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

Financial Performance - Net sales for Q1 2024 were $610.8 million, a decrease of 9.8% compared to$ 676.8 million in Q1 2023[124] - Life Science segment sales decreased by 25.3% to $241.7 million in Q1 2024, driven by weakness in biotech and biopharma markets[124] - Clinical Diagnostics segment sales increased by 4.7% to$ 368.6 million in Q1 2024, primarily due to increased demand for quality controls and blood typing[125] - Consolidated gross margin for Q1 2024 was 53.4%, slightly down from 53.5% in Q1 2023[126] Expenses - Selling, general and administrative (SG&A) expenses were $214.9 million, or 35.2% of sales, compared to$ 225.6 million, or 33.3% of sales in Q1 2023[127] - Research and development (R&D) expenses were $66.4 million, or 10.9% of sales, down from$ 75.0 million, or 11.1% of sales in Q1 2023[128] Cash Flow and Investments - Net cash provided by operations was $69.8 million for Q1 2024, down from$ 98.1 million in Q1 2023[138] - Cash and short-term investments totaled $1.65 billion as of March 31, 2024, with approximately 16% held in foreign subsidiaries[135] Tax and Gains - The effective income tax rate increased to 21.8% in Q1 2024 from 18.7% in Q1 2023, influenced by geographical mix of earnings[133] - Gains from changes in fair market value of equity securities were$ 422.2 million in Q1 2024, compared to a loss of $17.5 million in Q1 2023[131]