Bio-Rad Reports Fourth-Quarter and Full-Year 2018 Financial Results

Business Wire - finance.yahoo.com Posted 6 years ago

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% $ 82,734 13.3 % $ 360,996 15.8 % $ 122,249 5.7 % Amortization of purchased intangibles 6,016 6,929 26,195 29,869 Legal matters 8,654 (10,318 ) 21,863 (6,738 ) Acquisition related (benefit) costs (1) (2) (127 ) (912 ) (2,989 ) 9,890 Restructuring costs 6,901 25,158 8,379 34,368 Goodwill and long-lived assets impairment 300,513 11,506 300,513 11,506 Valuation change in equity-owned securities (3) 814,109 - (606,230 ) - Loss (gain) on equity-method investments 66 (260 ) 691 35 Other non-recurring items (4) - 6,501 (9,208 ) 6,501 Income tax effect of non-GAAP adjustments (5)   (238,809 )   (64,067 )   76,467     (80,723 ) Non-GAAP net income $ 64,176   10.4 % $ 57,271   9.2 % $ 176,677   7.7 % $ 126,957   5.9 %   GAAP diluted (loss) income per share $ (27.88 ) $ 2.75 $ 11.94 $ 4.07 Amortization of purchased intangibles 0.20 0.23 0.87 0.99 Legal matters 0.29 (0.34 ) 0.72 (0.22 ) Acquisition related (benefits) costs (1) (2) - (0.03 ) (0.10 ) 0.33 Restructuring costs 0.23 0.84 0.28 1.14 Goodwill and long-lived assets impairment 9.96 0.38 9.94 0.38 Valuation change in equity-owned securities (3) 26.99 - (20.06 ) - Loss (gain) on equity-method investments - (0.01 ) 0.02 - Other non-recurring items (4) - 0.22 (0.30 ) 0.22 Income tax effect of non-GAAP adjustments (5) (7.92 ) (2.14 ) 2.53 (2.68 ) Add back anti-dilutive shares   0.26     -     -     -   Non-GAAP diluted income per share $ 2.13   $ 1.90   $ 5.84   $ 4.23     GAAP diluted weighted average shares used in per share calculation 29,878 30,108 30,228 30,034 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   30,165     30,108     30,228     30,034         (1) One-time expense associated with the February 2017 acquisition of RainDance Technologies, Inc.   (2) Release of contingent consideration and other acquisition-related expense   (3) Mark-to-market gain on equity-owned securities   (4) Gain on the sale of land and a product line, and impairment loss on investments  

(5) 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.

 

2019 Financial Outlook

Forecasted non-GAAP operating margin excludes 80 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.

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