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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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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