company is subject to various regulatory requirements, including compliance with FDA regulations and international standards[27][30]. Investment and Assets - As of December 31, 2024, the fair value of the investment in Sartorius was $4,469.2 million, representing approximately 38% of the outstanding ordinary shares and 28% of the preference shares[43]. - Sartorius had current assets of €1,956.9 million and non-current assets of €7,798.5 million as of December 31, 2023[45]. - Bio-Rad's investment in Sartorius is accounted for at fair market value and is not included in the consolidated financial statements[43]. Financial Risk Management - Bio-Rad's financial risk management program aims to reduce variance in expected cash flows arising from foreign exchange rate and interest rate changes[175]. - A hypothetical 10% depreciation/appreciation of foreign currencies relative to the U.S. dollar would result in an unrealized gain/loss of $32.1 million on Bio-Rad's derivative position as of December 31, 2024[179]. - A hypothetical increase or decrease in interest rates by 50 and 100 basis points would have resulted in a decrease or increase in the fair value of Bio-Rad's net investment position of approximately $10.9 million and $21.7 million, respectively[180]. - A 10% depreciation/appreciation on the quoted stock prices for ordinary and preference shares of Sartorius at December 31, 2024, would result in an approximate loss/gain of $0.45 billion reported in the financial statement[182]. Distribution Channels - The company has direct distribution channels in over 36 countries outside the United States, supplemented by distributors and agents in various locations[9]. Intellectual Property - The company owns over 2,150 U.S. and international patents, viewing them as valuable assets for product development[16].

Sales Performance - Fourth-quarter 2024 total net sales were $667.5 million, a decrease of 2.0% compared to $681.2 million in Q4 2023[4] - Life Science segment net sales for Q4 2024 were $275.0 million, a decline of 5.5% year-over-year, primarily due to weakness in the biotech and biopharma markets[5] - Clinical Diagnostics segment net sales for Q4 2024 were $392.5 million, an increase of 0.9% compared to the same period in 2023, driven by demand for quality control and blood typing products[6] - Full-year 2024 net sales decreased 3.9% to $2,566.5 million compared to $2,671.2 million in 2023[12] - Full-year 2024 reported net sales for the Life Science segment were $1,028.1 million, a decrease of 12.6% year-over-year[13] - Full-year 2024 reported net sales for the Clinical Diagnostics segment were $1,537.9 million, an increase of 3.7% compared to the prior year[13] Financial Results - The company experienced a net loss of $715.8 million in Q4 2024, compared to a net income of $349.7 million in Q4 2023, resulting in a basic loss per share of $25.57[37] - For the full year 2024, Bio-Rad's revenues totaled $2.566 billion, down from $2.671 billion in 2023, marking a decline of 3.9%[37] - Non-GAAP net income for 2024 was $291.1 million, or $10.31 per share, compared to $345.2 million, or $11.78 per share in 2023[18] - GAAP net income for the period was $(715.8) million, a decrease of 107.2% compared to the previous year[48] - The company reported a significant loss of $(1,844.2) million in GAAP net income for the year, a decrease of 71.9%[48] Margins and Expenses - Full-year 2024 gross margin was 53.7%, compared to 53.4% in 2023[14] - GAAP gross profit for Q4 2024 was $342.0 million, representing 51.2% of revenue, compared to $366.3 million and 53.8% in Q4 2023[45] - Non-GAAP gross profit for the year ended December 31, 2024, was $1,411.6 million, or 55.0% of revenue, up from $1,448.3 million and 54.2% in the previous year[45] - GAAP income from operations for Q4 2024 was $58.4 million, or 8.7% of revenue, down from $95.3 million and 14.0% in Q4 2023[46] - Non-GAAP income from operations for the year ended December 31, 2024, was $331.3 million, or 12.9% of revenue, compared to $378.9 million and 14.2% in the previous year[46] - GAAP research and development expense for Q4 2024 was $79.6 million, compared to $63.9 million in Q4 