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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report:   July 29, 2024
(Date of earliest event reported)

BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)

Commission File Number: 001-07928
 
Delaware 94-1381833
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
 
1000 Alfred Nobel Dr.
Hercules, California 94547
(Address of principal executive offices, including zip code)
 
(510)724-7000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, Par Value $0.0001 per share BIO New York Stock Exchange
Class B Common Stock, Par Value $0.0001 per share 
BIO.B
 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




ITEM 2.02    Results of Operations and Financial Condition

On August 1, 2024, Bio-Rad Laboratories, Inc. announced its financial results for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


ITEM 8.01 Other Events

On July 29, 2024, the board of directors of Bio-Rad Laboratories, Inc. (the “Company”) authorized increasing the amount available under the Company's 2023 Share Repurchase Program to allow the Company to repurchase up to an additional $500 million of the Company’s outstanding common stock. As of July 31, 2024, a total of approximately $578 million is available for repurchases under the Company's 2023 Share Repurchase Program.

Repurchases under the 2023 Share Repurchase Program may be made at management's discretion from time to time on the open market, through trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The 2023 Share Repurchase Program has no time limit and may be suspended for periods or discontinued at any time.



ITEM 9.01    Financial Statements and Exhibits
Exhibit
Number 		 Description
99.1  
104.1Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
  BIO-RAD LABORATORIES, INC.
   
Date:August 1, 2024By:/s/ Roop K. Lakkaraju
   Roop K. Lakkaraju
   Executive Vice President and Chief Financial Officer





Exhibit 99.1

Press Release

Bio-Rad Reports Second-Quarter 2024 Financial Results

HERCULES, Calif.—August 1, 2024 -- Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results for the second quarter ended June 30, 2024.

Second-quarter 2024 total net sales were $638.5 million, a decrease of 6.3 percent compared to $681.1 million reported for the second quarter of 2023. On a currency-neutral basis, quarterly sales decreased 5.4 percent compared to the same period in 2023.

Life Science segment net sales for the second quarter were $250.5 million, a decrease of 16.5 percent compared to the same period in 2023. On a currency-neutral basis, Life Science segment sales decreased by 15.9 percent compared to the same quarter in 2023. The currency-neutral year-over-year sales decrease was broad-based and was primarily driven by ongoing weakness in the biotech and biopharma end-markets.

Clinical Diagnostics segment net sales for the second quarter were $387.9 million, an increase of 2.1 percent compared to the same period in 2023. On a currency-neutral basis, net sales increased 3.2 percent versus the same quarter last year. The currency-neutral year-over-year sales increase was primarily driven by an increased demand for quality control and blood typing products.

Second-quarter gross margin was 55.6 percent compared to 53.2 percent during the second quarter of 2023.

Income from operations during the second quarter of 2024 was $101.5 million versus $89.6 million during the same quarter last year.

During the second quarter of 2024, the company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net loss of $2,165.5 million, or $76.26 per share, on a diluted basis, versus a net loss of $1,162.3 million, or $39.59 per share, on a diluted basis, reported for the same period of 2023.

The effective tax rate for the second quarter of 2024 was 22.3 percent, compared to 22.5 percent for the same period in 2023. The effective tax rate reported in these periods was primarily affected by the accounting treatment of equity securities.

“Our second quarter results were in line with expectations for topline revenue despite a challenging market environment," said Norman Schwartz, Bio-Rad’s President and Chief Executive Officer. " We continue to experience constraints in biotech and biopharma customer spending and, as a result, expect a more modest pace of market recovery than originally anticipated. At the same time, ongoing supply chain initiatives, core process improvements, and cost control are positively impacting our margin profile. In addition, as our life science business rebounds, we are well positioned for further margin expansion.”

The non-GAAP financial measures discussed below exclude certain items detailed later in this press release under the heading “Use of Non-GAAP and Currency-Neutral Reporting.” A reconciliation between historical GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release.

