Bio-Rad(BIO_B) - 2024 Q4 - Annual Results

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]