Bio-Rad Laboratories (BIO) FY2014 results: revenue $2.2 billion, up 2.0% on the year
Bio-Rad Laboratories, Inc. (BIO) reported revenue of $2.2 billion for fiscal 2014, the year ended 31 December 2014, up 2.0% on the year before. Net income was $89 million, up 14.2%, and diluted earnings per share $3.05. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$2.2 billion
+2.0% on the year
FY2008FY2014
Operating margin
6.9%
7.9% a year earlier
FY2008FY2014
Net income
$89 million
+14.2% on the year
FY2008FY2014
Diluted EPS
$3.05
+13.4% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,175
2,133
2,069
+2.0%
Cost of revenue
997
954
915
+4.4%
Gross profit
1,179
1,178
1,154
+0.0%
Gross margin
54.2%
55.3%
55.8%
Research and development
220
211
209
+4.4%
Selling, general and administrative
808
798
683
+1.3%
Operating income
150
169
264
-11.5%
Operating margin
6.9%
7.9%
12.8%
Interest expense
22.1
61.3
51.1
-63.9%
Pre-tax income
132
112
230
+17.1%
Income tax
42.7
34.6
64.4
+23.5%
Effective tax rate
32.5%
30.8%
28.0%
Net income
88.8
77.8
165
+14.2%
Net margin
4.1%
3.6%
8.0%
Diluted EPS
$3.05
$2.69
$5.78
+13.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
273
169
266
+61.6%
Capital expenditure
121
107
143
+13.4%
Free cash flow
152
62.5
124
+143.8%
Free cash flow margin
7.0%
2.9%
6.0%
Cash from investing
-191
0.9
-400
Cash from financing
11.7
-312
12.6
Depreciation and amortisation
150
147
130
+1.8%
Share-based compensation
14.9
13.7
13.2
+8.8%
Buybacks
0.0
0.0
0.1
Diluted shares, weighted
29m
29m
29m
+0.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,185
2,187
2,015
-0.1%
Non-controlling interest
n/a
0.0
0.5
Debt
436
436
733
-0.0%
Other liabilities
720
766
689
-6.0%
Total liabilities and equity
3,341
3,389
3,437
-1.4%
Fixed assets
429
414
417
+3.5%
Goodwill
500
518
495
-3.3%
Intangible assets
254
266
261
-4.5%
Investments
674
655
751
+2.8%
Cash and equivalents
413
332
463
+24.6%
Receivables
378
423
399
-10.7%
Inventory
471
516
455
-8.8%
Other assets
222
265
195
-16.1%
Total assets
3,341
3,389
3,437
-1.4%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.