第99.1展示文本
新聞發佈
生物雷德報告2024年第三季度財務業績
2024年10月30日，加利福尼亞州赫爾庫勒斯市——bio-rad實驗室，Inc. （紐交所：BIO和BIO.B），作爲生命科學研究和臨床診斷產品的全球領導者，今天宣佈了截至2024年9月30日的第三季度財務業績。
2024年第三季度總淨銷售額爲64970萬美元，比2023年第三季度報告的63210萬美元增長了2.8％。從中立貨幣角度來看，與2023年同期相比，季度銷售額增長了3.4％。淨銷售額的增長主要是由我們的臨床診斷部門的銷售增加推動的。
第三季度生命科學部門的淨銷售額爲26090萬美元，與2023年同期相比下降了1.0%。按照貨幣中立的基礎，銷售額與2023年同季度相比下降了0.6%，受生物技術和生物製藥終端市場持續疲弱的影響。美洲的貨幣中立銷售額下降，而歐洲、中東、非洲地區則有所增加。
Clinical Diagnostics板塊第三季度淨銷售額爲38880萬美元，較2023年同期增長5.6％。按照中立的貨幣基礎，銷售額較去年同季增長6.4％。貨幣中立銷售增長主要受到質控產品需求增加的推動，以及我們的免疫學產品受到供應限制影響的2023年第三季度有利的對比所驅動。所有地區的貨幣中立銷售額均有增長。
第三季度毛利率爲54.8%，相比2023年第三季度的53.1%。
2024年第三季度營業收入爲6450萬美元，去年同期爲9090萬美元。
在2024年第三季度，該公司認定其對Sartorius AG投資的公允市場價值發生了變化，這對淨利潤造成了重大影響，淨利潤爲65320萬美元，每股23.34美元（按稀釋基礎計算），相比之下，2023年同期報告的淨利潤爲10630萬美元，每股3.64美元（按稀釋基礎計算）。
2024年第三季度的有效稅率爲24.2％，而2023年同期爲22.5％。這些時期報告的有效稅率主要受到我們權益證券的會計處理影響。
「我們第三季度的營業收入表現略好於預期，主要受臨床診斷產品穩定增長的推動，同時我們的生命科學業務繼續改善，反映出生物製藥端市場逐漸復甦。」Bio-Rad的董事長兼首席執行官Norman Schwartz說。「在這一季度，我們還歡迎Jon DiVincenzo擔任總裁兼首席運營官。Jon加入了Bio-Rad最近聘請的其他資深高管團隊，他們共同帶來豐富的生命科學、臨床診斷和運營經驗。隨着新的高級領導團隊就位，我們專注於邊際擴張、商業卓越和創造長期股東價值。」
下面討論的非GAAP財務指標不包括本新聞稿後面標題爲「使用非GAAP和貨幣中性報告」的條款中詳細列出的某些項目。本新聞稿的財務報表後提供了歷史性的GAAP營運結果和非GAAP營運結果之間的調節。
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2024年第三季度的非GAAP毛利率爲55.6%，相比於2023年第三季度的53.9%。
2024年第三季度的營運非通用會計收益爲7330萬美元，而可比的去年同期爲8160萬美元。
2024年第三季度的非通用會計淨利潤爲5640萬美元，每股2.01美元，按稀釋基礎計算，相比之下，2023年同期爲6810萬美元，每股2.33美元，按稀釋基礎計算。
2024年第三季度的非通用會計淨稅率爲28.8%，而2023年同期爲23.9%。2024年較高的稅率是由收益地理分佈以及一次性收購中的研發費用推動的。
| GAAP 業績 | ||||||||
| Q3 2024 | Q3 2023 | |||||||
| 收入（百萬） | $ | 649.7 | $ | 632.1 | ||||
| 毛利率 | 54.8 | % | 53.1 | % | ||||
| 營業利潤率 | 9.9 | % | 14.4 | % | ||||
| 淨收入（百萬） | $ | 653.2 | $ | 106.3 | ||||
| 攤薄後每股收益 | $ | 23.34 | $ | 3.64 | ||||
| 非公認會計准則業績 | ||||||||
| Q3 2024 | Q3 2023 | |||||||
| 收入（百萬） | $ | 649.7 | $ | 632.1 | ||||
| 毛利率 | 55.6 | % | 53.9 | % | ||||
| 營業利潤率 | 11.3 | % | 12.9 | % | ||||
| 淨收入（百萬） | $ | 56.4 | $ | 68.1 | ||||
| 攤薄後每股收益 | $ | 2.01 | $ | 2.33 | ||||
2024全年財務展望更新
Bio-Rad仍預計其非通用會計淨營業收入在貨幣中立基礎上下降約2.5到4.0％。公司估計非通用會計營業利潤率在12.75％至13.25％之間，該數字現在還包括第三季度完成的一次收購中獲得的與研發費用相關的一次性獲得性過程研究支出的影響。
電話會議和網絡直播
管理層將於2024年10月30日下午2點（東部時間下午5點）在太平洋時間舉行電話會議，討論公司2024年第三季度的業績和財務展望。欲參與，請撥打800-579-2543（美國境內）或(+1) 785-424-1789（美國境外），並提供訪問代碼：BIORAD。
電話會議的實時網絡廣播也可在公司網站的「投資者關係」部分下的「事件和展示」中獲取，網址是investors.bio-rad.com。網絡廣播的重播將可提供一年。
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非GAAP和貨幣中立報告的使用
除按照美國通用會計準則（GAAP）編制的財務指標外，我們還使用某些非GAAP財務指標，包括排除收購相關無形資產攤銷，某些收購相關費用和收益，重組費用，資產減值損失，由於股票公允價值和貸款應收賬款變化引起的收益和損失，權益法投資的收益和損失以及與重大法律相關的收益和損失和相關法律費用的非GAAP淨利潤和非GAAP EPS。 非GAAP淨利潤和非GAAP EPS還排除某些其它收益和費用，這些收益和費用要麼是孤立的，要麼不能預期具有任何可預見性的重複，以及涉及前述項目的稅務規定/待遇的稅務和重要離散稅務事件。 我們排除上述項目，因爲它們超出了我們的正常業務範圍和/或在某些情況下難以準確預測未來期間。
我們在分析和評估我們業務的總體表現，在做出營運決策，預測和計劃未來期間，並在確定薪酬計劃下付款時，利用許多不同的財務指標，包括GAAP和非GAAP。我們認爲使用非GAAP指標有助於評估我們業務的繼續運營表現。 我們相信披露非GAAP財務指標提供有用的補充數據，雖然不能替代按照GAAP編制的財務指標，但允許更透明地審查我們的財務和運營績效。 我們還相信，披露非GAAP財務指標提供有用的信息，以便投資者和其他人理解和評估我們的經營業績和未來前景，以及管理層的方式，並比較財務結果跨會計期間和同行公司。 更具體地說，管理層出於以下原因調整了排除的項目：