Non-GAAP gross margin was 56.4 percent for the second quarter of 2024 compared to 54.4 percent during the second quarter of 2023.

1


Non-GAAP income from operations during the second quarter of 2024 was $107.1 million versus $107.9 million during the comparable prior-year period.

Non-GAAP net income for the second quarter of 2024 was $88.5 million, or $3.11 per share, on a diluted basis, compared to $88.5 million, or $3.00 per share, on a diluted basis, during the same period in 2023.

The non-GAAP effective tax rate for the second quarter of 2024 was 23.4 percent, compared to 22.5 percent for the same period in 2023. The higher rate in 2024 was driven by geographical mix of earnings.

GAAP Results
Q2 2024Q2 2023
Revenue (millions)$638.5 $681.1 
Gross margin55.6 %53.2 %
Operating margin15.9 %13.2 %
Net loss (millions)$(2,165.5)$(1,162.3)
Loss per diluted share$(76.26)$(39.59)
Non-GAAP Results
Q2 2024Q2 2023
Revenue (millions)$638.5 $681.1 
Gross margin56.4 %54.4 %
Operating margin16.8 %15.8 %
Net income (millions)$88.5 $88.5 
Income per diluted share$3.11 $3.00 

Updated Full-Year 2024 Financial Outlook

Bio-Rad is updating its financial outlook for the full year 2024. The company currently expects its non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis compared to its previous estimate of 1.0 to 2.5 percent revenue growth. Bio-Rad also estimates a non-GAAP operating margin of about 12.0 to 13.0 percent versus the company’s prior estimate of approximately 13.5 to 14.0 percent.

Increase to 2023 Share Repurchase Program Authorization

On July 29, 2024, Bio-Rad's board of directors authorized increasing the amount available under the company's 2023 Share Repurchase Program to allow the company to repurchase up to an additional $500 million of the company’s outstanding common stock. As of July 31, 2024, a total of approximately $578 million is available for repurchases under the 2023 Share Repurchase Program.

Repurchases under the 2023 Share Repurchase Program may be made at management's discretion from time to time on the open market, through trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The 2023 Share Repurchase Program has no time limit and may be suspended for periods or discontinued at any time.

Conference Call and Webcast

Management will discuss the company’s second quarter 2024 results and financial outlook in a conference call scheduled for 2 PM Pacific Time (5 PM Eastern Time) on August 1, 2024. To participate, dial 800-343-4849 within the U.S., or (+1) 203-518-9856 from outside the U.S., and provide access code: BIORAD.

A live webcast of the conference call will also be available in the "Investor Relations" section of the company’s website under "Events & Presentations" at investors.bio-rad.com. A replay of the webcast will be available for up to a year.

2

Use of Non-GAAP and Currency-Neutral Reporting

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 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. More specifically, management adjusts for the excluded items for the following reasons:

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.

3

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 8,000 employees and $2.7 billion in revenues in 2023. Our customers include universities, research institutions, hospitals, food safety and environmental quality laboratories, and biopharmaceutical companies. 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 well positioned for further margin expansion as our life science business rebounds; continuing to experience constraints in biotech and biopharma customer spending and, as a result, expecting a more modest pace of market recovery than originally anticipated; and for the full-year 2024: expecting non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis compared to its previous estimate of 1.0 to 2.5 percent revenue growth, and estimating a non-GAAP operating margin of about 12.0 to 13.0 percent versus the company’s prior estimate of approximately 13.5 to 14.0 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
4

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 December 31, 2023, and its Quarterly Report on Form 10-Q for the quarter ended June 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

