Company Quick10K Filing
Bio-Rad Laboratories
Price342.99 EPS12
Shares30 P/E27
MCap10,341 P/FCF35
Net Debt-126 EBIT751
TEV10,215 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-04-01
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-04-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-K 2013-12-31 Filed 2014-03-18
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-30 Earnings, Other Events, Exhibits
8-K 2020-05-21
8-K 2020-05-06
8-K 2020-04-28
8-K 2020-04-01
8-K 2020-02-25
8-K 2020-02-13
8-K 2019-12-05
8-K 2019-11-21
8-K 2019-10-31
8-K 2019-08-20
8-K 2019-08-01
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-04-22
8-K 2019-04-15
8-K 2019-04-02
8-K 2019-03-19
8-K 2019-03-18
8-K 2019-02-28
8-K 2019-01-02
8-K 2018-12-04
8-K 2018-11-01
8-K 2018-08-07
8-K 2018-06-14
8-K 2018-05-08
8-K 2018-04-18
8-K 2018-03-19
8-K 2018-03-16
8-K 2018-02-27
8-K 2018-02-13

BIO 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31163020.htm
EX-31.2 ex31263020.htm
EX-32.1 ex32163020.htm
EX-32.2 ex32263020.htm

Bio-Rad Laboratories Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.90.50.2-0.2-0.5-0.92012201420172020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from______________to __________
Commission file number1-7928
BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware94-1381833
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1000 Alfred Nobel Drive,Hercules,California94547
(Address of principal executive offices)(Zip Code)
(510)724-7000
(Registrant's telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, Par Value $0.0001 per shareBIONew York Stock Exchange
Class B Common Stock, Par Value $0.0001 per shareBIObNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232,405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files).
YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Shares Outstanding at July 23, 2020:Class A - 24,586,408Class B - 5,091,968




BIO-RAD LABORATORIES, INC.

FORM 10-Q JUNE 30, 2020

TABLE OF CONTENTS

2


INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS

Other than statements of historical fact, statements made in this report include forward-looking statements, such as statements with respect to our future financial performance, operating results, plans and objectives that involve risk and uncertainties.  These forward-looking statements may also include statements regarding the impact of the COVID-19 pandemic on Bio-Rad’s results and operations and steps governments, universities, hospitals and private industry, including diagnostic laboratories, are taking or may take as a result of the pandemic. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “believe,” “expect,” “anticipate,” “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.  We have based these forward-looking statements on our current expectations and projections about future events.  However, actual results may differ materially from those currently anticipated depending on a variety of risk factors including, but not limited to, those identified under “Part II, Item 1A, Risk Factors” of this Quarterly Report on Form 10-Q. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

3


PART I – FINANCIAL INFORMATION
Item 1.          Financial Statements

BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2020December 31, 2019
ASSETS:(Unaudited)
Cash and cash equivalents$607,584  $660,672  
Short-term investments424,226  453,973  
Restricted investments5,560  5,560  
Accounts receivable, less allowance for doubtful accounts of $20,337 at 2020 and $20,205 at 2019
360,854  392,672  
Inventories:
Raw materials130,283  109,570  
Work in process149,542  146,131  
Finished goods348,576  298,306  
Total inventories628,401  554,007  
Prepaid expenses91,797  102,331  
Other non-trade receivables8,913  3,814  
Other current assets5,249  7,126  
Total current assets2,132,584  2,180,155  
Property, plant and equipment1,385,430  1,382,172  
Less: accumulated depreciation and amortization(904,000) (882,833) 
Property, plant and equipment, net481,430  499,339  
Operating lease right-of-use assets197,588  201,868  
Goodwill, net291,504  264,131  
Purchased intangibles, net211,367  145,525  
Other investments6,703,039  4,638,205  
Other assets79,795  79,636  
Total assets$10,097,307  $8,008,859  

















The accompanying notes are an integral part of these condensed consolidated financial statements. 


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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(continued)
(In thousands, except share data)




June 30, 2020December 31, 2019
LIABILITIES AND STOCKHOLDERS’ EQUITY:(Unaudited) 
Accounts payable$130,905  $107,014  
Accrued payroll and employee benefits156,388  180,084  
Current maturities of long-term debt and notes payable426,502  426,172  
Income and other taxes payable32,019  36,285  
Current operating lease liabilities33,941  35,365  
Other current liabilities147,140  120,575  
Total current liabilities926,895  905,495  
Long-term debt, net of current maturities12,233  13,579  
Deferred income taxes1,456,653  997,787  
Operating lease liabilities173,103  176,018  
Other long-term liabilities175,021  160,923  
Total liabilities2,743,905  2,253,802  
Stockholders’ equity:  
Class A common stock, shares issued 25,007,469 and 24,966,035 at 2020 and 2019, respectively; shares outstanding 24,586,408 and 24,835,804 at 2020 and 2019, respectively
2  2  
Class B common stock, shares issued and outstanding, 5,091,968 at 2020 and 5,089,532 at 2019
1  1  
Additional paid-in capital429,485  410,020  
Class A treasury stock at cost, 421,061 at 2020 and 130,231 shares at 2019
(138,037) (38,397) 
Retained earnings7,123,093  5,470,779  
Accumulated other comprehensive loss(61,142) (87,348) 
Total stockholders’ equity7,353,402  5,755,057  
Total liabilities and stockholders’ equity$10,097,307  $8,008,859  


















The accompanying notes are an integral part of these condensed consolidated financial statements. 

