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News

Bio-Rad Reports Fourth-Quarter and Full-Year 2019 Financial Results

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Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader of life science research and clinical diagnostic products, today announced financial results for the fourth quarter and full year ended December 31, 2019.

Fourth-quarter 2019 net sales were $624.4 million, an increase of 1.2 percent compared to $616.8 million reported for the fourth quarter of 2018. On a currency-neutral basis, quarterly sales increased 2.3 percent compared to the same period in 2018. Fourth-quarter gross margin was 52.9 percent compared to 53.9 percent during the fourth quarter in 2018. As previously disclosed, we experienced a cyberattack on our network on December 5, 2019. We immediately took affected systems offline as part of our comprehensive response to contain the activity. We have since resumed normal operations, although this occurrence did have an impact on sales and operations during December 2019.

Life Science segment net sales for the fourth quarter were $242.0 million, an increase of 1.0 percent compared to the same period in 2018. On a currency-neutral basis, Life Science segment sales increased by 1.8 percent compared to the same quarter in 2018. Currency-neutral sales growth was primarily driven by growth of Process Media, Droplet Digital PCR and Food Safety products. On a geographic view, the sales increase was due to growth in North America and Europe.

Clinical Diagnostics segment net sales for the fourth quarter were $379.0 million, an increase of 1.6 percent compared to the same period in 2018. On a currency-neutral basis, net sales were up 2.8 percent compared to the same quarter last year. Currency-neutral sales were primarily attributed to Diabetes, Quality Controls, Autoimmune, and Blood Typing products. Sales increase during the fourth quarter of 2019 was the result of growth in Asia and the Americas.

Net income for the fourth quarter of 2019 was $553.5 million, or $18.31 per share on a diluted basis, compared to a net loss of ($828.5) million, or ($27.73) per share on a diluted basis, during the same period in 2018. Net income for the fourth quarter of 2019 was significantly and favorably impacted by the recognition on the income statement of changes in the fair market value of equity securities reflecting an increase in value of $646.0 million during the fourth quarter of 2019, primarily related to our holdings of Sartorius AG.

The effective tax rate for the fourth quarter of 2019 was 20.9 percent, compared to 20.4 percent for the same period in 2018.

Aside from the impact of the cyberattack on our network in December, sales performance for the fourth quarter reflected continued momentum of many of our key life science and diagnostic product lines, said Norman Schwartz, Bio-Rad President and Chief Executive Officer. Looking back at the year, we are encouraged by our overall performance, in particular, our core operating results that provide us with good momentum toward continued topline growth and reaching our long-term goals as we head into 2020.

GAAP Results

 

Q4 2019

Q4 2018

Revenue (millions)

$624.4

$616.8

Gross margin

52.9%

53.9%

Operating margin

9.5%

(36.8%)

Net income (loss) (millions)

$553.5

($828.5)

Income (loss) per diluted share

$18.31

($27.73)

 

Non-GAAP Results

 

Q4 2019

Q4 2018

Gross margin

54.1%

55.4%

Operating margin

14.3%

14.3%

Net income (millions)

$70.0

$63.1

Income per diluted share

$2.32

$2.09

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release. Non-GAAP adjustments include amortization of purchased intangibles; acquisition-related expenses and benefits; restructuring, impairment charges and valuation changes in equity-owned investments; gains and losses on equity-method investments; significant litigation charges or benefits and legal costs; and, discrete income tax events and the income tax effect on these non-GAAP adjustments.

Non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS) are non-GAAP measures that exclude certain items detailed later in this press release under the heading Non-GAAP Reporting.

Non-GAAP net income for the fourth quarter of 2019 was $70.0 million, or $2.32 per share on a diluted basis, compared to $63.1 million, or $2.09 per share on a diluted basis, during the same period in 2018. The non-GAAP effective tax rate for the fourth quarter of 2019 was 17.7 percent, compared to 28.7 percent for the same period in 2018. The lower rate in 2019 was largely driven by favorable regulatory guidance relating to U.S. Tax reform issued in the fourth quarter of 2019.

