Bio-Rad Reports Second-Quarter 2013 Financial Results
(firmenpresse) - HERCULES, CA -- (Marketwired) -- 08/06/13 -- 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 second quarter ended June 30, 2013.
Second-quarter reported revenues were $525.3 million, up 2.9 percent compared to $510.4 million reported for the second quarter of 2012. These results include $6.2 million of sales resulting from the Company's acquisition of AbD Serotec in January 2013. On a currency-neutral basis, quarterly revenues increased 4.0 percent compared to the same period last year. Second-quarter gross margin was 57.1 percent compared to 56.4 percent reported during the same quarter last year.
Net income for the second quarter of 2013 was $34.7 million compared to $48.3 million reported for the second quarter of 2012. Second-quarter earnings for 2013 were $1.20 per share on a fully diluted basis versus $1.69 per share reported for the same period last year.
On a reported basis, year-to-date revenues were up 2.8 percent to $1,025.0 million compared to $996.7 million for the first two quarters of 2012. On a currency-neutral basis, revenues grew 3.8 percent.
Year-to-date net income for 2013 was $54.2 million, or $1.88 per share on a fully diluted basis, compared to $79.3 million, or $2.78 per share, respectively, during the same period in 2012.
The lower net income in both the second quarter and year-to-date of 2013, when compared to the second quarter and year-to-date of 2012, was primarily driven by higher SG&A, largely due to employee expenses associated with acquisitions and investment in new systems as well as certain events that occurred in the first half of 2012 that favorably affected results in 2012. These favorable events in 2012 include an $8.1 million reduction in the valuation of the contingent consideration associated with the QuantaLife acquisition and the receipt of certain foreign receivables that had been previously reserved, both of which occurred during the second quarter of 2012, as well as higher realized gains on the sale of equity investments during the first half of 2012.
"In spite of continued softness in some markets and currency headwinds in the short term, we continue our investment in new products and systems," said Norman Schwartz, Bio-Rad Chief Executive Officer. "These investments build on our technology base and will provide us with greater operating leverage for the future."
Life Science segment net sales for the second quarter of 2013 were $170.4 million, up 4.9 percent compared to the same period last year. On a currency-neutral basis, Life Science segment net sales increased by 6.2 percent compared to the same quarter last year. This performance was driven by sales of antibodies and reagents resulting from the Company's acquisition of AbD Serotec in the first quarter of 2013 as well as sales of Bio-Rad's Droplet Digital™ PCR product line. During the quarter, the Company introduced the S3™ cell sorter, an easy-to-use, automated and affordable benchtop cell sorter designed for both core facilities and individual research labs.
Reported net sales for the Clinical Diagnostics segment in the second quarter of 2013 were $351.5 million, up 2.2 percent compared to the same quarter last year. On a currency-neutral basis, net sales increased 3.2 percent. These results reflect growth across most product lines most notably from quality controls, diabetes, and the BioPlex® 2200 System. Strength in Latin America, Asia Pacific, and China helped to offset weakness in Western Europe. During the quarter, the Company launched the Geenius™ HIV 1/2 Confirmatory for markets outside the U.S. The Geenius HIV 1/2 Confirmatory is a complete system that offers several advantages over classic confirmatory methods.
Management will discuss these results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) August 6, 2013. Interested parties may access the call by dialing 800-706-7741 (in the U.S.) or 617-614-3471 (international), access number 98652830.
A live webcast of the conference call may be accessed in the Investor Relations section of . A replay of the call will be available at 888-286-8010 (in the U.S.) or 617-801-6888 (international), access number 12335512, for seven days following the call. The webcast of the call will be archived on the Bio-Rad site and may be accessed in the Investor Relations section.
Bio-Rad Laboratories, Inc. (NYSE: BIO) and (NYSE: BIO.B) has been at the center of scientific discovery for 60 years, manufacturing and distributing a broad range of products for life science research and clinical diagnostic markets. The company is renowned for its commitment to quality and customer service among university and research institutions, hospitals, public health and commercial laboratories, as well as the biotechnology, pharmaceutical, and food safety industries. Founded in 1952, Bio-Rad is based in Hercules, California, and serves more than 100,000 research and industry customers through its global network of operations. The company employs approximately 7,600 people worldwide and had revenues exceeding $2 billion in 2012. Visit us at .
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.
Christine Tsingos
Executive Vice President and Chief Financial Officer
Ron Hutton
Vice President, Treasurer
510-724-7000
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Datum: 06.08.2013 - 14:26 Uhr
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