Bio-Rad(BIO_B) - 2024 Q2 - Quarterly Report

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]