The following table represents a reconciliation of Bio-Rads reported net income and diluted income per share to non-GAAP net income and non-GAAP diluted income per share for the three months and for the full year ended December 31, 2019 and 2018:

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

(in thousands, except per share data)

2019

 

2018

 

2019

 

2018

 

GAAP net income (loss)

$553,486

 

($828,529)

 

$1,758,675

 

$365,614

 

Amortization of purchased intangibles

6,663

 

6,016

 

23,153

 

26,195

 

Legal matters

2,248

 

10,143

 

6,841

 

23,352

 

Acquisition-related benefits

(2,849)

 

(127)

 

(10,611)

 

(2,989)

 

Restructuring costs

23,720

 

6,901

 

29,469

 

8,379

 

Goodwill and long-lived assets impairment

 

292,513

 

 

292,513

 

Valuation (gain) loss on equity-owned securities

(645,988)

 

814,109

 

(2,030,987)

 

(606,230)

 

Loss on equity-method investments

1,845

 

66

 

2,543

 

691

 

Other non-recurring items

 

 

(759)

 

(9,208)

 

Income tax effect on non-GAAP adjustments

130,871

 

(238,042)

 

434,761

 

77,234

Non-GAAP net income

$69,996

 

$63,050

 

$213,085

 

$175,551

 

 

 

 

 

 

 

 

 

 GAAP diluted income (loss) per share

$18.31

 

($27.73)

 

$58.27

 

$12.10

 

Non-GAAP diluted income per share

$2.32

 

$2.09

 

$7.06

 

$5.81

Full Year 2019 Results

On a reported basis, net sales for the full year of 2019 increased 1.0 percent to $2,311.7 million compared to $2,289.4 million for the full year of 2018. On a currency-neutral basis, net sales grew 3.3 percent. Full-year reported net sales for the Life Science segment were $885.9 million, an increase of 2.8 percent compared to 2018. On a currency-neutral basis sales increased 4.6 percent versus 2018. Full-year reported net sales for the Clinical Diagnostics segment were $1,412.0 million, flat compared to 2018, or an increase of 2.8 percent on a currency-neutral basis. Full-year gross margin was 54.4 percent, compared to 53.4 percent during the same period in 2018.

Net income for 2019 was $1,758.7 million, or $58.27 per share on a fully diluted basis, compared to $365.6 million, or $12.10 per share, respectively, during the same period in 2018. This significant increase was primarily due to the change in fair market value of our equity securities in 2019 primarily related to our holdings of Sartorius AG.

The effective tax rate in 2019 was 22.2 percent compared to 28.7 percent in 2018. The tax rate in 2019 and 2018 was driven by the large unrealized gain in equity securities. The rate in 2018 was also impacted by our accounting for U.S. Tax reform and non-deductible goodwill impairment.

2019 Full-Year Highlights

  • Full-year sales were $2,311.7 million compared to $2,289.4 million for the full year of 2018. After normalizing for the impact of currency, full-year sales increased 3.3 percent.
  • Year-to-date net income for 2019 was $1,758.7 million, or $58.27 per share on a fully diluted basis, compared to $365.6 million, or $12.10 per share, respectively, during the same period in 2018.
  • In February, Bio-Rads QXDx AutoDG ddPCR System and QXDx BCR-ABL %IS Kit were the industrys first digital PCR products to receive U.S. Food and Drug Administration (FDA) clearance. The system uses Bio-Rad’s Droplet Digital PCR (ddPCR) technology to monitor and quantitate the molecular response of chronic myeloid leukemia patients undergoing tyrosine kinase inhibitor therapy.
  • During the second quarter, Bio-Rad announced the launch of an innovative test to aid in the diagnosis of Lyme disease with the FDA clearance of its BioPlex 2200 Lyme Total Assay. Also during the second quarter, Bio-Rads IH-500 automated random access system for blood typing and screening, received FDA 510(k) clearance.
  • In April, Bio-Rad named Ilan Daskal as Executive Vice President and Chief Financial Officer and Andrew Last as Executive Vice President and Chief Operating Officer.
  • In June, Bio-Rad announced the launch of its scATAC-Seq solution, a single-cell assay for transposase-accessible chromatin using sequencing, offering high capture efficiency and sensitivity for profiling of gene regulation of individual human cells.
  • In August, Bio-Rad acquired Exact Diagnostics, a leading provider of a broad range of molecular diagnostics controls. With this acquisition, Bio-Rad expanded its line of quality control products in the area of transplant, respiratory, virology, microbiology, sexually transmitted infections, and vector-borne diseases.
  • In November, Bio-Rad installed its QX ONE Droplet Digital PCR System at select customer labs prior to the official product launch. The system automates the companys Droplet Digital technology into a single integrated instrument designed for drug development and manufacturing quality control as well as other highly critical testing environments.

