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Bio-Rad(BIO_B) - 2024 Q2 - Quarterly Results
BIO_BBio-Rad(BIO_B)2024-08-01 20:18

Financial Performance - Total net sales for Q2 2024 were 638.5million,adecreaseof6.3638.5 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 250.5million,primarilyduetoweaknessinbiotechandbiopharmamarkets[2]−ClinicalDiagnosticssegmentnetsalesincreasedby2.1250.5 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 2,165.5million,or2,165.5 million, or 76.26 per share, compared to a net loss of 1,162.3million,or1,162.3 million, or 39.59 per share, in the same period last year[5] - Non-GAAP net income for Q2 2024 was 88.5million,or88.5 million, or 3.11 per share, compared to 88.5million,or88.5 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 355,119million,representingagrossmarginof55.6355,119 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 101,496million,withanoperatingmarginof15.9101,496 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,showingagrowthof21.6138,208, 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 65,042thousandinQ22023[24]−Totalliabilitiesdecreasedto65,042 thousand in Q2 2023[24] - Total liabilities decreased to 2,909,659 thousand as of June 30, 2024, down from 3,557,937thousandattheendof2023[26]−Thecompanyincurredrestructuringcostsof3,557,937 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 193,780million[31]CashFlowandEquity−CashprovidedbyoperatingactivitiesforQ22024was193,780 million[31] Cash Flow and Equity - Cash provided by operating activities for Q2 2024 was 167,438 thousand, a decrease from 196,185thousandinQ22023[28]−Thecompanyreportedanetcashincreaseof196,185 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)thousandinQ22023[28]−Totalstockholders′equitydecreasedto(44,063) thousand in Q2 2023[28] - Total stockholders' equity decreased to 6,778,787 thousand as of June 30, 2024, from 8,741,133thousandattheendof2023[26]TaxandShareRepurchase−TheeffectivetaxrateforQ22024was22.38,741,133 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 578million[8]Non−GAAPMeasures−Thecompanyutilizesnon−GAAPfinancialmeasurestoprovideadditionalinsightsintoitsoperationalperformance,excludingcertainnon−recurringitems[29]−Thecompanydoesnotprovideareconciliationofnon−GAAPfinancialexpectationstoGAAPmeasuresduetotheunpredictablenatureoffuturecharges[37]−Theforecastednon−GAAPoperatingmarginexcludes89basispointsrelatedtoamortizationofpurchasedintangibles[37]MarketandForeignExchange−Thecompanyexperiencedaforeigncurrencyexchangelossof578 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 2,895,355million[34]−Gainsfromchangesinfairmarketvalueofequitysecuritiesandloanreceivableamountingto2,895,355 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),asignificantincreasefrom(76.26), a significant increase from (39.59) in the previous period[35]