(Source: MARKETWIRE)
Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B), a
multinational manufacturer and distributor of life science research
and clinical diagnostic products, announced financial results today
for the third quarter ended September 30, 2009.
Third-quarter reported revenues were $461.1 million, up 4.4% compared
to $441.8 million reported for the third quarter of 2008. On a
currency-neutral basis, quarterly revenues increased 11.1% compared
to the same period last year. This improvement is primarily the
result of organic growth across a range of products in Bio-Rad's two
main areas, Life Science and Clinical Diagnostics as well as the
additional revenue generated from the purchase of certain DiaMed
distributors since the third quarter of 2008.
Net income attributable to Bio-Rad for the third quarter was $38.5
million, or $1.38 per share on a fully diluted basis, compared to
$27.8 million or $1.00 per share, respectively, during the same
period last year. Third-quarter gross margin increased to 56.5%
compared to 54.4% during the same quarter last year.
Year-to-date revenues were $1.3 billion, down 2.1% compared to the
first three quarters in 2008. Adjusting for the impact of currency
effects, revenue growth was 5.9%. Year-to-date net income attributable
to Bio-Rad for 2009 was $106.8 million, or $3.85 per share on a fully
diluted basis, compared to $97.7 million, or $3.54 per share,
respectively, during the same period in 2008.
"We are pleased with the results of the third-quarter, which show
continued strength in many of our product areas," said Norman
Schwartz, Bio-Rad President and Chief Executive Officer. "As we had
expected, the economy continued to have somewhat of a negative impact
on customer spending particularly in our Life Science segment, but we
are encouraged by the resiliency we've seen in many of our markets."
Life Science
The Life Science segment net sales for the third quarter were $150.4
million, down 4.1% or 0.4% on a currency-neutral basis, compared to
the same period last year. Sales across a number of product lines in
the Life Science segment performed well during the quarter, in
particular, process chromatography and gene expression products.
Performance of the segment also benefited from sales of the Company's
ProteOn(TM) protein interaction array system, as many customers began
to order additional instruments. Growth in the Life Science segment
was negatively impacted by slowed research markets in both the U.S.
and Europe, which reflect constraint and delays in spending by
academic and biopharmaceutical customers. In September, Bio-Rad and
Bruker Corporation (NASDAQ: BRKR), a manufacturer of mass
spectrometry (MS) instruments, announced the launch of the Lucid
Proteomics System, which improves the possibility of discovering
biomarkers that have clinical relevance.
Clinical Diagnostics
The Clinical Diagnostics segment reported net sales of $307.5 million
for the third quarter, up 9.3% compared to the third quarter in 2008.
On a currency-neutral basis, sales for the segment increased 17.8%.
These gains are the result of strong sales across a number of product
lines, including blood virus testing products, quality control
products, and the Company's BioPlex(R) 2200 system. The segment also
benefited from additional revenue resulting from the purchase of
certain DiaMed European distributors in the fourth quarter of 2008,
as well as the purchase of the DiaMed distributor in India in the
second quarter of this year. In September, Bio-Rad announced the
launch of Unity Real Time(R) 2.0, the latest version of its expert QC
Data Management solution. The platform is designed to manage
laboratory QC and to validate analytical runs.
Management will discuss these results in a conference call at 2 PM
Pacific Time (5 PM Eastern Time) November 3, 2009. Interested parties
may access the call by dialing 866-700-7173 (in the U.S.) or
617-213-8838 (international), access number 78653201.
The live webcast may also be accessed at http://www.bio-rad.com. A
replay of the call will be available at 888-286-8010 (in the U.S.), or
617-801-6888 (international), access number 96529078 for seven days
following the call, and the webcast can be accessed at
http://www.bio-rad.com for 30 days.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B), has
remained at the center of scientific discovery for more than 50
years, manufacturing and distributing a broad range of products for
the life science research and clinical diagnostic markets. The
Company is renowned worldwide among hospitals, universities, major
research institutions, as well as biotechnology and pharmaceutical
companies for its commitment to quality and customer service. Founded
in 1952, Bio-Rad is headquartered in Hercules, California, and serves
more than 85,000 research and industry customers worldwide through
its global network of operations. The Company employs over 6,500
people globally and had revenues exceeding $1.7 billion in 2008. For
more information, please visit www.bio-rad.com.
This release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally can be identified by the use of forward-looking
terminology such as, "believe," "expect," "may," "will," "intend,"
"estimate," "continue," or similar expressions or the negative of
those terms or expressions. 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. For further information regarding the Company's risks and
uncertainties, please refer to the "Risk Factors" in the Company's
public reports filed with the Securities and Exchange Commission,
including the Company's most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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.
Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ----------------------
2009 2008 2009 2008
-------- -------- ---------- ----------
Net sales $461,055 $441,842 $1,289,171 $1,316,400
Cost of goods sold 200,545 201,300 557,797 600,554
-------- -------- ---------- ----------
Gross profit 260,510 240,542 731,374 715,846
Selling, general and
administrative expense 153,623 150,518 437,606 436,807
Research and development
expense 39,516 38,830 119,075 118,398
-------- -------- ---------- ----------
Income from operations 67,371 51,194 174,693 160,641
Interest expense 14,487 8,180 32,661 24,128
Foreign exchange losses, net 1,472 91 3,249 2,396
Other (income) expense, net 192 (523) (4,956) (4,667)
-------- -------- ---------- ----------
Income before taxes 51,220 43,446 143,739 138,784
Provision for income taxes (11,920) (12,557) (33,096) (34,012)
-------- -------- ---------- ----------
Net income including
noncontrolling interests 39,300 30,889 110,643 104,772
Less: Net income
attributable to
noncontrolling
interests (776) (3,056) (3,885) (7,046)
-------- -------- ---------- ----------
Net income attributable to
Bio-Rad $ 38,524 $ 27,833 $ 106,758 $ 97,726
======== ======== ========== ==========
Basic earnings per share:
Net income attributable to
Bio-Rad $ 1.40 $ 1.02 $ 3.90 $ 3.61
======== ======== ========== ==========
Weighted average common
shares 27,431 27,171 27,375 27,055
======== ======== ========== ==========
Diluted earnings per share:
Net income attributable to
Bio-Rad $ 1.38 $ 1.00 $ 3.85 $ 3.54
======== ======== ========== ==========
Weighted average common
shares 27,875 27,747 27,749 27,619
======== ======== ========== ==========
Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(UNAUDITED)
September 30, December 31,
2009 2008
------------- -------------
Current assets:
Cash and cash equivalents $ 554,179 $ 204,524
Short-term investments 87,930 38,950
Accounts receivable, net 350,762 339,653
Inventories, net 383,896 375,616
Other current assets 126,634 135,198
------------- -------------
Total current assets 1,503,401 1,093,941
Net property, plant and equipment 305,921 300,732
Goodwill 327,469 321,820
Purchased intangibles, net 216,730 228,590
Other assets 124,685 92,181
------------- -------------
Total assets $ 2,478,206 $ 2,037,264
============= =============
Current liabilities:
Notes payable and current maturities of
long-term debt $ 5,346 $ 9,578
Accounts payable 92,381 117,982
Accrued payroll and employee benefits 118,891 119,420
Sales, income and other taxes payable 53,810 33,731
Other current liabilities 145,267 137,323
------------- -------------
Total current liabilities 415,695 418,034
Long-term debt, net of current maturities 738,687 445,979
Other long-term liabilities 96,153 102,611
------------- -------------
Total liabilities 1,250,535 966,624
Bio-Rad stockholders' equity 1,208,661 1,041,139
Noncontrolling interests 19,010 29,501
------------- -------------
Total stockholders' equity 1,227,671 1,070,640
------------- -------------
Total liabilities and stockholders'
equity $ 2,478,206 $ 2,037,264
============= =============
Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(UNAUDITED)
Nine Months Ended
September 30,
2009 2008
----------- -----------
Cash flows from operating activities:
Cash received from customers $ 1,291,054 $ 1,318,003
Cash paid to suppliers and employees (1,030,153) (1,152,538)
Interest paid (31,511) (24,141)
Income tax payments (27,746) (31,053)
Other operating activities 7,708 2,759
----------- -----------
Net cash provided by operating activities 209,352 113,030
Cash flows from investing activities:
Payments for acquisitions and long-term
investments (35,937) (18,069)
Other investing activities (117,424) (63,799)
----------- -----------
Net cash used in investing activities (153,361) (81,868)
Cash flows from financing activities:
Payments on long-term debt (5,253) (9,349)
Long-term borrowings 294,750 -
Other financing activities 2,766 13,758
----------- -----------
Net cash provided by financing activities 292,263 4,409
Effect of exchange rate changes on cash 1,401 (3,708)
----------- -----------
Net increase in cash and cash equivalents 349,655 31,863
Cash and cash equivalents at beginning of period 204,524 161,764
----------- -----------
Cash and cash equivalents at end of period $ 554,179 $ 193,627
=========== ===========
Reconciliation of net income including
noncontrolling interests to net cash provided
by operating activities:
Net income including noncontrolling interests $ 110,643 $ 104,772
Adjustments to reconcile net income including
noncontrolling interests to net cash provided
by operating activities:
Depreciation and amortization 74,003 74,322
Changes in working capital 23,583 (67,670)
Other 1,123 1,606
----------- -----------
Net cash provided by operating activities $ 209,352 $ 113,030
=========== ===========
For more information contact:
Christine Tsingos, Vice President and Chief Financial Officer, or
Ron Hutton, Treasurer
Bio-Rad Laboratories, Inc.
510-724-7000
Email Contact
SOURCE: Bio-Rad Laboratories
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