Amortization of purchased intangible assets: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.
Acquisition-related expenses and benefits: we incur expenses or benefits with respect to certain items associated with our acquisitions, such as transaction costs, professional fees for assistance with the transaction; valuation or integration costs; changes in the fair value of contingent consideration, gain or loss on settlement of pre-existing relationships with the acquired entity; or adjustments to purchase price. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business.
Restructuring, impairment charges, and gains and losses from change in fair market value of equity securities and loan receivable, and gains and losses on equity-method investments: we incur restructuring and impairment charges on individual or groups of employed assets and charges and benefits arising from gains and losses from change in fair market value of equity securities and loan receivable, and gains and losses (including impairments) on equity-method investments, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.
Significant litigation charges or benefits and legal costs: we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results.
Income tax expense: we estimate the tax effect of the excluded items identified above to determine a non-GAAP annual effective tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and/or tax jurisdiction requires the application of a specific tax rate or treatment.
From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.
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Percentage sales growth in currency neutral amounts are calculated by translating prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales.
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.
We do not provide a reconciliation of our non-GAAP financial expectations to expectations for the most comparable GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquisition-related intangible assets, future acquisition-related expenses and benefits, future restructuring charges, future asset impairment charges, future valuation changes of equity-owned securities, future gains and losses on equity-method investments or future legal charges or benefits), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all.
BIO-RAD is a trademark of Bio-Rad Laboratories, Inc. in certain jurisdictions.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 7,700 employees and $2.7 billion in revenues in 2023. Our customers include universities, research institutions, hospitals, and biopharmaceutical companies, as well as clinical, food safety and environmental quality laboratories. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, visit bio-rad.com.
