Bio-Rad Laboratories (BIO) FY2019 results: revenue $2.3 billion, up 1.0% on the year
Bio-Rad Laboratories, Inc. (BIO) reported revenue of $2.3 billion for fiscal 2019, the year ended 31 December 2019, up 1.0% on the year before. Net income was $1.8 billion, up 381.0%, and diluted earnings per share $58.27. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$2.3 billion
+1.0% on the year
FY2012FY2019
Operating margin
9.9%
-4.5% a year earlier
FY2012FY2019
Net income
$1.8 billion
+381.0% on the year
FY2012FY2019
Diluted EPS
$58.27
+381.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,312
2,289
2,160
+1.0%
Cost of revenue
1,055
1,066
972
-1.1%
Gross profit
1,257
1,223
1,187
+2.8%
Gross margin
54.4%
53.4%
55.0%
Research and development
203
199
250
+1.8%
Selling, general and administrative
825
835
807
-1.2%
Operating income
230
-103
119
Operating margin
9.9%
-4.5%
5.5%
Interest expense
23.4
24.0
23.0
-2.3%
Pre-tax income
2,261
513
97.8
+341.0%
Income tax
502
147
-24.4
+241.7%
Effective tax rate
22.2%
28.7%
-25.0%
Net income
1,759
366
122
+381.0%
Net margin
76.1%
16.0%
5.7%
Diluted EPS
$58.27
$12.10
$4.07
+381.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
458
285
104
+60.4%
Capital expenditure
98.5
130
111
-24.1%
Free cash flow
359
156
-7.2
+130.9%
Free cash flow margin
15.5%
6.8%
-0.3%
Cash from investing
-209
-187
-176
Cash from financing
-22.8
-48.7
0.3
Depreciation and amortisation
134
138
149
-2.8%
Share-based compensation
35.6
27.8
23.4
+28.1%
Buybacks
28.0
48.9
2.9
-42.8%
Diluted shares, weighted
30m
30m
30m
-0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,755
4,020
2,930
+43.1%
Debt
440
439
435
+0.2%
Operating lease liabilities
176
0.0
n/a
Finance lease liabilities
11.2
n/a
n/a
Other liabilities
1,627
1,152
908
+41.2%
Total liabilities and equity
8,009
5,611
4,273
+42.7%
Fixed assets
499
509
493
-1.8%
Goodwill
264
220
506
+20.2%
Intangible assets
146
133
174
+9.3%
Investments
5,092
3,069
1,399
+65.9%
Cash and equivalents
661
432
384
+53.1%
Receivables
393
392
465
+0.1%
Inventory
554
584
595
-5.1%
Other assets
400
273
257
+46.8%
Total assets
8,009
5,611
4,273
+42.7%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.