Bio-Rad Laboratories, Inc (BIO) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $20.57 million, or $ 0.70 a share in the quarter, against a net profit of $49.48 million, or $1.68 a share in the last year period.
Revenue during the quarter went up marginally by 0.16 percent to $571.45 million from $570.56 million in the previous year period. Gross margin for the quarter expanded 94 basis points over the previous year period to 55.01 percent. Operating margin for the quarter stood at negative 4.05 percent as compared to a positive 10.43 percent for the previous year period.
Operating loss for the quarter was $23.15 million, compared with an operating income of $59.48 million in the previous year period.
“We are encouraged by our overall topline performance for the year, which was higher than our guidance,” said Norman Schwartz, Bio-Rad president and chief executive officer. “All of this growth is organic and represents good progress for the year. Although our continued investment in our operations coupled with unusual expenses during the year affected our profitability, these investments are necessary to support growth and improved profitability for the years to come.”
Operating cash flow improves
Bio-Rad Laboratories, Inc has generated cash of $216.43 million from operating activities during the year, up 16.23 percent or $30.22 million, when compared with the last year.
The company has spent $213.88 million cash to meet investing activities during the year as against cash outgo of $166.87 million in the last year.
Cash flow from financing activities was $9.02 million for the year, up 5.12 percent or $0.44 million, when compared with the last year.
Cash and cash equivalents stood at $456.26 million as on Dec. 31, 2016, down 0.28 percent or $1.28 million from $457.55 million on Dec. 31, 2015.
Working capital increases marginally
Bio-Rad Laboratories, Inc has recorded an increase in the working capital over the last year. It stood at $1,373.20 million as at Dec. 31, 2016, up 2.77 percent or $36.96 million from $1,336.24 million on Dec. 31, 2015. Current ratio was at 3.91 as on Dec. 31, 2016, down from 4.03 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Bio-Rad Laboratories, Inc remained almost stable for the quarter at $434.52 million, when compared with the last year period. Total debt was 11.28 percent of total assets as on Dec. 31, 2016, compared with 11.70 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.17 as on Dec. 31, 2016, when compared with the last year.
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