HOLMDEL, N.J. , April 24, 2025 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced today that on April 17, 2025, it received a notification letter from The Nasdaq Stock Market, LLC informing the Company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed compa ...

Core Insights - Bio-Rad Laboratories (BIO) reported total revenue of $667.5 million for the quarter ending December 2024, reflecting a 2% decline year over year [4] - The analysis of international revenue trends is crucial for assessing the company's financial strength and future growth potential [2][9] International Revenue Breakdown - Asia generated $146.4 million in revenues, accounting for 21.93% of total revenue, which was a 4.96% shortfall compared to Wall Street's expectation of $154.04 million [5] - EMEA contributed $221.7 million, representing 33.21% of total revenue, exceeding expectations by 6.78% as analysts had projected $207.63 million [6] Future Revenue Projections - For the current fiscal quarter, total revenue is anticipated to be $598.88 million, a 2% decline from the same quarter last year, with expected contributions of 22.3% from Asia ($133.44 million) and 33.5% from EMEA ($200.43 million) [7] - The full-year revenue forecast is $2.61 billion, indicating a 1.7% improvement from the previous year, with Asia expected to contribute 22.4% ($584.15 million) and EMEA 31.9% ($831.63 million) [8] Stock Performance - Bio-Rad's stock has decreased by 24.4% over the past month, contrasting with a 2.3% decline in the Zacks S&P 500 composite [13] - Over the past three months, the company's shares fell by 16.5%, while the S&P 500 declined by only 0.2% [13]

Company Overview - Bio-Rad Laboratories, Inc. has entered into a binding agreement to acquire Stilla Technologies, enhancing its digital PCR portfolio and expanding into applied research and clinical diagnostics [1][6] - The acquisition is expected to close by the end of the third quarter of 2025, pending regulatory approvals and consultations [2] Financial Performance - Bio-Rad has a market capitalization of $7.94 billion, with a Zacks Consensus Estimate indicating a 12.2% year-over-year increase in fiscal 2025 earnings and a 3.4% revenue improvement [5] Product and Technology Development - Stilla develops next-generation digital PCR instruments and consumables, which will allow Bio-Rad to address a wide range of applications, including oncology diagnostics and infectious diseases [6][7] - Bio-Rad plans to launch its QX Continuum system to further enhance its digital PCR capabilities [7] Market Trends - The global digital PCR market was valued at $584.5 million in 2023 and is projected to grow to $3.68 billion by 2032, with a CAGR of 22.9%, driven by the rise in infectious diseases, cancer, and technological advancements [8] Stock Performance - Following the acquisition announcement, Bio-Rad's stock has decreased by 9.5% to $277.16 [3] - Over the past year, Bio-Rad's shares have declined by 18.6%, contrasting with the industry's growth of 13.9% [9]

Sales and Market Overview - Life Science and Clinical Diagnostics segments generated 40% and 60% of consolidated net sales, respectively, for the year ended December 31, 2024[10]. - Approximately 41% of consolidated net sales were generated from the U.S., while 59% came from international locations, with Europe being the largest region[10]. - The worldwide sales for products in the Life Science market are estimated at approximately $19 billion, while the Clinical Diagnostics market is estimated at approximately $16 billion[12][14]. Employee and Patent Information - The company employs around 950 employees focused on research and development, continuously developing new products and applications[26]. - Approximately 7,700 employees are employed globally, with 48% in the Americas, 35% in Europe, the Middle-East and Africa, and 17% in Asia Pacific[37]. - The company has over 2,150 U.S. and international patents, viewing them as valuable assets for product development[16]. Revenue Sources and Distribution - The installed base of diagnostic test systems creates a recurring revenue source through the sale of test kits for each sample analyzed[14]. - The company has direct distribution channels in over 36 countries outside the U.S., supplemented by distributors and agents[9]. Regulatory and Reimbursement Factors - The company is subject to various regulatory requirements, including FDA regulations for product development and marketing[27][30]. - The company’s sales are influenced by third-party payor reimbursements, which are increasingly adjusted for medical products and services[33]. Financial Performance and Investments - As of December 31, 2024, the fair value of the investment in Sartorius was $4,469.2 million, representing approximately 38% of the outstanding ordinary shares and 28% of the preference shares[43]. - Sartorius reported sales revenue of €3,395.7 million and a net profit of €290.0 million for the year ended December 31, 2023[45]. - Bio-Rad had $1.20 billion in principal amount of fixed-rate long-term debt outstanding as of December 31, 2024[181]. Foreign Exchange and Interest Rate Risks - A hypothetical 10% depreciation/appreciation of foreign currencies relative to the U.S. dollar would result in an unrealized gain/loss of $32.1 million on Bio-Rad's derivative position as of December 31, 2024[179]. - A 10% depreciation/appreciation in the quoted stock prices for ordinary and preference shares of Sartorius at December 31, 2024, would result in an approximate loss/gain of $0.45 billion reported in the financial statements[182]. - Bio-Rad's financial risk management program aims to reduce variance in expected cash flows arising from foreign exchange rate and interest rate changes[175]. - A hypothetical increase or decrease in interest rates by 50 and 100 basis points would have resulted in a decrease or increase in the fair value of Bio-Rad's net investment position of approximately $10.9 million and $21.7 million, respectively[180]. Asset Information - Sartorius had current assets of €1,956.9 million and non-current assets of €7,798.5 million as of December 31, 2023[45]. - Bio-Rad does not assume any responsibility for errors or omissions in the financial information publicly disclosed by Sartorius[45].

