Bio-Rad Reports Fourth-Quarter and Full-Year 2021 Financial Results|||

HERCULES, Calif.–(BUSINESS WIRE)–Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader of life scientific discipline research and clinical diagnostic products, today announced financial results for the fourth quarter and year concluded Dec 31, 2021.

Fourth-quarter 2021 net sales were $732.8 million, a decrease of seven.2 per centum compared to $789.8 1000000 reported for the 4th quarter of 2020. On a currency-neutral basis, quarterly sales decreased 6.9 percent compared to the same menses in 2020. Quaternary-quarter gross margin was 54.7 percentage compared to 58.3 percent during the fourth quarter in 2020.

Life Scientific discipline segment cyberspace sales for the quaternary quarter were $326.half dozen meg, a decrease of 23.viii percent compared to the aforementioned period in 2020. On a currency-neutral basis, Life Science segment sales decreased by 23.4 pct compared to the aforementioned quarter in 2020. The currency-neutral sales decline was primarily attributed to lower qPCR product revenue due to the decline in COVID-19 related demand. 4th-quarter 2020 revenue also included a $32.0 million damages award related to intellectual property litigation.

Clinical Diagnostics segment net sales for the fourth quarter were $404.nine one thousand thousand, an increment of 12.six percent compared to the same catamenia in 2020. On a currency-neutral basis, net sales were upwards 12.8 percentage versus the aforementioned quarter last yr. The currency-neutral sales increase was primarily driven by recovery of routine testing.

Income from operations during the fourth quarter of 2021 was $107.0 meg versus $175.2 million during the aforementioned quarter last year.

Net loss for the fourth quarter of 2021 was $ane,573.vii million, or a loss of $52.59 per share, on a diluted basis, versus $839.1 million of net income, or $27.81 per share, on a diluted basis, during the same period in 2020. Net income for the fourth quarter of 2021 and 2020 was impacted by the recognition of changes in the off-white marketplace value of equity securities, primarily related to the holdings of our investment in Sartorius AG.

The constructive revenue enhancement rate for the fourth quarter of 2021 was 22.8 percent, compared to 22.2 percent for the same flow in 2020. The effective tax charge per unit reported in Q4 of 2021 was primarily affected by an unrealized loss in disinterestedness securities and the taxation rate reported in Q4 of 2020 was primarily affected past an unrealized gain in disinterestedness securities.


While yr over year COVID-related sales declines cloud the picture, many of our markets in the life scientific discipline segment are seeing continued strength from robust research and biopharma funding, while our clinical diagnostics business has benefited from a steady recovery from the pandemic. Like many others, supply chain constraints during the fourth quarter impacted our ability to fully run into customer need,” said Norman Schwartz, Bio-Rad President and Principal Executive Officer.

GAAP Results

Q4 2021

Q4 2020

Revenue (millions)

$732.8

$789.8

Gross margin

54.7%

58.3%

Operating margin

14.half dozen%

22.two%

Internet (loss) income (millions)

($1,573.7)

$839.1

(Loss) Income per diluted share

($52.59)

$27.81

Non-GAAP Results

Q4 2021

Q4 2020

Revenue (millions)

$732.8

$757.9

Gross margin

55.4%

58.2%

Operating margin

fifteen.4%

21.four%

Net income (millions)

$97.0

$121.0

Income per diluted share

$3.21

$4.01

A reconciliation between GAAP operating results and not-GAAP operating results is provided post-obit the financial statements that are part of this press release. Non-GAAP adjustments include amortization of purchased intangibles; conquering-related expenses and benefits; restructuring, damage charges and valuation changes in equity-owned and debt 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.

Not-GAAP currency neutral revenue for the quaternary quarter of 2021 was $732.8 1000000 compared to $757.9 million which excludes $32.0 million from a legal settlement in the yr ago period. We recognized COVID-related revenue of approximately $46 meg, primarily from sales of qPCR instruments, in the fourth quarter of 2021 versus $132 million in 2020. Core acquirement, which nosotros define every bit non-GAAP currency neutral acquirement and excluding COVID-related sales, increased x.2 percent.

