Bio-Rad Laboratories (BIO) Q4 FY2023 earnings: revenue $681 million, down 6.7% on the year

Bio-Rad Laboratories, Inc. (BIO) reported revenue of $681 million for Q4 FY2023, the quarter ended 31 December 2023, down 6.7% on the same quarter a year earlier. Net income was $350 million, down 57.8% on the year, and diluted earnings per share $12.14. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$681 milliondown 6.7%

Net income$350 milliondown 57.8%

Diluted EPS$12.14

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	681	632	n/a	n/a
Cost of revenue	315	296	n/a	n/a
Gross profit	366	336	n/a	n/a
Gross margin	53.8%	53.1%	n/a
Research and development	63.9	43.5	n/a	n/a
Selling, general and administrative	207	201	n/a	n/a
Operating income	95.3	90.9	n/a	n/a
Operating margin	14.0%	14.4%	n/a
Interest expense	12.4	12.4	n/a	n/a
Pre-tax income	428	137	n/a	n/a
Income tax	78.7	30.8	n/a	n/a
Effective tax rate	18.4%	22.5%	n/a
Net income	350	106	n/a	n/a
Net margin	51.3%	16.8%	n/a
Diluted EPS	$12.14	$3.64	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	81.0	97.7	n/a	n/a
Capital expenditure	42.2	44.1	n/a	n/a
Free cash flow	38.8	53.6	n/a	n/a
Free cash flow margin	5.7%	8.5%	n/a
Cash from investing	72.2	-9.5	n/a	n/a
Cash from financing	-201	-26.6	n/a	n/a
Share-based compensation	16.2	15.9	n/a	n/a
Buybacks	200	21.3	n/a	n/a
Diluted shares, weighted	n/a	29m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	8,741	8,416	n/a	n/a
Debt	1,210	1,199	n/a	n/a
Operating lease liabilities	165	167	n/a	n/a
Finance lease liabilities	9.6	9.7	n/a	n/a
Other liabilities	2,173	2,104	n/a	n/a
Total liabilities and equity	12,299	11,896	n/a	n/a
Fixed assets	529	n/a	n/a	n/a
Goodwill	414	407	n/a	n/a
Intangible assets	321	314	n/a	n/a
Investments	8,901	8,519	n/a	n/a
Trading assets	326	290	n/a	n/a
Cash and equivalents	404	458	n/a	n/a
Receivables	489	457	n/a	n/a
Inventory	781	776	n/a	n/a
Other assets	136	674	n/a	n/a
Total assets	12,299	11,896	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-K for the period ended 31 December 2023, filed 16 February 2024, accession 0000012208-24-000013: the filing on EDGAR. All of Bio-Rad Laboratories, Inc.'s filings: EDGAR company page.

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