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February 27, 2013

Bio-Rad Ends Fiscal 2012 on High Note

  • Bio-Rad Laboratories released its financial results for the fourth quarter and fiscal year ended December 31, 2012. Fourth-quarter reported revenues were $573.8 million, up 4.3% compared to $550.2 million reported for the fourth quarter of 2011. On a currency-neutral basis, quarterly revenues increased 6.1% compared to the same period in 2011. Fourth-quarter gross margin was 55.9% compared to 56.5% during the same quarter in 2011.

    Net income for the fourth quarter of 2012 was $47.5 million, or $1.65 per share on a fully diluted basis, compared to $59.2 million, or $2.08 per share, respectively, during the same period in 2011. These results include a one-time gain of $4.3 million resulting from the sale of real property.

    For the full year, sales were $2,069.2 million compared to $2,073.5 million in 2011. After normalizing for the impact of currency effects, full-year revenues increased 3.6%.

    Full-year net income was $169.2 million, or $5.91 per share on a fully diluted basis, compared to $178.2 million, or $6.26 per share, respectively, in 2011. The decrease in net income reflects lower gross margins and an increase in R&D expense. Full-year gross margin was 56.1% compared to 56.8% reported in 2011. Incremental gross profit for 2012 was impacted by additional amortization expense of $10.0 million related to acquisitions. Earnings were favorably impacted by a $16.1 million reduction in the valuation of contingent consideration associated with the Quantalife acquisition as well as an increase in other income resulting from certain investment gains.

    “As we had expected, full-year results reflect macroeconomic challenges, which impacted many of our markets. Looking ahead to 2013, we anticipate a similar economic environment,” said Norman Schwartz, Bio-Rad’s president and CEO.

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