Non-GAAP internet income and non-GAAP diluted income per share (non-GAAP EPS) are non-GAAP measures that exclude certain items detailed later in this printing release nether the heading “Non-GAAP Reporting.”

Non-GAAP net income for the fourth quarter of 2021 was $97.0 million, or $3.21 per share, on a diluted footing, compared to $121.0 one thousand thousand, or $four.01 per share, on a diluted ground, during the same period in 2020.

The non-GAAP constructive tax rate for the fourth quarter of 2021 was 20.three percent, compared to 24.3 percentage for the same period in 2020. The lower charge per unit in 2021 was driven by the geographic mix of earnings.

The post-obit table represents a reconciliation of Bio-Rad’due south reported net income (loss) and diluted income (loss) per share to non-GAAP net income and non-GAAP diluted income per share for the three months and full year ended December 31, 2021 and 2020:

(in thousands, except per share data)

Three Months Ended

December 31,

Year Ended

December 31,

2021

2020

2021

2020

GAAP net (loss) income

($one,573,659)

$839,102

$4,245,902

$3,806,267

Legal Settlements

(26,297)

(28,619)

(26,297)

Amortization of purchased intangibles

6,498

7,032

27,530

27,289

Legal matters

874

6,313

16,375

16,708

Conquering related benefits

(three,323)

(40)

(4,160)

Restructuring (benefits) costs

(3,510)

(94)

64,289

(921)

Valuation loss (gain) on equity-owned and debt securities

2,152,505

(904,316)

(4,926,248)

(iv,495,825)

Loss on equity-method investments

1,615

ii,072

7,194

4,706

Other non-recurring items

1,909

i,909

(11,680)

Income tax event on not-GAAP adjustments

(489,188)

200,524

one,064,912

ane,001,155

Non-GAAP net income

$97,044

$121,013

$473,204

$317,242

GAAP diluted (loss) income per share

($52.59)

$27.81

$140.56

$126.20

Non-GAAP diluted income per share

$3.21

$4.01

$15.66

$10.52

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Full Year 2021 Results

On a reported basis, net sales for the full yr 2021 increased fourteen.8 percent to $2,922.5 million compared to $2,545.6 million for the same menstruum in 2020. On a currency-neutral footing, internet sales grew 12.7 percent. Full twelvemonth reported cyberspace sales for the Life Scientific discipline segment were $1,400.8 million, an increment of 13.7 percent compared to 2020. On a currency-neutral ground, sales increased 12.0 percentage versus 2020. Total-year reported internet sales for the Clinical Diagnostics segment were $1,515.9 one thousand thousand, an increase of 16.1 percent compared to 2020, or an increment of xiii.6 per centum on a currency-neutral footing.

Full-yr gross margin was 56.1 percent, compared to 56.5 per centum during the same period in 2020.

Net income for 2021 was $four,245.9 million, or $140.56 per share, on a fully diluted basis, compared to $iii,806.3 1000000, or $126.xx per share, during the aforementioned period in 2020.

The effective tax rate in 2021 was 21.ix percent compared to 22.4 percent in 2020. The taxation charge per unit in 2021 and 2020 was affected by an unrealized proceeds in equity securities.

Non-GAAP currency neutral revenue for the total-year 2021 was $ii,890.7 1000000 compared to $2,513.7 million which excludes legal settlements totaling $32.0 million each year. We recognized 2021 COVID-related acquirement of approximately $266 million, primarily from sales of qPCR instruments, compared to $318 million in 2020. Excluding COVID-related revenues and the legal settlements, cadre revenue increased 17.0 percent on a currency neutral ground.

Not-GAAP net income for 2021 was $473.2 million, or $fifteen.66 per share, compared to $317.2 million, or $10.52 per share, during the aforementioned period in 2020.


We successfully managed through the pandemic environment and are pleased with our overall performance for 2021,” Mr. Schwartz said. “
With our core business returning to normal, we await our COVID-related revenue to continue to taper off, making for a fairly smooth transition in the coming yr. We would similar to recognize employees across our organization who have been critical in supporting our customers during this last year. Our achievements in 2021 give the states a solid base for growth as we head into the new year.”

