Core Insights - The ctMoniTR Project has shown a strong association between changes in circulating tumor DNA (ctDNA) levels and treatment outcomes, indicating potential integration of ctDNA analysis in therapeutic development and clinical cancer care [1][2] - Biodesix and Bio-Rad Laboratories collaborated on this project, utilizing Bio-Rad's Droplet Digital™ PCR technology to detect ctDNA from patient samples [3][4] - Biodesix is actively involved in ctDNA testing and is exploring its combination with proteomics for detecting molecular residual disease (MRD), with advancements to be presented at the upcoming AACR Annual Meeting [4] Company Overview - Biodesix, Inc. is a leading diagnostics solutions company focused on improving clinical care and outcomes for patients, offering diagnostic tests that support personalized care [7] - Bio-Rad Laboratories, Inc. is a leader in life science research and clinical diagnostics, with approximately 7,700 employees and $2.7 billion in revenues in 2023, serving a wide range of customers including universities and biopharmaceutical companies [8]

导读： 近期，关税战愈演愈烈，在此背景下，我们特别盘点美国十家科学仪器企业在华的发展布局，以期洞察未来趋势。 他还着重表示，珀金埃尔默太仓工厂扩建项目已完成，新的现代化生产设施和运营平台将在现有的太仓基地附近投产，面积扩大近四倍，并将 逐步实现全品类产线转移。这将进一步提升公司在中国市场的生产和运营规模，更好地服务中国客户。珀金埃尔默将持续关注中国市场与客户 需求的变化，不断推出适应中国市场的产品和解决方案，为中国客户提供创新技术和专业服务。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2 0 2 5年2月2 8日，胡润研究院发布《2 0 2 4在中国的美国企业特别报告》，报告共收集了7 0家标普5 0 0成分股美国企业的数据，这些企业均披露 了其在中国市场的营收数据。 样本企业在全球市场的收入总额超过2 . 5万亿美元，相当于美国2 0 2 3年GDP总和的9%。报告中不仅提及了苹 果、特斯拉、沃尔玛等知名企业，还特别关注了珀金埃尔默、r e v v it y等科学仪器领域的美国品牌。 回顾历史，自上世纪8 0年代前后，珀金埃 ...

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]