2023[46] - Non-GAAP research and development expense for the year ended December 31, 2024, was $281.8 million, up from $254.8 million in the previous year[46] - GAAP selling, general and administrative expense for Q4 2024 was $204.0 million, slightly down from $207.1 million in Q4 2023[45] - Non-GAAP selling, general and administrative expense for the year ended December 31, 2024, was $798.5 million, compared to $814.6 million in the previous year[45] Future Outlook - For full-year 2025, the company expects non-GAAP, currency-neutral revenue growth of approximately 1.5% to 3.5%[20] - The company expects a non-GAAP operating margin of approximately 13.0% to 13.5% for 2025[34] - The anticipated acquisition of Stilla Technologies is expected to close by the end of Q3 2025, enhancing Bio-Rad's digital PCR product portfolio[22] - The anticipated acquisition of Stilla Technologies is expected to further Bio-Rad's planned transformation and commercial excellence[34] - The company expects continued investment in new products and technologies to drive future growth and market expansion[46] - The company noted that future financial expectations are subject to significant uncertainty and cannot be reasonably predicted[51] Cash Flow and Assets - Cash and cash equivalents increased to $488.1 million as of December 31, 2024, compared to $403.8 million at the end of 2023[40] - The company reported a net cash provided by operating activities of $455.2 million for the year ended December 31, 2024, compared to $374.9 million in 2023[42] - Bio-Rad's total assets decreased to $9.364 billion in 2024 from $12.299 billion in 2023, a decline of 23.6%[40] Restructuring and Costs - The company incurred restructuring costs of $14.7 million in the current period, compared to $2.1 million in the previous year[48] - Forecasted non-GAAP operating margin for 2025 excludes 87 basis points related to amortization of purchased intangibles[51] Share Performance - The company reported a diluted non-GAAP income per share of $2.90, compared to $3.10 in the previous year[48] - The weighted average shares used in the non-GAAP diluted income per share calculation were 28,025 million[48] Other Financial Metrics - Adjusted EBITDA for the current period was $126.1 million, reflecting an 18.9% margin, compared to $136.8 million and a 20.1% margin in the prior year[48] - The company reported a GAAP loss before income taxes of $908.9 million for Q4 2024, compared to a profit of $428.4 million in Q4 2023[46] - The company experienced gains from changes in the fair market value of equity securities and loan receivables amounting to $976.5 million[48]

Financial Performance - Net sales for Q3 2024 were $649.7 million, a 2.8% increase from $632.1 million in Q3 2023, with a 3.4% increase on a currency neutral basis [123]. - Net sales for the first nine months of 2024 were $1.90 billion, a decrease of 4.6% from $1.99 billion in the same period of 2023, with a 4.0% decrease on a currency neutral basis [135]. - Life Science segment sales for Q3 2024 were $260.9 million, a decrease of 1.0% year-over-year, with a 0.6% decrease on a currency neutral basis [124]. - Life Science segment sales for the first nine months of 2024 were $753.1 million, a decrease of 15.1% year-over-year, with a 14.8% decrease on a currency neutral basis [136]. - Clinical Diagnostics segment sales for Q3 2024 were $388.8 million, a 5.6% increase year-over-year, with a 6.4% increase on a currency neutral basis [125]. - Clinical Diagnostics segment sales for the first nine months of 2024 were $1.1 billion, an increase of 4.1% year-over-year, with a 4.8% increase on a currency neutral basis [137]. Expenses and Margins - Consolidated gross margin for Q3 2024 was 54.8%, up from 53.1% in Q3 2023, driven by cost control measures and product mix [126]. - R&D expense for Q3 2024 was $91.0 million, or 14.0% of sales, compared to $43.5 million, or 6.9% of sales in Q3 2023, primarily due to a one-time acquired in-process R&D expense [128]. - SG&A expense for the first nine months of 2024 was $610.0 million, or 32.1% of sales, down from $634.6 million, or 31.9% of sales in the same period of 2023 [141]. Cash Flow and