2021 Full-Twelvemonth Highlights

  • Full-year sales were $2,922.5 million compared to $ii,545.half-dozen 1000000 for the full year of 2020. Later normalizing for the impact of currency, full-year sales increased 12.7 pct.
  • Year-to-date cyberspace income for 2021 was $four,245.9 million, or $140.56 per share, on a fully diluted ground, compared to $3,806.three million, or $126.twenty per share, during the aforementioned flow in 2020.
  • The company implemented a strategy-driven restructuring programme in Europe to improve operating performance.
  • We expanded our quality controls portfolio with the introduction of a complete menu of independent Quality Control set-to-use reagents – InteliQ – designed to increase workflow efficiency for high-volume labs.
  • In June, Bio-Rad launched its PREvalence™ ddPCR® SARS-CoV-2 Wastewater Quantification Kit, a sensitive, accurate, and cost-effective tool used to discover SARS-CoV-2 in a community’south wastewater.
  • In July, Bio-Rad appear a partnership with Seegene, Inc. for the clinical development and commercialization of infectious disease molecular diagnostic products for the U.S. market.
  • In July, Bio-Rad and 10x Genomics, Inc. reached a final settlement to resolve long-running litigation. The settlement includes a global patent cross-license for patents held by both Bio-Rad and 10x Genomics, resolving outstanding issues in the field of unmarried-cell genomics.
  • In October, Bio-Rad acquired Dropworks who is developing a droplet-based digital PCR system that will provide an entry level digital PCR workflow for life science research and diagnostic applications.
  • In Dec, Bio-Rad announced the date of Simon May as Executive Vice President and President of the Life Science Grouping. He volition provide leadership and management of the overall strategy and business direction for the company’s Life Science Group.

2022 Financial Outlook

For the full year 2022, the company anticipates non-GAAP currency-neutral revenue growth of approximately i.0 to 2.0 percent and an estimated non-GAAP operating margin of approximately nineteen.0 pct. Management will discuss this outlook in greater detail on the fourth-quarter and full-year 2021 financial results briefing telephone call.


Looking ahead to 2022, we anticipate another year of progress, edifice on the operating efficiencies nosotros achieved this yr,” Mr. Schwartz said. “
While regional COVID upswings still persist and tin can impact our supply concatenation and order flow, nosotros believe that nosotros are well positioned to build on our recent momentum as nosotros continue to return to normalcy and execute our growth strategies.”

Use of Not-GAAP Reporting and Currency-Neutral

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we utilise certain non-GAAP financial measures, including non-GAAP net income and non-GAAP EPS, which exclude amortization of acquisition-related intangible avails, certain conquering-related expenses and benefits, restructuring charges, nugget damage charges, valuation changes of equity-owned and debt securities, gains and losses on disinterestedness-method investments, and significant legal-related charges or benefits and associated legal costs. Not-GAAP cyberspace 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 meaning discrete tax events. Nosotros exclude the above items considering they are outside of our normal operations and/or, in certain cases, are hard to forecast accurately for future periods.

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We utilize a number of dissimilar financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall functioning 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 operation of the ongoing operation of our business organization. We believe that disclosing not-GAAP financial measures provides useful supplemental data that, while not a substitute for fiscal measures prepared in accordance with GAAP, allows for greater transparency in the review of our fiscal and operational performance. We as well believe that disclosing non-GAAP fiscal measures provides useful data to investors and others in understanding and evaluating our operating results and future prospects in the same manner as direction 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:

Acquittal of purchased intangible avails:
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 tin vary significantly and are unique to each acquisition or purchase. We believe that excluding acquittal 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 likewise facilitates comparisons to peer companies.

Acquisition-related expenses and benefits:
we incur expenses or benefits with respect to sure 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 buy price. We exclude such expenses or benefits equally they are related to acquisitions and take no directly correlation to the operation of our on-going business.

