Sales Performance - Life Science segment sales for Q1 2023 were $323.6 million, a decrease of 6.8% year-over-year, with a currency neutral decrease of 3.6%[149] - Clinical Diagnostics segment sales for Q1 2023 were $352.1 million, an increase of 0.1% year-over-year, with a currency neutral increase of 2.8%[150] - COVID-related sales in Q1 2023 were $2.3 million, significantly down from approximately $44.2 million in Q1 2022[149] Profitability and Expenses - Gross profit margin decreased to 53.5% in Q1 2023 from 57.5% in Q1 2022, while cost of goods sold increased to 46.5% from 42.5%[146] - Selling, general and administrative expenses rose to $225.6 million, representing 33.3% of sales, compared to $196.7 million or 28.1% of sales in the prior year[151] - Interest expense for Q1 2023 was $12.3 million, up from $4.0 million in Q1 2022, mainly due to interest accrued on $1.2 billion Senior Notes[152] Cash Flow and Investments - Net cash provided by operations increased to $98.1 million in Q1 2023 from $50.5 million in Q1 2022, driven by higher cash received from customers[157] - Net cash used in investing activities decreased to $70.5 million in Q1 2023 from $916.1 million in Q1 2022, primarily due to the purchase of marketable securities[158] Taxation - Effective income tax rate improved to 18.7% in Q1 2023 from 22.9% in Q1 2022, influenced by benefits from preferential tax rates related to export sales[154] Debt and Borrowings - The company had no outstanding borrowings under the 2019 Credit Agreement as of March 31, 2023, with $0.2 million utilized for domestic standby letters of credit[156]
Bio-Rad(BIO_B) - 2023 Q1 - Quarterly Report