Core Insights - Bio-Rad Laboratories, Inc. reported fourth-quarter 2024 adjusted EPS of $2.90, missing the Zacks Consensus Estimate of $2.93 by 1.0% and reflecting a 6.4% decrease from the prior-year quarter [1][3] - The company’s full-year 2024 EPS was $10.31, down 12.5% year over year, and also slightly missed the Zacks Consensus Estimate by 0.2% [3] - Revenues for the fourth quarter were $667.5 million, missing estimates by 1.1% and decreasing 2.0% year over year [4] Financial Performance - The GAAP loss per share for the quarter was $25.57, compared to a GAAP EPS of $12.14 in the previous year [2] - Full-year 2024 revenues totaled $2.57 billion, a decrease of 3.9% from the prior year, but in line with the Zacks Consensus Estimate [4] - Cumulative net cash flow from operating activities was $455.2 million, up from $374.9 million year over year [9] Segment Analysis - Life Science segment sales were $275.0 million, down 5.5% year over year, primarily due to weakness in the biotech and biopharma markets [5] - Clinical Diagnostics segment net sales reached $392.5 million, reflecting a 0.9% year-over-year increase driven by demand for quality control and blood typing products [6] Margin and Expense Overview - Gross profit for the quarter declined 6.6% to $342 million, with gross margin contracting by 254 basis points to 51.2% [7] - Operating expenses increased by 4.6% year over year to $283.6 million, leading to an operating profit of $58.4 million, down 38.7% from the previous year [7] Financial Position - At the end of 2024, the company had cash and cash equivalents of $1.66 billion, up from $1.61 billion at the end of 2023, while total debt remained flat at $1.20 billion [8] Future Guidance - For full-year 2025, Bio-Rad anticipates non-GAAP currency-neutral revenue growth of 1.5-3.5%, with the Zacks Consensus Estimate for revenues at $2.65 billion, indicating a 3.1% increase from 2024 [11]

Financial Data and Key Metrics Changes - Net sales for Q4 2024 were approximately $668 million, a 2% decline from $681 million in Q4 2023, and a 2.3% decrease on a currency-neutral basis [23] - Full-year net sales for 2024 were $2.557 billion, representing a 3.9% decline from $2.671 billion in 2023, with a 3.6% decrease on a currency-neutral basis [30] - Q4 reported GAAP gross margin was 51.2%, down from 53.8% in Q4 2023, primarily due to restructuring expenses and reimbursement reductions [26] - Non-GAAP net income for Q4 2024 was $81 million, or $2.90 diluted earnings per share [30] Business Line Data and Key Metrics Changes - Life Science Group sales in Q4 2024 were $275 million, a decline of 5.5% from $291 million in Q4 2023, with a 6% decrease on a currency-neutral basis [23] - Clinical Diagnostics Group sales in Q4 2024 were approximately $393 million, an increase of 0.9% from $389 million in Q4 2023, driven by demand for quality control and blood typing products [25] - Full-year sales for the Life Science Group were approximately $1.028 billion, a decline of 12.8% from $1.178 billion in 2023, while Clinical Diagnostics Group sales increased by 3.3% to $1.538 billion [31][32] Market Data and Key Metrics Changes - The Asia Pacific region saw a decline in diagnostic performance due to a reimbursement change for diabetes testing in China [13] - In Europe, funding remains mixed, with modest increases in Germany and the UK, while France continues to be soft [18] - The US academic and government segment represents approximately a high single-digit percentage of total revenue, with federally funded research exposure estimated at about 4% [41] Company Strategy and Development Direction - The company aims to enhance its digital PCR portfolio through the acquisition of Stilla Technologies, expected to close by Q3 2025 [11] - Focus on operational and commercial excellence, increasing consumables attachment, and prioritizing e-commerce as part of the growth strategy [19] - Continued investment in innovation, including new product launches and acquisitions to broaden offerings in digital PCR and other focus areas [50] Management's Comments on Operating Environment and Future Outlook - Management expects a gradual recovery in the biopharma sector and anticipates growth in process chromatography in 2025 [15][20] - The company acknowledges a soft academic environment and does not expect significant changes in dynamics for 2025 [17] - Management views 2025 as a stepping stone towards stronger, profitable growth, with a focus on margin improvement and operational efficiency [20] Other Important Information - The company implemented a 5% workforce reduction, expected to yield savings of $50 to $55 million in 2025 [27] - Full-year free cash flow for 2024 was approximately $290 million, with a target of $310 million to $330 million for 2025 [38][47] Q&A Session Summary Question: Life sciences guidance and DDPCR growth - Management indicated that DDPCR growth is expected to be around 1% to 2%, with process chromatography projected to grow in the high single digits [56][57] Question: Process chromatography decline - Confirmation that the process chromatography product line declined more than 50% in Q4 and for the full year [65][66] Question: Operating margin bridge for 2025 - Management explained that the decline in operating margin is primarily due to China diagnostics and foreign currency effects, with additional impacts from R&D expenses [69][72] Question: Stilla acquisition rationale - The acquisition is seen as complementary, allowing the company to address both entry-level and high-end digital PCR markets [78][81] Question: First quarter sales forecast - Management expects Q1 sales to be down 5% to 7% year-over-year, with a gradual recovery anticipated throughout the year [91][93] Question: NIH funding impact - Management noted that researchers are in a wait-and-see mode regarding NIH funding changes, which may affect capital equipment spending [114] Question: DDPCR market growth and competition - The DDPCR market remains competitive, with the company focusing on maintaining market share through innovation and acquisitions [118][120]

