Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader
of life science research and clinical diagnostic products, today
announced financial results for the second quarter ended June 30,
2019.
Second-quarter 2019 net sales were $572.6 million, a decrease of
0.6 percent compared to $575.9 million reported for the second
quarter of 2018. On a currency-neutral basis, quarterly sales
increased 2.7 percent compared to the same period in 2018.
Second-quarter gross margin was 53.7 percent compared to 52.4
percent during the second quarter in 2018.
Life Science segment net sales for the second quarter were
$212.4 million, down 2.5 percent compared to the same period in
2018. On a currency-neutral basis, Life Science segment sales
decreased by 0.1 percent compared to the same quarter in 2018.
Sales were strong in the Droplet Digital PCR, Antibody, and Food
Safety product lines, moderated by the Process Media product line,
in which sales vary from quarter to quarter. Excluding Process
Media sales, the Life Science business grew about 7.5 percent,
year-over-year on a currency neutral basis.
Clinical Diagnostics segment net sales for the second quarter
were $357.1 million, an increase of 0.9 percent compared to the
same period in 2018. On a currency-neutral basis, net sales
increased 4.8 percent compared to the same quarter last year. The
currency-neutral sales increase was primarily due to solid growth
of Quality Controls, Immunology, and Diabetes product lines. Sales
during the second quarter of 2019 increased across all three
regions.
Net income for the second quarter of 2019 was $598.8 million, or
$19.86 per share on a diluted basis versus the second quarter in
2018 in which net income was $268.0 million, or $8.87 per share on
a diluted basis. Net income for the second quarters of both 2019
and 2018 were significantly and favorably impacted by recognition,
on the income statement, of changes in the fair market value of
equity securities of $716.4 million and $286.4 million,
respectively, primarily related to the holdings of our investment
in Sartorius AG. Other income for the second quarter of 2019 was
$3.9 million, compared to $15.9 million for the second quarter of
2018. The decrease was primarily due to dividends from our
investment in Sartorius AG, which were declared in the first
quarter of 2019 compared to the second quarter of 2018.
The effective tax rate for the second quarter of 2019 was 22.2
percent compared to 21.2 percent during the second quarter of 2018.
The effective tax rate in both periods was primarily driven by
changes in the fair market value of equity securities and a tax
reform-related benefit in the second quarter of 2018.
“Performance in the second quarter reflects strength in many of
our key product lines across our major geographies,” said Norman
Schwartz, Bio‑Rad President and Chief Executive Officer. “We are
encouraged by continued improvements of our core operating
performance during the quarter as well as the first half of the
year, which is helping us to make progress toward reaching our long
term goals,” he added.
The following table provides highlights of Bio-Rad’s GAAP and
non-GAAP results for the three months ended June 30, 2019 and
2018:
GAAP Results
Q2 2019
Q2 2018
Revenue (Millions)
$572.6
$575.9
Gross Margin
53.7%
52.4%
Operating Margin
9.8%
7.6%
Net Income (Millions)
$598.8
$268.0
Income per Diluted Share
$19.86
$8.87
Non-GAAP Results
Q2 2019
Q2 2018
Gross Margin
54.4%
53.4%
Operating Margin
11.7%
10.0%
Net Income (Millions)
$47.4
$49.5
Income per Diluted Share
$1.57
$1.64
A reconciliation between GAAP operating results and non-GAAP
operating results is provided following the financial statements
that are part of this press release. Non-GAAP adjustments include
amortization of purchased intangibles; acquisition-related expenses
and benefits; restructuring, impairment charges and valuation
changes in equity-owned investments; gains and losses on
equity-method investments; significant litigation charges or
benefits and legal costs; and discrete income tax events and the
income tax effect on these non-GAAP adjustments.
Non-GAAP net income and non-GAAP diluted income per share
(non-GAAP EPS) are non-GAAP measures that exclude certain items
detailed later in this press release under the heading “Non-GAAP
Reporting.”
Non-GAAP net income for the second quarter of 2019 was $47.4
million, or $1.57 per share on a diluted basis, compared to $49.5
million, or $1.64 per share on a diluted basis, during the same
period in 2018. The non-GAAP effective tax rate for the second
quarter of 2019 was 26.4 percent compared to 27.1 percent for the
same period in 2018.
