Bio-Rad Laboratories (BIO) FY2020 results: revenue $2.5 billion, up 10.1% on the year
Bio-Rad Laboratories, Inc. (BIO) reported revenue of $2.5 billion for fiscal 2020, the year ended 31 December 2020, up 10.1% on the year before. Net income was $3.8 billion, up 116.9%, and diluted earnings per share $126.47. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$2.5 billion
+10.1% on the year
FY2013FY2020
Operating margin
16.6%
9.9% a year earlier
FY2013FY2020
Net income
$3.8 billion
+116.9% on the year
FY2013FY2020
Diluted EPS
$126.47
+117.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,546
2,312
2,289
+10.1%
Cost of revenue
1,108
1,055
1,066
+5.0%
Gross profit
1,438
1,257
1,223
+14.4%
Gross margin
56.5%
54.4%
53.4%
Research and development
218
203
199
+7.4%
Selling, general and administrative
800
825
835
-3.0%
Operating income
421
230
-103
+83.5%
Operating margin
16.6%
9.9%
-4.5%
Interest expense
21.9
23.4
24.0
-6.6%
Pre-tax income
4,918
2,261
513
+117.5%
Income tax
1,104
502
147
+119.7%
Effective tax rate
22.4%
22.2%
28.7%
Net income
3,814
1,759
366
+116.9%
Net margin
149.8%
76.1%
16.0%
Diluted EPS
$126.47
$58.27
$12.10
+117.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
585
458
285
+27.8%
Capital expenditure
109
98.5
130
+10.2%
Free cash flow
476
359
156
+32.6%
Free cash flow margin
18.7%
15.5%
6.8%
Cash from investing
-69.9
-209
-187
Cash from financing
-523
-22.8
-48.7
Depreciation and amortisation
139
134
138
+3.3%
Share-based compensation
41.6
35.6
27.8
+16.9%
Buybacks
100
28.0
48.9
+257.2%
Diluted shares, weighted
30m
30m
30m
-0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,880
5,755
4,020
+71.7%
Debt
14.1
440
439
-96.8%
Operating lease liabilities
175
176
0.0
-0.5%
Finance lease liabilities
11.0
11.2
n/a
-1.8%
Other liabilities
2,892
1,627
1,152
+77.8%
Total liabilities and equity
12,973
8,009
5,611
+62.0%
Fixed assets
491
499
509
-1.6%
Goodwill
292
264
220
+10.5%
Intangible assets
199
146
133
+37.1%
Investments
9,890
5,092
3,069
+94.2%
Trading assets
0.0
n/a
n/a
Cash and equivalents
662
661
432
+0.2%
Receivables
419
393
392
+6.8%
Inventory
622
554
584
+12.3%
Other assets
396
400
273
-1.1%
Total assets
12,973
8,009
5,611
+62.0%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.