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Bio-Rad Reports First-Quarter 2020 Financial Results

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 first quarter ended March 31, 2020.

First-quarter 2020 net sales were $571.6 million, an increase of 3.2 percent compared to $554.0 million reported for the first quarter of 2019. On a currency-neutral basis, quarterly sales increased 4.3 percent compared to the same period in 2019. First-quarter gross margin was 55.5 percent compared to 56.3 percent during the first quarter in 2019.

Life Science segment net sales for the first quarter were $227.2 million, an increase of 5.3 percent compared to the same period in 2019. On a currency-neutral basis, Life Science segment sales increased by 6.0 percent compared to the same quarter in 2019. Currency-neutral sales growth was primarily attributed to sales of Droplet Digital PCR, Gene Expression, Food Science, and Antibody products. On a geographic view, currency-neutral sales increased in Europe and Asia.

Clinical Diagnostics segment net sales for the first quarter were $340.3 million, an increase of 1.9 percent compared to the same period in 2019. On a currency-neutral basis, net sales were up 3.2 percent compared to the same quarter last year. Currency-neutral sales in the first quarter were positively affected by Quality Controls and Blood Typing products. Sales during the first quarter of 2020 increased in the Americas and Europe.

Income from operations during the first quarter of 2020 was $74.4 million versus $56.6 million during the same quarter last year.

Net income for the first quarter of 2020 was $685.9 million, or $22.72 per share on a diluted basis versus the first quarter in 2019 in which net income was $865.2 million, or $28.74 per share, on a diluted basis. Net income for the first quarters of both 2020 and 2019 were significantly and favorably impacted by the recognition of changes in the fair market value of equity securities of $827.7 million and $1,059.2 million, respectively, primarily related to the holdings of our investment in Sartorius AG. The effective tax rate for the first quarter of 2020 was 23.7 percent, compared to 23.2 percent for the same period in 2019. The tax rates in both periods were driven by the large unrealized gains in equity securities.

"Given the challenges associated with the coronavirus pandemic, we are pleased with overall results of the first quarter," said Norman Schwartz, Bio‑Rad President and Chief Executive Officer. "While the balance of this year is not as predictable as prior years, Bio-Rad is well-positioned in a number of key areas. Our responsiveness to the current crisis has allowed us to quickly introduce products that are finding value in diagnosing and understanding COVID-19," he said.

GAAP Results

 

Q1 2020

Q1 2019

Revenue (millions)

$571.6

$554.0

Gross margin

55.5%

56.3%

Operating margin

13.0%

10.2%

Net income (millions)

$685.9

$865.2

Income per diluted share

$22.72

$28.74

 

Non-GAAP Results

 

Q1 2020

Q1 2019

Gross margin

55.9%

55.6%

Operating margin

13.9%

10.5%

Net income (millions)

$57.6

$49.6

Income per diluted share

$1.91

$1.65

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 securities; 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 first quarter of 2020 was $57.6 million, or $1.91 per share on a diluted basis, compared to $49.6 million, or $1.65 per share on a diluted basis, during the same period in 2019.

The non-GAAP effective tax rate for the first quarter of 2020 was 25.7 percent, compared to 28.5 percent for the same period in 2019. The tax rate was impacted by a change in the geographic mix of earnings.

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 months ended March 31, 2020 and 2019:

 

 

Three Months Ended

March 31,

 

(in thousands, except per share data)

2020

 

2019

 

GAAP net income

$

685,912

 

 

$

865,195

 

 

Amortization of purchased intangibles

 

5,855

 

 

 

5,327

 

 

Legal matters

 

1,833

 

 

 

4,440

 

 

Acquisition related benefits

 

(47

)

 

 

(7,758

)

 

Restructuring benefits

 

(2,368

)

 

 

( 224

)

 

Valuation gain on equity-owned securities

 

(827,671

)

 

 

(1,059,230

)

 

Loss on equity-method investments

 

1,313

 

 

 

317

 

 

Other non-recurring items

 

-

 

 

 

(759

)

 

Income tax effect on non-GAAP adjustments

 

192,802

 

 

 

242,332

 

Non-GAAP net income

$

57,629

 

 

$

49,640

 

 

 

 

 

 

GAAP diluted income per share

$

22.72

 

 

 

$

 

28.74

 

 

Non-GAAP diluted income per share

$

1.91

 

 

$

1.65

 

2020 Financial Outlook

Given the uncertainties regarding the duration and impact of the COVID-19 pandemic, we are withdrawing our previously issued annual guidance for this year. We believe our second-quarter year-over-year sales may decline by 10 to 15 percent.