Forward-Looking Statements
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results; being focused on margin expansion, commercial excellence, and creating long-term shareholder value; and for the full-year 2024: continuing to expect non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis and estimating a non-GAAP operating margin of between 12.75 to 13.25 percent. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "expect,” "estimate," "continue," "believe," "anticipate," “target,” "will," "project," "assume," "may," "intend," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include reductions in government funding or capital spending of our customers, global economic and geopolitical conditions, the uncertain pace of the biopharma sector’s recovery, the challenging macroeconomic environment in China, supply chain issues, international legal and regulatory risks, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, changes in the healthcare industry, and natural disasters and other catastrophic events beyond our control. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended
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December 31, 2023, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.
Investor Contact:
Edward Chung, Investor Relations
510-741-6104
ir@bio-rad.com
Media Contact:
Anna Gralinska, Corporate Communications
510-741-6643
cc@bio-rad.com
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Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Income (Loss)
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net sales | $ | 649,729 | $ | 632,124 | $ | 1,899,025 | $ | 1,990,078 | |||||||||||||||
| Cost of goods sold | 293,826 | 296,441 | 862,037 | 929,495 | |||||||||||||||||||
| Gross profit | 355,903 | 335,683 | 1,036,988 | 1,060,583 | |||||||||||||||||||
| Selling, general and administrative expense | 200,440 | 201,199 | 610,042 | 634,576 | |||||||||||||||||||
| Research and development expense | 90,997 | 43,535 | 216,276 | 183,528 | |||||||||||||||||||
| Income from operations | 64,466 | 90,949 | 210,670 | 242,479 | |||||||||||||||||||
| Interest expense | 12,174 | 12,398 | 36,715 | 37,078 | |||||||||||||||||||
| Foreign currency exchange (gains) losses, net | 1,641 | (1,680) | (2,012) | (5,280) | |||||||||||||||||||
| (Gains) losses from change in fair market value of equity securities and loan receivable | (792,888) | (36,425) | 1,680,290 | 1,576,542 | |||||||||||||||||||
| Other income, net | (18,081) | (20,446) | (70,740) | (87,365) | |||||||||||||||||||
| Income (loss) before income taxes | 861,620 | 137,102 | (1,433,583) | (1,278,496) | |||||||||||||||||||
| (Provision for) benefit from income taxes | (208,448) | (30,845) | 305,185 | 291,464 | |||||||||||||||||||
| Net income (loss) | $ | 653,172 | $ | 106,257 | $ | (1,128,398) | $ | (987,032) | |||||||||||||||
| Basic earnings (loss) per share: | |||||||||||||||||||||||
| Net income (loss) per basic share | $ | 23.37 | $ | 3.65 | $ | (39.89) | $ | (33.63) | |||||||||||||||
| Weighted average common shares - basic | 27,949 | 29,102 | 28,286 | 29,349 | |||||||||||||||||||
| Diluted earnings (loss) per share: | |||||||||||||||||||||||
| Net income (loss) per diluted share | $ | 23.34 | $ | 3.64 | $ | (39.89) | $ | (33.63) | |||||||||||||||
| Weighted average common shares - diluted | 27,985 | 29,223 | 28,286 | 29,349 | |||||||||||||||||||
Note: As a result of the net loss for the nine months ended September 30, 2024 and 2023,
all potentially issuable common shares have been excluded from the diluted shares
used in the computation of earnings per share as their effect was anti-dilutive.
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Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
| September 30, 2024 | December 31, 2023 | ||||||||||
| (Unaudited) | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 410,377 | $ | 403,815 | |||||||
| Short-term investments | 1,217,641 | 1,208,887 | |||||||||
| Accounts receivable, net | 461,940 | 489,017 | |||||||||
| Inventories, net | 804,276 | 780,517 | |||||||||
| Other current assets | 161,386 | 166,094 | |||||||||
| Total current assets | 3,055,620 | 3,048,330 | |||||||||
| Property, plant and equipment, net | 545,304 | 529,007 | |||||||||
| Operating lease right-of-use assets | 173,866 | 194,730 | |||||||||
| Goodwill, net | 415,100 | 413,569 | |||||||||
| Purchased intangibles, net | 307,325 | 320,514 | |||||||||
| Other investments | 6,002,635 | 7,698,070 | |||||||||
| Other assets | 103,622 | 94,850 | |||||||||
| Total assets | $ | 10,603,472 | $ | 12,299,070 | |||||||
| Current liabilities: | |||||||||||
| Accounts payable, accrued payroll and employee benefits | $ | 268,209 | $ | 284,554 | |||||||
| Current maturities of long-term debt | 1,262 | 486 | |||||||||
| Income and other taxes payable | 43,625 | 35,759 | |||||||||
| Other current liabilities | 184,847 | 202,000 | |||||||||
