Bio-Rad Laboratories (BIO) Q1 2025 Earnings Call May 01, 2025 05:30 PM ET Company Participants Edward Chung - VP, IRJonathan DiVincenzo - President & Chief Operating OfficerRoop Lakkaraju - Executive VP & CFONorman Schwartz - Chairman & CEOBrandon Couillard - Managing Director Conference Call Participants Patrick Donnelly - Managing Director, Equity Research AnalystDan Leonard - Managing Director & Research AnalystMatthew Stanton - AnalystConor McNamara - Equity Research AnalystJack Meehan - Equity Research ...

Financial Data and Key Metrics Changes - The company reported a GAAP diluted earnings per share of $1.37, an increase of 15.1% year-over-year, and adjusted diluted earnings per share of $1.52, an increase of 16.9% [27] - Consolidated GAAP revenue and adjusted revenues were both $1,200,000,000, reflecting a 16.1% increase [27] - GAAP net income was $80,300,000, up 16.6%, while adjusted net income reached $89,000,000, an increase of 18% [28] Business Line Data and Key Metrics Changes - Same store occupancy increased to 82.6%, while transitioning occupancy rose to 83.5% compared to the prior year [9] - Skilled census increased by 7.6% for same store operations and 9.9% for transitioning operations [9] - Managed care census grew by 8.9% for same store and 15.6% for transitioning operations [9] Market Data and Key Metrics Changes - The company added 47 new operations since January 2024, including 19 new operations in Q1 2025 across various states [13] - The company is expanding its presence in Tennessee, Alabama, Oregon, and Alaska, indicating growth in these new markets [14][16] Company Strategy and Development Direction - The company is raising its annual 2025 earnings guidance to between $6.22 and $6.38 per diluted share, reflecting a 14.5% increase over 2024 results [10] - Annual revenue guidance has been increased to $4,890,000,000 to $4,940,000,000, up from $4,830,000,000 to $4,910,000,000 [11] - The company emphasizes disciplined growth and a focus on local leadership to drive operational improvements and acquisitions [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue achieving sustainable growth despite external challenges [32] - The operating environment is expected to present both near-term and long-term opportunities for acquisitions due to struggles faced by many operators in the industry [18] - Management is actively involved in advocacy regarding potential changes in Medicaid funding and is optimistic about the focus on the expansion population [42][45] Other Important Information - The company reported cash and cash equivalents of $282,700,000 and cash flow from operations of $72,200,000 [28] - A quarterly cash dividend of $6.25 per common share was paid, marking 22 consecutive years of annual dividend increases [30] - The company completed a $20,000,000 stock repurchase program, indicating confidence in its share valuation [30] Q&A Session Summary Question: Overview of managed care contracting and its impact on guidance - Management highlighted their long history with managed care and the importance of local partnerships to drive clinical success and financial returns [35][36] Question: Thoughts on potential Medicaid cuts and policy changes - Management is actively involved in advocacy and has met with congressional leaders to educate them on the implications of potential funding changes [41][43] Question: Changes in deal volume and market dynamics - The company noted a strong deal flow and emphasized a disciplined approach to acquisitions, with a focus on real estate [49][50] Question: Staffing constraints and their impact on admissions - Management indicated that while the sector has not fully recovered, their operators have successfully filled positions to maintain occupancy levels [55][56] Question: Competitive landscape and economics in new markets - Management stated that competition remains consistent and expressed optimism about achieving similar economics in new markets as in established ones [66][70]

Core Viewpoint - Globavend Holdings Limited has received approval-in-principle for up to $900,000 in non-dilutive government funding to support its expansion into the Chinese market, which is seen as a significant milestone for the company [1][3]. Group 1: Government Funding - The funding is provided by the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund) from the Hong Kong government, aimed at helping local businesses scale operations and expand into new markets [2]. - The Hong Kong government has allocated approximately $770 million to the BUD Fund to assist enterprises in capturing opportunities from China's 12th Five-Year Plan [2]. Group 2: Company Expansion - The CEO of Globavend expressed confidence in the company's eligibility for the funding and emphasized the importance of this financial support for accelerating their expansion into China [3]. - Globavend has already established its business model in Australia, New Zealand, and Hong Kong, making the entry into China a natural progression [3]. - The company aims to leverage the funding to scale its operations without compromising its capital structure, especially as Australia is becoming a key logistics hub amid geopolitical tensions [3]. Group 3: Company Overview - Globavend Holdings Limited is an emerging e-commerce logistics provider offering end-to-end logistics solutions primarily for enterprise customers, including e-commerce merchants [4]. - The company provides integrated cross-border logistics services from Hong Kong to Australia and New Zealand, covering various logistics processes such as parcel drop-off, consolidation, air-freight forwarding, customs clearance, and final delivery [4].

在收益下行时，后悔没有买在最高点，心里总是盼着收益再上行到前面那个高点后再出手，可市场哪能按我们的想法去运行呢。即使真回到那个高点位， 我们也未必就能下决心去买，到时或许又会想着：再等等，再等等，收益率再高一点再下手。 ——笔记哥《应对》 资金面均衡宽松，资金利率上行，DR001与DR007均在1.7%附近。 【笔记20250415— 股市六连阳，债市打哈欠（-股市由跌转涨+资金面均衡宽松=涨跌不一)】 资金面均衡宽松，长债收益率涨跌不一。 央行公开市场开展1645亿元7天期逆回购操作，今日有1674亿元逆回购和1000亿元MLF到期，合计净回笼1029亿元。 | | | | 银行间资金 | (2025. 04. 15) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | (亿元) | 比 (%) | | R001 | 1. ...