Every material Form 8-K Bio-Rad Laboratories filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Bio-Rad reported third-quarter 2024 net sales of $649.7 million, up 2.8% from a year earlier, led by Clinical Diagnostics. GAAP net income rose to $653.2 million, mainly from a gain on its Sartorius AG investment, while non-GAAP net income fell to $56.4 million and non-GAAP operating income declined to $73.3 million. The company kept its full-year non-GAAP revenue decline outlook of 2.5 to 4.0 percent and set a non-GAAP operating margin range of 12.75 to 13.25 percent that now includes a one-time acquired in-process R&D expense.
Net sales $649.7 million vs $632.1 million a year earlier; Clinical Diagnostics up 5.6% to $388.8 million, Life Science down 1.0% to $260.9 million
GAAP net income $653.2 million, or $23.34 per diluted share, vs $106.3 million, or $3.64, in Q3 2023
Non-GAAP net income $56.4 million, or $2.01 per diluted share, vs $68.1 million, or $2.33; non-GAAP operating income $73.3 million vs $81.6 million
Full-year 2024: non-GAAP revenue expected to decline about 2.5% to 4.0% on a currency-neutral basis; non-GAAP operating margin 12.75% to 13.25%
Bio-Rad Laboratories appointed Jonathan P. DiVincenzo, formerly an executive at Labcorp, as President and Chief Operating Officer, effective September 9, 2024, replacing Andrew Last, who retires September 5, 2024. CEO Norman Schwartz keeps his role as Chief Executive Officer and Chairman and gives up the title of President.
DiVincenzo's offer letter provides a $665,000 annual base salary and a 2024 target cash bonus of 100% of eligible earnings.
Equity and sign-on terms include restricted stock units valued at $2,500,000 within sixty days of hire and a $1.3 million sign-on bonus payable by February 15, 2025.
DiVincenzo was most recently Executive Vice President and President, Central Laboratories & International at Labcorp from May 2023 to August 2024.
Bio-Rad reported second-quarter 2024 net sales of $638.5 million, down 6.3% from a year earlier, and a GAAP net loss of $2,165.5 million, driven by a change in the fair market value of its Sartorius AG investment. The company lowered its full-year 2024 outlook, now expecting non-GAAP revenue to decline 2.5% to 4.0% on a currency-neutral basis, and its board raised the buyback authorization by $500 million.
Q2 2024 net sales were $638.5 million, down 6.3% from $681.1 million; Life Science fell 16.5% and Clinical Diagnostics rose 2.1%.
GAAP net loss was $2,165.5 million, or $76.26 per diluted share, versus a loss of $39.59 per share a year earlier; non-GAAP EPS was $3.11 versus $3.00.
Full-year 2024 non-GAAP revenue outlook moved to a 2.5% to 4.0% decline from prior 1.0% to 2.5% growth; non-GAAP operating margin outlook cut to 12.0% to 13.0% from 13.5% to 14.0%.
On July 29, 2024, the board authorized up to an additional $500 million in repurchases; about $578 million was available as of July 31, 2024.
Bio-Rad reported first-quarter 2024 net sales of $610.8 million, down 9.8% from a year earlier, with Life Science sales down 25.3% and Clinical Diagnostics up 4.7%. GAAP net income rose to $383.9 million, or $13.45 per diluted share, mainly due to a $422.2 million gain on equity securities tied to its Sartorius AG holding, while non-GAAP net income fell to $65.2 million, or $2.29 per share, from $3.34 a year earlier.
Net sales $610.8 million vs. $676.8 million in Q1 2023, a 9.8% decline; Life Science down 25.3%, Clinical Diagnostics up 4.7%
Income from operations $44.7 million vs. $61.9 million; non-GAAP operating margin 9.7% vs. 12.4%
GAAP net income $383.9 million ($13.45 per diluted share) vs. $69.0 million ($2.32), driven by changes in the fair market value of Sartorius AG-related equity securities
Full-year 2024 outlook maintained: non-GAAP currency-neutral revenue growth of approximately 1.0% to 2.5% and non-GAAP operating margin of approximately 13.5% to 14.0%
Bio-Rad Laboratories said Simon May, Executive Vice President and President of the Life Science Group and a named executive officer, will resign effective May 1, 2024, to pursue another opportunity. James J. Barry, the company's Senior Vice President of Global Manufacturing, will take over that role on the same date. The filing also reports annual meeting votes, including stockholder approval of an amended 2017 Incentive Award Plan, but contains no financial results.
Simon May resigns as EVP and President, Life Science Group, effective May 1, 2024
James J. Barry appointed EVP and President, Life Science Group, effective May 1, 2024 (appointed April 24, 2024)
Stockholders approved the amended 2017 Incentive Award Plan at the April 23, 2024 annual meeting; plan expiration extended to February 9, 2034
Bio-Rad Laboratories' Executive Vice President and Chief Operating Officer, Dr. Andrew Last, notified the company on April 10, 2024 that he plans to retire by early September 2024. He will stay in his current role while Bio-Rad searches for a successor, which the company says is intended to ensure a smooth transition.
Dr. Andrew Last, EVP and Chief Operating Officer, intends to retire by early September 2024
Dr. Last will remain in his current position while the company searches for a successor
Dr. Last joined Bio-Rad in April 2019; CEO Norman Schwartz credited him with cost structure, core process and supply chain improvements
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Bio-Rad Laboratories filing is on SEC EDGAR ↗. 8-K briefs of other companies →