Bio-Rad Laboratories (BIO) Q3 FY2023 earnings: revenue $632 million, down 7.1% on the year

Bio-Rad Laboratories, Inc. (BIO) reported revenue of $632 million for Q3 FY2023, the quarter ended 30 September 2023, down 7.1% on the same quarter a year earlier. Net income was $106 million, and diluted earnings per share $3.64. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$632 milliondown 7.1%

Net income$106 million

Diluted EPS$3.64

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	632	n/a	n/a	n/a
Cost of revenue	296	n/a	n/a	n/a
Gross profit	336	n/a	n/a	n/a
Gross margin	53.1%	n/a	n/a
Research and development	43.5	n/a	n/a	n/a
Selling, general and administrative	201	n/a	n/a	n/a
Operating income	90.9	n/a	n/a	n/a
Operating margin	14.4%	n/a	n/a
Interest expense	12.4	n/a	n/a	n/a
Pre-tax income	137	n/a	n/a	n/a
Income tax	30.8	n/a	n/a	n/a
Effective tax rate	22.5%	n/a	n/a
Net income	106	n/a	n/a	n/a
Net margin	16.8%	n/a	n/a
Diluted EPS	$3.64	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	97.7	n/a	n/a	n/a
Capital expenditure	44.1	n/a	n/a	n/a
Free cash flow	53.6	n/a	n/a	n/a
Free cash flow margin	8.5%	n/a	n/a
Cash from investing	-9.5	n/a	n/a	n/a
Cash from financing	-26.6	n/a	n/a	n/a
Share-based compensation	15.9	n/a	n/a	n/a
Buybacks	21.3	n/a	n/a	n/a
Diluted shares, weighted	29m	n/a	n/a	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 at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	8,416	n/a	n/a	n/a
Debt	1,199	n/a	n/a	n/a
Operating lease liabilities	167	n/a	n/a	n/a
Finance lease liabilities	9.7	n/a	n/a	n/a
Other liabilities	2,104	n/a	n/a	n/a
Total liabilities and equity	11,896	n/a	n/a	n/a
Goodwill	407	n/a	n/a	n/a
Intangible assets	314	n/a	n/a	n/a
Investments	8,519	n/a	n/a	n/a
Trading assets	290	n/a	n/a	n/a
Cash and equivalents	458	n/a	n/a	n/a
Receivables	457	n/a	n/a	n/a
Inventory	776	n/a	n/a	n/a
Other assets	674	n/a	n/a	n/a
Total assets	11,896	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	632	681	611	638	650	668	585	652	653	693	592	651
Cost of revenue	296	315	285	283	294	326	279	306	310	348	283	305
Gross profit	336	366	326	355	356	342	306	345	343	345	309	346
Gross margin	53%	54%	53%	56%	55%	51%	52%	53%	53%	50%	52%	53%
R&D	43.5	63.9	66.4	58.9	91.0	79.6	73.5	60.5	71.3	70.3	62.9	61.2
SG&A	201	207	215	195	200	204	209	208	207	221	212	212
Operating income	90.9	95.3	44.6	101	64.5	58.3	23.7	77.1	65.3	-119	34.1	72.6
Operating margin	14%	14%	7%	16%	10%	9%	4%	12%	10%	-17%	6%	11%
Interest expense	12.4	12.4	12.3	12.3	12.1	12.2	12.0	12.6	12.3	12.1	12.3	12.1
Pre-tax income	137	428	491	-2,786	862	-909	83.4	414	-431	929	-690	542
Tax rate	22%	18%	22%	n/a	24%	n/a	23%	23%	n/a	23%	n/a	31%
Net income	106	350	384	-2,165	653	-716	64.0	318	-342	720	-527	371
Net margin	17%	51%	63%	-339%	101%	-107%	11%	49%	-52%	104%	-89%	57%
Diluted EPS	$3.64	$12.14	$13.45	-$76.26	$23.34	-$25.57	$2.29	$11.67	-$12.70	$26.65	-$19.55	$13.85
Operating cash flow	97.7	81.0	69.8	97.6	164	124	130	116	121	165	108	98.7
Capital expenditure	44.1	42.2	40.2	42.3	40.2	42.9	34.4	45.7	31.7	45.8	30.0	32.0
Free cash flow	53.6	38.8	29.6	55.4	123	81.2	95.5	70.8	89.2	119	78.1	66.7
Buybacks	21.3	200	4.7	101	97.8	0.0	102	140	53.4	0.0	47.8	31.5
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000012208-23-000072: the filing on EDGAR. All of Bio-Rad Laboratories, Inc.'s filings: EDGAR company page.

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