HERCULES, CA--(Marketwired - Aug 6, 2013) - Bio-Rad Laboratories, Inc. (
Second-quarter reported revenues were $525.3 million, up 2.9 percent compared to $510.4 million reported for the second quarter of 2012. These results include $6.2 million of sales resulting from the Company's acquisition of AbD Serotec in January 2013. On a currency-neutral basis, quarterly revenues increased 4.0 percent compared to the same period last year. Second-quarter gross margin was 57.1 percent compared to 56.4 percent reported during the same quarter last year.
Net income for the second quarter of 2013 was $34.7 million compared to $48.3 million reported for the second quarter of 2012. Second-quarter earnings for 2013 were $1.20 per share on a fully diluted basis versus $1.69 per share reported for the same period last year.
On a reported basis, year-to-date revenues were up 2.8 percent to $1,025.0 million compared to $996.7 million for the first two quarters of 2012. On a currency-neutral basis, revenues grew 3.8 percent.
Year-to-date net income for 2013 was $54.2 million, or $1.88 per share on a fully diluted basis, compared to $79.3 million, or $2.78 per share, respectively, during the same period in 2012.
The lower net income in both the second quarter and year-to-date of 2013, when compared to the second quarter and year-to-date of 2012, was primarily driven by higher SG&A, largely due to employee expenses associated with acquisitions and investment in new systems as well as certain events that occurred in the first half of 2012 that favorably affected results in 2012. These favorable events in 2012 include an $8.1 million reduction in the valuation of the contingent consideration associated with the QuantaLife acquisition and the receipt of certain foreign receivables that had been previously reserved, both of which occurred during the second quarter of 2012, as well as higher realized gains on the sale of equity investments during the first half of 2012.
"In spite of continued softness in some markets and currency headwinds in the short term, we continue our investment in new products and systems," said Norman Schwartz, Bio-Rad Chief Executive Officer. "These investments build on our technology base and will provide us with greater operating leverage for the future."
Life Science segment net sales for the second quarter of 2013 were $170.4 million, up 4.9 percent compared to the same period last year. On a currency-neutral basis, Life Science segment net sales increased by 6.2 percent compared to the same quarter last year. This performance was driven by sales of antibodies and reagents resulting from the Company's acquisition of AbD Serotec in the first quarter of 2013 as well as sales of Bio-Rad's Droplet Digital™ PCR product line. During the quarter, the Company introduced the S3™ cell sorter, an easy-to-use, automated and affordable benchtop cell sorter designed for both core facilities and individual research labs.
Reported net sales for the Clinical Diagnostics segment in the second quarter of 2013 were $351.5 million, up 2.2 percent compared to the same quarter last year. On a currency-neutral basis, net sales increased 3.2 percent. These results reflect growth across most product lines most notably from quality controls, diabetes, and the BioPlex® 2200 System. Strength in Latin America, Asia Pacific, and China helped to offset weakness in Western Europe. During the quarter, the Company launched the Geenius™ HIV 1/2 Confirmatory for markets outside the U.S. The Geenius HIV 1/2 Confirmatory is a complete system that offers several advantages over classic confirmatory methods.
Management will discuss these results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) August 6, 2013. Interested parties may access the call by dialing 800-706-7741 (in the U.S.) or 617-614-3471 (international), access number 98652830.
A live webcast of the conference call may be accessed in the Investor Relations section of www.bio-rad.com. A replay of the call will be available at 888-286-8010 (in the U.S.) or 617-801-6888 (international), access number 12335512, for seven days following the call. The webcast of the call will be archived on the Bio-Rad site and may be accessed in the Investor Relations section.
Bio-Rad Laboratories, Inc. (
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. 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. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" in the Company's public reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. 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)|
|Three Months Ended |
|Six Months Ended |
|Cost of goods sold||225,220||222,522||453,480||430,217|
|Selling, general and administrative expense||195,331||162,256||381,248||333,549|
|Research and development expense||53,224||52,336||105,165||105,259|
|Income from operations||51,546||73,308||85,100||127,674|
|Foreign exchange losses, net||865||1,619||2,393||3,060|
|Other (income) expense, net||(8,644||)||(6,731||)||(10,044||)||(13,181||)|
|Income before income taxes||47,661||66,019||70,110||112,198|
|Provision for income taxes||(12,987||)||(17,454||)||(15,916||)||(32,689||)|
|Net income including noncontrolling interests||34,674||48,565||54,194||79,509|
|Net income attributable to noncontrolling interests||-||(222||)||(21||)||(161||)|
|Net income attributable to Bio-Rad||$||34,674||$||48,343||$||54,173||$||79,348|
|Basic earnings per share:|
|Net income per share basic attributable to Bio-Rad||$||1.22||$||1.71||$||1.90||$||2.81|
|Weighted average common shares - basic||28,538||28,250||28,516||28,226|
|Diluted earnings per share:|
|Net income per share diluted attributable to Bio-Rad||$||1.20||$||1.69||$||1.88||$||2.78|
|Weighted average common shares - diluted||28,868||28,610||28,843||28,582|
|Bio-Rad Laboratories, Inc.|
|Condensed Consolidated Balance Sheets|
|June 30,||December 31,|
|Cash and cash equivalents||$||366,999||$||463,388|
|Accounts receivable, net||395,974||398,739|
|Other current assets||187,963||161,750|
|Total current assets||1,903,036||1,929,932|
|Property, plant and equipment, net||418,530||416,938|
|Purchased intangibles, net||277,305||260,939|
|Accrued payroll and employee benefits||118,782||135,955|
|Notes payable and current maturities of long-term debt||1,693||1,750|
|Income and other taxes payable||25,898||32,299|
|Other current liabilities||155,752||169,049|
|Total current liabilities||431,244||469,920|
|Long-term debt, net of current maturities||732,800||732,414|
|Other long-term liabilities||247,835||223,149|
|Bio-Rad stockholders' equity||2,070,942||2,010,735|
|Total stockholders' equity||2,070,942||2,011,270|
|Total liabilities and stockholders' equity||$||3,482,821||$||3,436,753|
|Bio-Rad Laboratories, Inc.|
|Condensed Consolidated Statements of Cash Flows|
|Six Months Ended June 30,|
|Cash flows from operating activities:|
|Cash received from customers||$||1,006,345||$||1,008,515|
|Cash paid to suppliers and employees||(910,801||)||(835,174||)|
|Income tax payments||(42,102||)||(47,619||)|
|Other operating activities||10,427||7,281|
|Net cash provided by operating activities||39,188||108,902|
|Cash flows from investing activities:|
|Payments for acquisitions and long-term investments||(79,383||)||(18,589||)|
|Other investing activities||(63,691||)||(218,249||)|
|Net cash used in investing activities||(143,074||)||(236,838||)|
|Cash flows from financing activities:|
|Payments on long-term borrowings||(123||)||(367||)|
|Other financing activities||7,061||6,886|
|Net cash provided by financing activities||6,938||6,519|
|Effect of foreign exchange rate changes on cash||559||3,673|
|Net decrease in cash and cash equivalents||(96,389||)||(117,744||)|
|Cash and cash equivalents at beginning of period||463,388||574,231|
|Cash and cash equivalents at end of period||$||366,999||$||456,487|
|Reconciliation of net income including noncontrolling interests to net cash provided by operating activities:|
|Net income including noncontrolling interests||$||54,194||$||79,509|
|Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:|
|Depreciation and amortization||68,211||62,749|
|Changes in working capital||(89,563||)||(25,426||)|
|Net cash provided by operating activities||$||39,188||$||108,902|