Bio-Rad(BIO_B) - 2024 Q1 - Quarterly Results

Financial Performance - First-quarter 2024 total net sales were $610.8 million, a decrease of 9.8% compared to$ 676.8 million in Q1 2023[2] - Clinical Diagnostics segment net sales increased by 4.7% to $368.6 million, driven by demand for quality control, blood typing, and diabetes products[3] - Life Science segment net sales decreased by 25.3% to$ 241.7 million, primarily due to weakness in the biotech and biopharma markets[25] - Non-GAAP net income for Q1 2024 was $65.2 million, or$ 2.29 per share, down from $99.4 million, or$ 3.34 per share in Q1 2023[8] - The company reported a net income of $383.9 million for Q1 2024, significantly higher than$ 69.0 million in Q1 2023, primarily due to changes in the fair market value of equity securities[27] - GAAP net income for the current period is $383,916, representing a 62.9% increase compared to$ 68,962 in the previous period[45] - Non-GAAP net income is reported at $65,217, which is a 10.7% increase from$ 99,360 in the previous period[45] - Total net sales decreased to $610,820 from$ 676,844, reflecting a decline of approximately 9.8%[53] Expenses and Margins - Cost of goods sold (GAAP) decreased to $284,854 from$ 314,427, a reduction of about 9.4%[53] - Research and development expenses decreased to $66,375 from$ 74,951, a decline of approximately 11.6%[53] - Non-GAAP income from operations is $59,007, which is 9.7% of total revenue, compared to$ 84,167 or 12.4% in the previous period[45] - GAAP diluted earnings per share is $13.45, up from$ 2.32 in the previous period[53] - Adjusted EBITDA for the current period is $108,535, representing 17.8% of total revenue, compared to$ 148,541 or 21.9% in the previous period[46] - Non-GAAP gross margin for Q1 2024 was 54.2%, unchanged from Q1 2023[28] - GAAP gross profit for Q1 2024 was $325,966, accounting for 53.4% of revenue, compared to$ 362,417 or 53.5% in Q1 2023[56] - Non-GAAP gross profit for Q1 2024 was $330,932, maintaining 54.2% of revenue, consistent with Q1 2023[56] Tax and Financial Outlook - The effective tax rate for Q1 2024 was 21.8%, compared to 18.7% in Q1 2023, influenced by the accounting treatment of equity securities[5] - The company maintains its full-year 2024 financial outlook, expecting non-GAAP, currency-neutral revenue growth of approximately 1.0% to 2.5%[11] - Management expressed cautious optimism about a gradual recovery in the biopharma market in the second half of the year[28] - The financial outlook for 2024 indicates a focus on maintaining operational efficiency and exploring new market opportunities[60] Assets and Liabilities - Total current assets increased to$ 3,060,936 from $3,048,330, representing a growth of 0.3%[54] - Total liabilities remained stable at$ 3,558,759, slightly up from $3,557,937[54] - Cash, cash equivalents, and restricted cash at the end of the period were$ 433,752, down from $464,503[55] - The company’s total stockholders' equity increased to$ 9,051,134 from $8,741,133, reflecting a growth of 3.5%[54] - The company utilized$ 406,458 for purchases of marketable securities and investments, compared to $203,588 in the previous year[55] Operational Performance - Income from operations for Q1 2024 was$ 59.0 million, down from $84.2 million in the prior-year period[29] - The company incurred a loss of$ 422,177 from changes in the fair market value of equity securities and loan receivables[45] - The forecasted non-GAAP operating margin excludes 87 basis points related to amortization of purchased intangibles[47] - Net cash provided by operating activities decreased to $69,792 from$ 98,119, a decline of 29.0% year-over-year[55]