Bio-Rad Laboratories (BIO) FY2021 results: revenue $2.9 billion, up 14.8% on the year

Bio-Rad Laboratories, Inc. (BIO) reported revenue of $2.9 billion for fiscal 2021, the year ended 31 December 2021, up 14.8% on the year before. Net income was $4.2 billion, up 11.3%, and diluted earnings per share $140.56. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$2.9 billion

+14.8% on the year

FY2014FY2021

Operating margin

17.1%

16.6% a year earlier

FY2014FY2021

Net income

$4.2 billion

+11.3% on the year

FY2014FY2021

Diluted EPS

$140.56

+11.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,922	2,546	2,312	+14.8%
Cost of revenue	1,284	1,108	1,055	+15.9%
Gross profit	1,641	1,438	1,257	+14.1%
Gross margin	56.1%	56.5%	54.4%
Research and development	261	218	203	+19.7%
Selling, general and administrative	877	800	825	+9.6%
Operating income	500	421	230	+18.8%
Operating margin	17.1%	16.6%	9.9%
Interest expense	1.6	21.9	23.4	-92.9%
Pre-tax income	5,449	4,918	2,261	+10.8%
Income tax	1,195	1,104	502	+8.2%
Effective tax rate	21.9%	22.4%	22.2%
Net income	4,246	3,814	1,759	+11.3%
Net margin	145.3%	149.8%	76.1%
Diluted EPS	$140.56	$126.47	$58.27	+11.1%

$ 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.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	669	585	458	+14.4%
Capital expenditure	134	109	98.5	+23.2%
Free cash flow	536	476	359	+12.4%
Free cash flow margin	18.3%	18.7%	15.5%
Cash from investing	-797	-69.9	-209
Cash from financing	-55.4	-523	-22.8
Depreciation and amortisation	138	139	134	-0.7%
Share-based compensation	51.2	41.6	35.6	+23.1%
Buybacks	50.0	100	28.0	-50.0%
Diluted shares, weighted	30m	30m	30m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	13,667	9,880	5,755	+38.3%
Debt	10.5	14.1	440	-25.2%
Operating lease liabilities	176	175	176	+0.5%
Finance lease liabilities	10.5	11.0	11.2	-4.5%
Other liabilities	3,912	2,892	1,627	+35.2%
Total liabilities and equity	17,776	12,973	8,009	+37.0%
Fixed assets	512	491	499	+4.1%
Goodwill	347	292	264	+19.0%
Intangible assets	254	199	146	+27.3%
Investments	14,786	9,890	5,092	+49.5%
Trading assets	443	0.0	n/a
Cash and equivalents	471	662	661	-28.9%
Receivables	424	419	393	+1.0%
Inventory	572	622	554	-8.0%
Other assets	n/a	396	400
Total assets	17,776	12,973	8,009	+37.0%

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