Core Viewpoint - Bio-Rad Laboratories reported quarterly earnings of $2.90 per share, missing the Zacks Consensus Estimate of $2.93 per share, and down from $3.10 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was -1.02%, with the company previously exceeding expectations by 57.03% in the prior quarter [2] - Bio-Rad's revenues for the quarter were $667.5 million, missing the Zacks Consensus Estimate by 1.07%, and down from $681.18 million year-over-year [3] - Over the last four quarters, the company has surpassed consensus EPS estimates three times but has only topped revenue estimates once [2][3] Stock Performance - Bio-Rad shares have declined approximately 4.9% since the beginning of the year, contrasting with the S&P 500's gain of 2.9% [4] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for outperformance in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.29 on revenues of $625.43 million, and for the current fiscal year, it is $11.57 on revenues of $2.65 billion [8] - The trend of estimate revisions for Bio-Rad has been favorable ahead of the earnings release [7] Industry Context - The Medical - Products industry, to which Bio-Rad belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a positive outlook for stocks in this sector [9]

Financial Performance - Fourth-quarter 2024 total net sales were $667.5 million, a decrease of 2.0% compared to $681.2 million in Q4 2023[4] - Full-year 2024 reported net sales decreased 3.9% to $2,566.5 million compared to $2,671.2 million in 2023[12] - Bio-Rad reported net sales of $667.5 million for Q4 2024, a decrease of 2.3% from $681.2 million in Q4 2023[37] - For the full year 2024, Bio-Rad's revenues totaled $2.566 billion, down from $2.671 billion in 2023, marking a decline of 3.9%[37] Segment Performance - Life Science segment net sales for Q4 2024 were $275.0 million, a decline of 5.5% year-over-year, driven by weakness in biotech and biopharma markets[5] - Clinical Diagnostics segment net sales for Q4 2024 were $392.5 million, an increase of 0.9% compared to Q4 2023, primarily due to increased demand for quality control and blood typing products[6] Profitability Metrics - Full-year 2024 gross margin was 53.7%, compared to 53.4% in 2023[14] - Non-GAAP gross margin for full-year 2024 was 55.0%, compared to 54.2% in 2023[17] - GAAP gross profit for Q4 2024 was $342.0 million, representing 51.2% of revenue, compared to $366.3 million and 53.8% in Q4 2023[45] - Non-GAAP gross profit for the year ended December 31, 2024, was $1,411.6 million, or 55.0% of revenue, compared to $1,448.3 million and 54.2% in 2023[45] Income and Loss - The company experienced a net loss of $715.8 million in Q4 2024, compared to a net income of $349.7 million in Q4 2023, resulting in a basic loss per share of $25.57[37] - GAAP net income for the period was $(715.8) million, a decrease of 107.2% compared to the previous year[48] - The company reported a significant loss of $(1,844.2) million in GAAP net income for the year, a decrease of 71.9%[48] - Non-GAAP net income was $81.2 million, representing a 12.2% margin, while the previous year's figure was $89.3 million with a 13.1% margin[48] Expenses - Research and development expenses increased to $79.6 million in Q4 2024, up from $63.9 million in Q4 2023, reflecting a growth of 24.5%[37] - GAAP research and development expense for Q4 2024 was $79.6 million, up from $63.9 million in Q4 2023[46] - Non-GAAP research and development expense for the year ended December 31, 2024, was $281.8 million, compared to $254.8 million in 2023[46] - GAAP selling, general and administrative expense for Q4 2024 was $204.0 million, slightly down from $207.1 million in Q4 2023[45] - Non-GAAP selling, general and administrative expense for the year ended December 31, 2024, was $798.5 million, compared to $814.6 million in 2023[45] Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were $488.1 million, an increase from $403.8 million at the end of 2023[40] - Total assets decreased to $9.364 billion in 2024 from $12.299 billion in 2023, a decline