Short answer
Bio-rad Laboratories Inc (BIO) filed its fiscal 2018 10-K annual report with the SEC on Apr 1, 2019. It reported revenue of $2.3B (+6.0% year over year) and net income of $366M.
- Top risk flagged: FCPA settlement exposure: further DOJ or SEC action could damage government and state-owned customers
FY2018 key financial metrics · XBRL
- Revenue
- $2.3B
- +6.0% YoY
- Net income
- $366M
- +199.1% YoY
- Operating margin
- -4.5%
- −9.9 pp YoY
- Gross margin
- 53.4%
- −1.5 pp YoY
- EPS (diluted)
- $12.10
- +197.3% YoY
- ROE
- 9.1%
- +4.9 pp YoY
- Operating cash flow
- $285M
- +174.8% YoY
Source: XBRL data from the Bio-rad Laboratories Inc (BIO) FY2018 10-K on SEC EDGAR. USD.
Bio-rad Laboratories Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: Global manufacturer of life science research and clinical diagnostics products, systems and consumables
- Two segments, Life Science and Clinical Diagnostics, generating 37% and 62% of 2018 net sales respectively
- Strategic emphasis: Higher-margin, higher-growth clinical diagnostics niches with recurring installed-base revenue
- Global mix: 62% of consolidated net sales from outside the United States
- Approximately 8,260 employees, including 800 worldwide research and development personnel
Management Discussion & Analysis
- Revenue $2.29B, up 6.0% YoY from $2.16B, with currency-neutral growth of approximately 5.0%
- Gross margin 53.4% vs 55.0%; net income margin 16.0% vs 5.7%
- Best segment: Life Science revenue $861.7M, up 9.7%; worst: Clinical Diagnostics $1.41B, up 3.7%
- Operating cash flow $285.5M; capex $129.8M; buybacks $48.9M
- Outlook: government spending constraints, trade disputes, regulation and currency volatility risks; $425.0M debt due December 2020
Risk Factors
- FCPA settlement exposure: further DOJ or SEC action could damage government and state-owned customers
- International exposure: foreign subsidiaries generated 62% of 2018 net sales amid Brexit and tariff uncertainty
- ERP vulnerability: prior deployments delayed invoicing, manufacturing, logistics and Western European product shipments
- Technology disruption: molecular diagnostics and point-of-care testing could outpace Bio-Rad’s product development
- Debt burden: $439.4 million outstanding indebtedness plus a $200.0 million revolving facility cap[s] flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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