Loading...
•
Mar 31, 2024
Bio-Rad Q1 2024 Earnings Report
Reported a decrease in total net sales but an increase in clinical diagnostics segment net sales, impacted by weakness in biotech and biopharma end-markets.
Key Takeaways
Bio-Rad's first quarter results were largely in line with expectations, with total net sales decreasing by 9.8 percent compared to the same period in 2023. The life science segment was impacted by ongoing weakness in the biotech and biopharma markets, while increased demand for clinical diagnostics products drove year-over-year growth for this business.
Total net sales were $610.8 million, a decrease of 9.8 percent compared to Q1 2023.
Life Science segment net sales decreased by 25.3 percent compared to Q1 2023.
Clinical Diagnostics segment net sales increased by 4.7 percent compared to Q1 2023.
Net income for the first quarter of 2024 was $383.9 million, or $13.45 per share, on a diluted basis.
Bio-Rad
Bio-Rad
Bio-Rad Revenue by Segment
Revenue by Segment
Life Science Revenue
CapyFin.comClinical Diagnostics Revenue
CapyFin.com Forward Guidance
Bio-Rad is maintaining its financial outlook for the full year 2024 and continues to expect non-GAAP, currency-neutral revenue growth of approximately 1.0 to 2.5 percent and an estimated non-GAAP operating margin of approximately 13.5 to 14.0 percent.
Positive Outlook
- The company continues to expect non-GAAP, currency-neutral revenue growth of approximately 1.0 to 2.5 percent.
- Company expects an estimated non-GAAP operating margin of approximately 13.5 to 14.0 percent.
Challenges Ahead
- Reductions in government funding or capital spending of our customers.
- Global economic and geopolitical conditions.
- The uncertain pace of the biopharma sector’s recovery.
- The challenging macroeconomic environment in China.
- Supply chain issues.
Revenue & Expenses
Visualization of income flow from segment revenue to net income