The following table represents a reconciliation of Bio-Rad’s
reported net income and diluted income per share to non-GAAP net
income and non-GAAP diluted income per share for the three and six
months ended June 30, 2019 and 2018:
Three Months Ended June 30,
Six Months Ended June 30,
2019
2018
2019
2018
GAAP net income
$598,810
$268,043
$1,464,005
$924,817
Amortization of purchased intangibles
5,354
6,771
10,681
13,650
Legal matters
5,422
5,110
9,862
8,789
Acquisition related (benefits) costs
(10)
1,512
(7,768)
(106)
Restructuring costs (benefits)
45
450
(179)
1,488
Valuation change in equity-owned
securities
(716,389)
(286,398)
(1,775,619)
(1,102,332)
Loss on equity-method investments
344
405
661
403
Other non-recurring items
-
-
(759)
(9,208)
Income tax effect on non-GAAP
adjustments
153,798
53,647
396,130
247,398
Non-GAAP net income
$47,374
$49,540
$97,014
84,899
GAAP diluted income per share
$19.86
$8.87
$48.60
$30.63
Non-GAAP diluted income per share
$1.57
$1.64
$3.22
$2.81
On a reported basis, net sales for the first half of 2019
decreased 0.1 percent to $1,126.6 million compared to $1,127.4
million for the same period in 2018. On a currency-neutral basis,
net sales grew 3.4 percent.
Year-to-date net income for 2019 was $1,464.0 million, or $48.60
per share on a fully diluted basis, compared to $924.8 million, or
$30.63 per share, respectively, during the same period in 2018.
2019 Financial Outlook
For the full year 2019, the company continues to anticipate
currency-neutral revenue growth of approximately 4.0 to 4.5 percent
and improved profitability with an estimated non-GAAP operating
margin of 12.5 to 13.0 percent.
Non-GAAP Reporting
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), we use
certain non-GAAP financial measures, including non-GAAP net income
and non-GAAP EPS, which exclude amortization of acquisition-related
intangible assets, certain acquisition-related expenses and
benefits, restructuring charges, asset impairment charges,
valuation changes of equity owned investments, and significant
legal-related charges or benefits and associated legal costs.
Non-GAAP net income and non-GAAP EPS also exclude certain other
gains and losses that are either isolated or cannot be expected to
occur again with any predictability, tax provisions/benefits
related to the previous items, and significant discrete tax events.
We exclude the above items because they are outside of our normal
operations and/or, in certain cases, are difficult to forecast
accurately for future periods.
We utilize a number of different financial measures, both GAAP
and non-GAAP, in analyzing and assessing the overall performance of
our business, in making operating decisions, forecasting and
planning for future periods, and determining payments under
compensation programs. We consider the use of the non-GAAP measures
to be helpful in assessing the performance of the ongoing operation
of our business. We believe that disclosing non-GAAP financial
measures provides useful supplemental data that, while not a
substitute for financial measures prepared in accordance with GAAP,
allows for greater transparency in the review of our financial and
operational performance. We also believe that disclosing non-GAAP
financial measures provides useful information to investors and
others in understanding and evaluating our operating results and
future prospects in the same manner as management and in comparing
financial results across accounting periods and to those of peer
companies. More specifically, management adjusts for the excluded
items for the following reasons:
Amortization of purchased intangible assets: we do not acquire
businesses and assets on a predictable cycle. The amount of
purchase price allocated to purchased intangible assets and the
term of amortization can vary significantly and are unique to each
acquisition or purchase. We believe that excluding amortization of
purchased intangible assets allows the users of our financial
statements to better review and understand the historic and current
results of our operations, and also facilitates comparisons to peer
companies.
Acquisition-related expenses and benefits: we incur expenses or
benefits with respect to certain items associated with our
acquisitions, such as transaction costs, changes in the fair value
of contingent consideration liabilities, gain or expense on
settlement of pre-existing relationships, etc. We exclude such
expenses or benefits as they are related to acquisitions and have
no direct correlation to the operation of our on-going
business.
Restructuring, impairment charges and valuation changes in
equity owned investments: we incur restructuring and impairment
charges on individual or groups of employed assets and charges and
benefits arising from valuation changes in equity owned
investments, which arise from unforeseen circumstances and/or often
occur outside of the ordinary course of our on-going business.
Although these events are reflected in our GAAP financials, these
unique transactions may limit the comparability of our on-going
operations with prior and future periods.