Use of Non-GAAP Reporting and Currency-Neutral

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 securities, 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. 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, professional fees for assistance with the transaction; valuation or integration costs; changes in the fair value of contingent consideration, gain or loss on settlement of pre-existing relationships with the acquired entity; or adjustments to purchase price. 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 securities and gains and losses on equity-method 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 securities and gains and losses on equity-method 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 excluded items identified above 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.

Percentage sales growth in currency neutral amounts are calculated by translating prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales.

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 first-quarter ended March 31, 2020 results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) May 6, 2020. Interested parties may access the call at 855-779-9068 within the U.S. or 631-485-4862 outside the U.S., passcode: 3983228. 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 8,100 employees worldwide. Bio-Rad had revenues exceeding $2.3 billion in 2019. 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, believing that our second-quarter year-over-year sales may decline by 10 to 15 percent, that the balance of this year is not as predictable as prior years, that Bio-Rad is well-positioned in a number of key areas, and that our responsiveness to the current crisis has allowed us to quickly introduce products that are finding value in diagnosing and understanding COVID-19. 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 the duration, severity and impact of the COVID-19 pandemic, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, global economic conditions, reductions in government funding or capital spending of our customers, international legal and regulatory risks, supply chain issues, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, recent and planned changes to our global organizational structure and executive management team, changes in the healthcare industry, 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, 2019, and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020 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



March 31,



2020


2019

Net sales


$

571,644

 


$

553,979

 

Cost of goods sold


 

254,276

 


 

242,217

 

Gross profit


 

317,368

 


 

311,762

 





 

Selling, general and administrative expense


 

193,692

 


 

207,581

 

Research and development expense


 

49,303

 


 

47,575

 

Income from operations


 

74,373

 


 

56,606

 





 

Interest expense


 

5,690

 


 

5,986

 

Foreign currency exchange losses, net


 

928

 


 

1,280

 

Change in fair market value of equity securities


 

(827,671

)


 

(1,059,230

)

Other (income) expense, net


 

(3,273

)


 

(18,696

)

Income before income taxes


 

898,699

 


 

1,127,266

 





 

Provision for income taxes


 

(212,787

)


 

(262,071

)

Net income


$

685,912

 


$

865,195

 





 

Basic earnings per share:





Net income per basic share


$

22.97

 


$

29.03

 





 

Weighted average common shares - basic


 

29,865

 


 

29,801

 





 

Diluted earnings per share:





Net income per diluted share


$

22.72

 


$

28.74

 





 

Weighted average common shares - diluted


 

30,196

 


 

30,104

 





 

Bio-Rad Laboratories, Inc.

Condensed Consolidated Balance Sheets


(In thousands)






 





 





 



March 31,


December 31,



2020


2019



(Unaudited)



Current assets:





Cash and cash equivalents


$

603,551


$

660,672

Short-term investments


 

438,710


 

459,533

Accounts receivable, net


 

380,476


 

392,672

Inventories, net


 

557,029


 

554,007

Other current assets


 

102,821


 

113,271

Total current assets


 

2,082,587


 

2,180,155





 

Property, plant and equipment, net


 

486,174


 

499,339

Operating lease right-of-use assets


 

200,487


 

201,868

Goodwill, net


 

264,131


 

264,131

Purchased intangibles, net


 

138,317


 

145,525

Other investments


 

5,434,760


 

4,638,205

Other assets


 

77,903


 

79,636

Total assets


$

8,684,359


$

8,008,859





 

Current liabilities:





Accounts payable, accrued payroll and employee benefits


$

248,423


$

287,098

Current maturities of long-term debt


 

426,308


 

426,172

Income and other taxes payable


 

32,298


 

36,285

Other current liabilities


 

162,225


 

155,940

Total current liabilities


 

869,254


 

905,495





 

Long-term debt, net of current maturities


 

12,205


 

13,579

Other long-term liabilities


 

1,509,821


 

1,334,728

Total liabilities


 

2,391,280


 

2,253,802





 

Total stockholders' equity


 

6,293,079


 

5,755,057

Total liabilities and stockholders' equity


$

8,684,359


$

8,008,859





 

Bio-Rad Laboratories, Inc.

Condensed Consolidated Statements of Cash Flows


(In thousands)

(Unaudited)





 





 





 





 



Three Months Ended



March 31,





 



 

2020

 


 

2019

 





 

Cash flows from operating activities:





Cash received from customers


$

569,001

 


$

550,291

 

Cash paid to suppliers and employees


 

(509,683

)


 

(507,160

)

Interest paid, net


 

(231

)


 

(459

)

Income tax payments, net


 

(4,528

)


 

(4,567

)

Other operating activities


 

8,249

 


 

4,838

 

Net cash provided by operating activities


 

62,808

 


 

42,943

 





 

Cash flows from investing activities:





Payments for acquisitions


 

-

 


 

(16,083

)

Other investing activities


 

(12,422

)


 

(6,630

)

Net cash used in investing activities


 

(12,422

)


 

(22,713

)





 

Cash flows from financing activities:





Payments on long-term borrowings


 

(1,415

)


 

(237

)

Other financing activities


 

(97,202

)


 

2,398

 

Net cash (used in) provided by financing activities


 

(98,617

)


 

2,161

 





 

Effect of foreign exchange rate changes on cash


 

(5,977

)


 

1,982

 





 

Net (decrease) increase in cash, cash equivalents, and restricted cash


 

(54,208

)


 

24,373

 

Cash, cash equivalents, and restricted cash at beginning of period


 

662,651

 


 

434,164

 

Cash, cash equivalents, and restricted cash at end of period


$

608,443

 


$

458,537

 





 





 

Reconciliation of net income to net cash





provided by operating activities:





Net income


$

685,912

 


$

865,195

 

Adjustments to reconcile net income to net cash





provided by operating activities:





Depreciation and amortization


 

33,591

 


 

32,904

 

Reduction in the carrying amount of right-of-use assets


 

9,561

 


 

10,038

 

Changes in working capital


 

(35,106

)


 

(7,615

)

Other


 

(631,150

)


 

(857,579

)

Net cash provided by operating activities


$

62,808

 


$

42,943

 









 

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 securities; 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 Months
Ended





March 31,


% of


March 31,


% of



 

2020

 


revenue


 

2019

 


revenue









 

GAAP cost of goods sold


$

254,276

 




$

242,217

 



Amortization of purchased intangibles


 

(3,897

)




 

(3,663

)



Acquisition related benefits (costs) (1)


 

-

 




 

7,403

 



Restructuring benefits (costs)


 

1,456

 




 

190

 



Non-GAAP cost of goods sold


$

251,835

 




$

246,147

 











 

GAAP gross profit


$

317,368

 


55.5

%


$

311,762

 


56.3

%

Amortization of purchased intangibles


 

3,897

 




 

3,663

 



Acquisition related (benefits) costs (1)


 

-

 




 

(7,403

)



Restructuring (benefits) costs


 

(1,456

)




 

(190

)



Non-GAAP gross profit


$

319,809

 


55.9

%


$

307,832

 


55.6

%









 

GAAP selling, general and administrative expense


$

193,692

 




$

207,581

 



Amortization of purchased intangibles


 

(1,958

)




 

(1,664

)



Legal matters


 

(1,833

)




 

(4,440

)



Acquisition related benefits (costs) (1)


 

47

 




 

355

 



Restructuring benefits (costs)


 

513

 




 

2

 



Non-GAAP selling, general and administrative expense


$

190,461

 




$

201,834

 











 