| Total current liabilities | 497,943 | 522,799 | |||||||||
| Long-term debt, net of current maturities | 1,200,062 | 1,199,052 | |||||||||
| Other long-term liabilities | 1,417,608 | 1,836,086 | |||||||||
| Total liabilities | 3,115,613 | 3,557,937 | |||||||||
| Total stockholders’ equity | 7,487,859 | 8,741,133 | |||||||||
| Total liabilities and stockholders’ equity | $ | 10,603,472 | $ | 12,299,070 | |||||||
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Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Nine Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Cash received from customers | $ | 1,920,985 | $ | 2,007,482 | |||||||
| Cash paid to suppliers and employees | (1,531,330) | (1,722,173) | |||||||||
| Interest paid, net | (45,628) | (46,394) | |||||||||
| Income tax payments, net | (75,710) | (40,966) | |||||||||
| Other operating activities | 62,731 | 95,947 | |||||||||
| Net cash provided by operating activities | 331,048 | 293,896 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Payments for purchases of marketable securities and investments | (1,053,660) | (537,540) | |||||||||
| Proceeds from sales and maturities of marketable securities and investments | 1,069,951 | 599,882 | |||||||||
| Other investing activities | (145,947) | (114,331) | |||||||||
| Net cash used in investing activities | (129,656) | (51,989) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Payments on long-term debt | (359) | (349) | |||||||||
| Other financing activities | (192,193) | (224,678) | |||||||||
| Net cash used in financing activities | (192,552) | (225,027) | |||||||||
| Effect of foreign exchange rate changes on cash | (1,021) | 6,891 | |||||||||
| Net increase in cash, cash equivalents and restricted cash | 7,819 | 23,771 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 404,369 | 434,544 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 412,188 | $ | 458,315 | |||||||
| Reconciliation of net loss to net cash provided by operating activities: | |||||||||||
| Net loss | $ | (1,128,398) | $ | (987,032) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 112,393 | 108,724 | |||||||||
| Reduction in the carrying amount of right-of-use assets | 31,066 | 30,725 | |||||||||
| Losses from change in fair market value of equity securities and loan receivable | 1,680,290 | 1,576,542 | |||||||||
| Changes in working capital | (29,950) | (61,623) | |||||||||
| Other | (334,353) | (373,440) | |||||||||
| Net cash provided by operating activities | $ | 331,048 | $ | 293,896 | |||||||
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Bio-Rad Laboratories, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In thousands, except per share data)
(Unaudited)
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS), which exclude amortization of acquisition-related intangible assets; certain acquisition-related expenses and benefits; restructuring charges; asset impairment charges; gains and losses from change in fair market value of equity securities and loan receivable; gains and losses on equity-method investments; and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.
| Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2024 | % of revenue | September 30, 2023 | % of revenue | September 30, 2024 | % of revenue | September 30, 2023 | % of revenue | ||||||||||||||||||||||||||||||||||||||||
| GAAP cost of goods sold | $ | 293,826 | $ | 296,441 | $ | 862,037 | $ | 929,495 | |||||||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | (4,499) | (4,507) | (13,391) | (13,131) | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring benefits (costs) | (603) | (215) | (1,764) | (3,922) | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP cost of goods sold | $ | 288,724 | $ | 291,719 | $ | 846,882 | $ | 912,442 | |||||||||||||||||||||||||||||||||||||||
| GAAP gross profit | $ | 355,903 | 54.8% | $ | 335,683 | 53.1% | $ | 1,036,988 | 54.6% | $ | 1,060,583 | 53.3% | |||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | 4,499 | 4,507 | 13,391 | 13,131 | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring (benefits) costs | 603 | 215 | 1,764 | 3,922 | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP gross profit | $ | 361,005 | 55.6% | $ | 340,405 | 53.9% | $ | 1,052,143 | 55.4% | $ | 1,077,636 | 54.2% | |||||||||||||||||||||||||||||||||||
| GAAP selling, general and administrative expense | $ | 200,440 | $ | 201,199 | $ | 610,042 | $ | 634,576 | |||||||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | (825) | (1,629) | (2,686) | (4,931) | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition related benefits (costs) | — | 4,100 | — | 4,100 | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring benefits (costs) | (819) | (1,339) | (3,825) | (16,655) | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (2) | (1,663) | (1,877) | (4,704) | (5,794) | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP selling, general and administrative expense | $ | 197,133 | $ | 200,454 | $ | 598,827 | $ | 611,296 | |||||||||||||||||||||||||||||||||||||||