5

Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Income (Loss)
(In thousands, except per share data)
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Net sales$638,476 $681,110 $1,249,296 $1,357,954 
Cost of goods sold283,357 318,627 568,211 633,054 
Gross profit355,119 362,483 681,085 724,900 
Selling, general and administrative expense194,719 207,824 409,602 433,377 
Research and development expense58,904 65,042 125,279 139,993 
Income from operations101,496 89,617 146,204 151,530 
Interest expense12,264 12,343 24,541 24,680 
Foreign currency exchange gains, net(1,699)(1,253)(3,653)(3,600)
Losses from change in fair market value of equity securities and loan receivable2,895,355 1,595,442 2,473,178 1,612,967 
Other income, net(18,143)(16,488)(52,659)(66,919)
Loss before income taxes(2,786,281)(1,500,427)(2,295,203)(1,415,598)
Benefit from income taxes620,795 338,176 513,633 322,309 
Net loss$(2,165,486)$(1,162,251)$(1,781,570)$(1,093,289)
Basic and diluted loss per share:
Net loss per share$(76.26)$(39.59)$(62.61)$(37.09)
Weighted average common shares28,395 29,355 28,457 29,475 


Note: As a result of the net loss for the three and six months ended June 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.

6


Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
(In thousands)

June 30,
2024		December 31,
2023
 (Unaudited)
Current assets: 
Cash and cash equivalents$406,913 $403,815 
Short-term investments1,214,753 1,208,887 
Accounts receivable, net445,506 489,017 
Inventories, net803,693 780,517 
Other current assets185,389 166,094 
        Total current assets3,056,254 3,048,330 
Property, plant and equipment, net533,767 529,007 
Operating lease right-of-use assets181,473 194,730 
Goodwill, net412,116 413,569 
Purchased intangibles, net307,093 320,514 
Other investments5,099,554 7,698,070 
Other assets98,189 94,850 
Total assets$9,688,446 $12,299,070 
Current liabilities:  
Accounts payable, accrued payroll and employee benefits$259,153 $284,554 
Current maturities of long-term debt483 486 
Income and other taxes payable35,896 35,759 
Other current liabilities191,429 202,000 
        Total current liabilities486,961 522,799 
Long-term debt, net of current maturities1,199,724 1,199,052 
Other long-term liabilities1,222,974 1,836,086 
Total liabilities2,909,659 3,557,937 
Total stockholders’ equity6,778,787 8,741,133 
Total liabilities and stockholders’ equity$9,688,446 $12,299,070 

7

Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 Six Months Ended
 June 30,
 20242023
Cash flows from operating activities:  
Cash received from customers$1,265,453 $1,360,206 
Cash paid to suppliers and employees(1,084,925)(1,173,285)
Interest paid, net(23,301)(23,535)
Income tax payments, net(52,172)(31,556)
Other operating activities62,383 64,355 
Net cash provided by operating activities167,438 196,185 
Cash flows from investing activities:
Payments for purchases of marketable securities and investments(654,541)(341,522)
Proceeds from sales and maturities of marketable securities and investments662,886 369,358 
Other investing activities(82,365)(70,325)
Net cash used in investing activities(74,020)(42,489)
Cash flows from financing activities:  
Payments on long-term borrowings(236)(231)
Other financing activities(96,330)(198,198)
Net cash used in financing activities(96,566)(198,429)
Effect of foreign exchange rate changes on cash6,494 670 
Net increase (decrease) in cash, cash equivalents and restricted cash3,346 (44,063)
Cash, cash equivalents and restricted cash at beginning of period404,369 434,544 
Cash, cash equivalents and restricted cash at end of period$407,715 $390,481 
Reconciliation of net loss to net cash provided by operating activities:  
Net loss$(1,781,570)$(1,093,289)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization73,502 71,446 
Reduction in the carrying amount of right-of-use assets20,904 19,872 
Losses from change in fair market value of equity securities and loan receivable2,473,178 1,612,966 
Changes in working capital(71,637)(56,568)
Other(546,939)(358,242)
Net cash provided by operating activities$167,438 $196,185 
8