Significant litigation charges or benefits and legal costs: we
may incur charges or benefits as well as legal costs in connection
with litigation and other contingencies unrelated to our core
operations. We exclude these charges or benefits, when significant,
as well as legal costs associated with significant legal matters,
because we do not believe they are reflective of on-going business
and operating results.
Income tax expense: we estimate the tax effect of the items
identified to determine a non-GAAP annual effective tax rate
applied to the pretax amount in order to calculate the non-GAAP
provision for income taxes. We also adjust for items for which the
nature and/or tax jurisdiction requires the application of a
specific tax rate or treatment.
From time to time in the future, there may be other items
excluded if we believe that doing so is consistent with the goal of
providing useful information to investors and management.
There are limitations in using non-GAAP financial measures
because the non-GAAP financial measures are not prepared in
accordance with generally accepted accounting principles and may be
different from non-GAAP financial measures used by other companies.
The non-GAAP financial measures are limited in value because they
exclude certain items that may have a material impact on our
reported financial results. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the directly comparable financial measures prepared
in accordance with GAAP in the United States. Investors should
review the reconciliation of the non-GAAP financial measures to
their most directly comparable GAAP financial measures as provided
in the tables accompanying this press release.
Conference Call and Webcast
Management will discuss second quarter ended June 30, 2019
results in a conference call at 2 PM Pacific Time (5 PM Eastern
Time) August 1, 2019. Interested parties may access the call at
855-779-9068 within the U.S. or 631-485-4862 outside the U.S.,
Conference ID: 9299345. You may also listen to the conference
call via a webcast that is available in the "Investor Relations"
section of our website under “Quarterly Results” at
www.bio-rad.com. The webcast will be available for up to a
year.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global
leader in developing, manufacturing, and marketing a broad range of
innovative products for the life science research and clinical
diagnostic markets. With a focus on quality and customer service
for over 65 years, our products advance the discovery process and
improve healthcare. Our customers are university and research
institutions, hospitals, public health and commercial laboratories,
biotechnology, pharmaceutical, as well as applied laboratories that
include food safety and environmental quality. Founded in 1952,
Bio-Rad is based in Hercules, California, and has a global network
of operations with more than 8,000 employees worldwide. Bio-Rad had
revenues exceeding $2.2 billion in 2018. For more information,
please visit www.bio-rad.com.
This release may be deemed to contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements we make regarding estimated future
financial performance or results, our performance in the second
quarter reflecting strength in many of our key product lines across
our major geographies, continued improvements of our core operating
performance during the quarter as well as the first half of the
year helping us to make progress toward reaching our long term
goals, and for the full year 2019 anticipating currency-neutral
revenue growth of approximately 4.0 to 4.5 percent and improved
profitability with an estimated non-GAAP operating margin of 12.5
to 13.0 percent. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as,
"anticipate," " estimate," " expect," "continue," "believe,"
"will," ”project,” "assume," "may," "intend," or similar
expressions or the negative of those terms or expressions, although
not all forward-looking statements contain these words. Such
statements involve risks and uncertainties, which could cause
actual results to vary materially from those expressed in or
indicated by the forward-looking statements. These risks and
uncertainties include our ability to develop and market new or
improved products, our ability to compete effectively, foreign
currency exchange fluctuations, international legal and regulatory
risks, global economic conditions, recent and planned changes to
our global organizational structure and executive management team,
product quality and liability issues, reductions in government
funding or capital spending of our customers, our ability to
integrate acquired companies, products or technologies into our
company successfully, supply chain issues, changes in the
healthcare industry, difficulties in implementing our global
enterprise resource planning system, and natural disasters and
other catastrophic events beyond our control. For further
information regarding the Company's risks and uncertainties, please
refer to the "Risk Factors" and "Management’s Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company’s public reports filed with the Securities and Exchange
Commission (the "SEC"), including the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2018, and its
Quarterly Report on Form 10-Q for the fiscal quarter ended June 30,
2019 to be filed with the SEC. The Company cautions you not to
place undue reliance on forward-looking statements, which reflect
an analysis only and speak only as of the date hereof. Bio-Rad
Laboratories, Inc. disclaims any obligation to update these
forward-looking statements.