Investments - Net cash provided by operations increased to $331.0 million for the nine months ended September 30, 2024, compared to $293.9 million for the same period in 2023 [152]. - Net cash used in investing activities rose to $129.7 million for the nine months ended September 30, 2024, from $52.0 million in 2023, primarily due to higher payments for acquired in-process research and development [153]. - Net cash used in financing activities decreased to $192.6 million for the nine months ended September 30, 2024, down from $225.0 million in 2023, mainly due to lower payments for treasury stock purchases [154]. - During the third quarter of 2024, the company repurchased 330,381 shares of Class A common stock for $97 million under the 2023 Share Repurchase Program, with $577.1 million remaining available for future repurchases [156]. Tax and Financial Position - Effective income tax rate for Q3 2024 was 24.2%, compared to 22.5% in Q3 2023, primarily affected by the geographical mix of earnings [134]. - As of September 30, 2024, the company had $1.63 billion in cash, cash equivalents, and short-term investments, with approximately 16% held in foreign subsidiaries [150]. - The company had no outstanding borrowings under its $200.0 million unsecured Revolving Credit Agreement as of September 30, 2024 [148]. Operational Insights - The increase in operating cash flows was primarily due to lower cash paid to suppliers and employees, despite lower cash received from customers [152]. - The company regularly monitors the mix of domestic and foreign cash flows as part of its ongoing liquidity assessments [150]. - The company intends to repatriate certain foreign earnings as long as local laws do not restrict such actions and there are no substantial incremental costs [151]. - There have been no material changes in market risk disclosures from the previous annual report as of September 30, 2024 [168].

Financial Performance - Total net sales for Q3 2024 were $649.7 million, a 2.8% increase from $632.1 million in Q3 2023[2] - Net income for Q3 2024 was $653.2 million, significantly higher than $106.3 million in Q3 2023, resulting in earnings per diluted share of $23.34 compared to $3.64[6][11] - Gross margin for Q3 2024 was 54.8%, up from 53.1% in Q3 2023[5] - Basic earnings per share for Q3 2024 were $23.37, compared to $3.65 in Q3 2023, showing strong profitability growth[34] - GAAP net income for the quarter was $653,172,000, a significant increase of 100.5% compared to $106,257,000 in the previous year[44] Segment Performance - Life Science segment net sales decreased by 1.0% to $260.9 million compared to Q3 2023, while Clinical Diagnostics segment net sales increased by 5.6% to $388.8 million[3][4] - The increase in Clinical Diagnostics sales was primarily driven by higher demand for quality control products and a favorable comparison for immunology products[4] Margins and Expenses - Non-GAAP gross margin was 55.6% for Q3 2024, compared to 53.9% in Q3 2023[9] - Non-GAAP operating margin is estimated to be between 12.75% to 13.25% for the full year 2024[13] - Research and development expenses increased significantly to $90,997,000 in Q3 2024 from $43,535,000 in Q3 2023, indicating a focus on innovation[34] - GAAP income from operations was $64,466,000, reflecting a margin of 9.9%, compared to 14.4% in the prior year[43] - Non-GAAP income from operations was $73,294,000, with a margin of 11.3%, compared to 12.9% year-over-year[43] Cash Flow and Assets - Cash provided by operating activities for Q3 2024 was $331,048,000, an increase from $293,896,000 in Q3 2023[38] - Total assets decreased to $10,603,472,000 as of September 30, 2024, from $12,299,070,000 at the end of 2023[36] - Total stockholders' equity decreased to $7,487,859,000 as of September 30, 2024, from $8,741,133,000 at the end of 2023[36] Tax and Compliance - The effective tax rate for Q3 2024 was 24.2%, up from 22.5% in Q3 2023[7] - The company is focused on compliance with the European Union's In Vitro Diagnostics Regulation (IVDR) for previously approved products, indicating a strategic move towards regulatory alignment[46] Future Outlook - The company expects