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 EndedThree Months EndedSix Months EndedSix Months Ended
June 30, 2024% of revenueJune 30, 2023% of revenueJune 30, 2024% of revenueJune 30, 2023% of revenue
GAAP cost of goods sold$283,357 $318,627 $568,211 $633,054 
Amortization of purchased intangibles(4,444)(4,336)(8,892)(8,624)
Restructuring benefits (costs) (643)(3,377)(1,161)(3,707)
Non-GAAP cost of goods sold$278,270 $310,914 $558,158 $620,723 

GAAP gross profit$355,119 55.6%$362,483 53.2%$681,085 54.5%$724,900 53.4%
Amortization of purchased intangibles4,444 4,336 8,892 8,624 
Restructuring (benefits) costs643 3,377 1,161 3,707 
Non-GAAP gross profit$360,206 56.4%$370,196 54.4%$691,138 55.3%$737,231 54.3%

GAAP selling, general and administrative expense$194,719 $207,824 $409,602 $433,377 
Amortization of purchased intangibles(817)(1,611)(1,861)(3,302)
Acquisition related benefits (costs) — 800 — — 
Restructuring benefits (costs) 1,421 (6,328)(3,006)(15,316)
Other non-recurring items (2)(1,543)(1,995)(3,041)(3,917)
Non-GAAP selling, general and administrative expense$193,780 $198,690 $401,694 $410,842 

9

GAAP research and development expense$58,904 $65,042 $125,279 $139,993 
Acquisition related benefits (costs)(200)(400)(400)(400)
Restructuring benefits (costs) 664 (1,080)(1,500)(5,315)
Non-GAAP research and development expense$59,368 $63,562 $123,379 $134,278 

GAAP income from operations$101,496 15.9%$89,617 13.2%$146,204 11.7%$151,530 11.2%
Amortization of purchased intangibles5,261 5,947 10,753 11,926 
Acquisition related (benefits) costs 200 (400)400 400 
Restructuring (benefits) costs(1,442)10,785 5,667 24,338 
Other non-recurring items (2)1,543 1,995 3,041 3,917 
Non-GAAP income from operations$107,058 16.8%$107,944 15.8%$166,065 13.3%$192,111 14.1%

GAAP (gains) losses from change in fair market value of equity securities and loan receivable$2,895,355 $1,595,442 $2,473,178 $1,612,967 
Gains (losses) from change in fair market value of equity securities and loan receivable(2,895,355)(1,595,442)(2,473,178)(1,612,967)
Non-GAAP (gains) losses from change in fair market value of equity securities and loan receivable$— $— $— $— 

GAAP other (income) expense, net$(18,143)$(16,488)$(52,659)$(66,919)
Gains (losses) on equity-method investments (940)(851)(1,723)(1,846)
Non-GAAP other (income) expense, net$(19,083)$(17,339)$(54,382)$(68,765)

GAAP loss before income taxes$(2,786,281)$(1,500,427)$(2,295,203)$(1,415,598)
Amortization of purchased intangibles5,261 5,947 10,753 11,926 
Acquisition related (benefits) costs 200 (400)400 400 
Restructuring (benefits) costs(1,442)10,785 5,667 24,338 
(Gains) losses from change in fair market value of equity securities and loan receivable2,895,355 1,595,442 2,473,178 1,612,967 
(Gains) losses on equity-method investments 940 851 1,723 1,846 
Other non-recurring items (2) 1,543 1,995 3,041 3,917 
Non-GAAP income before income taxes$115,576 $114,193 $199,559 $239,796 

GAAP benefit from income taxes$620,795 $338,176 $513,633 $322,309 
Income tax effect of non-GAAP adjustments (1)(647,855)(363,858)(559,459)(374,234)
Non-GAAP provision for income taxes$(27,060)$(25,682)$(45,826)$(51,925)
10