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Income (In
thousands, except per share data) (Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Net sales
$ 572,619
$ 575,911
$ 1,126,598
$ 1,127,430
Cost of goods sold
264,850
274,244
507,067
523,560
Gross profit
307,769
301,667
619,531
603,870
Selling, general and
administrative expense
201,257
210,425
408,838
419,555
Research and development expense
50,122
47,450
97,697
96,877
Income from operations
56,390
43,792
112,996
87,438
Interest expense
5,841
5,977
11,827
11,759
Foreign currency exchange losses (gains), net
1,233
(15)
2,513
1,239
Change in fair market value of equity securities
(716,389)
(286,398)
(1,775,619)
(1,102,332)
Other (income) expense, net
(3,896)
(15,858)
(22,592)
(27,003)
Income before income taxes
769,601
340,086
1,896,867
1,203,775
Provision for income taxes
(170,791)
(72,043)
(432,862)
(278,958)
Net income
$ 598,810
$ 268,043
$ 1,464,005
$ 924,817
Basic earnings per share:
Net income per basic share
$ 20.08
$ 8.99
$ 49.12
$ 31.03
Weighted average common shares -
basic
29,814
29,814
29,807
29,801
Diluted earnings per share:
Net income per diluted share
$ 19.86
$ 8.87
$ 48.60
$ 30.63
Weighted average common shares -
diluted
30,154
30,219
30,125
30,197
Bio-Rad Laboratories, Inc. Condensed Consolidated Balance
Sheets (In thousands)
June 30,
December 31,
2019
2018
(Unaudited) Current assets: Cash and
cash equivalents
$
580,684
$
431,526
Short-term investments
406,732
418,830
Accounts receivable, net
377,904
392,443
Inventories, net
589,897
583,815
Other current assets
132,723
196,864
Total current assets
2,087,940
2,023,478
Property, plant and equipment, net
499,180
508,690
Operating lease right-of-use assets
215,507
-
Goodwill, net
235,401
219,770
Purchased intangibles, net
127,476
133,123
Other investments
4,417,240
2,655,709
Other assets
64,201
70,298
Total assets
$
7,646,945
$
5,611,068
Current liabilities: Accounts
payable, accrued payroll and employee benefits
$
246,809
$
265,960
Current maturities of long-term debt
1,767
493
Income and other taxes payable
37,516
56,188
Other current liabilities
159,885
128,154
Total current liabilities
445,977
450,795
Long-term debt, net of current maturities
437,680
438,937
Other long-term liabilities
1,276,478
701,005
Total liabilities
2,160,135
1,590,737
Total stockholders' equity
5,486,810
4,020,331
Total liabilities and stockholders' equity
$
7,646,945
$
5,611,068
Bio-Rad Laboratories, Inc. Condensed Consolidated
Statements of Cash Flows (In thousands) (Unaudited)
Six Months EndedJune 30,
2019
2018
Cash flows from operating activities:
Cash received from customers
$
1,143,222
$
1,160,904
Cash paid to suppliers and employees
(932,009
)
(1,007,565
)
Interest paid, net
(11,085
)
(11,277
)
Income tax payments, net
(24,016
)
(47,620
)
Other operating activities
22,233
23,766
Net cash provided by operating activities
198,345
118,208
Cash flows from investing activities:
(Payments for) proceeds from acquisitions
(16,083
)
266
Other investing activities
(21,701
)
(102,924
)
Net cash used in investing activities
(37,784
)
(102,658
)
Cash flows from financing activities:
Payments on long-term borrowings
(359
)
(1,505
)
Other financing activities
(13,125
)
2,004
Net cash (used in) provided by financing activities
(13,484
)
499
Effect of foreign exchange rate changes on
cash
2,127
3,053
Net increase in cash, cash equivalents, and
restricted cash
149,204
19,102
Cash, cash equivalents, and restricted cash at beginning of period
434,164
384,983
Cash, cash equivalents, and restricted cash at end of period
$
583,368
$
404,085
Reconciliation of net
income to net cash provided by operating activities:
Net income
$
1,464,005
$
924,817
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
66,148
68,669
Right-of-use asset amortization
19,764
-
Changes in working capital
11,378
(29,857
)
Other
(1,362,950
)
(845,421
)
Net cash provided by operating activities
$
198,345
$
118,208
Bio-Rad Laboratories, Inc. Reconciliation of
GAAP financial measures to non-GAAP financial measures (In
thousands, except per share data) (Unaudited)
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), we use
certain non-GAAP financial measures, including non-GAAP net income
and non-GAAP diluted income per share (non-GAAP EPS), which exclude
amortization of acquisition-related intangible assets; certain
acquisition-related expenses and benefits; restructuring charges;
asset impairment charges; valuation changes of equity owned
investments; gains and losses on equity-method investments; and
significant legal-related charges or benefits and associated legal
costs. Non-GAAP net income and non-GAAP EPS also exclude certain
other gains and losses that are either isolated or cannot be
expected to occur again with any predictability, tax
provisions/benefits related to the previous items, and significant
discrete tax events. We exclude the above items because they are
outside of our normal operations and/or, in certain cases, are
difficult to forecast accurately for future periods.
