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Bio-Rad
🇺🇸 NYSE:BIO
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Jun 30, 2022

Bio-Rad Q2 2022 Earnings Report

Net sales, gross margin and operating margin decreased compared to the same period last year. A net loss was reported due to the recognition of changes in the fair market value of equity securities related to the holdings of the company’s investment in Sartorius AG.

Key Takeaways

Bio-Rad Laboratories reported a decrease in net sales for the second quarter of 2022, with a net loss primarily impacted by changes in the fair market value of equity securities. However, the company anticipates non-GAAP currency-neutral revenue growth to be at the high end of the prior guidance.

Second-quarter net sales were $691.1 million, a decrease of 3.5 percent compared to $715.9 million reported for the second quarter of 2021.

COVID-related revenue was approximately $33 million in the second quarter of 2022 versus approximately $69 million reported in the year-ago period.

Second-quarter gross margin was 57.3 percent compared to 56.1 percent for the second quarter of 2021.

Net loss for the second quarter of 2022 was $927.2 million, or a loss of $31.12 per share, on a diluted basis.

Total Revenue
$691M
Previous year: $716M
-3.5%
EPS
$3.38
Previous year: $3.54
-4.5%
Gross Margin
57.3%
Previous year: 56.1%
+2.1%
Operating Margin
17.4%
Previous year: 17.4%
+0.0%
Gross Profit
$396M
Previous year: $402M
-1.4%
Cash and Equivalents
$597M
Previous year: $733M
-18.6%
Free Cash Flow
$35.9M
Previous year: $131M
-72.6%
Total Assets
$12.7B
Previous year: $15.1B
-16.1%

Bio-Rad

Bio-Rad

Bio-Rad Revenue by Segment

Forward Guidance

The company now anticipates non-GAAP currency-neutral revenue growth to be at the high end of the prior 1.0 to 2.0 percent guidance, with Covid-related revenue expected to be about $93 million versus approximately $70 million previously. The company is reaffirming its non-GAAP operating margin expectation of approximately 19.0 percent.

Positive Outlook

  • Anticipates non-GAAP currency-neutral revenue growth to be at the high end of the prior 1.0 to 2.0 percent guidance.
  • Covid-related revenue expected to be about $93 million versus approximately $70 million previously.
  • Reaffirming its non-GAAP operating margin expectation of approximately 19.0 percent.
  • Share Repurchase Program amount available increased to $298.1 million.
  • Solid demand in core Life Science and Clinical Diagnostics segments.

Challenges Ahead

  • Expects the supply chain constraints to continue.
  • Ongoing macroeconomic challenges.
  • Ongoing geopolitical challenges.
  • Second-quarter net sales decreased by 3.5 percent compared to the same period last year.
  • Net loss for the second quarter of 2022 was $927.2 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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