non-GAAP revenue to decline by approximately 2.5% to 4.0% on a currency-neutral basis for the full year 2024[13] - The forecasted non-GAAP operating margin for 2024 excludes 85 basis points related to amortization of purchased intangibles, indicating a focus on maintaining operational efficiency[47] - The company anticipates future gains and charges that are difficult to predict, including those related to foreign currency fluctuations and legal matters[47] Other Financial Metrics - Non-GAAP net income was $56,362,000, representing 8.7% of revenue, compared to 10.8% in the prior year[44] - Adjusted EBITDA for the current period was $106,861, reflecting a 16.4% margin, while the previous period's adjusted EBITDA was $112,736 with a 17.8% margin[45] - The company reported a significant loss from changes in fair market value of equity securities amounting to $(792,888,000)[44] - Interest expense for the current period was $12,174, slightly down from $12,398 in the previous period[45] - The company incurred restructuring costs of $1,441, which is a decrease from $1,532 in the previous period[45] - Other non-recurring items amounted to $1,663, compared to $1,877 in the previous period[45]

Financial Performance - Net sales for Q2 2024 were $638.5 million, a decrease of 6.3% from $681.1 million in Q2 2023, with a currency neutral decrease of approximately 5.4%[110] - Net sales for the first six months of 2024 were $1.25 billion, an 8.0% decrease from $1.36 billion in the first six months of 2023[117] - Life Science segment sales for Q2 2024 were $250.5 million, down 16.5% year-over-year, driven by ongoing weakness in the biotech and biopharma markets[110] - Life Science segment sales for the first six months of 2024 were $492.2 million, down 21.1% year-over-year, with a currency neutral decrease of 20.8%[117] - Clinical Diagnostics segment sales for Q2 2024 were $387.9 million, an increase of 2.1% year-over-year, with a currency neutral increase of 3.2%[111] - Clinical Diagnostics segment sales for the first six months of 2024 were $756.6 million, an increase of 3.3% year-over-year, with a currency neutral increase of 4.0%[118] Expenses and Margins - Consolidated gross margin for Q2 2024 was 55.6%, up from 53.2% in Q2 2023, driven by cost control measures and product mix[112] - Selling, general and administrative (SG&A) expense for Q2 2024 was $194.7 million, or 30.5% of sales, compared to $207.8 million, or 30.5% of sales in Q2 2023[113] - Research and development (R&D) expense for Q2 2024 was $58.9 million, or 9.2% of sales, down from $65.0 million, or 9.5% of sales in Q2 2023[113] Cash Flow and Investments - Net cash provided by operations decreased to $167.4 million for the six months ended June 30, 2024, down from $196.2 million in 2023, primarily due to lower cash received from customers and higher income tax paid[125] - Net cash used in investing activities increased to $74.0 million for the six months ended June 30, 2024, compared to $42.5 million in 2023, driven by higher capital expenditures and the timing of marketable securities transactions[126] - Net cash used in financing activities decreased to $96.6 million for the six months ended June 30, 2024, from $198.4 million in 2023, mainly due to lower treasury stock purchases[127] Share Repurchase and Stock Activity - During Q2 2024, the company repurchased 346,226 shares of Class A common stock for $100 million under the 2023 Share Repurchase Program, with $174.0 million remaining available for future repurchases[128] - The board of directors authorized an increase in the 2023 Share Repurchase Program by an additional $500 million for repurchasing outstanding common stock[128] - The company reissued 21,017 shares of Class A treasury stock at a total cost of $7.4 million during Q2 2024 to fulfill employee grants[128] Market Risk and Accounting - There were no material changes in market risk disclosures compared to the previous annual report for the year ended December 31, 2023[133] - The company did not adopt any new accounting pronouncements during the three and six months ended June 30, 2024[132] Losses - Losses from change in fair market value of equity securities and loan receivable were $2.90 billion in Q2 2024, compared to $1.60 billion in Q2 2023[115]