Restructuring, impairment charges and valuation changes in disinterestedness-owned and debt securities and gains and losses on equity-method investments:
nosotros incur restructuring and impairment charges on individual or groups of employed assets and charges and benefits arising from valuation changes in equity-owned and debt securities and gains and losses on equity-method investments, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business organization. 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.

Meaning litigation charges or benefits and legal costs:
we may incur charges or benefits besides equally legal costs in connectedness with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, besides as legal costs associated with significant legal matters, considering nosotros do not believe they are reflective of on-going business and operating results.

Income tax expense:
westwarde estimate the taxation issue of the excluded items identified higher up to determine a non-GAAP annual effective revenue enhancement rate practical to the pretax amount in order to

summate the non-GAAP provision for income taxes. We besides conform for items for which the nature and/or tax jurisdiction requires the application of a specific taxation rate or treatment.

From time to fourth dimension in the future, at that place may be other items excluded if nosotros believe that doing then is consistent with the goal of providing useful information to investors and management.

Percentage sales growth in currency neutral amounts are calculated by translating prior period sales in each local currency using the electric current period’s monthly average foreign substitution rates for that currency and comparison that to current period sales.

At that place are limitations in using non-GAAP fiscal measures because the non-GAAP financial measures are not prepared in accordance with mostly accepted accounting principles and may be different from non-GAAP financial measures used past other companies. The non-GAAP financial measures are limited in value because they exclude sure items that may have a fabric impact on our reported financial results. The presentation of this boosted data is not meant to be considered in isolation or equally a substitute for the directly comparable financial measures prepared in accordance with GAAP in the The states. Investors should review the reconciliation of the non-GAAP fiscal measures to their most directly comparable GAAP financial measures equally provided in the tables accompanying this press release.

Conference Call and Webcast

Direction will discuss fourth-quarter and full-year ended December 31, 2021 results in a conference phone call at iii PM Pacific Time (vi PM Eastern Time) February 10, 2022. To listen, call 844-200-6205 within the U.S. or 929-526-1599 outside the U.S., Conference ID: 348449. You may also heed to the conference phone call live via a webcast that is available on the “Investor Relations” department of our website under “Quarterly Results” at

bio-rad.com. The webcast volition be available for up to a year.

BIO-RAD and DROPLET DIGITAL PCR are trademarks of Bio-Rad Laboratories, Inc. in certain jurisdictions.

About Bio-Rad

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science enquiry and clinical diagnostic markets. With a focus on quality and customer service for 70 years, our products advance the discovery procedure and improve healthcare. Our customers are university and research institutions, hospitals, public health and commercial laboratories, biotechnology and pharmaceutical companies, too as applied laboratories that include food condom and environmental quality. Founded in 1952, Bio-Rad is based in Hercules, California, and has a global network of operations with approximately 7,900 employees worldwide. Bio-Rad had revenues of $2.9 billion in 2021. For more information, please visit bio-rad.com.

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This release may be accounted to contain certain forward-looking statements inside the meaning of the Individual Securities Litigation Reform Act of 1995. These forrad-looking statements include, without limitation, statements nosotros make regarding estimated future fiscal performance or results; anticipating non-GAAP currency-neutral revenue growth of approximately 1.0 to ii.0 percent and an estimated non-GAAP operating margin of approximately 19.0 percent for the full year 2022; anticipating another year of progress in 2022 and building on the operating efficiencies we accomplished in 2021; and assertive that we are well positioned to build on our recent momentum as we keep to render to normalcy and execute our growth strategies. Forrard-looking statements by and large can be identified past the use of forwards-looking terminology such as, “anticipate,” “estimate,” “believe,” “await,” “continue,” “will,” “projection,” “assume,” “may,” “intend,” or similar expressions or the negative of those terms or expressions, although not all forrard-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 the elapsing, severity and impact of the COVID-xix pandemic, global economic conditions, supply chain issues, our ability to develop and market place new or improved products, our power to compete effectively, foreign currency exchange fluctuations, reductions in regime funding or capital letter spending of our customers, international legal and regulatory risks, 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 across our control. For further information regarding the Visitor’s risks and uncertainties, please refer to the “Risk Factors” and “
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’southward public reports filed with the Securities and Exchange Committee (the “SEC”), including the Company’s Annual Study on Form 10-1000 for the financial yr ended Dec 31, 2020, its Quarterly Report on Grade 10-Q for the fiscal quarter ended September 30, 2021, and its Annual Report on Form ten-1000 for the financial year ended December 31, 2021 to be filed with the SEC. The Company cautions you not to identify undue reliance on forward-looking statements, which reflect an analysis only and speak only every bit of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these frontwards-looking statements.

