Bio-Rad(US:BIO)2025-10-29 20:16Financial Performance - Third-quarter 2025 total net sales were $653.0 million, a 0.5% increase from $649.7 million in Q3 2024[5] - Life Science Group net sales were $261.8 million, a 0.3% increase compared to Q3 2024, but a 1.5% decrease on a currency-neutral basis[6] - Clinical Diagnostics Group net sales were $391.2 million, a 0.6% increase compared to Q3 2024, with a 1.8% decrease on a currency-neutral basis[7] - The company reported a net loss of $(341.9) million, or $(12.70) per diluted share, compared to net income of $653.2 million, or $23.34 per diluted share in Q3 2024[8] - Non-GAAP net income for Q3 2025 was $60.8 million, or $2.26 per diluted share, compared to $56.3 million, or $2.02 per diluted share in Q3 2024[9] - The company reported a gross margin of 52.6% in Q3 2025, down from 54.8% in Q3 2024[3] - The company reported a total revenue decline of 0.5% for the nine months ended September 30, 2025, compared to a decline of 4.6% for the same period in 2024[28] Cash Flow and Investments - Cash received from customers for the nine months ended September 30, 2025, was $1,958.7 million, an increase from $1,921.0 million in the same period of 2024[22] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $367.3 million, compared to $331.0 million in 2024, reflecting a 10.5% increase[22] - Net cash used in investing activities for the nine months ended September 30, 2025, was $155.5 million, compared to $129.7 million in 2024, indicating a 19.9% increase in cash outflow[22] - Net cash used in financing activities for the nine months ended September 30, 2025, was $286.5 million, up from $192.6 million in 2024, representing a 48.9% increase[22] - Free cash flow for the three months ended September 30, 2025, was $89.2 million, compared to $123.4 million for the same period in 2024, reflecting a decline of 27.7%[28] Assets and Equity - Total assets as of September 30, 2025, were $9,696.4 million, an increase from $9,364.1 million at the end of 2024[20] - Total stockholders' equity increased to $6,736.8 million as of September 30, 2025, compared to $6,569.3 million at the end of 2024[20] Tax and Margins - The effective tax rate for Q3 2025 was 20.7%, down from 24.2% in Q3 2024[9] - The forecasted non-GAAP operating margin for 2025 excludes 103 basis points related to amortization of purchased intangibles[40] Operational Metrics - GAAP gross profit for the nine months ended September 30, 2025, was $994.7 million, which is 52.6% of revenue, compared to $1,037.0 million or 54.6% of revenue in 2024[25] - Non-GAAP gross profit for the nine months ended September 30, 2025, was $1,014.3 million, representing 53.7% of revenue, compared to $1,052.1 million or 55.4% in 2024[25] - GAAP income from operations for the nine months ended September 30, 2025, was $166.1 million, which is 8.8% of revenue, compared to $210.7 million or 11.1% in 2024[25] - Non-GAAP income from operations for the nine months ended September 30, 2025, was $228.6 million, representing 12.1% of revenue, compared to $239.3 million or 12.6% in 2024[25] Future Outlook - Bio-Rad maintains its full-year 2025 financial outlook, expecting non-GAAP, currency-neutral revenue growth of approximately 0 to 1.0%[11] - The company anticipates that future gains and charges will be difficult to predict due to their unknown timing and significance, impacting financial expectations[40] Other Notable Items - The company experienced gains from changes in the fair market value of equity securities and loan receivable amounting to $495.3 million for the three months ended September 30, 2025, compared to losses of $(792.9) million in the same period of 2024[26] - The company reported restructuring costs of $2.5 million for the three months ended September 30, 2025, compared to $1.4 million in the same period of 2024[27] - The income tax effect of non-GAAP adjustments for the three months ended September 30, 2025, was $(111.3) million, while in the same period of 2024, it was $185.6 million[27] - The company experienced a reduction in the carrying amount of right-of-use assets, contributing $30.1 million to net cash provided by operating activities for the nine months ended September 30, 2025[22] - The company reported a change in foreign exchange impact on revenue growth, with a decline of 2.2% for total revenue in the three months ended September 30, 2025[28]