Financial Performance - Third-quarter 2025 total net sales were $653.0 million, a 0.5% increase from $649.7 million in Q3 2024[5] - 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] - GAAP net loss for the three months ended September 30, 2025, was $341.9 million, representing a 52.4% decrease compared to a net income of $653.2 million for the same period in 2024[27] - Non-GAAP net income for the three months ended September 30, 2025, was $60.8 million, accounting for 9.3% of revenue, compared to $56.3 million or 8.7% of revenue in the same period of 2024[27] Revenue Breakdown - 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] - Life Science Group revenue reported a growth of 0.3% for the three months ended September 30, 2025, while the Clinical Diagnostics Group reported a growth of 0.6%[28] - Total revenue growth reported a slight increase of 0.5% for the three months ended September 30, 2025, compared to a 2.8% increase in the same period of 2024[28] - 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] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $91.6 million for the nine months ended September 30, 2025[22] - Cash, cash equivalents, and restricted cash at the end of the period were $398.2 million, down from $412.2 million at the end of the same period in 2024[22] - Cash flows used in investing activities for the nine months ended September 30, 2025, totaled $155.5 million, compared to $129.7 million in 2024, indicating increased investment activity[22] Equity and Assets - 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] Operating Margins and Tax Rates - The effective tax rate for Q3 2025 was 20.7%, down from 24.2% in Q3 2024[9] - The company maintains a non-GAAP operating margin outlook of approximately 12.0 to 13.0% for 2025[11] - 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] - Non-GAAP income from operations for the nine months ended September 30, 2025, was $228.6 million, which is 12.1% of revenue, compared to $239.3 million or 12.6% in 2024[25] Future Outlook - Bio-Rad expects non-GAAP, currency-neutral revenue growth of approximately 0 to 1.0% for the full year 2025[11] - The forecasted non-GAAP operating margin for 2025 excludes 103 basis points related to amortization of purchased intangibles[40] - The company anticipates that future gains and charges will be difficult to predict due to their unknown timing and significance, impacting financial expectations[40] Restructuring and Acquisitions - The company incurred restructuring costs of $38.1 million for the nine months ended September 30, 2025, compared to $7.1 million in the same period of 2024[27] - The company made payments for acquisitions amounting to $218.5 million during the nine months ended September 30, 2025[22] - The company reported acquisition-related costs of $3.8 million for the nine months ended September 30, 2025, compared to $0.8 million in the same period of 2024[27] Market Value Changes - The company experienced a loss from changes in the fair market value of equity securities and loan receivable amounting to $129.1 million for the nine months ended September 30, 2025[22] - The company reported gains from changes in the fair market value of equity securities and loan receivable of $495.3 million for the three months ended September 30, 2025, compared to losses of $(792.9) million in the same period of 2024[27] Free Cash Flow - 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] - The company emphasizes the importance of free cash flow as an indicator of its ability to generate cash for acquisitions and other activities[38]
Bio-Rad(BIO_B) - 2025 Q3 - Quarterly Results