We utilize a number of different financial measures, both GAAP
and non-GAAP, in analyzing and assessing the overall performance of
our business, in making operating decisions, forecasting and
planning for future periods, and determining payments under
compensation programs. We consider the use of the non-GAAP measures
to be helpful in assessing the performance of the ongoing operation
of our business. We believe that disclosing non-GAAP financial
measures provides useful supplemental data that, while not a
substitute for financial measures prepared in accordance with GAAP,
allows for greater transparency in the review of our financial and
operational performance. We also believe that disclosing non-GAAP
financial measures provides useful information to investors and
others in understanding and evaluating our operating results and
future prospects in the same manner as management and in comparing
financial results across accounting periods and to those of peer
companies.
Three Months Ended
Three MonthsEnded Six MonthsEnded Six
MonthsEnded
June 30,
% of revenue June 30, % of revenue June
30, % of revenue June 30, % of revenue
2019
revenue
2018
revenue
2019
revenue
2018
revenue GAAP cost of goods sold
$
264,850
$
274,244
$
507,067
$
523,560
Amortization of purchased intangibles
(3,759
)
(4,717
)
(7,422
)
(9,526
)
Acquisition related benefits (costs) (1)
-
-
7,403
-
Restructuring benefits (costs)
2
(1,286
)
192
(1,474
)
Non-GAAP cost of goods sold
$
261,093
$
268,241
$
507,240
$
512,560
GAAP gross profit
$
307,769
53.7
%
$
301,667
52.4
%
$
619,531
55.0
%
$
603,870
53.6
%
Amortization of purchased intangibles
3,759
4,717
7,422
9,526
Acquisition related (benefits) costs (1)
-
-
(7,403
)
-
Restructuring (benefits) costs
(2
)
1,286
(192
)
1,474
Non-GAAP gross profit
$
311,526
54.4
%
$
307,670
53.4
%
$
619,358
55.0
%
$
614,870
54.5
%
GAAP selling, general and administrative expense
$
201,257
$
210,425
$
408,838
$
419,555
Amortization of purchased intangibles
(1,595
)
(2,054
)
(3,259
)
(4,124
)
Legal matters
(5,422
)
(5,110
)
(9,862
)
(8,789
)
Acquisition related benefits (costs) (1)
10
(1,512
)
365
618
Restructuring benefits (costs)
(142
)
492
(140
)
(358
)
Non-GAAP selling, general and administrative expense
$
194,108
$
202,241
$
395,942
$
406,902
GAAP research and development expense
$
50,122
$
47,450
$
97,697
$
96,877
Acquisition related benefits (costs) (1)
-
-
-
(512
)
Restructuring benefits (costs)
95
344
127
344
Non-GAAP research and development expense
$
50,217
$
47,794
$
97,824
$
96,709
GAAP income from operations
$
56,390
9.8
%
$
43,792
7.6
%
$
112,996
10.0
%
$
87,438
7.8
%
Amortization of purchased intangibles
5,354
6,771
10,681
13,650
Legal matters
5,422
5,110
9,862
8,789
Acquisition related (benefits) costs (1)
(10
)
1,512
(7,768
)
(106
)
Restructuring (benefits) costs
45
450
(179
)
1,488
Non-GAAP income from operations
$
67,201
11.7
%
$
57,635
10.0
%
$
125,592
11.1
%
$
111,259
9.9
%
GAAP change in fair market value of equity securities
$
(716,389
)
$
(286,398
)
$
(1,775,619
)
$
(1,102,332
)
Valuation change in equity-owned securities (2)
716,389
286,398
1,775,619
1,102,332
Non-GAAP change in fair market value of equity securities
$
-
$
-
$
-
$
-
GAAP other (income) expense, net
$
(3,896
)
$
(15,858
)
$
(22,592
)
$
(27,003
)
(Loss) gain on equity-method investments
(344
)
(405
)
(661
)
(403
)
Other non-recurring items (3)
-
-
759
9,208
Non-GAAP other (income) expense, net
$
(4,240
)
$
(16,263
)
$
(22,494
)
$
(18,198
)
GAAP income before income taxes
$
769,601
$
340,086
$
1,896,867
$
1,203,775
Amortization of purchased intangibles
