HERCULES, CA--(Marketwire - May 1, 2012) - Bio-Rad Laboratories, Inc. (NYSE: BIO) (NYSE: BIOb), a multinational manufacturer and distributor of life science research and clinical diagnostic products, announced financial results today for the first quarter ended March 31, 2012.

First-quarter reported revenues were $486.3 million, up 0.2% compared to $485.1 million reported for the first quarter of 2011. On a currency-neutral basis, quarterly revenues increased 1.4% compared to the same period last year. First-quarter gross margin was 57.3% compared to 57.2% during the same quarter last year. Net income attributable to Bio-Rad for the first quarter of 2012 was $31.0 million, or $1.09 per share on a fully diluted basis compared to $1.16 per share during the same period last year. These results include $7.7 million in operating losses (including approximately $2.5 million of amortization expense) resulting from Bio-Rad's acquisition of QuantaLife, Inc., in October 2011. First-quarter results also reflect recognition of an indirect tax in Brazil for the periods of 2007 through 2011 totaling $6.1 million.

"While we are off to a little bit of a slow start for the year, our outlook remains positive," said Norman Schwartz, Bio-Rad President and Chief Executive Officer.

Life Science
The Life Science segment net sales for the first quarter were $154.8 million, up 0.2% compared to the first quarter of 2011. On a currency-neutral basis, Life Science segment sales increased 0.7% compared to the same period last year. Results for the Life Science segment benefitted from sales of electrophoresis, imaging, and western blot products as well as application reagents. Recently introduced products, including the V3 Western Workflow™ system and the QX100™ Droplet Digital™ PCR system continued to gain rapid customer acceptance during the first quarter of 2012.

Clinical Diagnostics
Net sales for the Clinical Diagnostics segment in the first quarter of 2012 were essentially flat at $327.2 million compared to the first quarter for 2011. On a currency-neutral basis, net sales were up 1.6% compared to the same period last year. The company's year-over-year results were impacted by a one-time sale of blood typing products to Japan during the first quarter of 2011. Without this one-time sale, growth for the Clinical Diagnostics segment in the first quarter of 2012 would have shown an increase of approximately 4% on a currency neutral basis.

Management will discuss these results in a conference call at 2 PM Pacific Time (5 PM Eastern Time) May 1, 2012. Interested parties may access the call by dialing 800-299-6183 (in the U.S.) or 617-801-9713 (international), access number 23066392.

A live webcast of the conference call may be accessed in the "Investor Relations" section of www.bio-rad.com. A replay of the call will be available at 888-286-8010 (in the U.S.) or 617-801-6888 (international), access number 73110502, for seven days following the call. The webcast of the call will be archived on the Bio-Rad site for on-demand replay for up to a year and may be accessed in the "Investor Relations" section of www.bio-rad.com.

About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO) (NYSE: BIOb) has remained at the center of scientific discovery for more than 50 years, manufacturing and distributing a broad range of products for the life science research and clinical diagnostic markets. The company is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 100,000 research and industry customers worldwide through its global network of operations. The company employs over 7,000 people globally and had revenues exceeding $2 billion in 2011. For more information, visit www.bio-rad.com.

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" in the Company's public reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc., disclaims any obligation to update these forward-looking statements.

   
   
Bio-Rad Laboratories, Inc.  
Condensed Consolidated Statements of Income  
             
(in thousands, except per share data)  
(UNAUDITED)  
             
             
             
             
    Three Months Ended
March 31,		  
    2012     2011  
Net sales   $ 486,277     $ 485,121  
  Cost of goods sold     207,695       207,510  
Gross profit     278,582       277,611  
                 
  Selling, general and administrative expense     171,293       167,763  
  Research and development expense     52,923       42,730  
Income from operations     54,366       67,118  
                 
  Interest expense     13,196       16,766  
  Foreign exchange losses, net     1,441       3,042  
  Other (income) expense, net     (6,450 )     (951 )
Income before income taxes     46,179       48,261  
                 
  Provision for income taxes     (15,235 )     (15,323 )
Net income including noncontrolling interests     30,944       32,938  
                 