of 23.6%[40] - The company reported cash provided by operating activities of $455.2 million for the year ended December 31, 2024, compared to $374.9 million in 2023, an increase of 21.4%[42] Future Outlook - The company expects non-GAAP, currency-neutral revenue growth of approximately 1.5% to 3.5% for full-year 2025[20] - The company expects continued focus on market expansion and new product development in the upcoming quarters[46] - The anticipated acquisition of Stilla Technologies is expected to further Bio-Rad's planned transformation and commercial excellence[34] - Forecasted non-GAAP operating margin for 2025 excludes 87 basis points related to amortization of purchased intangibles[51] - The company noted that future financial expectations are subject to significant uncertainty and cannot be reasonably predicted[51] Tax and Liabilities - The effective tax rate for full-year 2024 was 21.3%, down from 25.0% in 2023[16] - Bio-Rad's total liabilities decreased to $2.794 billion in 2024 from $3.558 billion in 2023, a reduction of 21.5%[40] Acquisition and Restructuring Costs - Bio-Rad announced the intent to acquire Stilla Technologies, a digital PCR developer, expected to close by the end of Q3 2025[22] - The company incurred acquisition-related costs of $11.7 million and restructuring costs of $14.7 million during the reporting period[48]

Company Overview - Bio-Rad Laboratories (BIO) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended December 2024 [1] - The earnings report is scheduled for release on February 13, 2025, and could influence the stock price depending on whether the results meet or exceed expectations [2] Earnings Estimates - The Zacks Consensus Estimate predicts quarterly earnings of $2.92 per share, reflecting a year-over-year decrease of 5.8% [3] - Expected revenues are $674.71 million, which is a 1% decline from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised down by 0.22% over the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4][10] - Bio-Rad's Earnings ESP is currently at -2.06%, suggesting a lower Most Accurate Estimate compared to the Zacks Consensus Estimate [11] Earnings Surprise History - In the last reported quarter, Bio-Rad exceeded expectations by delivering earnings of $2.01 per share against an expected $1.28, resulting in a surprise of +57.03% [12] - Over the past four quarters, the company has consistently beaten consensus EPS estimates [13] Market Sentiment - Despite the historical ability to beat estimates, the current combination of a negative Earnings ESP and a Zacks Rank of 2 (Buy) complicates predictions for the upcoming earnings report [11][16] - The company does not appear to be a compelling candidate for an earnings beat based on current indicators, but other factors should also be considered by investors [16]

Company Overview - Bio-Rad Laboratories (BIO) is part of the Medical sector, which includes 1013 individual stocks and currently holds a Zacks Sector Rank of 4 [2] - The Zacks Rank for Bio-Rad Laboratories is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Performance Metrics - The Zacks Consensus Estimate for Bio-Rad's full-year earnings has increased by 0.7% over the past quarter, reflecting stronger analyst sentiment and an improving earnings outlook [4] - Year-to-date, Bio-Rad has gained approximately 7.5%, outperforming the average return of 5.7% for Medical companies [4] - In the Medical - Products industry, which includes 83 stocks, Bio-Rad is ranked 140 and has slightly underperformed its industry, which has gained an average of 9.8% this year [6] Comparative Analysis - Certara, Inc. (CERT) is another Medical stock that has outperformed the sector with a year-to-date return of 31.3% and a Zacks Rank of 2 (Buy) [5] - Certara belongs to the Medical - Biomedical and Genetics industry, which is ranked 68 and has increased by 4.5% this year [6] Investment Outlook - Both Bio-Rad Laboratories and Certara, Inc. are highlighted as stocks to watch for investors interested in the Medical sector due to their solid performance [7]