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INDUSTRY NEWS AND PRESS RELEASES

Bio-Rad Reports Second-Quarter 2021 Financial Results

Bio-Rad


 


HERCULES, Calif.–Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader of life science research and clinical diagnostic products, today announced financial results for the second quarter ended June 30, 2021.

Second-quarter 2021 net sales were $715.9 million, an increase of 33.4 percent compared to $536.9 million reported for the second quarter of 2020. On a currency-neutral basis, quarterly sales increased 27.5 percent compared to the same period in 2020. Second-quarter gross margin was 56.1 percent compared to 54.6 percent during the second quarter in 2020.

Life Science segment net sales for the second quarter of 2021 were $334.2 million, an increase of 32.6 percent compared to the same quarter last year. On a currency-neutral basis, sales increased 27.1 percent compared to the same period in 2020. Currency-neutral sales increased across nearly all life science research products but were primarily driven by growth in our Western Blotting, Droplet Digital PCR®, qPCR, and Process Media product lines. All regions experienced strong currency-neutral sales growth compared to the second quarter of 2020.

Clinical Diagnostics segment sales for the second quarter of 2021 were $380.2 million, an increase of 34.3 percent compared to the same period last year. On a currency-neutral basis, sales increased 28.0 percent compared to the second quarter in 2020. The currency-neutral sales increase was primarily driven by the ongoing recovery across product lines in all regions.

Income from operations during the second quarter of 2021 was $124.8 million versus $51.7 million during the same quarter last year.

Net income for the second quarter of 2021 was $914.1 million, or $30.32 per share, on a diluted basis, versus $966.4 million, or $32.15 per share, on a diluted basis, during the same period in 2020. Net income for the second quarter of 2021 and 2020 was impacted by the recognition of changes in the fair market value of equity securities, primarily related to the holdings of our investment in Sartorius AG. The effective tax rate for the second quarter of 2021 was 21.0 percent, compared to 22.4 percent for the same period in 2020. The tax rates for both periods were driven by the large unrealized gain in equity securities. In addition, the effective income tax rate for the second quarter of 2021 was lower also due to the release of certain tax reserves resulting from the lapse of certain statute of limitations.

"Performance in the second quarter for both our Life Science and Clinical Diagnostics segments was strong and ahead of expectations," said Norman Schwartz, Bio-Rad President and Chief Executive Officer. "We are pleased to see the gradual recovery in our end markets across the business and in all regions after the significant downturn last year with the onset of COVID-19. Although the pandemic is still somewhat unpredictable, we have adapted well to the constraints of COVID-19 and continue to make progress on our core strategies, while supporting our customers and ensuring the safety of our employees," he said.

GAAP Results

 

Q2 2021

Q2 2020

Revenue (Millions)

$715.9

$536.9

Gross Margin

56.1%

54.6%

Operating Margin

17.4%

9.6%

Net Income (Millions)

$914.1

$966.4

Income per Diluted Share

$30.32

$32.15

 

Non-GAAP Results

 

Q2 2021

Q2 2020

Gross Margin

56.9%

55.5%

Operating Margin

        18.5%

         11.8%

Net Income (Millions)

$106.6

$48.3

Income per Diluted Share

$3.54

$1.61

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release. Non-GAAP adjustments include amortization of purchased intangibles; acquisition-related expenses and benefits; restructuring, impairment charges and valuation changes in equity-owned securities; gains and losses on equity-method investments; significant litigation charges or benefits and legal costs; and discrete income tax events and the income tax effect on these non-GAAP adjustments.

Non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS) are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Non-GAAP Reporting."

Non-GAAP net income for the second quarter of 2021 was $106.6 million, or $3.54 per share, on a diluted basis, compared to $48.3 million, or $1.61 per share, on a diluted basis, during the same period in 2020.

The non-GAAP effective income tax rate for the second quarter of 2021 was 21.5 percent, compared to 23.8 percent for the same period in 2020. The lower rate in 2021 was driven by geographic mix of earnings.

The following table represents a reconciliation of Bio-Rad's reported net income and diluted income per share to non-GAAP net income and non-GAAP diluted income per share for the three and six months ended June 30, 2021 and 2020:

 

 

 

Three Months Ended
June 30,

Six Months Ended
June 30,

 

(in thousands, except per share data)

2021

 

2020

 

2021

 

2020

 

GAAP net income

$914,114

 

$966,429

 

$1,891,528

 

$1,652,341

 

Amortization of purchased intangibles

6,995

 

7,239

 

13,935

 

13,094

 

Legal matters

8,761

 

2,585

 

12,640

 

4,418

 

Acquisition-related benefits

(40)

 

(955)

 

(40)

 

(1,002)

 

Restructuring costs (benefits)

(7,781)

 

2,652

 

67,784

 

284

 

Valuation change in equity-owned securities

(1,030,691)

 

(1,183,488)

 

(2,210,094)

 

(2,011,159)

 

Loss on equity-method investments

1,840

 

1,138

 

3,680

 

2,451

 

Other non-recurring items

-

 

(11,680)

 

-

 

(11,680)

 

Income tax effect on non-GAAP adjustments

213,387

 

264,428

 

484,523

 

457,230

Non-GAAP net income

$106,585

 

$48,348

 

$263,956

 

$105,977

 

 

 

 

 

 

 

 

 

 

GAAP diluted income per share

$30.32

 

$32.15

 

$62.70

 

$54.84

 

Non-GAAP diluted income per share

$3.54

 

$1.61

 

$8.75

 

$3.52


On a reported basis, net sales for the first half of 2021 increased 30.1 percent to $1,442.7 million compared to $1,108.5 million for the same period in 2020. On a currency-neutral basis, net sales increased 25.4 percent.

Year-to-date net income for 2021 was $1,891.5 million, or $62.70 per share on a fully diluted basis, compared to $1,652.3 million, or $54.84 per share, respectively, during the same period in 2020. On a non-GAAP basis net income for the first two quarters of 2021 was $264.0 million, or $8.75 per share, compared to $106.0 million, or $3.52 per share, during the same period in 2020.

phone +1-510-724-7000
email UK_orders@bio-rad.com
web www.bio-rad.com
email 1000 Alfred Nobel Drive Hercules, California 94547
 
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