0001193125-26-335226
SEC filing营收增长但净亏损，主因商誉减值与重组费用，Non-GAAP利润率改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $838.5M | $797.4M | +5.2% |
| Gross Profit | $416.0M | $357.9M | +16.2% |
| Gross Margin | 49.6% | 44.9% | +470bps |
| Operating (Loss) Income | -$65.3M | $11.9M | -648.7% |
| Operating Margin | -7.8% | 1.5% | -930bps |
| Net (Loss) Income | -$50.9M | $4.2M | -1311.9% |
| Diluted EPS | -$0.41 | $0.05 | — |
| Non-GAAP Operating Income | $118.5M | $72.0M | +64.6% |
| Non-GAAP Operating Margin | 14.1% | 9.0% | +510bps |
| Non-GAAP Free Cash Flow | -$106.2M | -$148.8M | +$42.6M |
Q2 2026营收增长5.2%至$838.5M，主要受生物技术与制药、医院和临床、半导体市场需求驱动，以及近期收购的贡献。Non-GAAP有机营收增长2.8%，剔除汇率与收购影响。毛利率大幅提升470bps至49.6%，Non-GAAP毛利率提升350bps至52.1%，主要受益于成本节约计划、美国关税退款正面影响以及有利的收入组合。
GAAP营业亏损$65.3M，主要因$134.9M商誉减值（BSB $36.5M，CST $98.4M）。剔除一次性项目后，Non-GAAP营业利润$118.5M，利润率14.1%，同比大幅提升510bps，显示核心盈利能力显著改善。净亏损$50.9M，但包含$27.6M股权投资收益和$12.2M Tofwerk重估收益等非经常性收益。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| BSI BioSpin | $195.7M | +0.2% | -$64.6M | -33.0% | CST商誉减值$98.4M |
| BSI CALID | $310.3M | +8.6% | $48.3M | 15.6% | 收购与生物制药需求 |
| BSI NANO | $261.3M | +3.6% | -$20.9M | -8.0% | BSB商誉减值$36.5M |
| BEST | $74.2M | +11.9% | $7.5M | 10.1% | 超导与聚变能源业务 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $184.9M | -$113.9M |
| Total Debt | $1,824.8M | -$44.3M |
| Inventory | $1,120.1M | +$25.5M |
| RPO/Deferred revenue | $2,775.6M | +$206.2M |
| Operating Cash Flow | -$6.2M | +$56.3M |
| Capex | $53.0M | +$5.7M |
| Free Cash Flow | -$59.2M | +$50.6M |