Core Insights - VERAXA Biotech AG is preparing for a NASDAQ listing and is showcasing its Bi-targeted Tumor-Associated Cytotoxicity (BiTAC) platform at major industry conferences [1][2][7] - The company is focused on developing dual-target oncology therapies with reduced off-tumor toxicity and is currently pursuing nine discovery and development programs [2][6] - Voyager Acquisition Corp. is acting as the special purpose acquisition company (SPAC) for VERAXA's business combination, with Cantor Fitzgerald providing capital markets advisory services [3][8] Conference Participation - VERAXA will attend the ASCO Annual Meeting from May 30 to June 3, 2025, in Chicago, IL, where key executives will be available for meetings [4] - The BIO International Convention will take place from June 16 to 19, 2025, in Boston, MA, with opportunities for stakeholders to connect with VERAXA's leadership [5] Business Combination Details - A definitive business combination agreement was signed on April 22, 2025, between VERAXA and Voyager Acquisition Corp., which will lead to VERAXA becoming publicly traded on NASDAQ [7] - The transaction is supported by Anne Martina Group as the M&A advisor [7] Company Overview - VERAXA is focused on next-generation antibody-based therapeutics, including bispecific antibody-drug conjugates (ADCs) and T-cell engagers (TCEs), leveraging transformative technologies [6] - The company was founded on scientific breakthroughs from the European Molecular Biology Laboratory, emphasizing its commitment to innovative life science research [6]

Summary of BioRad Conference Call Company Overview - **Company**: BioRad - **Industry**: Life Sciences Tools and Diagnostics Key Points Leadership and Culture - BioRad has introduced a new CFO, president, and two business heads, indicating a shift in leadership dynamics since pre-pandemic 2019 [2][3] - The company remains focused on customer engagement and innovation, with an emphasis on operational improvements due to limited top-line opportunities [3][4] Financial Performance and Guidance - BioRad incorporated approximately $40 million in revenue headwinds into guidance due to a slowdown in research-related spending, primarily influenced by US policy changes affecting NIH-funded customers [12][14] - The company reported a strong Q1 performance, exceeding guidance, but anticipates softness in Q2 through Q4, particularly in academia and biotech sectors [14][15] - The expectation of continued challenges in the China market has been factored into the revenue outlook [16] Market Conditions and Demand - There is a cautious approach among customers regarding budget allocations, leading to a slowdown in instrument purchases, although consumables sales remain steady [20][21] - The company does not expect significant stimulus uplift from China in the latter half of the year, as past stimulus efforts had minimal impact on BioRad's performance [35] Margin Expansion Strategy - BioRad is focused on margin expansion, targeting a long-term goal of reaching 20% margins through operational improvements and leveraging top-line growth [11] - The company is early in its margin expansion journey, with ongoing efforts in lean deployment and operational efficiencies [10][11] Tariff Impact - BioRad has accounted for a 30 basis point impact from tariffs, translating to approximately $30 to $40 million in net business impact, influenced by US and global supplier tariffs [22][23] - The tariff situation remains fluid, with some costs already incurred while others are still evolving [26][27] M&A and Capital Deployment - BioRad is actively pursuing M&A opportunities, focusing on assets with on-market products that can leverage BioRad's distribution and operational capabilities [50][51] - The company is prioritizing cash for acquisitions, followed by debt, and considers selling portions of its Sartorius holdings as a last resort [56][58] - BioRad's strong balance sheet positions it favorably in the M&A landscape, allowing for flexibility in negotiations [59][60] Potential Upsides - There is optimism regarding potential biotech M&A activity, which could stimulate investment in the sector and positively impact BioRad's performance [44][46] Conclusion - BioRad is navigating a challenging market environment with a focus on operational improvements, margin expansion, and strategic M&A, while remaining cautious about external factors such as US policy and global market conditions [40][41]

Company Participation - BIO-key International, Inc. will participate in the Aegis Capital Corp. 2025 Virtual Conference on May 22, 2025, and the Maxim Virtual Tech Conference on June 4, 2025 [1][2] Conference Details - The Aegis Capital presentation is scheduled for May 22, 2025, from 11:30 to 11:55 a.m. ET, with a webcast link provided [2] - The Maxim conference will feature a fireside chat with Maxim Analyst Jack Vander Aarde on June 4, 2025, at 11:00 a.m. ET, requiring M-Vest membership for access [2] Company Overview - BIO-key is a provider of biometric-centric, multi-factor identity and access management (IAM) software, securing access for over 40 million users [4] - The company offers various authentication options, including phoneless, tokenless, and passwordless biometric solutions, through its PortalGuard IAM solution [4]