  Net loss attributable to noncontrolling interests     61       101  
Net income attributable to Bio-Rad   $ 31,005     $ 33,039  
                 
Basic earnings per share:                
  Net income per share basic attributable to Bio-Rad   $ 1.10     $ 1.18  
                 
  Weighted average common shares - basic     28,201       27,904  
                 
Diluted earnings per share:                
  Net income per share diluted attributable to Bio-Rad   $ 1.09     $ 1.16  
                 
  Weighted average common shares - diluted     28,553       28,389  
                   
                   
 
 
Bio-Rad Laboratories, Inc.
Condensed Consolidated Balance Sheets
 
(In thousands)
 
         
         
         
    March 31,   December 31,
    2012   2011
    (UNAUDITED)    
Current assets:            
  Cash and cash equivalents   $ 533,812   $ 574,231
  Short-term investments     273,238     238,884
  Accounts receivable, net     387,619     398,674
  Inventories, net     463,369     433,510
  Other current assets     159,410     152,856
    Total current assets     1,817,448     1,798,155
             
Property, plant and equipment, net     369,199     349,501
Goodwill, net     480,060     468,933
Purchased intangibles, net     258,312     259,497
Other assets     262,855     220,717
    Total assets   $ 3,187,874   $ 3,096,803
             
Current liabilities:            
  Accounts payable   $ 109,571   $ 129,124
  Accrued payroll and employee benefits     119,749     112,564
  Notes payable and current maturities of long-term debt     809     814
  Income and other taxes payable     50,032     52,285
  Other current liabilities     163,919     164,328
    Total current liabilities     444,080     459,115
             
Long-term debt, net of current maturities     731,899     731,698
Other long-term liabilities     171,849     161,608
    Total liabilities     1,347,828     1,352,421
             
Bio-Rad stockholders' equity     1,839,649     1,743,937
Noncontrolling interests     397     445
    Total stockholders' equity     1,840,046     1,744,382
    Total liabilities and stockholders' equity   $ 3,187,874   $ 3,096,803
             
             
   
   
Bio-Rad Laboratories, Inc.  
Condensed Consolidated Statements of Cash Flows  
   
(In thousands)  
(UNAUDITED)  
             
             
             
             
    Three Months
Ended March 31,		  
             
    2012     2011  
                 
Cash flows from operating activities:                
  Cash received from customers   $ 501,075     $ 496,749  
  Cash paid to suppliers and employees     (428,733 )     (436,430 )
  Interest paid     (12,340 )     (22,189 )
  Income tax payments     (25,010 )     (18,373 )
  Other operating activities     268       25  
  Net cash provided by operating activities     35,260       19,782  
                 
                 
Cash flows from investing activities:                
  Payment for acquisitions and long-term investments     (15,329 )     (3,571 )
  Other investing activities     (70,956 )     (73,722 )
  Net cash used in investing activities     (86,285 )     (77,293 )
                 
Cash flows from financing activities:                
  Payments on long-term debt     (225 )     (225,763 )
  Other financing activities     3,944       11,020  
  Net cash provided by (used in) financing activities     3,719       (214,743 )
                 
Effect of foreign exchange rate changes on cash     6,887       (6,389 )
                 
Net decrease in cash and cash equivalents     (40,419 )     (278,643 )
Cash and cash equivalents at beginning of period     574,231       906,551  
Cash and cash equivalents at end of period   $ 533,812     $ 627,908  
                 
                 
Reconciliation of net income including noncontrolling interests to net cash provided by operating activities:                
                 
Net income including noncontrolling interests   $ 30,944     $ 32,938  
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:                
  Depreciation and amortization     31,096       28,115  
  Changes in working capital     (20,753 )     (54,625 )
  Other     (6,027 )     13,354  
Net cash provided by operating activities   $ 35,260     $ 19,782  
                 
                 

For more information, contact:
Christine Tsingos
Vice President and Chief Financial Officer
Ron Hutton
Treasurer
Bio-Rad Laboratories, Inc.
510-724-7000