Bio-Rad Reports Fourth-Quarter and Full-Year 2015 Financial Results
(firmenpresse) - HERCULES, CA -- (Marketwired) -- 02/25/16 -- Bio-Rad Laboratories, Inc. (NYSE: BIO) (NYSE: BIO.B), a global provider of life science research and clinical diagnostic products, today announced financial results for the fourth quarter and fiscal year ended December 31, 2015.
Fourth-quarter 2015 reported revenues were $570.6 million, a decrease of 4.6% compared to $598.2 million reported for the fourth quarter of 2014. On a currency-neutral basis, quarterly revenues increased 2.8% compared to the same period in 2014. Fourth-quarter gross margin was 54.1% compared to 53.1% during the fourth quarter in 2014.
Net income for the fourth quarter of 2015 was $49.5 million, or $1.68 per share on a fully diluted basis, compared to $39.0 million, or $1.34 per share during the same period in 2014. The increase in net income was largely due to lower SG&A and research & development (R&D) expenses as well as a lower effective tax rate in the fourth quarter of 2015 of 8.7%, which was the result of expected utilization of foreign tax credits in the U.S. and the permanent reinstatement of the federal R&D credit in the fourth quarter of 2015. This increase was partially offset by a lower gross profit during the fourth quarter of 2015 compared to the same period in 2014.
For the full year of 2015, sales were $2,019.4 million compared to $2,175.0 million in 2014, a decrease of 7.2%. On a currency neutral basis, sales increased by 1.6%. Full-year gross margin was 55.5% compared to 54.2% reported in 2014. The gross margin increase compared to 2014 primarily reflected sales mix as well as costs associated with plant closures and a product line discontinuation that occurred in 2014.
Full-year net income in 2015 was $113.1 million, or $3.85 per share on a fully diluted basis, compared to $88.8 million, or $3.05 per share in 2014. The year-over-year net income increase in 2015 was primarily the result of lower SG&A expenses, lower R&D expenses, and the effect of currency in 2015. SG&A in 2014 included approximately $23.7 million in non-recurring expense. The effective tax rate of 22.5% for 2015 compared to 32.5% in 2014 was primarily due to expected utilization of foreign tax credits on certain foreign dividends as well as a reduction in certain tax reserves as statutes lapsed.
"Despite currency headwinds, we are encouraged with our underlying performance in the fourth quarter and the entire year, which reflected good momentum across many of our core product lines," said Norman Schwartz, Bio-Rad President and Chief Executive Officer. "Overall, 2015 was a year of progress on many fronts, with continued investment in infrastructure to support our growth now and in the future."
The Life Science segment net sales for the fourth quarter were $218.1 million, a decrease of 2.5% compared to the same period in 2014. On a currency-neutral basis, Life Science segment sales increased by 3.4%. Results from the fourth quarter benefited from currency-neutral increased sales of the segment's core businesses, in particular, process chromatography media, the Droplet Digital™ PCR, and cell biology products. Full-year reported revenues for the Life Science segment were $695.0 million, a decrease of 4.6% compared to the same period in 2014. On a currency-neutral basis, full-year sales increased 2.5%.
The Clinical Diagnostics segment reported net sales of $348.6 million for the fourth quarter, a decrease of 5.9% compared to the same period in 2014. On a currency-neutral basis, net sales were up 2.5%. Results from the fourth quarter reflected growth across certain product lines, most notably clinical immunology, quality controls, blood testing, and diabetes products. During the fourth quarter, Bio-Rad announced that its D-100™ System for A1c testing had obtained clearance from the U.S. Food and Drug Administration (FDA) to monitor the long-term blood glucose control of individuals with diabetes, as an aid in the diagnosis of diabetes, and to help identify those who may be at risk for developing the disease. Also during the fourth quarter, the Company announced that it had received clearance from the FDA for the company's TANGO infinity® system. The system automates routine blood typing and screening testing procedures for patients and donors. Full-year reported revenues for the Clinical Diagnostics segment were $1,310.4 million, a decrease of 8.5% compared to the same period in 2014. On a currency-neutral basis, full-year sales increased 1.1% compared to 2014.
Full-year, sales were $2,019.4 million compared to $2,175.0 million in 2014. After normalizing for the impact of currency effects, full year revenues increased 1.6%.
Year-over-year net income in 2015 was $113.1 million, or $3.85 per share on a fully diluted basis, compared to $88.8 million, or $3.05 per share in 2014.
In April, Bio-Rad introduced a new laser configuration for its S3e™ Cell Sorter, providing new capabilities for stem cell and other research applications. Also that month, Bio-Rad announced the availability in U.S. markets of its BioPlex® 2200 25-OH Vitamin D kit for use on the company's BioPlex® 2200 system.
In June, Bio-Rad announced that its VARIANT™ II TURBO HbA1c Kit - 2.0 had obtained clearance from the U.S. Food and Drug Administration for use as an aid in diagnosing diabetes and identifying people who may be at risk for developing the disease.
In July, Bio-Rad announced that it had received U.S. Food and Drug Administration pre-market approval to offer its BioPlex® 2200 HIV Ag-Ab assay, the company's 5th generation HIV diagnostic test.
In August, Bio-Rad introduced its IH-500, a fully automated random access system for blood typing and screening for small and medium-size transfusion medicine laboratories. The instrument is available in Europe, Asia, Africa, Australia, and Latin America.
In December, Bio-Rad received clearance from the FDA for the Company's D-100 System for A1c testing and its TANGO infinity system.
Management will discuss these results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) February 25, 2016. Interested parties may access the call at 855-779-9068 within the U.S. or 631-485-4862 outside the U.S., passcode: 30616978. You may also listen to the conference call via a webcast that is available in the "Investor Relations" section of our website under "Quarterly Results" at . The webcast will be available for up to a year.
Bio-Rad Laboratories, Inc. (NYSE: BIO) (NYSE: BIO.B) develops, manufactures, and markets a broad range of innovative products and solutions for the life science research and clinical diagnostic markets. The company is renowned for its commitment to quality and customer service among university and research institutions, hospitals, public health and commercial laboratories, as well as the biotechnology, pharmaceutical, and food safety industries. Founded in 1952, Bio-Rad is based in Hercules, California, and serves more than 100,000 research and healthcare industry customers through its global network of operations. The company employs more than 7,700 people worldwide and had revenues exceeding $2 billion in 2015. For more information, please visit .
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding our release of new products, sales by region and future financial performance. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "believe," "expect," "anticipate," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include our ability to develop and market new or improved products, foreign currency exchange fluctuations, difficulties in implementing our global enterprise resource planning system, supply chain issues, our ability to compete effectively, product quality and liability issues, reductions in government funding or capital spending of our customers, international legal and regulatory risks, recent changes to our global organizational structure and executive management team, changes in the healthcare industry, global economic conditions, and natural disasters and other catastrophic events beyond our control. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2015, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.
Christine Tsingos
Executive Vice President and Chief Financial Officer
Ron Hutton
Vice President and Treasurer
Bio-Rad Laboratories, Inc.
510-724-7000
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Datum: 25.02.2016 - 21:15 Uhr
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