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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Net sales$536,880  $572,619  $1,108,524  $1,126,598  
Cost of goods sold243,892  264,850  498,168  507,067  
Gross profit292,988  307,769  610,356  619,531  
Selling, general and administrative expense189,262  201,257  382,954  408,838  
Research and development expense51,984  50,122  101,287  97,697  
Income from operations51,742  56,390  126,115  112,996  
Interest expense5,740  5,841  11,430  11,827  
Foreign currency exchange losses, net774  1,233  1,702  2,513  
Change in fair market value of equity securities(1,183,488) (716,389) (2,011,159) (1,775,619) 
Other (income) expense, net(17,229) (3,896) (20,502) (22,592) 
Income before income taxes1,245,945  769,601  2,144,644  1,896,867  
Provision for income taxes(279,516) (170,791) (492,303) (432,862) 
Net income$966,429  $598,810  $1,652,341  $1,464,005  
Basic earnings per share:  
Net income per basic share$32.59  $20.08  $55.52  $49.12  
Weighted average common shares - basic29,652  29,814  29,759  29,807  
Diluted earnings per share:  
Net income per diluted share$32.15  $19.86  $54.84  $48.60  
Weighted average common shares - diluted30,058  30,154  30,131  30,125  


The accompanying notes are an integral part of these condensed consolidated financial statements. 



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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
Net income $966,429  $598,810  $1,652,341  $1,464,005  
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income taxes84,475  29,846  22,465  (6,556) 
Foreign other post-employment benefits adjustments, net of income taxes(141) (217) 590  142  
Net unrealized holding gain on available-for-sale (AFS) debt investments, net of income taxes3,479  1,763  3,151  3,799  
Other comprehensive income (loss), net of income taxes87,813  31,392  26,206  (2,615) 
Comprehensive income$1,054,242  $630,202  $1,678,547  $1,461,390  



The accompanying notes are an integral part of these condensed consolidated financial statements.

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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
 Six Months Ended
 June 30,
 20202019
Cash flows from operating activities:  
Cash received from customers$1,127,141  $1,143,222  
Cash paid to suppliers and employees(959,300) (932,009) 
Interest paid, net(10,847) (11,085) 
Income tax payments, net(10,005) (24,016) 
Investment proceeds and miscellaneous receipts, net6,092  24,093  
Proceeds from (payments for) forward foreign exchange contracts, net1,849  (1,860) 
Net cash provided by operating activities154,930  198,345  
Cash flows from investing activities:  
Capital expenditures(39,707) (45,843) 
Proceeds from dispositions of property, plant and equipment33  86  
Proceeds from divestiture of a division12,240    
Payments for acquisitions, net of cash received(96,889) (16,083) 
(Payments for) recovery of purchases of intangible assets(100) 7,383  
Payments for purchases of marketable securities and investments(172,663) (171,615) 
Proceeds from sales of marketable securities and investments62,894  50,044  
Proceeds from maturities of marketable securities and investments133,197  138,244  
Net cash used in investing activities(100,995) (37,784) 
Cash flows from financing activities:  
Payments on long-term borrowings(1,597) (359) 
Payments for credit agreement renewal fees  (458) 
Payments of contingent consideration(1,265) (1,433) 
Proceeds from issuances of common stock for share-based compensation8,202  3,912  
Tax payments from net share settlement(6,931) (3,976) 
Proceeds from reissuances of treasury stock for share-based compensation, net  3,831  
Payments for purchases of treasury stock(100,005) (15,001) 
Net cash used in financing activities(101,596) (13,484) 
Effect of foreign exchange rate changes on cash(2,858) 2,127  
Net (decrease) increase in cash, cash equivalents, and restricted cash(50,519) 149,204  
Cash, cash equivalents, and restricted cash at beginning of period662,651  434,164  
Cash, cash equivalents, and restricted cash at end of period$612,132  $583,368  

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that agrees to the same amounts shown in the condensed consolidated statements of cash flows (in thousands):
June 30, 2020June 30, 2019
Cash and cash equivalents$607,584  $580,684  
Restricted cash included in Other current assets3,575  114  
Restricted cash included in Other assets973  2,570  
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$612,132  $583,368  

These restricted cash items are primarily related to performance guarantees and other restricted deposits.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(Unaudited)

Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 31, 2019$3  $410,020  $(38,397) $5,470,779  $(87,348) $5,755,057  
Net income—  —  —  685,912  —  685,912  
Other comprehensive loss, net of tax—  —  —  —  (61,607) (61,607) 
Issuance of common stock—  4,068  —  —  —  4,068  
Stock compensation expense—  9,654  —  —  —  9,654  
Purchase of treasury stock—  —  (100,005) —  —  (100,005) 
Balance at March 31, 2020$3  $423,742  $(138,402) $6,156,691  $(148,955) $6,293,079  
Net income—  —  —  966,429  —  966,429  
Other comprehensive income, net of tax—  —  —  —  87,813  87,813  
Issuance of common stock—  (2,797) —  —  —  (2,797) 
Stock compensation expense—  8,878  —  —  —  8,878  
Reissuance of treasury stock—  (338) 365  (27) —  —  
Balance at June 30, 2020$3  $429,485  $(138,037) $7,123,093  $(61,142) $7,353,402  



Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 31, 2018$3  $394,342  $(49,129) $3,722,073  $(46,958) $4,020,331  
Net income—  —  —  865,195  —  865,195  
Other comprehensive loss, net of tax—  —  —  —  (34,007) (34,007) 
Stock compensation expense—  8,505  —  —  —  8,505  
Reissuance of treasury stock—  —  5,398  (1,567) —  3,831  
Balance at March 31, 2019$3  $402,847  $(43,731) $4,585,701  $(80,965) $4,863,855  
Net income—  —  —  598,810  —  598,810  
Other comprehensive income, net of tax—  —  —  —  31,392  31,392  
Issuance of common stock—  (