Core Viewpoint - BIO-key International, Inc. reported a sequential revenue increase of approximately 10% in Q1'25, but a year-over-year revenue decline of 25% due to a significant contract from a financial services customer in Q1'24 that did not recur at the same level in Q1'25 [2][9] Financial Performance - Total revenues decreased to $1,607,159 in Q1'25 from $2,181,203 in Q1'24, primarily due to the impact of a $1.2 million contract in Q1'24 [9] - License fee revenue fell to $1,098,758 in Q1'25 from $1,950,434 in Q1'24, reflecting the variance from the long-term financial services customer and the transition from third-party products to BIO-key products in EMEA [9] - Service revenues increased to $272,598 in Q1'25 from $213,122 in Q1'24, with a 37% increase in recurring maintenance and support revenue [10] - Hardware sales surged to $235,803 in Q1'25 from $17,647 in Q1'24, driven by increased purchases of fingerprint biometric scanners [11] - Gross profit decreased to $1,327,661 in Q1'25 from $1,881,560 in Q1'24, with gross margins of 82.6% compared to 86.3% in the previous year [11] Cost Management - Operating expenses were reduced by $422,195 to $1,968,299 in Q1'25 from $2,390,494 in Q1'24, with SG&A expenses decreasing by 23% [12] - The company achieved a cash position of $3.1 million as of March 31, 2025, reflecting proceeds from warrant exercises [3][14] Market Position and Strategy - The company is experiencing growing traction for its identity-bound biometric solutions in defense/security and financial services, emphasizing the need for high-security authentication [3][4] - BIO-key has established a solid presence in the state, local, and educational (SLED) markets, serving over 100 institutions with over 4 million end users [5] - A strategic partnership with California's Education Technology Joint Powers Authority was executed, making PortalGuard an approved solution for 195 K-12 schools, which will comply with California's Phone-Free Schools Act [6] Future Outlook - The company is optimistic about growth in EMEA markets, expecting to return to growth and enhanced margins over the remainder of 2025 [7][8] - There is an increasing interest in passwordless, phoneless, and tokenless IAM solutions, positioning the company well for improved financial performance in 2025 [8]

Core Insights - Bio-Techne Corporation reported strong financial results for the third quarter ending March 31, 2025, with a net sales increase of 4% to $316.2 million and organic revenue growth of 6% compared to the prior year [6][8][23] - The company achieved an adjusted operating margin of 34.9%, up 190 basis points from the previous year, driven by profitability initiatives and volume leverage [4][9][30] - GAAP earnings per share (EPS) decreased to $0.14 from $0.31 in the same quarter last year, while adjusted EPS increased to $0.56 from $0.48 [7][9][28] Financial Performance - Net sales for the third quarter were $316.2 million, a 4% increase year-over-year, with organic revenue growth of 6% [6][8] - GAAP operating income decreased by 42% to $38.7 million, resulting in a GAAP operating margin of 12.2%, down from 22.1% in the prior year [7][30] - Adjusted operating income rose 11% to $110.3 million, with an adjusted operating margin of 34.9% compared to 33.0% in the prior year [9][30] Segment Performance - The Protein Sciences segment reported net sales of $227.7 million, a 6% increase from $214.6 million in the same quarter last year, with an organic revenue growth of 7% [11][30] - The Diagnostics and Spatial Biology segment achieved net sales of $89.2 million, a 2% increase from $87.5 million, with organic revenue growth of 2% [12][30] Non-GAAP Financial Measures - Adjusted EPS for the third quarter was $0.56, an increase from $0.48 in the same quarter last year [9][28] - Adjusted EBITDA for the quarter was $122.2 million, compared to $109.3 million in the prior year [31] - The non-GAAP adjusted tax rate was reported at 21.5%, consistent with the previous year [28][29]

Core Points - Bio-Techne Corporation announced a quarterly dividend of $0.08 per share for the quarter ended March 31, 2025, payable on May 30, 2025, to shareholders of record on May 19, 2025 [1] - The company has approved a new share repurchase program authorizing the repurchase of up to $500 million of common stock, starting May 8, 2025, replacing the previous program [2] - Bio-Techne generated approximately $1.2 billion in net sales in fiscal 2024 and employs around 3,100 people globally [3] Dividend Information - The quarterly dividend is set at $0.08 per share for the quarter ended March 31, 2025 [1] - The dividend payment date is May 30, 2025, with a record date of May 19, 2025 [1] Share Repurchase Program - The new share repurchase program allows for the repurchase of up to $500 million of common stock [2] - The program's execution will depend on share price, economic conditions, and regulatory requirements [2] - The company retains the right to suspend, amend, or discontinue the program at any time [2] Company Overview - Bio-Techne is a global life sciences company providing tools and bioactive reagents for research and clinical diagnostics [3] - The company's products support scientific investigations into biological processes and disease progression, aiding drug discovery and clinical testing [3] - Bio-Techne has a diverse portfolio with thousands of products [3]