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| GAAP research and development expense | $ | 90,997 | $ | 43,535 | $ | 216,276 | $ | 183,528 | |||||||||||||||||||||||||||||||||||||||
| Acquisition related benefits (costs) | (400) | 14,800 | (800) | 14,400 | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring benefits (costs) | (19) | 22 | (1,519) | (5,293) | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP research and development expense | $ | 90,578 | $ | 58,357 | $ | 213,957 | $ | 192,635 | |||||||||||||||||||||||||||||||||||||||
| GAAP income from operations | $ | 64,466 | 9.9% | $ | 90,949 | 14.4% | $ | 210,670 | 11.1% | $ | 242,479 | 12.2% | |||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | 5,324 | 6,136 | 16,077 | 18,062 | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition related (benefits) costs | 400 | (18,900) | 800 | (18,500) | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring (benefits) costs | 1,441 | 1,532 | 7,108 | 25,870 | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (2) | 1,663 | 1,877 | 4,704 | 5,794 | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP income from operations | $ | 73,294 | 11.3% | $ | 81,594 | 12.9% | $ | 239,359 | 12.6% | $ | 273,705 | 13.8% | |||||||||||||||||||||||||||||||||||
| GAAP (gains) losses from change in fair market value of equity securities and loan receivable | $ | (792,888) | $ | (36,425) | $ | 1,680,290 | $ | 1,576,542 | |||||||||||||||||||||||||||||||||||||||
| Gains (losses) from change in fair market value of equity securities and loan receivable | 792,888 | 36,425 | (1,680,290) | (1,576,542) | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP (gains) losses from change in fair market value of equity securities and loan receivable | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
| GAAP other (income) expense, net | $ | (18,081) | $ | (20,446) | $ | (70,740) | $ | (87,365) | |||||||||||||||||||||||||||||||||||||||
| Gains (losses) on equity-method investments | (1,626) | (697) | (3,349) | (2,543) | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (3) | — | 2,500 | — | 2,500 | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP other (income) expense, net | $ | (19,707) | $ | (18,643) | $ | (74,089) | $ | (87,408) | |||||||||||||||||||||||||||||||||||||||
| GAAP income (loss) before income taxes | $ | 861,620 | $ | 137,102 | $ | (1,433,583) | $ | (1,278,496) | |||||||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | 5,324 | 6,136 | 16,077 | 18,062 | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition related (benefits) costs | 400 | (18,900) | 800 | (18,500) | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring (benefits) costs | 1,441 | 1,532 | 7,108 | 25,870 | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses from change in fair market value of equity securities and loan receivable | (792,888) | (36,425) | 1,680,290 | 1,576,542 | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses on equity-method investments | 1,626 | 697 | 3,349 | 2,543 | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (2) (3) | 1,663 | (623) | 4,704 | 3,294 | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP income before income taxes | $ | 79,186 | $ | 89,519 | $ | 278,745 | $ | 329,315 | |||||||||||||||||||||||||||||||||||||||
| GAAP (provision for) benefit from income taxes | $ | (208,448) | $ | (30,845) | $ | 305,185 | $ | 291,464 | |||||||||||||||||||||||||||||||||||||||
| Income tax effect of non-GAAP adjustments (1) | 185,624 | 9,408 | (373,835) | (364,826) | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP provision for income taxes | $ | (22,824) | $ | (21,437) | $ | (68,650) | $ | (73,362) | |||||||||||||||||||||||||||||||||||||||
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| GAAP net income (loss) | $ | 653,172 | 100.5% | $ | 106,257 | 16.8% | $ | (1,128,398) | (59.4)% | $ | (987,032) | (49.6)% | |||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | 5,324 | 6,136 | 16,077 | 18,062 | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition related (benefits) costs | 400 | (18,900) | 800 | (18,500) | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring (benefits) costs | 1,441 | 1,532 | 7,108 | 25,870 | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses from change in fair market value of equity securities and loan receivable | (792,888) | (36,425) | 1,680,290 | 1,576,542 | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses on equity-method investments | 1,626 | 697 | 3,349 | 2,543 | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (2) (3) | 1,663 | (623) | 4,704 | 3,294 | |||||||||||||||||||||||||||||||||||||||||||
