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Sep 30, 2022
Bio-Rad Q3 2022 Earnings Report
Bio-Rad's financial performance declined in Q3 2022, with sales impacted by reduced COVID-related revenue and supply chain constraints.
Key Takeaways
Bio-Rad Laboratories reported a decrease in net sales for Q3 2022, with a significant drop in COVID-related revenue. While core product demand remained strong, supply chain constraints affected instrument placements. The company is focusing on reducing backlog and advancing strategic activities for the remainder of the year.
Third-quarter net sales decreased by 8.9 percent compared to the same period in 2021, totaling $680.8 million.
COVID-related revenue declined to approximately $17 million in Q3 2022 from approximately $57 million in the year-ago period.
Life Science segment net sales decreased by 14.9 percent, while Clinical Diagnostics segment net sales decreased by 2.8 percent.
Net loss for the third quarter of 2022 was $164.2 million, or a loss of $5.52 per share, compared to a net income of $3,928 million, or $129.96 per share, in the same period last year.
Bio-Rad
Bio-Rad
Bio-Rad Revenue by Segment
Revenue by Segment
Life Science Revenue
CapyFin.comClinical Diagnostics Revenue
CapyFin.com Forward Guidance
The company continues to anticipate non-GAAP currency-neutral revenue growth to be at the high end of the prior 1.0 to 2.0 percent guidance, with COVID-related revenue now expected to be about $105 million. The company is reaffirming its non-GAAP operating margin expectation of approximately 19.0 percent.
Positive Outlook
- Anticipates non-GAAP currency-neutral revenue growth to be at the high end of the prior 1.0 to 2.0 percent guidance.
- COVID-related revenue is now expected to be about $105 million.
- Reaffirming the non-GAAP operating margin expectation of approximately 19.0 percent.
- Focusing on reducing the backlog.
- Advancing strategic product and operational activities.
Challenges Ahead
- Sales of COVID-related products continued to taper off.
- Ability to meet customer demand for core products was affected by ongoing supply chain constraints.
- Supply chain constraints moderated instrument placements.
- Net loss for the third quarter of 2022 was $164.2 million.
- Life Science segment sales were impacted by lower COVID-related sales.
Revenue & Expenses
Visualization of income flow from segment revenue to net income