Bio-Rad Receives Premarket Application Approval for its Geenius HIV 1/2 Supplemental Assay
Nov 18 14
Bio-Rad Laboratories, Inc. announced that it has received Premarket Application approval from the U.S. Food and Drug Administration for Bio-Rad's Geenius(TM) HIV 1/2 Supplemental Assay (test). The Geenius HIV 1/2 Supplemental Assay is a single-use immunochromatographic assay intended for use as an additional, more specific, test to confirm the presence of and differentiate antibodies to Human Immunodeficiency Virus Types 1 and 2 (HIV-1 and HIV-2) for specimens found to be repeatedly reactive by diagnostic screening procedures. The assay may also be used to confirm the presence of antibodies to HIV-1 and/or HIV-2 in pediatric subjects (children as young as 2 years old).
Bio-Rad Laboratories, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Tax Guidance for the Fourth Quarter of 2014; Provides Earnings Guidance for the Full Year of 2014
Nov 4 14
Bio-Rad Laboratories, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s net sales were $530,644,000 against $505,066,000 a year ago. Income from operations was $33,240,000 against $29,058,000 a year ago. Income before income taxes was $22,476,000 against loss before income taxes of $5,216,000 a year ago. Net income attributable to the company was $11,509,000 or $0.39 per diluted share against net loss attributable to the company of $7,099,000 or $0.25 per diluted share a year ago. On a currency-neutral basis, quarterly revenues increased 4.3% compared to the same period last year. Net income for the third quarter of 2014 includes an incremental accrual of $12.1 million for the final settlement of the previously disclosed investigation in connection with the United States Foreign Corrupt Practices Act, which compares to an accrual of $20 million recorded in the same period last year. Net capital expenditures for the quarter were $27.3 million.
For the nine months, the company’s net sales were $1,576,820,000 against $1,530,059,000 a year ago. Income from operations was $99,398,000 against $117,139,000 a year ago. Income before income taxes was $85,811,000 against $67,875,000 a year ago. Net income attributable to the company was $49,808,000 or $1.71 per diluted share against $47,654,000 or $1.65 per diluted share a year ago. Net cash provided by operating activities was $233,096,000 against $98,586,000 a year ago. Payments for acquisitions and long-term investments were $43,645,000 against $68,510,000 a year ago. Adjusting for the impact of currency, year-to-date revenue growth was 2.7%.
The company announced that excluding any discrete items that may occur, the company's best estimate for the fourth quarter tax rate is 32% to 33%.
The company announced that full year 2014 expectations for capex is now slightly lower, in the $125 million to $135 million range. The effective tax rate for the full year 2014 will likely be in the 36% to 38% range. The company continues to anticipate full year currency-neutral sales growth of around 2.5% and in line with the guidance set at the beginning of the year. Previously the company stated caution in the company's ability to achieve the guidance of an 8% operating margin for the full year, especially considering having a year-to-date margin of just over 6%. The company reiterates that caution. The full year operating margin on a reported basis may be closer to 7%.
SEC Charges Bio-Rad Laboratories with FCPA Violations
Nov 3 14
The Securities and Exchange Commission charged Bio-Rad Laboratories with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand in order to win business. An SEC investigation found that Bio-Rad Laboratories lacked sufficient internal controls to prevent or detect approximately $7.5 million in bribes that were paid during a five-year period and improperly recorded in books and records as legitimate expenses like commissions, advertising, and training fees. The improper payments enabled Bio-Rad to earn $35 million in illicit profits. Bio-Rad agreed to pay $55 million to settle the SECs charges and a parallel action announced by the U.S. Department of Justice. Bio-Rad Laboratories failed to detect a bribery scheme and did not properly address red flags that such a scheme was underway. Which reflects credit for Bio-Rads cooperation in investigation, reiterates the importance of all companies ensuring they have the proper internal controls to prevent FCPA violations. The SECs order finds that Bio-Rad violated the anti-bribery, internal controls, and books and records provisions of the Securities Exchange Act of 1934. The company agreed to pay $40.7 million in disgorgement and prejudgment interest to the SEC, and a $14.35 million criminal fine to the Department of Justice.
Bio-Rad Laboratories, Inc. to Report Q3, 2014 Results on Nov 04, 2014
Oct 8 14
Bio-Rad Laboratories, Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Nov 04, 2014