Core Insights - Bio-Rad Laboratories, Inc. reported first-quarter 2025 adjusted EPS of $2.54, exceeding the Zacks Consensus Estimate of $1.73 by 46.8% and reflecting a 10.9% increase year-over-year [1][2] - The company experienced a revenue decline of 4.2% year-over-year, with Q1 revenues of $585.4 million missing the Zacks Consensus Estimate by 0.05% [3][10] - Bio-Rad lowered its financial guidance for full-year 2025, now expecting non-GAAP currency-neutral revenues to range from a 1.0% decline to 1.5% growth [7][9] Financial Performance - The GAAP EPS was reported at $2.29, a significant decrease from $13.45 a year ago [2] - Gross profit declined by 6.1% to $306 million, with gross margin contracting by 108 basis points to 52.3% [5] - Operating profit fell 46.9% to $23.7 million, with operating margin contracting by 325 basis points to 4% [5][11] Segment Analysis - Life Science segment sales totaled $228.6 million, down 5.4% year-over-year, primarily due to challenges in the academic research market [3][11] - Clinical Diagnostics segment net sales were $356.8 million, down 3.2% year-over-year, attributed to reduced reimbursements for diabetes testing in China [4][11] Cash Flow and Debt - Bio-Rad ended Q1 2025 with cash and cash equivalents of $1.66 billion, remaining flat sequentially [6] - Total debt at the end of 2024 was $1.20 billion, also flat on a sequential basis [6] - Net cash flow from operating activities increased to $129.9 million compared to $69.8 million a year ago [6] Market Reaction - Following the earnings announcement, Bio-Rad's stock rose by 0.2% in after-market trading [2]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were approximately $585 million, representing a 4.2% decline compared to $611 million in Q1 2024. On a currency neutral basis, this reflects a 1.5% year-over-year decrease, primarily driven by lower sales in the Life Science Group [11][12] - GAAP gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024, attributed to increased restructuring costs [13] - Non-GAAP gross margin for Q1 2025 was 53.8%, lower than 54.2% in Q1 2024, while non-GAAP operating margin improved to 10.8% from 9.7% year-over-year [15][16] - GAAP net income for Q1 2025 was $71 million, or $2.54 diluted earnings per share [17] Business Line Data and Key Metrics Changes - Life Science Group sales in Q1 2025 were $229 million, down 5.4% on a reported basis and 3.5% on a currency neutral basis, reflecting ongoing softness in the biotech and academic research market [12] - Clinical Diagnostics Group sales were approximately $357 million, a decrease of 3.2% on a reported basis, but effectively flat on a currency neutral basis [13] - Process Chromatography business experienced mid-teens growth year-over-year, with expectations of high single-digit growth for 2025 [12][19] Market Data and Key Metrics Changes - In the Americas and Asia Pacific, currency neutral sales decreased, partially offset by increased sales in EMEA [12] - Demand for consumables remained strong, while instrument sales faced challenges, particularly in the academic and biotech sectors [41][71] Company Strategy and Development Direction - The company is focused on driving consistent top-line growth and operational efficiency to achieve substantial margin expansion over the coming years [27] - The acquisition of Stila Technology is on track for closing by the end of Q3 2025, which will enhance the company's digital PCR offerings [8][10] - The company is implementing mitigation strategies for tariff impacts, including surcharges and regionalizing supply chains [7][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment with academic market headwinds due to government funding and global trade disruptions [5] - The company expects total currency neutral revenue to decline by approximately 1% to 1.5% for 2025, reflecting softer academic research funding and reduced demand from biotech customers [20][21] - Management remains optimistic about the long-term growth potential in life sciences and diagnostics despite current challenges [28][29] Other Important Information - The company generated $130 million in net cash from operating activities in Q1 2025, compared to $70 million in Q1 2024 [18] - Free cash flow for Q1 2025 was $96 million, significantly higher than $30 million in Q1 2024, with a full-year target of approximately $310 million to $330 million for 2025 [18][19] Q&A Session Summary Question: Impact of tariffs on guidance - Management discussed the gross impact of tariffs and mitigation efforts, including potential surcharges and pre-positioning inventory [33][36] Question: Academic funding expectations - Management noted a 28% reduction in overall funding and challenges in instrument sales, while consumables remained strong [39][40] Question: Growth gap between consumables and equipment - Instrument sales saw a sequential decline of about 10%, while consumables held up well [46] Question: Tariff exposure specifics - Management clarified that the majority of revenue in China comes from U.S. products, with ongoing evaluations of tariff impacts [47][49] Question: Free cash flow maintenance