Bio-Rad(BIO_B) - 2025 Q1 - Quarterly Results

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]