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Sep 30, 2023
Bio-Rad Q3 2023 Earnings Report
Bio-Rad's third quarter results were impacted by biopharma and early biotech customer spending deterioration, as well as a challenging macroeconomic environment in China.
Key Takeaways
Bio-Rad Laboratories reported a decrease in total net sales for the third quarter of 2023, with $632.1 million compared to $680.8 million in the same period of 2022. The company's performance was below expectations due to reduced customer spending and macroeconomic challenges. The company is lowering its full-year 2023 outlook but remains confident about its overall strategy framework and long-term market opportunities.
Third-quarter total net sales decreased by 7.1 percent to $632.1 million.
Life Science segment net sales decreased by 17.1 percent to $263.5 million.
Clinical Diagnostics segment net sales increased by 1.7 percent to $368.1 million.
Net income for the third quarter of 2023 was $106.3 million, or $3.64 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 updating its financial outlook for full-year 2023. The company currently expects its non-GAAP revenue to decline by approximately 3.5 percent on a currency-neutral basis compared to its previous estimate of a 0.8 percent revenue growth. Bio-Rad also estimates a non-GAAP operating margin of about 14.5 percent versus the company’s prior estimate of approximately 16 percent. Excluding COVID-related sales, Bio-Rad estimates non-GAAP revenue growth to be between 0 and 0.5 percent on a currency-neutral basis compared to its prior expectation of approximately 4.5 percent.
Challenges Ahead
- Non-GAAP revenue is expected to decline by approximately 3.5 percent on a currency-neutral basis.
- Previous estimate was a 0.8 percent revenue growth.
- Non-GAAP operating margin is estimated to be about 14.5 percent.
- Prior estimate of approximately 16 percent.
- Excluding COVID-related sales, non-GAAP revenue growth is estimated to be between 0 and 0.5 percent on a currency-neutral basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income