5,354
6,771
10,681
13,650
Legal matters
5,422
5,110
9,862
8,789
Acquisition related (benefits) costs (1)
(10
)
1,512
(7,768
)
(106
)
Restructuring (benefits) costs
45
450
(179
)
1,488
Valuation change in equity-owned securities (2)
(716,389
)
(286,398
)
(1,775,619
)
(1,102,332
)
Loss (gain) on equity-method investments
344
405
661
403
Other non-recurring items (3)
-
-
(759
)
(9,208
)
Non-GAAP income before income taxes
$
64,367
$
67,936
$
133,746
$
116,459
GAAP provision for income taxes
$
(170,791
)
$
(72,043
)
$
(432,862
)
$
(278,958
)
Income tax effect of non-GAAP adjustments (4)
153,798
53,647
396,130
247,398
Non-GAAP provision for income taxes
$
(16,993
)
$
(18,396
)
$
(36,732
)
$
(31,560
)
GAAP net income
$
598,810
104.6
%
$
268,043
46.5
%
$
1,464,005
129.9
%
$
924,817
82.0
%
Amortization of purchased intangibles
5,354
6,771
10,681
13,650
Legal matters
5,422
5,110
9,862
8,789
Acquisition related (benefits) costs (1)
(10
)
1,512
(7,768
)
(106
)
Restructuring (benefits) costs
45
450
(179
)
1,488
Valuation change in equity-owned securities (2)
(716,389
)
(286,398
)
(1,775,619
)
(1,102,332
)
Loss (gain) on equity-method investments
344
405
661
403
Other non-recurring items (3)
-
-
(759
)
(9,208
)
Income tax effect of non-GAAP adjustments (4)
153,798
53,647
396,130
247,398
Non-GAAP net income
$
47,374
8.3
%
$
49,540
8.6
%
$
97,014
8.6
%
$
84,899
7.5
%
GAAP diluted income per share
$
19.86
$
8.87
$
48.60
$
30.63
Amortization of purchased intangibles
0.18
0.22
0.35
0.45
Legal matters
0.18
0.17
0.33
0.29
Acquisition related (benefits) costs (1)
-
0.05
(0.26
)
-
Restructuring (benefits) costs
-
0.01
(0.01
)
0.05
Valuation change in equity-owned securities (2)
(23.76
)
(9.48
)
(58.94
)
(36.50
)
Loss (gain) on equity-method investments
0.01
0.01
0.02
0.01
Other non-recurring items (3)
-
-
(0.03
)
(0.30
)
Income tax effect of non-GAAP adjustments (4)
5.10
1.79
13.16
8.18
Non-GAAP diluted income per share
$
1.57
$
1.64
$
3.22
$
2.81
GAAP diluted weighted average shares used in per share
calculation
30,154
30,219
30,125
30,197
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
-
-
-
-
Non-GAAP diluted weighted average shares used in per share
calculation
30,154
30,219
30,125
30,197
(1)
Release of contingent consideration and
other acquisition-related expense.
(2)
Mark-to-market gain on equity-owned
securities.
(3)
Gain on the sale of a product line (2018
and 2019), and gain on the sale of land (2018).
(4)
Excluded items identified in the
reconciliation schedule are tax effected by application of a
non-GAAP effective tax rate. The non-GAAP tax provision is adjusted
for items, the nature of which and/or tax jurisdiction requires the
application of a specific tax rate or treatment.
2019 Financial Outlook
Forecasted non-GAAP operating margin excludes 100 basis points
primarily related to amortization of purchased intangibles.
Forecasted non-GAAP operating margin does not reflect future gains
and charges that are inherently difficult to predict and estimate
due to their unknown timing, effect and/or significance, such as
foreign currency fluctuations, future gains or losses associated
with certain legal matters, acquisitions and restructuring
activities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190801005998/en/
Investor Contact: Bio-Rad Laboratories, Inc. Ilan Daskal
Executive Vice President and Chief Financial Officer 510-724-7000
investor_relations@bio-rad.com
Press Contact: Bio-Rad Laboratories, Inc. Tina Cuccia,
Corporate Communications 510-724-7000 tina_cuccia@bio-rad.com
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