2020 Financial Outlook

For the full year 2020, the company anticipates currency-neutral revenue growth of approximately 4.5 to 5.25 percent and improved profitability with an estimated non-GAAP operating margin of 13.8 to 14.3 percent. Management will discuss this outlook in greater detail on the fourth-quarter and full-year 2019 financial results conference call.

Looking ahead to 2020, we expect another year of progress driven by a combination of healthy markets, new products, and a focus on operating efficiencies, Mr. Schwartz said. We continue to pursue our goal of 20 percent adjusted EBITDA run rate by the end of the year.

Non-GAAP Reporting

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP EPS, which exclude amortization of acquisition-related intangible assets, certain acquisition-related expenses and benefits, restructuring charges, asset impairment charges, valuation changes of equity owned investments, gains and losses on equity-method investments, and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. More specifically, management adjusts for the excluded items for the following reasons:

Amortization of purchased intangible assets: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.

Acquisition-related expenses and benefits: we incur expenses or benefits with respect to certain items associated with our acquisitions such as transaction costs; professional fees for assistance with the transaction; valuation or integration costs; changes in the fair value of contingent consideration; gain or loss on settlement of pre-existing relationships with the acquired entity; or adjustments to purchase price. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business.

Restructuring, impairment charges, valuation changes in equity owned investments and gains and losses on equity-method investments: we incur restructuring and impairment charges on individual or groups of employed assets, charges and benefits arising from valuation changes in equity owned investments and gains and losses on equity-method investments, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.

Significant litigation charges or benefits and legal costs: we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results.

Income tax expense: we estimate the tax effect of the excluded items identified above to determine a non-GAAP annual effective tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and/or tax jurisdiction requires the application of a specific tax rate or treatment.

From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.

There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

Conference Call and Webcast

Management will discuss fourth quarter and full year ended December 31, 2019 results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) February 13, 2020. Interested parties may access the call at 855-779-9068 within the U.S. or 631-485-4862 outside the U.S., Conference ID: 1397614. 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 www.bio-rad.com. The webcast will be available for up to a year.

BIO-RAD, DDPCR, and DROPLET DIGITAL PCR are trademarks of Bio-Rad Laboratories, Inc. in certain jurisdictions.

About Bio-Rad

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostic markets. With a focus on quality and customer service for over 65 years, our products advance the discovery process and improve healthcare. Our customers are university and research institutions, hospitals, public health and commercial laboratories, biotechnology, pharmaceutical, as well as applied laboratories that include food safety and environmental quality. Founded in 1952, Bio-Rad is based in Hercules, California, and has a global network of operations with more than 8,000 employees worldwide. Bio-Rad had revenues exceeding $2.3 billion in 2019. For more information, please visit bio-rad.com.

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 estimated future financial performance or results, the growth of our business, sales performance for the fourth quarter (aside from the impact of the cyberattack on our network in December) reflecting continued momentum of many of our key life science and diagnostic product lines, our core operating results providing us with good momentum toward continued topline growth and reaching our long-term goals as we head into 2020, for the full year 2020 anticipating currency-neutral revenue growth of approximately 4.5 to 5.0 percent and improved profitability with an estimated non-GAAP operating margin of 13.8 to 14.3 percent, expecting another year of progress driven by a combination of healthy markets, new products, and a focus on operating efficiencies, and continuing to pursue our goal of 20 percent adjusted EBITDA run rate by the end of the year. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, “anticipate,” “estimate,” “expect,” “continue,” “believe,” “will,” “project,” “assume,” “may,” “intend,” 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, our ability to compete effectively, international legal and regulatory risks, risks relating to breaches of our information systems, global economic conditions, foreign currency exchange fluctuations, recent and planned changes to our global organizational structure and executive management team, product quality and liability issues, reductions in government funding or capital spending of our customers, our ability to integrate acquired companies, products or technologies into our company successfully, supply chain issues, changes in the healthcare industry, difficulties in implementing our global enterprise resource planning system, 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 “Managements Discussion and Analysis of Financial Condition and Results of Operations” in the Companys public reports filed with the Securities and Exchange Commission (the “SEC”), including the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2018, its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2019, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 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.

Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Income
 
(In thousands, except per share data)
(Unaudited)
 
 

Three Months Ended

Year Ended

December 31,

December 31,

2019

2018

2019

2018

Net sales

$

624,428

 

$

616,847

 

$

2,311,659

 

$

2,289,415

 

Cost of goods sold

 

293,989

 

 

284,282

 

 

1,054,663

 

 

1,066,264

 

Gross profit

 

330,439

 

 

332,565

 

 

1,256,996

 

 

1,223,151

 

 
Selling, general and administrative expense

 

214,165

 

 

214,032

 

 

824,625

 

 

834,783

 

Research and development expense

 

57,069

 

 

53,074

 

 

202,710

 

 

199,196

 

Impairment losses on goodwill and long-lived assets

 

 

 

292,513

 

 

 

 

292,513

 

Income (loss) from operations

 

59,205

 

 

(227,054

)

 

229,661

 

 

(103,341

)

 
Interest expense

 

6,064

 

 

6,139

 

 

23,416

 

 

23,962

 

Foreign currency exchange (gains) losses, net

 

(1,166

)

 

950

 

 

2,245

 

 

2,861

 

Change in fair market value of equity securities

 

(645,988

)

 

814,109

 

 

(2,030,987

)

 

(606,230

)

Other (income) expense, net

 

865

 

 

(7,005

)

 

(26,094

)

 

(36,593

)

Income (loss) before income taxes

 

699,430

 

 

(1,041,247

)

 

2,261,081

 

 

512,659

 

 
(Provision for) benefit from income taxes

 

(145,944

)

 

212,718

 

 

(502,406

)

 

(147,045

)

Net income (loss)

$

553,486

 

$

(828,529

)

$

1,758,675

 

$

365,614

 

 
Basic earnings (loss) per share:
Net income (loss) per basic share

$

18.50

 

$

(27.73

)

$

58.93

 

$

12.25

 

 
Weighted average common shares – basic

 

29,924

 

 

29,878

 

 

29,843

 

 

29,836

 

 
Diluted earnings (loss) per share:
Net income (loss) per diluted share

$

18.31

 

$

(27.73

)

$

58.27

 

$

12.10

 

 
Weighted average common shares – diluted

 

30,221

 

 

29,878

 

 

30,184

 

 

30,228

 

Note:

As a result of the net loss for the three months ended December 31, 2018, all potentially issuable common shares have been excluded from the diluted shares used in the computation of earnings per share as their effect was anti-dilutive.

Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
 
(In thousands)
(Unaudited)
 
 

December 31,

December 31,

2019

2018

 
Current assets:
Cash and cash equivalents

$

660,672

$

431,526

Short-term investments

 

459,533

 

418,830

Accounts receivable, net

 

392,672

 

392,443

Inventories, net

 

554,007

 

583,815

Other current assets

 

113,271

 

196,864

Total current assets

 

2,180,155

 

2,023,478

 
Property, plant and equipment, net

 

499,339

 

508,690

Operating lease right-of-use assets

 

201,868

 

Goodwill, net

 

264,131

 

219,770

Purchased intangibles, net

 

145,525

 

133,123

Other investments

 

4,638,205

 

2,655,709

Other assets

 

79,636

 

70,298

Total assets

$

8,008,859

$

5,611,068

 
Current liabilities:
Accounts payable, accrued payroll and employee benefits

$

287,098

$

265,960

Current maturities of long-term debt

 

426,172

 

493

Income and other taxes payable

 

36,285

 

56,188

Other current liabilities

 

155,940

 

128,154

Total current liabilities

 

905,495

 

450,795

 
Long-term debt, net of current maturities

 

13,579

 

438,937

Other long-term liabilities

 

1,334,728

 

701,005

Total liabilities

 

2,253,802

 

1,590,737

 
Total stockholders’ equity

 

