Loading...
•
Mar 31, 2023
Bio-Rad Q1 2023 Earnings Report
Bio-Rad's financial performance decreased due to decline in COVID-related sales but was encouraged by strength of core business.
Key Takeaways
Bio-Rad Laboratories reported a decrease in first-quarter 2023 net sales by 3.3% compared to the same period in 2022, with COVID-related sales significantly impacting the results. Excluding COVID-related sales, revenue increased by 6.1% on a currency neutral basis. The company is updating its financial outlook for full-year 2023 and full-year 2025.
First-quarter net sales were $676.8 million, a 3.3 percent decrease compared to $700.1 million in 2022.
Excluding COVID-related sales, revenue increased 6.1 percent on a currency neutral basis.
Life Science segment net sales decreased by 6.8 percent, but grew 9.6 percent excluding COVID-related sales.
Clinical Diagnostics segment net sales were essentially flat compared to the same period in 2022, with a 2.8 percent increase on a currency-neutral basis.
Revenue by Segment
Forward Guidance
Bio-Rad is updating its financial outlook for full-year 2023. The company currently anticipates non-GAAP currency-neutral revenue growth of approximately 4.5 percent in 2023 compared to its previous estimate of 6.0 to 7.0 percent and an estimated non-GAAP operating margin of approximately 17.5 percent versus the company’s prior estimate of approximately 19.5 percent.
Positive Outlook
- Anticipates non-GAAP currency-neutral revenue growth of approximately 4.5 percent in 2023.
- Estimates non-GAAP operating margin of approximately 17.5 percent.
- Targets a currency-neutral, compounded annual average core revenue growth rate of approximately 8.0 percent between 2021 and 2025.
- Aims for an adjusted EBITDA margin of approximately 26.0 percent in 2025.
- Excluding COVID-related sales, Bio-Rad estimates full-year 2023 non-GAAP currency-neutral revenue growth to be approximately 8.5 percent.
Challenges Ahead
- Lingering effects of supply chain challenges continued to impact operations during the quarter.
- The company is updating its financial outlook for full-year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...