SOURCE: Bio-Rad Laboratories, Inc.

Bio-Rad Laboratories, Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

Three Months Ended Twelvemonth Concluded
December 31, December 31,

2021

2020

2021

2020

Internet sales

$

732,769

$

789,839

$

2,922,545

$

ii,545,626

Toll of goods sold

331,768

329,684

1,281,884

ane,107,804

Gross turn a profit

401,001

460,155

1,640,661

1,437,822

Selling, general and administrative expense

224,146

219,148

879,574

800,267

Inquiry and development expense

69,873

65,765

271,657

226,598

Income from operations

106,982

175,242

489,430

410,957

Involvement expense

364

4,703

1,551

21,861

Strange currency exchange losses (gains), net

ii,211

(707

)

two,753

one,771

Change in fair market value of equity and debt securities

two,152,505

(904,316

)

(4,926,248

)

(iv,495,825

)

Other income, net

(x,043

)

(two,971

)

(26,775

)

(24,488

)

(Loss) income before income taxes

(2,038,055

)

1,078,533

5,438,149

4,907,638

Benefit from (provision for) income taxes

464,396

(239,431

)

(1,192,247

)

(one,101,371

)

Net (loss) income

$

(1,573,659

)

$

839,102

$

iv,245,902

$

3,806,267

Bones (loss) earnings per share:
Net (loss) income per basic share

$

(52.59

)

$

28.13

$

142.33

$

127.86

Weighted average common shares – basic

29,922

29,833

29,831

29,768

Diluted (loss) earnings per share:
Net (loss) income per diluted share

$

(52.59

)

$

27.81

$

140.56

$

126.20

Weighted boilerplate mutual shares – diluted

29,922

30,170

30,208

30,160

Note: As a result of the net loss for the three months ended December 31, 2021, all potentially issuable common shares accept been excluded from the diluted shares used in the computation of earnings per share as their effect was anti-dilutive.

Bio-Rad Laboratories, Inc.

Condensed Consolidated Residue Sheets

(In thousands)

December 31,

2021

December 31,

2020

(Unaudited)
Electric current assets:
Cash and cash equivalents

$

470,783

$

662,205

Short-term investments

404,695

334,473

Accounts receivable, internet

423,537

419,424

Inventories, cyberspace

572,239

622,253

Other current assets

117,834

101,480

Total current assets

1,989,088

two,139,835

Holding, constitute and equipment, cyberspace

490,952

491,371

Operating lease right-of-apply assets

204,798

202,136

Goodwill, net

347,343

291,916

Purchased intangibles, net

253,939

199,497

Other investments

fourteen,387,006

nine,561,140

Other assets

102,669

86,723

Total assets

$

17,775,795

$

12,972,618

Current liabilities:
Accounts payable, accrued payroll and employee benefits

$

418,927

$

362,326

Electric current maturities of long-term debt

489

one,798

Income and other taxes payable

46,299

57,335

Other current liabilities

215,223

210,077

Total current liabilities

680,938

631,536

Long-term debt, net of current maturities

10,514

12,258

Other long-term liabilities

3,417,209

2,448,884

Total liabilities

four,108,661

3,092,678

Full stockholders’ equity

13,667,134

9,879,940

Full liabilities and stockholders’ equity

$

17,775,795

$

12,972,618

Contacts

Edward Chung, Vice President, Investor Relations

510-741-6104

ir@bio-rad.com

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