| Income tax effect of non-GAAP adjustments (1) | 185,624 | 9,408 | (373,835) | (364,826) | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP net income | $ | 56,362 | 8.7% | $ | 68,082 | 10.8% | $ | 210,095 | 11.1% | $ | 255,953 | 12.9% | |||||||||||||||||||||||||||||||||||
| GAAP diluted income (loss) per share | $ | 23.34 | $ | 3.64 | $ | (39.89) | $ | (33.63) | |||||||||||||||||||||||||||||||||||||||
| Amortization of purchased intangibles | 0.19 | 0.21 | 0.57 | 0.61 | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition related (benefits) costs | 0.01 | (0.65) | 0.03 | (0.63) | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring (benefits) costs | 0.05 | 0.05 | 0.25 | 0.88 | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses from change in fair market value of equity securities and loan receivable | (28.33) | (1.25) | 59.35 | 53.47 | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses on equity-method investments | 0.06 | 0.02 | 0.12 | 0.09 | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (2) (3) | 0.06 | (0.02) | 0.17 | 0.11 | |||||||||||||||||||||||||||||||||||||||||||
| Income tax effect of non-GAAP adjustments (1) | 6.63 | 0.33 | (13.21) | (12.38) | |||||||||||||||||||||||||||||||||||||||||||
| Add back anti-dilutive shares | — | — | 0.03 | 0.16 | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP diluted income per share | $ | 2.01 | $ | 2.33 | $ | 7.42 | $ | 8.68 | |||||||||||||||||||||||||||||||||||||||
| GAAP diluted weighted average shares used in per share calculation | 27,985 | 29,223 | 28,286 | 29,349 | |||||||||||||||||||||||||||||||||||||||||||
| Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive | — | — | 24 | 137 | |||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP diluted weighted average shares used in per share calculation | 27,985 | 29,223 | 28,310 | 29,486 | |||||||||||||||||||||||||||||||||||||||||||
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| Reconciliation of net income (loss) to adjusted EBITDA: | |||||||||||||||||||||||||||||||||||||||||||||||
| GAAP net income (loss) | $ | 653,172 | 100.5% | $ | 106,257 | 16.8% | $ | (1,128,398) | (59.4)% | $ | (987,032) | (49.6)% | |||||||||||||||||||||||||||||||||||
| Interest expense | 12,174 | 12,398 | 36,715 | 37,078 | |||||||||||||||||||||||||||||||||||||||||||
| (Provision for) benefit from income taxes | 208,448 | 30,845 | (305,185) | (291,464) | |||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 38,891 | 37,278 | 112,393 | 108,724 | |||||||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange (gains) losses, net | 1,641 | (1,680) | (2,012) | (5,280) | |||||||||||||||||||||||||||||||||||||||||||
| Other income, net | (18,081) | (20,446) | (70,740) | (87,365) | |||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses from change in fair market value of equity securities and loan receivable | (792,888) | (36,425) | 1,680,290 | 1,576,542 | |||||||||||||||||||||||||||||||||||||||||||
| Dividend from Sartorius AG | — | — | 17,930 | 34,766 | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition related (benefits) costs | 400 | (18,900) | 800 | (18,500) | |||||||||||||||||||||||||||||||||||||||||||
| Restructuring (benefits) costs | 1,441 | 1,532 | 7,108 | 25,870 | |||||||||||||||||||||||||||||||||||||||||||
| Other non-recurring items (2) | 1,663 | 1,877 | 4,704 | 5,794 | |||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 106,861 | 16.4% | $ | 112,736 | 17.8% | $ | 353,605 | 18.6% | $ | 399,133 | 20.1% | |||||||||||||||||||||||||||||||||||
(1) Excluded items identified in the reconciliation schedule are tax effected by application of a non-GAAP effective tax rate. The non-GAAP tax provision is adjusted for items, the nature of which and/or tax jurisdiction requires the application of a specific tax rate or treatment.
(2) Incremental costs to comply with the European Union's In Vitro Diagnostics Regulation ("IVDR") for previously approved products.
(3) Gain from the release of an escrow for the acquisition in 2021 (2023).
2024 Financial Outlook
Forecasted non-GAAP operating margin excludes 85 basis points related to amortization of purchased intangibles. Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as foreign currency fluctuations, future gains or losses associated with certain legal matters, acquisitions and restructuring activities. We do not provide a reconciliation of our non-GAAP financial expectations to expectations for the most comparable GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquisition-related intangible assets, future acquisition-related expenses and benefits, future restructuring charges, future asset impairment charges, future valuation changes of equity-owned securities, future gains and losses on equity-method investments or future legal charges or benefits), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all.
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