![]() ![]() Overall, despite these challenges, we finished the year strongly and are very encouraged by the progress and growth we delivered in 2021. In addition, for the first time, we saw a greater impact to Omicron on our workforce, although we believe our mandatory vaccination program in the United States helped us to avoid the worst of this situation. The organization responded well to this situation, although it did result in an inability to fulfill all our orders in Q4. We also saw some logistics challenges at year-end. The ongoing safety of our employees, continuing manufacturing operations to ensure product supply and support of our customers and making sure we continue to advance our core strategies.ĭuring Q4, we continued to experience solid recovery in most of our key global markets as well as an uptick in demand for COVID-related products driven by the explosive spread of the new Omicron variant.Īs indicated in Q3, we also experienced a growing increase in supply chain challenges driven by the inconsistency of supply for key components, particularly electronic components and plastics. So as an opening comment, I would like to once again recognize the tremendous contributions, resilience and responsiveness of all of our employees around the world as we closed out a second challenging year of the pandemic.Īs we enter 2021, we continue to maintain our focus on the 3 key areas we previously highlighted. Before I begin the detailed fourth quarter and full year discussion, I would like to ask Andy Last, our Chief Operating Officer, to provide an update on Bio-Rad's operations in light of the current pandemic-related environment that we are experiencing globally. Thank you all for joining us, and we hope that you and your families are well and staying healthy during these challenging times. With that, I will now turn the call over to Ilan Daskal, our Executive Vice President and Chief Financial Officer. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release. The company does not intend to update any forward-looking statements made during the call today.įinally, our remarks today will include references to non-GAAP net income and diluted earnings per share which are financial measures that are not defined under generally accepted accounting principles. You should not place undue reliance on these forward-looking statements, and I encourage you to review our filings with the SEC where we discuss in detail the risk factors in our business. Our actual results may differ materially from these plans and expectations, and the impact and duration of the COVID-19 pandemic is unknown. Included in these forward-looking statements are commentary regarding the impact of the COVID-19 pandemic on Bio-Rad's results and operations and steps Bio-Rad is taking in response to the pandemic. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. With me on the phone today are Norman Schwartz, our Chief Executive Officer Ilan Daskal, Executive Vice President and Chief Financial Officer Andy Last, Executive Vice President and Chief Operating Officer Simon May, President of the Life Science Group and Dara Wright, President of the Clinical Diagnostics Group.īefore we begin our review, I would like to caution everyone that we will be making forward-looking statements about management's goals, plans and expectations, our future financial performance and other matters. Today, we will review the fourth quarter and full year 2021 financial results and provide an update on key business trends for Bio-Rad. Good afternoon, and thank you all for joining us. I would now like to pass the conference over to our host, Edward Chung, Head of Investor Relations with Bio-Rad. My name is Hannah, and I will be your moderator for today's call. Thank you for attending today's Bio-Rad Laboratories Q4 and Full Year Financial Results Conference Call. Simon May - EVP & President, Life Science Group Norman Schwartz - Chairman, CEO & President ( NYSE: BIO) Q4 2021 Earnings Conference Call Febru6:00 PM ET ![]()
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