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, while Clinical Diagnostics segment sales decreased by 3.2% to $356.8 million[118][119] - Consolidated gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024, with Life Science segment gross margin increasing by 1.7 percentage points and Clinical Diagnostics segment gross margin decreasing by 2.9 percentage points[120] Research and Development - Research and development expense increased to $73.5 million, or 12.6% of sales, compared to $66.4 million, or 10.9% of sales in Q1 2024[122] Cash Flow and Investments - Net cash provided by operations was $129.9 million for Q1 2025, up 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] Taxation - The effective income tax rate increased to 23.3% in Q1 2025 from 21.8% in Q1 2024, primarily due to the geographical mix of earnings[127] Share Repurchase - The company repurchased 399,295 shares of Class A common stock for $100.9 million under the 2023 Share Repurchase Program[135] Foreign Currency Impact - Foreign currency exchange gains for Q1 2025 were $2.7 million, compared to $2.0 million in Q1 2024[124] Market Outlook - The company expects ongoing challenges in the biopharma market and reduced government spending to continue impacting business through the rest of 2025[111]
Bio-Rad(BIO_B) - 2025 Q1 - Quarterly Report