despite lower operating margin - Management emphasized focus on working capital management and inventory control to sustain free cash flow [96]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were approximately $585 million, representing a 4.2% decline from $611 million in Q1 2024. On a currency neutral basis, this reflects a 1.5% year-over-year decrease, primarily driven by lower sales in the Life Science Group [12][13] - Q1 reported GAAP gross margin was 52.3%, down from 53.4% in Q1 2024, mainly due to increased SG&A expenses [14] - Q1 operating income was approximately $24 million, or 4% of sales, compared to $45 million, or 7.3% of sales in Q1 2024, driven by higher restructuring costs [15] - GAAP net income for Q1 2025 was $71 million, or $2.54 diluted earnings per share [18] Business Line Data and Key Metrics Changes - Life Science Group sales in Q1 2025 were $229 million, down 5.4% on a reported basis and 3.5% on a currency neutral basis, reflecting ongoing softness in the biotech and academic research market [13] - Clinical Diagnostics Group sales were approximately $357 million, a decrease of 3.2% on a reported basis, with increased demand for quality control products offset by lower diabetes testing revenue [14] Market Data and Key Metrics Changes - In Diagnostics, solid demand was shown, offsetting reimbursement reductions in China with nearly 3% growth in the rest of the world [9] - Currency neutral sales decreased in Asia Pacific, partially offset by increased sales in EMEA and The Americas [14] Company Strategy and Development Direction - The company continues to prioritize bringing innovative products to customers, with several key menu expansions launched in Q1 [6][7] - The acquisition of Stila Technology is on track for closing by the end of Q3 2025, expanding offerings in the digital PCR segment [10] - The company is focused on mitigating tariff impacts through surcharges, pre-positioning inventory, and regionalizing supply chains [9][24] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging macro environment with academic market headwinds due to government funding and global trade disruptions [6] - The company expects total currency neutral revenue to decline by approximately 1% to 1.5% for 2025, reflecting softer academic research funding and reduced demand from biotech customers [21][22] - Management remains optimistic about long-term growth opportunities in life science and diagnostics despite current challenges [28][29] Other Important Information - The company generated $130 million in net cash from operating activities in Q1 2025, compared to $70 million in Q1 2024 [19] - Free cash flow for Q1 2025 was $96 million, up from $30 million in Q1 2024, with a full-year target of approximately $310 million to $330 million for 2025 [19][20] Q&A Session Summary Question: Can you discuss the impact of tariffs and mitigation efforts? - Management acknowledged the significant impact of tariffs on U.S. products shipped to China and Europe, and discussed actions such as surcharges and pre-positioning inventory to mitigate these effects [33][35][36] Question: What is the current state of academic funding? - Management noted a 28% reduction in overall funding and indicated that while consumables remained strong, instrument sales experienced softness [38][41] Question: How does the growth gap between consumables and equipment look? - Management indicated a deterioration in instrument sales, down about 10% sequentially, while consumables held up well [46][70] Question: What is the company's capital allocation strategy? - Management expressed interest in pursuing larger inorganic opportunities while continuing stock buybacks, indicating a strong balance sheet [64][65] Question: Can you provide an update on the Stila acquisition? - Management reported positive feedback from teams regarding the Stila platform and noted excitement about its potential applications [76][77]

Financial Performance - Net sales for Q1 2025 were $585.4 million, a decrease of 4.2% from $610.8 million in Q1 2024[117] - Life Science segment sales decreased by 5.4% to $228.6 million in Q1 2025, with a currency neutral decrease of 3.5%[118] - Clinical Diagnostics segment sales decreased by 3.2% to $356.8 million in Q1 2025, with a currency neutral decrease of 0.1%[119] - Consolidated gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024[120] Expenses - SG&A expenses for Q1 2025 were $208.8 million, or 35.7% of sales, compared to $214.9 million, or 35.2% of sales in Q1 2024[121] - R&D expenses for Q1 2025 were $73.5 million, or 12.6% of sales, up from $66.4 million, or 10.9% of sales in Q1 2024[122] Cash Flow and Investments - Net cash provided by operations increased to $129.9 million in Q1 2025 from $69.8 million in Q1 2024[131] - The company had $1.66 billion in cash, cash equivalents, and short-term investments as of March 31, 2025[129] Tax and Shareholder Returns - The effective income tax rate was 23.3% for Q1 2025, compared to 21.8% for Q1 2024[127] - The company repurchased 399,295 shares of Class A common stock for $100.9 million under the 2023 Share Repurchase Program[135]