Short answer
Bio-rad Laboratories Inc (BIO) filed its fiscal 2016 10-K annual report with the SEC on Mar 1, 2017. It reported revenue of $2.1B and net income of $28M.
- Top risk flagged: FCPA settlement exposure: DOJ and SEC NPA expired November 2, 2016, but foreign investigations or third-party claims remain possible
FY2016 key financial metrics · XBRL
- Revenue
- $2.1B
- Net income
- $28M
- Operating margin
- 2.6%
- Gross margin
- 55.0%
- EPS (diluted)
- $0.95
- ROE
- 1.1%
- Operating cash flow
- $216M
Source: XBRL data from the Bio-rad Laboratories Inc (BIO) FY2016 10-K on SEC EDGAR. USD.
Bio-rad Laboratories Inc FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Two-segment global model: Life Science research tools and Clinical Diagnostics systems, kits, software, and quality controls
- 2016 emphasis on higher-margin, higher-growth clinical diagnostics niches, supported by highly recurring installed-base revenues
- Geographic mix: 63% of net sales outside the United States, with direct distribution in 35 countries
- R&D investment $205.9 million, up from $193.0 million in 2015
- 8,250 employees at December 31, 2016; no customer exceeded 3% of total net sales
Management Discussion & Analysis
- Revenue $2.07B, up 2.4% YoY from $2.02B, or 4.0% excluding foreign currency
- Life Science strongest segment: $730.7M revenue, up 5.1%; Clinical Diagnostics $1.32B, up 1.0%
- Gross margin 55.0% vs 55.5%; net income margin 1.4% vs 5.6%; effective tax rate 32% vs 22%
- Operating cash flow $216.4M; capex $141.4M; $839.4M cash, equivalents and short-term investments
- $18.0M buyback authorization, $3.3M remaining; outlook: 2017 capex moderation amid ERP implementation, with currency and government funding risks
Risk Factors
- FCPA settlement exposure: DOJ and SEC NPA expired November 2, 2016, but foreign investigations or third-party claims remain possible
- International concentration: foreign subsidiaries generated 63% of 2016 net sales amid currency volatility and Brexit uncertainty
- ERP deployment risk: Western Europe launch planned for April 2017 after prior invoicing, manufacturing and logistics disruptions
- Diagnostics disruption: molecular diagnostics and point-of-care testing could outpace Bio-Rad’s product development
- Debt burden: approximately $434.5 million outstanding indebtedness, with leverage and interest-coverage covenant constraints
Generated from the filing text; verify against the original. How to read a 10-K
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