Financial Performance - Net sales for Q1 2022 were $700.1 million, a decrease of 3.7% compared to $726.8 million in Q1 2021, with a currency neutral sales decrease of approximately 0.8%[118]. - Life Science segment sales for Q1 2022 were $347.2 million, a decrease of 5.3% year-over-year, while Clinical Diagnostics segment sales were $351.8 million, a decrease of 1.9% year-over-year[119][120]. - The company reported a loss of $4.55 billion from changes in fair market value of equity securities in Q1 2022, compared to a gain of $1.18 billion in Q1 2021[126]. - COVID-related revenue was approximately $45 million in Q1 2022, down from $94 million in Q1 2021, indicating a decline in demand for COVID-19 related products[118]. Margins and Expenses - Consolidated gross margins improved to 57.6% in Q1 2022 from 55.1% in Q1 2021, with Clinical Diagnostics segment gross margins increasing by approximately 6.2 percentage points[121]. - Selling, general and administrative expenses decreased to $197.6 million, or 28.2% of sales, compared to $225.9 million, or 31.1% of sales, in Q1 2021[122]. - Research and development expenses decreased to $62.5 million, or 8.9% of sales, from $73.9 million, or 10.2% of sales, in Q1 2021[123]. Cash Flow and Investments - Net cash provided by operations was $46.3 million, a decrease from $113.6 million in the same period in 2021, primarily due to lower cash received from customers and higher cash paid to suppliers and employees[136]. - Net cash used in investing activities increased to $912.0 million from $48.3 million in the prior year, mainly due to purchases of marketable securities and investments[138]. - Net cash provided by financing activities was $1,190.3 million, a significant increase from cash used of $47.3 million in the same period in 2021, driven by the issuance of $400 million and $800 million senior notes[139]. Tax and Interest - The effective income tax rate was 22.9% for Q1 2022, down from 24.7% in Q1 2021, influenced by unrealized losses in equity securities[128]. - Interest expense increased to $4.0 million in Q1 2022 from $0.4 million in Q1 2021, primarily due to the issuance of $400 million in Senior Notes due 2027 and $800 million in Senior Notes due 2032[124]. Other Financial Activities - No shares were repurchased during the first quarter of 2022, while $223.1 million remained under the Share Repurchase Program as of March 31, 2022[140]. - The company reported a higher purchase of property, plant, and equipment amounting to $9.4 million during the first quarter of 2022[138]. - There were no material changes in market risk disclosures compared to the previous annual report[142].
Bio-Rad(BIO_B) - 2022 Q1 - Quarterly Report