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, primarily due to weakness in biotech and biopharma markets[2] - Clinical Diagnostics segment net sales increased by 2.1% to $387.9 million, 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, compared to a net loss of $1,162.3 million, or $39.59 per share, in the same period last year[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 of 1.0% to 2.5%[7] - Non-GAAP operating margin is estimated to be about 12.0% to 13.0%, down from prior estimates of 13.5% to 14.0%[7] Gross Margin and Profitability - Gross margin for Q2 2024 was 55.6%, up from 53.2% in Q2 2023[5] - GAAP gross profit for the quarter was $355,119 million, representing a gross margin of 55.6%[31] - Non-GAAP gross profit was $360,206 million, with a gross margin of 56.4%[31] - GAAP income from operations was $101,496 million, with an operating margin of 15.9%[34] - Non-GAAP income from operations reached $107,058 million, reflecting an operating margin of 16.8%[34] - Adjusted EBITDA reached $138,208, showing a growth of 21.6% compared to the prior year[35] Expenses and Liabilities - Research and development expenses for Q2 2024 were $58,904 thousand, a decrease of 9.5% from $65,042 thousand in Q2 2023[24] - Total liabilities decreased to $2,909,659 thousand as of June 30, 2024, down from $3,557,937 thousand at the end of 2023[26] - The company incurred restructuring costs of $1,421 million during the period[31] - Non-GAAP selling, general and administrative expenses were $193,780 million[31] Cash Flow and Equity - Cash provided by operating activities for Q2 2024 was $167,438 thousand, a decrease from $196,185 thousand in Q2 2023[28] - The company reported a net cash increase of $3,346 thousand for Q2 2024, compared to a decrease of $(44,063) thousand in Q2 2023[28] - Total stockholders' equity decreased to $6,778,787 thousand as of June 30, 2024, from $8,741,133 thousand at the end of 2023[26] Tax and Share Repurchase - The effective tax rate for Q2 2024 was 22.3%, slightly down from 22.5% in Q2 2023[3] - The board authorized an increase of $500 million to the 2023 Share Repurchase Program, bringing the total available for repurchases to approximately $578 million[8] Non-GAAP Measures - The company utilizes non-GAAP financial measures to provide additional insights into its operational performance, excluding certain non-recurring items[29] - The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the unpredictable nature of future charges[37] - The forecasted non-GAAP operating margin excludes 89 basis points related to amortization of purchased intangibles[37] Market and Foreign Exchange - The company experienced a foreign currency exchange loss of $(1,699) during the reporting period[35] - The company experienced a significant loss from changes in fair market value of equity securities amounting to $2,895,355 million[34] - Gains from changes in fair market value of equity securities and loan receivable amounting to $2,895,355[35] Share Metrics - The weighted average shares used in the non-GAAP net income per share calculation were 28,395, compared to 29,355 in the previous period[35] - The diluted loss per share was reported at $(76.26), a significant increase from $(39.59) in the previous period[35]

Financial Performance - Net sales for Q1 2024 were $610.8 million, a decrease of 9.8% compared to $676.8 million in Q1 2023[124] - Life Science segment sales decreased by 25.3% to $241.7 million in Q1 2024, driven by weakness in biotech and biopharma markets[124] - Clinical Diagnostics segment sales increased by 4.7% to $368.6 million in Q1 2024, primarily due to increased demand for quality controls and blood typing[125] - Consolidated gross margin for Q1 2024 was 53.4%, slightly down from 53.5% in Q1 2023[126] Expenses - Selling, general and administrative (SG&A) expenses were $214.9 million, or 35.2% of sales, compared to $225.6 million, or 33.3% of sales in Q1 2023[127] - Research and development (R&D) expenses were $66.4 million, or 10.9% of sales, down from $75.0 million, or 11.1% of sales in Q1 2023[128] Cash Flow and Investments - Net cash provided by operations was $69.8 million for Q1 2024, down from $98.1 million in Q1 2023[138] - Cash and short-term investments totaled $1.65 billion as of March 31, 2024, with approximately 16% held in foreign subsidiaries[135] Tax and Gains - The effective income tax rate increased to 21.8% in Q1 2024 from 18.7% in Q1 2023, influenced by geographical mix of earnings[133] - Gains from changes in fair market value of equity securities were $422.2 million in Q1 2024, compared to a loss of $17.5 million in Q1 2023[131]

