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Bio-Rad
🇺🇸 NYSE:BIO
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Jun 30, 2023

Bio-Rad Q2 2023 Earnings Report

Bio-Rad's financial performance declined slightly compared to the previous year, with net sales decreasing by 1.4 percent, although currency-neutral sales decreased by only 0.3 percent. The company's Life Science segment experienced a decrease in net sales, while the Clinical Diagnostics segment saw an increase. Despite these mixed results, Bio-Rad is updating its financial outlook for the full year 2023.

Key Takeaways

Bio-Rad Laboratories reported a slight decrease in net sales for the second quarter of 2023, with a decline of 1.4 percent compared to the same period in 2022. The Life Science segment experienced a decrease in sales, while the Clinical Diagnostics segment saw an increase. The company is updating its financial outlook for the full year 2023, expecting non-GAAP currency-neutral revenue growth of approximately 0.8 percent.

Second-quarter net sales were $681.1 million, a decrease of 1.4 percent compared to $691.1 million in 2022.

Life Science segment net sales decreased by 6.9 percent, while Clinical Diagnostics segment net sales increased by 3.3 percent.

Second-quarter gross margin was 53.2 percent compared to 57.2 percent in 2022.

Net loss for the second quarter was $1,162.3 million, or $39.59 per share, compared to a net loss of $925.1 million, or $31.05 per share, in 2022.

Total Revenue
$681M
Previous year: $691M
-1.4%
EPS
$3
Previous year: $3.38
-11.2%
Gross Margin
53.2%
Previous year: 57.3%
-7.2%
Operating Margin
13.2%
Previous year: 17.4%
-24.1%
Gross Profit
$362M
Previous year: $396M
-8.5%
Cash and Equivalents
$390M
Previous year: $597M
-34.6%
Free Cash Flow
$63.4M
Previous year: $35.9M
+76.5%
Total Assets
$12B
Previous year: $12.7B
-5.6%

Bio-Rad

Bio-Rad

Bio-Rad Revenue by Segment

Forward Guidance

Bio-Rad is updating its financial outlook for full-year 2023. The company currently expects non-GAAP currency-neutral revenue growth of approximately 0.8 percent in 2023 compared to its previous estimate of 4.5 percent and an estimated non-GAAP operating margin of about 16.0 percent versus the company’s prior estimate of approximately 17.5 percent. Excluding COVID-related sales, Bio-Rad estimates full-year 2023 non-GAAP currency-neutral revenue growth to be about 4.5 percent compared to its prior expectation of approximately 8.5 percent.

Positive Outlook

  • Believing market dynamics relating to the early-stage biotech market and larger biopharma customers are transitory
  • Remaining confident in our long-term growth outlook
  • Currently expecting non-GAAP currency-neutral revenue growth of approximately 0.8 percent
  • Estimated non-GAAP operating margin of about 16.0 percent
  • Excluding COVID-related sales, estimating non-GAAP currency-neutral revenue growth to be about 4.5 percent

Challenges Ahead

  • Impact of the COVID-19 pandemic
  • Supply chain issues
  • Global economic and geopolitical conditions
  • Reductions in government funding or capital spending of our customers
  • Foreign currency exchange fluctuations

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Bio-Rad