5,755,057

 

4,020,331

Total liabilities and stockholders’ equity

$

8,008,859

$

5,611,068

 
Bio-Rad Laboratories, Inc.
Condensed Consolidated Statements of Cash Flows
 
(In thousands)
(Unaudited)
 
 
 
 

Year Ended

December 31,

 

2019

2018

 
Cash flows from operating activities:
Cash received from customers

$

2,311,925

 

$

2,326,310

 

Cash paid to suppliers and employees

 

(1,818,575

)

 

(1,989,685

)

Interest paid, net

 

(22,330

)

 

(22,703

)

Income tax payments, net

 

(45,081

)

 

(62,414

)

Other operating activities

 

31,958

 

 

33,986

 

Net cash provided by operating activities

 

457,897

 

 

285,494

 

 
Cash flows from investing activities:
(Payments for) proceeds from acquisitions

 

(79,386

)

 

266

 

Other investing activities

 

(129,503

)

 

(187,244

)

Net cash used in investing activities

 

(208,889

)

 

(186,978

)

 
Cash flows from financing activities:
Payments on long-term borrowings

 

(643

)

 

(2,961

)

Other financing activities

 

(22,115

)

 

(45,719

)

Net cash used in financing activities

 

(22,758

)

 

(48,680

)

 
Effect of foreign exchange rate changes on cash

 

2,237

 

 

(655

)

 
Net increase in cash, cash equivalents, and restricted cash

 

228,487

 

 

49,181

 

Cash, cash equivalents, and restricted cash at beginning of year

 

434,164

 

 

384,983

 

Cash, cash equivalents, and restricted cash at end of year

$

662,651

 

$

434,164

 

 
 
Reconciliation of net income to net cash provided by operating activities:
Net income

$

1,758,675

 

$

365,614

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

134,238

 

 

138,088

 

Reduction in the carrying amount of right-of-use assets

 

40,339

 

 

 

Impairment losses on goodwill and long-lived assets

 

 

 

292,513

 

Changes in working capital

 

55,392

 

 

(34,945

)

Other

 

(1,530,747

)

 

(475,776

)

Net cash provided by operating activities

$

457,897

 

$

285,494

 

 

Bio-Rad Laboratories, Inc. Reconciliation of GAAP financial measures to non-GAAP financial measures (In thousands, except per share data) (Unaudited)

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS), which exclude amortization of acquisition-related intangible assets; certain acquisition-related expenses and benefits; restructuring charges; asset impairment charges; valuation changes of equity owned investments; gains and losses on equity-method investments; and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

Three Months Ended Three Months Ended Year Ended Year Ended

December 31,

% of

December 31,

% of

December 31,

% of

December 31,

% of

2019

revenue

2018

revenue

2019

revenue

2018

revenue
 
GAAP cost of goods sold

$

293,989

 

$

284,282

 

$

1,054,663

 

$

1,066,264

 

Amortization of purchased intangibles

 

(4,532

)

 

(4,239

)

 

(15,898

)

 

(18,491

)

Acquisition related benefits (costs) (1)

 

1,508

 

 

 

 

8,911

 

 

 

Restructuring benefits (costs)

 

(4,397

)

 

(5,144

)

 

(7,448

)

 

(7,028

)

Non-GAAP cost of goods sold

$

286,568

 

$

274,899

 

$

1,040,228

 

$

1,040,745

 

 
GAAP gross profit

$

330,439

 

52.9%

$

332,565

 

53.9%

$

1,256,996

 

54.4%

$

1,223,151

 

53.4%

Amortization of purchased intangibles

 

4,532

 

 

4,239

 

 

15,898

 

 

18,491

 

Acquisition related (benefits) costs (1)

 

(1,508

)

 

 

 

(8,911

)

 

 

Restructuring (benefits) costs

 

4,397

 

 

5,144

 

 

7,448

 

 

7,028

 

Non-GAAP gross profit

$

337,860

 

54.1%

$

341,948

 

55.4%

$

1,271,431

 

55.0%

$

1,248,670

 

54.5%

 
GAAP selling, general and administrative expense

$

214,165

 

$

214,032

 

$

824,625

 

$

834,783

 

Amortization of purchased intangibles

 