GAAP research and development expense


$

49,303

 




$

47,575

 



Restructuring benefits (costs)


 

399

 




 

32

 



Non-GAAP research and development expense


$

49,702

 




$

47,607

 











 

GAAP income from operations


$

74,373

 


13.0

%


$

56,606

 


10.2

%

Amortization of purchased intangibles


 

5,855

 




 

5,327

 



Legal matters


 

1,833

 




 

4,440

 



Acquisition related (benefits) costs (1)


 

(47

)




 

(7,758

)



Restructuring (benefits) costs


 

(2,368

)




 

(224

)



Non-GAAP income from operations


$

79,646

 


13.9

%


$

58,391

 


10.5

%









 

GAAP change in fair market value of equity securities


$

(827,671

)




$

(1,059,230

)



Valuation (loss) gain on equity-owned securities


 

827,671

 




 

1,059,230

 



Non-GAAP change in fair market value of equity securities


$

-

 




$

-

 











 

GAAP other (income) expense, net


$

(3,273

)




$

(18,696

)



(Loss) gain on equity-method investments


 

(1,313

)




 

(317

)



Other non-recurring items (2)


 

-

 




 

759

 



Non-GAAP other (income) expense, net


$

(4,586

)




$

(18,254

)











 

GAAP income before income taxes


$

898,699

 




$

1,127,266

 



Amortization of purchased intangibles


 

5,855

 




 

5,327

 



Legal matters


 

1,833

 




 

4,440

 



Acquisition related (benefits) costs (1)


 

(47

)




 

(7,758

)



Restructuring (benefits) costs


 

(2,368

)




 

(224

)



Valuation loss (gain) on equity-owned securities


 

(827,671

)




 

(1,059,230

)



Loss (gain) on equity-method investments


 

1,313

 




 

317

 



Other non-recurring items (2)


 

-

 




 

(759

)



Non-GAAP income before income taxes


$

77,614

 




$

69,379

 











 

GAAP provision for income taxes


$

(212,787

)




$

(262,071

)



Income tax effect of non-GAAP adjustments (3)


 

192,802

 




 

242,332

 



Non-GAAP provision for income taxes


$

(19,985

)




$

(19,739

)











 

GAAP net income


$

685,912

 


120.0

%


$

865,195

 


156.2

%

Amortization of purchased intangibles


 

5,855

 




 

5,327

 



Legal matters


 

1,833

 




 

4,440

 



Acquisition related (benefits) costs (1)


 

(47

)




 

(7,758

)



Restructuring (benefits) costs


 

(2,368

)




 

(224

)



Valuation loss (gain) on equity-owned securities


 

(827,671

)




 

(1,059,230

)



Loss (gain) on equity-method investments


 

1,313

 




 

317

 



Other non-recurring items (2)


 

-

 




 

(759

)



Income tax effect of non-GAAP adjustments (3)


 

192,802

 




 

242,332

 



Non-GAAP net income


$

57,629

 


10.1

%


$

49,640

 


9.0

%









 

GAAP diluted income per share


$

22.72

 




$

28.74

 



Amortization of purchased intangibles


 

0.19

 




 

0.18

 



Legal matters


 

0.06

 




 

0.15

 



Acquisition related (benefits) costs (1)


 

-

 




 

(0.26

)



Restructuring (benefits) costs


 

(0.08

)




 

(0.01

)



Valuation loss (gain) on equity-owned securities


 

(27.41

)




 

(35.19

)



Loss (gain) on equity-method investments


 

0.04

 




 

0.01

 



Other non-recurring items (2)


 

-

 




 

(0.03

)



Income tax effect of non-GAAP adjustments (3)


 

6.39

 




 

8.06

 



Non-GAAP diluted income per share


$

1.91

 




$

1.65

 











 

GAAP diluted weighted average shares used in per share calculation


 

30,196

 




 

30,104

 



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


 

30,196

 




 

30,104

 











 









 









 

(1) Release of contingent consideration and other acquisition-related (benefits) expenses.









 

(2) Gain on the sale of a product line (2019).









 

(3) 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.

 

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Contacts

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