Bio Rad Laboratories (BIO) has reported 1.12 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $12.41 million, or $0.41 a share in the quarter, compared with $12.28 million, or $0.42 a share for the same period last year.
Revenue during the quarter grew 6.12 percent to $500.05 million from $471.20 million in the previous year period. Gross margin for the quarter contracted 204 basis points over the previous year period to 53.99 percent. Total expenses were 94.89 percent of quarterly revenues, up from 94.54 percent for the same period last year. That has resulted in a contraction of 35 basis points in operating margin to 5.11 percent.
Operating income for the quarter was $25.56 million, compared with $25.73 million in the previous year period.
"We are encouraged by our overall performance in the first quarter, with many of our key products lines and regions posting solid growth," said Norman Schwartz, BioRad president and chief executive officer. "Although our continued investments in our operations tempers our profitability in the short term, these investments will help us drive growth and improved profitability throughout the company in the years to come."
Operating cash flow remains negativeBio Rad Laboratories has spent $56.22 million cash to meet operating activities during the quarter as against cash outgo of $7.45 million in the last year period. The company has spent $110.39 million cash to meet investing activities during the quarter as against cash outgo of $50.86 million in the last year period.
Cash flow from financing activities was $0.67 million for the quarter, up 160.85 percent or $0.42 million, when compared with the last year period.
Cash and cash equivalents stood at $291.66 million as on Mar. 31, 2017, down 27.74 percent or $111.95 million from $403.62 million on Mar. 31, 2016.
Working capital decreases marginally
Bio Rad Laboratories has witnessed a decline in the working capital over the last year. It stood at $1,325.07 million as at Mar. 31, 2017, down 3.59 percent or $49.31 million from $1,374.38 million on Mar. 31, 2016. Current ratio was at 4.25 as on Mar. 31, 2017, down from 4.43 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 109 days for the quarter from 220 days for the last year period. Days sales outstanding went down to 69 days for the quarter compared with 75 days for the same period last year.
Days inventory outstanding has decreased to 109 days for the quarter compared with 225 days for the previous year period. At the same time, days payable outstanding went down to 69 days for the quarter from 80 for the same period last year.
Debt remains almost stableTotal debt of Bio Rad Laboratories remained almost stable for the quarter at $434.76 million, when compared with the last year period. Total debt was 11 percent of total assets as on Mar. 31, 2017, compared with 11.57 percent on Mar. 31, 2016. Debt to equity ratio was at 0.16 as on Mar. 31, 2017, down from 0.17 as on Mar. 31, 2016. Interest coverage ratio improved to 5.07 for the quarter from 4.61 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