(2,131

)

 

(1,777

)

 

(7,255

)

 

(7,704

)

Legal matters

 

(2,248

)

 

(10,143

)

 

(6,841

)

 

(23,352

)

Acquisition related benefits (costs) (1)

 

1,341

 

 

127

 

 

1,700

 

 

3,501

 

Restructuring benefits (costs)

 

(13,200

)

 

(421

)

 

(16,002

)

 

(855

)

Non-GAAP selling, general and administrative expense

$

197,927

 

$

201,818

 

$

796,227

 

$

806,373

 

 
GAAP research and development expense

$

57,069

 

$

53,074

 

$

202,710

 

$

199,196

 

Acquisition related benefits (costs) (1)

 

 

 

 

 

 

 

(512

)

Restructuring benefits (costs)

 

(6,123

)

 

(1,336

)

 

(6,019

)

 

(496

)

Non-GAAP research and development expense

$

50,946

 

$

51,738

 

$

196,691

 

$

198,188

 

 
GAAP impairment losses on goodwill and long-lived assets

$

 

$

292,513

 

$

 

$

292,513

 

Goodwill and long-lived assets impairment

 

 

 

(292,513

)

 

 

 

(292,513

)

Non-GAAP impairment losses on goodwill and long-lived assets

$

 

$

 

$

 

$

 

 
GAAP income (loss) from operations

$

59,205

 

9.5%

$

(227,054

)

-36.8%

$

229,661

 

9.9%

$

(103,341

)

-4.5%

Amortization of purchased intangibles

 

6,663

 

 

6,016

 

 

23,153

 

 

26,195

 

Legal matters

 

2,248

 

 

10,143

 

 

6,841

 

 

23,352

 

Acquisition related (benefits) costs (1)

 

(2,849

)

 

(127

)

 

(10,611

)

 

(2,989

)

Restructuring (benefits) costs

 

23,720

 

 

6,901

 

 

29,469

 

 

8,379

 

Goodwill and long-lived assets impairment

 

 

 

292,513

 

 

 

 

292,513

 

Non-GAAP income from operations

$

88,987

 

14.3%

$

88,392

 

14.3%

$

278,513

 

12.0%

$

244,109

 

10.7%

 
GAAP change in fair market value of equity securities

$

(645,988

)

$

814,109

 

$

(2,030,987

)

$

(606,230

)

Valuation (loss) gain on equity-owned securities

 

645,988

 

 

(814,109

)

 

2,030,987

 

 

606,230

 

Non-GAAP change in fair market value of equity securities

$

 

$

 

$

 

$

 

 
GAAP other (income) expense, net

$

865

 

$

(7,005

)

$

(26,094

)

$

(36,593

)

(Loss) gain on equity-method investments

 

(1,845

)

 

(66

)

 

(2,543

)

 

(691

)

Other non-recurring items (2)

 

 

 

 

 

759

 

 

9,208

 

Non-GAAP other (income) expense, net

$

(980

)

$

(7,071

)

$

(27,878

)

$

(28,076

)

 
GAAP income (loss) before income taxes

$

699,430

 

$

(1,041,247

)

$

2,261,081

 

$

512,659

 

Amortization of purchased intangibles

 

6,663

 

 

6,016

 

 

23,153

 

 

26,195

 

Legal matters

 

2,248

 

 

10,143

 

 

6,841

 

 

23,352

 

Acquisition related (benefits) costs (1)

 

(2,849

)

 

(127

)

 

(10,611

)

 

(2,989

)

Restructuring (benefits) costs

 

23,720

 

 

6,901

 

 

29,469

 

 

8,379

 

Goodwill and long-lived assets impairment

 

 

 

292,513

 

 

 

 

292,513

 

Valuation loss (gain) on equity-owned securities

 

(645,988

)

 

814,109

 

 

(2,030,987

)

 

(606,230

)

Loss (gain) on equity-method investments

 

1,845

 

 

66

 

 

2,543

 

 

691

 

Other non-recurring items (2)

 

 

 

 

 

(759

)

 

(9,208

)

Non-GAAP income before income taxes

$

85,069

 

$

88,374

 

$

280,730

 

$

245,362

 

 
GAAP (provision for) benefit from income taxes

$

(145,944

)

