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Bio-Rad(BIO_B) - 2024 Q4 - Annual Report
BIO_BBio-Rad(BIO_B)2025-02-14 21:30

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 1.20billioninprincipalamountoffixed−ratelong−termdebtoutstandingasofDecember31,2024[181].RevenueSources−Approximately411.20 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 32.1milliononBio−Rad′sderivativepositionasofDecember31,2024[179].−Ahypotheticalincreaseordecreaseininterestratesby50and100basispointswouldhaveresultedinadecreaseorincreaseinthefairvalueofBio−Rad′snetinvestmentpositionofapproximately32.1 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 21.7million,respectively[180].−A1021.7 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].