Bio-Rad Laboratories (BIO) Q4 FY2021 earnings: revenue $733 million, down 7.2% on the year

Bio-Rad Laboratories, Inc. (BIO) reported revenue of $733 million for Q4 FY2021, the quarter ended 31 December 2021, down 7.2% on the same quarter a year earlier as this quarter's filing gives it. Net income was -$1.6 billion, and diluted earnings per share $-52.59. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$733 million

-7.2% on the year · -1.9% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

14.6%

22.2% a year earlier

Q1 FY2020Q4 FY2021

Net income

-$1.6 billion

Q1 FY2020Q4 FY2021

Diluted EPS

-$52.59

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	733	747	790	-1.9%	-7.2%
Cost of revenue	334	n/a	n/a
Gross profit	400	n/a	n/a
Gross margin	54.6%	n/a	n/a
Research and development	69.9	n/a	n/a
Selling, general and administrative	224	n/a	n/a
Operating income	107	157	175	-31.8%	-39.0%
Operating margin	14.6%	21.0%	22.2%
Interest expense	0.4	n/a	n/a
Pre-tax income	-2,038	n/a	n/a
Income tax	-464	n/a	n/a
Net income	-1,574	3,928	839
Net margin	-214.8%	n/a	n/a
Diluted EPS	-$52.59	$129.96	$27.81

$ million except per share.

Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020
Operating cash flow	158	n/a	n/a
Capital expenditure	43.2	n/a	n/a
Free cash flow	115	n/a	n/a
Free cash flow margin	15.7%	n/a	n/a
Cash from investing	-554	n/a	n/a
Cash from financing	4.6	n/a	n/a
Share-based compensation	15.0	n/a	n/a
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	n/a	30m	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	13,667	15,332	9,880	-10.9%	+38.3%
Debt	10.5	12.4	14.1	-15.1%	-25.2%
Operating lease liabilities	176	n/a	n/a
Finance lease liabilities	10.5	n/a	n/a
Other liabilities	3,912	n/a	n/a
Total liabilities and equity	17,776	n/a	n/a
Fixed assets	491	n/a	n/a
Goodwill	347	n/a	n/a
Intangible assets	254	n/a	n/a
Investments	14,786	n/a	n/a
Trading assets	443	n/a	n/a
Cash and equivalents	471	860	662	-45.3%	-28.9%
Receivables	424	n/a	n/a
Inventory	572	n/a	n/a
Total assets	17,776	n/a	n/a

Questions

What was Bio-Rad Laboratories' revenue in Q4 FY2021?

Bio-Rad Laboratories (BIO) reported revenue of $733 million for Q4 FY2021, the quarter ended 31 December 2021, down 7.2% on the same quarter a year earlier as the company restated it.

How much did Bio-Rad Laboratories earn in Q4 FY2021?

Net loss for Q4 FY2021 was $1.6 billion, and the diluted loss per share $52.59.

When did Bio-Rad Laboratories report Q4 FY2021 results?

Bio-Rad Laboratories filed its 10-K for the quarter ended 31 December 2021 with the SEC on 11 February 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	733	700	691	681	730	677	681	632	681	611	638	650	668	585	652	653	693	592	651	656
Cost of revenue	334	297	296	308	333	314	319	296	315	285	283	294	326	279	306	310	348	283	305	328
Gross profit	400	403	395	373	397	362	362	336	366	326	355	356	342	306	345	343	345	309	346	329
Gross margin	55%	58%	57%	55%	54%	54%	53%	53%	54%	53%	56%	55%	51%	52%	53%	53%	50%	52%	53%	50%
R&D	69.9	59.5	64.3	66.8	66.2	75.0	65.0	43.5	63.9	66.4	58.9	91.0	79.6	73.5	60.5	71.3	70.3	62.9	61.2	71.4
SG&A	224	197	208	211	212	226	208	201	207	215	195	200	204	209	208	207	221	212	212	257
Operating income	107	146	123	94.6	119	61.9	89.6	90.9	95.3	44.6	101	64.5	58.3	23.7	77.1	65.3	-119	34.1	72.6	-49.7
Operating margin	15%	21%	18%	14%	16%	9%	13%	14%	14%	7%	16%	10%	9%	4%	12%	10%	-17%	6%	11%	-8%
Interest expense	0.4	4.0	10.7	11.7	11.7	12.3	12.3	12.4	12.4	12.3	12.3	12.1	12.2	12.0	12.6	12.3	12.1	12.3	12.1	12.3
Pre-tax income	-2,038	-4,371	-1,220	-207	1,094	84.8	-1,500	137	428	491	-2,786	862	-909	83.4	414	-431	929	-690	542	539
Tax rate	n/a	n/a	n/a	n/a	24%	19%	n/a	22%	18%	22%	n/a	24%	n/a	23%	23%	n/a	23%	n/a	31%	15%
Net income	-1,574	-3,370	-925	-163	828	69.0	-1,162	106	350	384	-2,165	653	-716	64.0	318	-342	720	-527	371	459
Net margin	-215%	-481%	-134%	-24%	113%	10%	-171%	17%	51%	63%	-339%	101%	-107%	11%	49%	-52%	104%	-89%	57%	70%
Diluted EPS	-$52.59	-$112.57	-$31.05	-$5.48	$27.78	$2.32	-$39.59	$3.64	$12.14	$13.45	-$76.26	$23.34	-$25.57	$2.29	$11.67	-$12.70	$26.65	-$19.55	$13.85	$17.02
Operating cash flow	158	46.3	50.2	7.5	90.4	98.1	98.1	97.7	81.0	69.8	97.6	164	124	130	116	121	165	108	98.7	96.4
Capital expenditure	43.2	28.9	14.3	24.1	45.6	35.7	34.6	44.1	42.2	40.2	42.3	40.2	42.9	34.4	45.7	31.7	45.8	30.0	32.0	31.2
Free cash flow	115	17.4	35.9	-16.5	44.9	62.4	63.4	53.6	38.8	29.6	55.4	123	81.2	95.5	70.8	89.2	119	78.1	66.7	65.2
Buybacks	0.0	0.0	125	0.0	90.7	0.0	207	21.3	200	4.7	101	97.8	0.0	102	140	53.4	0.0	47.8	31.5	0.0
Filing	10-K	10-Q	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 11 February 2022: the filing.