$

212,718

 

$

(502,406

)

$

(147,045

)

Income tax effect of non-GAAP adjustments (3)

 

130,871

 

 

(238,042

)

 

434,761

 

 

77,234

 

Non-GAAP provision for income taxes

$

(15,073

)

$

(25,324

)

$

(67,645

)

$

(69,811

)

 
GAAP net income (loss)

$

553,486

 

88.6%

$

(828,529

)

-134.3%

$

1,758,675

 

76.1%

$

365,614

 

16.0%

Amortization of purchased intangibles

 

6,663

 

 

6,016

 

 

23,153

 

 

26,195

 

Legal matters

 

2,248

 

 

10,143

 

 

6,841

 

 

23,352

 

Acquisition related (benefits) costs (1)

 

(2,849

)

 

(127

)

 

(10,611

)

 

(2,989

)

Restructuring (benefits) costs

 

23,720

 

 

6,901

 

 

29,469

 

 

8,379

 

Goodwill and long-lived assets impairment

 

 

 

292,513

 

 

 

 

292,513

 

Valuation loss (gain) on equity-owned securities

 

(645,988

)

 

814,109

 

 

(2,030,987

)

 

(606,230

)

Loss (gain) on equity-method investments

 

1,845

 

 

66

 

 

2,543

 

 

691

 

Other non-recurring items (2)

 

 

 

 

 

(759

)

 

(9,208

)

Income tax effect of non-GAAP adjustments (3)

 

130,871

 

 

(238,042

)

 

434,761

 

 

77,234

 

Non-GAAP net income

$

69,996

 

11.2%

$

63,050

 

10.2%

$

213,085

 

9.2%

$

175,551

 

7.7%

 
GAAP diluted income (loss) per share

$

18.31

 

$

(27.73

)

$

58.27

 

$

12.10

 

Amortization of purchased intangibles

 

0.22

 

 

0.20

 

 

0.77

 

 

0.87

 

Legal matters

 

0.07

 

 

0.34

 

 

0.23

 

 

0.77

 

Acquisition related (benefits) costs (1)

 

(0.09

)

 

 

 

(0.35

)

 

(0.10

)

Restructuring (benefits) costs

 

0.78

 

 

0.23

 

 

0.98

 

 

0.28

 

Goodwill and long-lived assets impairment

 

 

 

9.70

 

 

 

 

9.68

 

Valuation loss (gain) on equity-owned securities

 

(21.38

)

 

26.99

 

 

(67.29

)

 

(20.06

)

Loss (gain) on equity-method investments

 

0.06

 

 

 

 

0.08

 

 

0.02

 

Other non-recurring items (2)

 

 

 

 

 

(0.03

)

 

(0.30

)

Income tax effect of non-GAAP adjustments (3)

 

4.35

 

 

(7.90

)

 

14.40

 

 

2.55

 

Add back anti-dilutive shares

 

(0.00

)

 

0.26

 

 

 

 

 

Non-GAAP diluted income per share

$

2.32

 

$

2.09

 

$

7.06

 

$

5.81

 

 
GAAP diluted weighted average shares used in per share calculation

 

30,221

 

 

29,878

 

 

30,184

 

 

30,228

 

Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive

 

 

 

287

 

 

 

 

 

Non-GAAP diluted weighted average shares used in per share calculation

 

30,221

 

 

30,165

 

 

30,184

 

 

30,228

 

 

(1)

Release of contingent consideration and other acquisition-related (benefits) expenses.

 

(2)

Gain on the sale of a product line (2018 and 2019), and gain on the sale of land (2018).

 

(3)

Excluded items identified in the reconciliation schedule are tax effected by application of a non-GAAP effective tax rate. The non-GAAP tax provision is adjusted for items, the nature of which and/or tax jurisdiction requires the application of a specific tax rate or treatment.

2020 Financial Outlook

Forecasted non-GAAP operating margin excludes 93 basis points related to amortization of purchased intangibles. Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as foreign currency fluctuations, future gains or losses associated with certain legal matters, acquisitions and restructuring activities.

Investor Contact:

Bio-Rad Laboratories, Inc.

