BIO 3/29/2023 Shareholder/Stockholder Letter Transcript:
Bio-Rad
Laboratories
2 02 2 ANNUAL REPORT
LETTER TO STOCKHOLDERS
This past year
marked the
70th anniversary
for Bio-Rad.
Founded with just several hundred dollars in
capital and a mission to advance scientific
discovery, a lot has transpired over the years.
From a handful of people, the Company has
grown to over 8,000 employees, thousands
of products, a global footprint, and leadership
positions in a number of exciting markets across
Life Science and Clinical Diagnostics. With
that, we have clear opportunities for continued
growth as we pursue our mission to advance
scientific discovery and improve healthcare.
2 0 2 2 P R O DU C T S P O T L I GH T
Immunohematology
LEADING THE WAY IN HIGH-QUALITY BLOOD TRANSFUSION PRODUCTS
In early 2023, Bio-Rad completed the
During 2022, in partnership with SANBS,
placement of our IH-500 immunohematology
we successfully began installing Bio-Rad s
systems across South Africa s National Blood
IH-500 systems across the SANBS
Services (SANBS) network of transfusion
network of eighty-six labs and blood
medicine laboratories as part of an exclusive
banks throughout South Africa enabling
agreement finalized in early 2022.
high-quality and consistent lab testing
Launched in 2015 outside the US and in
2019 in the US, the IH-500 system is a
fully automated random-access platform
for blood typing and screening, providing
transfusion medicine labs with fast and
reliable results in a 24/7 environment.
across the provinces that rely on SANBS
to provide blood products and services to
South Africa s citizens. This collaboration
and partnership has supported the South
African blood banks network s need for
high-quality blood products and services
for the country s citizens while enabling
Bio-Rad to gain a market leadership position
in the broader sub-Saharan African region.
2022 P ROD UCT SPO T L I G HT
Genesis Cell Isolation System
NEXT INNOVATION IN CIRCULATING TUMOR CELL DETECTION
During 2022, Bio-Rad continued to
genomics, digital PCR, or stained
extend its reach in oncology research
on-slide for immunofluorescent
applications with the introduction of
applications such as enumeration and
our Celselect Slides, which offer an
identification of various CTCs and other
improved method for the enrichment
rare cell types. In the field of oncology,
and enumeration of circulating tumor
this type of sensitive detection of CTCs
cells (CTCs) in liquid biopsies.
from clinical samples and liquid biopsies
Celselect Slides are designed to
be used with Bio-Rad s Genesis Cell
Isolation System to effectively capture
CTCs and other rare cells by size, in
under one hour. After capture, the
enriched cells can be recovered for
further analysis such as single-cell
can serve as an effective tool in cancer
diagnosis and prognosis.
LETTER TO STOCKHOLDERS
(CONTINUED)
While our reported full-year 2022 sales of $2.8 billion
decreased by about 4% from the prior year, the
tough year-over-year comparison relates primarily to
a decrease in sales of pandemic-related products.
Subtracting out these COVID-related sales from both
years, and adjusting for non-operating items and
currency translations, our underlying growth was a
healthy 7.2%. Strong customer demand for our products
was impacted by the global supply chain challenges,
which compressed our 2022 operating income to about
19% from just over 20% in 2021.
Revenue from our underlying
business increased 7.2%* in 2022.
Early in the year, we were able to issue $1.2 billion
of bonds at very favorable rates, giving us additional
opportunities to invest in the business and to pursue
strategic acquisitions.
While the year was marked with geo-political
uncertainties, inflationary pressures, and supply chain
constraints, it was also a year of progress across many
* Currency-neutral, excluding COVID-related sales of approximately $109 million and $266 million,
respectively in 2022 and 2021, and a royalty-related legal settlement of $32 million in 2021.
B I O - R A D L A B O R ATO R I ES | 2 0 2 2 A N N UA L R E P O R T : 4
3/29/2023 Letter Continued (Full PDF)