Bio-Rad(BIO)2024-08-01 20:18Financial Performance - Total net sales for Q2 2024 were $638.5 million, a decrease of 6.3% compared to $681.1 million in Q2 2023[1] - Life Science segment net sales decreased by 16.5% to $250.5 million in Q2 2024, primarily due to weakness in biotech and biopharma markets[2] - Clinical Diagnostics segment net sales increased by 2.1% to $387.9 million in Q2 2024, driven by demand for quality control and blood typing products[2] - The company reported a net loss of $2,165.5 million, or $76.26 per share, in Q2 2024, compared to a net loss of $1,162.3 million, or $39.59 per share, in Q2 2023[5] - Non-GAAP net income for Q2 2024 was $88.5 million, or $3.11 per share, compared to $88.5 million, or $3.00 per share, in Q2 2023[6] - The company expects non-GAAP revenue to decline by approximately 2.5% to 4.0% for the full year 2024, a revision from previous growth estimates[7] Margins and Profitability - Gross margin for Q2 2024 was 55.6%, up from 53.2% in Q2 2023[5] - Non-GAAP operating margin is estimated to be about 12.0% to 13.0% for the full year 2024, down from the prior estimate of 13.5% to 14.0%[19] - Gross profit for Q2 2024 was $355,119, down from $362,483 in Q2 2023, reflecting a gross margin of 55.6%[24] - GAAP gross profit for the latest quarter was $724,900, representing a margin of 53.4%, compared to $681,085 and 54.5% in the previous quarter[31] - Non-GAAP gross profit was $737,231, with a margin of 54.3%, compared to $691,138 and 55.3% in the previous quarter[31] - GAAP income from operations was $151,530, with a margin of 11.2%, compared to $146,204 and 11.7% in the previous quarter[34] - Non-GAAP income from operations was $192,111, representing a margin of 14.1%, compared to $166,065 and 13.3% in the previous quarter[34] Expenses and Losses - Research and development expenses for Q2 2024 were $58,904, a decrease of 9.5% from $65,042 in Q2 2023[24] - The company reported a significant loss from changes in fair market value of equity securities and loan receivable amounting to $2,895,355 in Q2 2024, compared to $1,595,442 in Q2 2023[24] - The company reported restructuring costs of $15,316, significantly higher than $3,707 in the previous quarter[31] - Non-GAAP selling, general and administrative expenses were $410,842, compared to $401,694 in the previous quarter[31] - The company experienced a GAAP loss before income taxes of $1,415,598, compared to a loss of $2,295,203 in the previous quarter[34] - The company reported a GAAP benefit from income taxes of $322,309, compared to $513,633 in the previous quarter[34] - GAAP net loss for the period was $2,165,486, representing a decline of 339.2% compared to the previous period[35] - Non-GAAP net income was $88,516, reflecting a 13.9% increase year-over-year[35] Cash Flow and Assets - Cash provided by operating activities for Q2 2024 was $167,438, a decrease from $196,185 in Q2 2023[28] - Cash and cash equivalents at the end of Q2 2024 were $407,715, up from $390,481 at the end of Q2 2023[28] - Total current assets increased to $3,056,254 as of June 30, 2024, compared to $3,048,330 at the end of 2023[26] - Total liabilities decreased to $2,909,659 as of June 30, 2024, down from $3,557,937 at the end of 2023[26] Shareholder Actions - Bio-Rad's board authorized an increase of $500 million to the 2023 Share Repurchase Program, bringing the total available for repurchases to approximately $578 million[8] Other Financial Metrics - Adjusted EBITDA reached $138,208, showing a growth of 21.6% compared to the prior year[35] - The diluted loss per share under GAAP was $(76.26), while the non-GAAP diluted income per share was $3.11[35] - The company experienced a foreign currency exchange loss of $1,699 during the reporting period[35] - The weighted average shares used in the non-GAAP net income per share calculation were 28,395[35] - The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the unpredictability of future charges[37]