Ilan Daskal, Executive Vice President

& Chief Financial Officer

510-724-7000

[email protected]

Press Contact:

Bio-Rad Laboratories, Inc.

Tina Cuccia, Corporate Communications

510-724-7000

[email protected]

News

Suncity Group Named Title Sponsor for Local Arts Events

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Fully Supports Macau’s Cultural Industry and the Recovery of Macau

 

MACAU, CHINA – Media OutReach – 20 September 2020 – To revitalize the development of Macau’s cultural industry, Suncity Group fully supports the local arts event, rooting for Macau citizens and local artists through series of astonishing and diversified music entertaining events. ‘Suncity Group Rooting for Macau – SIM! Music Festival 2020’ is the first musical performance of series events title sponsored by Suncity Group, ended perfectly at the Cotai Arena, Venetian Macau on September 19.

[View Image]

Maria Helena de Senna Fernandes, Director of Macau Government Tourist Office, Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd. attended the event 

‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau

[View Image]

Local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival

 

With the purpose of ‘reigniting the local performing arts power’, a group of outstanding local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival. A total of 12 units did their utmost to compete in the same stage with singing and dancing. There was no cessation to the excitement and the symphony of applause and cheers in the whole night.

 

The organisers have specially invited Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd., Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association to serve as adjudicators and presenters, witnessing and supporting this diversified music festival that belongs to Macau with the other officiating guests. It shot in the arm of Macau’s cultural industry which has been gradually recovering after the pandemic. After a series of stiff competitions and wonderful performances by the participating units, the ‘Best Styling Award’ went to Walk with Scamper, the ‘Best Teamwork Award’ was awarded to Girls Rock, the ‘Best Positive Energy’ was given to Bacalhau Talkshow & Band, and finally the ‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau.

 

Mr. Chau said, ‘2020 is the year full of difficulties. With the impact of the pandemic, performing arts and cultural industries in mainland China and Macau have been hard hit. Most of the large-scale musical performances have also been suspended. “Suncity Group Rooting for Macau – SIM! Music Festival 2020” as the first music festival of this year, it undoubtedly brings more positive energy to Macau society as well as the cultural industry, pro-actively supporting the development of Macau’s industrial diversification.’

 

As the first extraordinary music feast of series events ended, ‘Suncity Group Rooting for Macau – SIM! Full Band festival 2020’, also title sponsored by Suncity Group, comes immediately thereafter and will be held on September 26. 13 teams of local rock bands will spare no effort to inspire local Macau citizens and awaken their rocking soul. There are also DJ performances, cold beer and snacks at that night, creating a diversified and dynamic rock music festival with hyper performances and mouth-watering delicacies. It once again roots for the recovery of Macau’s economy.

 

As an enterprise rooted in Macau, Suncity Group is committed to the motherland and Macau. With actively fulfilling its social responsibilities, the Group strives to support the recovery of cultural industry in mainland China and Macau as well as the diversified development of Macau in cooperating to national policies and long-term development of China. Through the title sponsorship of the series arts events, Suncity Group hopes to bring more positive energy and get the uptick of confidence to the Macau society.

 

High-resolution images can be downloaded in the gallery:

https://dropbox.suncity-group.com/url/0919sim

About Suncity Group

Suncity Group was founded in 2007. Since establishment, Suncity Group has been striving to provide the extraordinary VIP entertainment service for our guests, and we then opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business. Meanwhile, we successively set up exclusive VIP Clubs in Manila, Seoul, Incheon, Phnom Penh and Da Nang, etc.

 

Adhering to the spirit of “Innovating With Diversity, Striving For Success”, Suncity Group spared no effort to develop high-end entertainment services and products as well as roll out global VIP loyalty program for the selected members to enjoy entertainment, travel, catering services, luxury shopping and motion picture. Today, the scope of our business covers most sectors, especially in the fields of global travel, film production, concert and event planning, catering and luxury goods.

 

As a Macau born and bred enterprise, Suncity Group is not only devoted to develop the Asian market, but also oriented to expand the global network. In the future, we will surely continue to diversify our VIP entertainment services, attract more exclusive members and make every effort to promote our business in every corner of the world.

 

Official Website | www.suncitygroup.com.mo/en

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News

CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

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HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Odonate securities during the class period, you have until November 16, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]

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