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Bio-Rad Laboratories Inc. Class A (BIO-2.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in net sales to $2.57 billion from $2.67 billion in the previous year. The decrease is attributed to lower sales in the Life Science segment.
The Life Science segment reported sales of $1.03 billion, a decrease of 12.8% compared to the previous year. This decline was driven by ongoing weakness in the biotech and biopharma end-markets.
The Clinical Diagnostics segment reported sales of $1.54 billion, an increase of 3.3% compared to the previous year. This increase was primarily driven by higher demand for quality control and blood typing products.
The company reported a gross profit of $1.38 billion, compared to $1.43 billion in the previous year. The gross margin increased slightly to 53.7% from 53.4% in the previous year.
Selling, general, and administrative expenses decreased to $814.0 million from $841.7 million, primarily due to lower restructuring costs and reduced discretionary spending.
Research and development expenses increased to $295.9 million from $247.4 million, due to a one-time acquired in-process research and development expense and changes in the fair value of contingent consideration.
The company reported a net loss of $1.84 billion, compared to a net loss of $637.3 million in the previous year. This was largely due to losses from changes in the fair market value of equity securities.
Cash provided by operating activities was $455.2 million, while cash used in investing and financing activities was $160.2 million and $218.8 million, respectively.
Bio-Rad had $1.7 billion in cash, cash equivalents, and short-term investments as of December 31, 2024. The company expects this liquidity, along with cash flow from operations, to be adequate for its operational needs.
The filing also details the company's investment in Sartorius AG, which had a fair value of $4.47 billion as of December 31, 2024. Changes in the market value of this investment continue to significantly impact Bio-Rad's financial results.
Bio-Rad has announced a restructuring plan expected to cost between $45 million and $50 million, aimed at improving operating performance. This plan is anticipated to be substantially completed by the end of fiscal year 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bio-Rad Laboratories Inc. Class A annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.