GAAP net loss$(2,165,486)(339.2)%$(1,162,251)(170.6)%$(1,781,570)(142.6)%$(1,093,289)(80.5)%
Amortization of purchased intangibles5,261 5,947 10,753 11,926 
Acquisition related (benefits) costs200 (400)400 400 
Restructuring (benefits) costs(1,442)10,785 5,667 24,338 
(Gains) losses from change in fair market value of equity securities and loan receivable2,895,355 1,595,442 2,473,178 1,612,967 
(Gains) losses on equity-method investments 940 851 1,723 1,846 
Other non-recurring items (2) 1,543 1,995 3,041 3,917 
Income tax effect of non-GAAP adjustments (1)(647,855)(363,858)(559,459)(374,234)
Non-GAAP net income$88,516 13.9%$88,511 13.0%$153,733 12.3%$187,871 13.8%

GAAP diluted loss per share$(76.26)$(39.59)$(62.61)$(37.09)
Amortization of purchased intangibles0.19 0.20 0.38 0.40 
Acquisition related (benefits) costs 0.01 (0.01)0.01 0.01 
Restructuring (benefits) costs(0.05)0.37 0.20 0.82 
(Gains) losses from change in fair market value of equity securities and loan receivable101.88 54.10 86.84 54.46 
(Gains) losses on equity-method investments 0.03 0.03 0.06 0.06 
Other non-recurring items (2) 0.05 0.07 0.11 0.13 
Income tax effect of non-GAAP adjustments (1)(22.80)(12.35)(19.64)(12.63)
Add back anti-dilutive shares0.06 0.18 0.05 0.18 
Non-GAAP diluted income per share$3.11 $3.00 $5.40 $6.34 

GAAP diluted weighted average shares used in per share calculation28,395 29,355 28,457 29,475 
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive25 135 22 143 
Non-GAAP diluted weighted average shares used in per share calculation28,420 29,490 28,479 29,618 

Reconciliation of Net loss to adjusted EBITDA:
GAAP net loss$(2,165,486)(339.2)%$(1,162,251)(170.6)%$(1,781,570)(142.6)%$(1,093,289)(80.5)%
Interest expense12,264 12,343 24,541 24,680 
Benefit from income taxes(620,795)(338,176)(513,633)(322,309)
Depreciation and amortization36,411 35,859 73,502 71,446 
Foreign currency exchange gains, net(1,699)(1,253)(3,653)(3,600)
Other income, net(18,143)(16,488)(52,659)(66,919)
Losses from change in fair market value of equity securities and loan receivable2,895,355 1,595,442 2,473,178 1,612,967 
Dividend from Sartorius AG— — 17,930 34,766 
Acquisition related (benefits) costs200 (400)400 400 
Restructuring (benefits) costs(1,442)10,785 5,667 24,338 
Other non-recurring items (2) 1,543 1,995 3,041 3,917 
Adjusted EBITDA$138,208 21.6%$137,856 20.2%$246,744 19.8%$286,397 21.1%

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(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.

2024 Financial Outlook

Forecasted non-GAAP operating margin excludes 89 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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v3.24.2.u1
Document and Entity Information Document
Jul. 29, 2024
Entity Information [Line Items]  
Entity Central Index Key 0000012208
Entity Emerging Growth Company false
Written Communications false
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Jul. 29, 2024
Entity Registrant Name BIO-RAD LABORATORIES, INC.
Entity File Number 001-07928
Entity Tax Identification Number 94-1381833
Entity Address, Address Line One 1000 Alfred Nobel Dr.
Entity Address, City or Town Hercules
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94547
City Area Code (510)
Local Phone Number 724-7000
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Amendment Flag false
Common Class A [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock, Par Value $0.0001 per share
Trading Symbol BIO
Security Exchange Name NYSE
Common Class B [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class B Common Stock, Par Value $0.0001 per share
Trading Symbol BIO.B
Security Exchange Name NYSE
Bio Rad Laboratories (NYSE:BIO.B)
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