Financial Performance - First-quarter 2024 total net sales were $610.8 million, a decrease of 9.8% compared to $676.8 million in Q1 2023[2] - Clinical Diagnostics segment net sales increased by 4.7% to $368.6 million, driven by demand for quality control, blood typing, and diabetes products[3] - Life Science segment net sales decreased by 25.3% to $241.7 million, primarily due to weakness in the biotech and biopharma markets[25] - Non-GAAP net income for Q1 2024 was $65.2 million, or $2.29 per share, down from $99.4 million, or $3.34 per share in Q1 2023[8] - The company reported a net income of $383.9 million for Q1 2024, significantly higher than $69.0 million in Q1 2023, primarily due to changes in the fair market value of equity securities[27] - GAAP net income for the current period is $383,916, representing a 62.9% increase compared to $68,962 in the previous period[45] - Non-GAAP net income is reported at $65,217, which is a 10.7% increase from $99,360 in the previous period[45] - Total net sales decreased to $610,820 from $676,844, reflecting a decline of approximately 9.8%[53] Expenses and Margins - Cost of goods sold (GAAP) decreased to $284,854 from $314,427, a reduction of about 9.4%[53] - Research and development expenses decreased to $66,375 from $74,951, a decline of approximately 11.6%[53] - Non-GAAP income from operations is $59,007, which is 9.7% of total revenue, compared to $84,167 or 12.4% in the previous period[45] - GAAP diluted earnings per share is $13.45, up from $2.32 in the previous period[53] - Adjusted EBITDA for the current period is $108,535, representing 17.8% of total revenue, compared to $148,541 or 21.9% in the previous period[46] - Non-GAAP gross margin for Q1 2024 was 54.2%, unchanged from Q1 2023[28] - GAAP gross profit for Q1 2024 was $325,966, accounting for 53.4% of revenue, compared to $362,417 or 53.5% in Q1 2023[56] - Non-GAAP gross profit for Q1 2024 was $330,932, maintaining 54.2% of revenue, consistent with Q1 2023[56] Tax and Financial Outlook - The effective tax rate for Q1 2024 was 21.8%, compared to 18.7% in Q1 2023, influenced by the accounting treatment of equity securities[5] - The company maintains its full-year 2024 financial outlook, expecting non-GAAP, currency-neutral revenue growth of approximately 1.0% to 2.5%[11] - Management expressed cautious optimism about a gradual recovery in the biopharma market in the second half of the year[28] - The financial outlook for 2024 indicates a focus on maintaining operational efficiency and exploring new market opportunities[60] Assets and Liabilities - Total current assets increased to $3,060,936 from $3,048,330, representing a growth of 0.3%[54] - Total liabilities remained stable at $3,558,759, slightly up from $3,557,937[54] - Cash, cash equivalents, and restricted cash at the end of the period were $433,752, down from $464,503[55] - The company’s total stockholders' equity increased to $9,051,134 from $8,741,133, reflecting a growth of 3.5%[54] - The company utilized $406,458 for purchases of marketable securities and investments, compared to $203,588 in the previous year[55] Operational Performance - Income from operations for Q1 2024 was $59.0 million, down from $84.2 million in the prior-year period[29] - The company incurred a loss of $422,177 from changes in the fair market value of equity securities and loan receivables[45] - The forecasted non-GAAP operating margin excludes 87 basis points related to amortization of purchased intangibles[47] - Net cash provided by operating activities decreased to $69,792 from $98,119, a decline of 29.0% year-over-year[55]