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Bio-Rad
🇺🇸 NYSE:BIO
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Sep 30, 2024

Bio-Rad Q3 2024 Earnings Report

Bio-Rad's third-quarter performance in 2024 was marked by revenue growth and a substantial net income increase, driven by strong clinical diagnostics sales and a change in the fair market value of its investment in Sartorius AG.

Key Takeaways

Bio-Rad Laboratories reported a 2.8% increase in total net sales for Q3 2024, reaching $649.7 million. The company's net income significantly increased to $653.2 million, or $23.34 per share, driven by a change in the fair market value of its investment in Sartorius AG. Clinical Diagnostics segment sales increased, offsetting a slight decrease in Life Science segment sales.

Total net sales increased by 2.8% to $649.7 million compared to Q3 2023.

Net income rose to $653.2 million, or $23.34 per share, primarily due to a change in the fair market value of investment in Sartorius AG.

Clinical Diagnostics segment net sales increased by 5.6%, driven by increased demand for quality control products.

Life Science segment net sales decreased by 1.0%, impacted by weakness in biotech and biopharma end markets.

Total Revenue
$650M
Previous year: $632M
+2.8%
EPS
$2.01
Previous year: $2.33
-13.7%
Gross Margin
54.8%
Previous year: 53.1%
+3.2%
Operating Margin
9.9%
Previous year: 14.4%
-31.3%
Gross Profit
$356M
Previous year: $336M
+6.0%
Cash and Equivalents
$410M
Previous year: $458M
-10.4%
Free Cash Flow
$123M
Previous year: -$224M
-155.2%
Total Assets
$10.6B
Previous year: $11.9B
-10.9%

Bio-Rad

Bio-Rad

Bio-Rad Revenue by Segment

Forward Guidance

Bio-Rad continues to expect its non-GAAP revenue to decline by approximately 2.5 to 4.0 percent on a currency-neutral basis. The company estimates a non-GAAP operating margin of between 12.75 to 13.25 percent, which now also includes the impact of a one-time acquired in-process research and development expense related to an acquisition completed during the third quarter.

Positive Outlook

  • The company expects non-GAAP revenue decline to be between 2.5% and 4.0% on a currency-neutral basis.
  • The company estimates a non-GAAP operating margin of between 12.75% to 13.25%.
  • The non-GAAP operating margin estimate includes the impact of a one-time acquired in-process research and development expense.
  • The company is focused on margin expansion.
  • The company is focused on commercial excellence.

Challenges Ahead

  • The revenue is expected to decline.
  • The non-GAAP operating margin forecast excludes 85 basis points related to amortization of purchased intangibles.
  • The non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict.
  • Future gains or losses associated with certain legal matters are not reflected in the guidance.
  • Impacts of acquisitions and restructuring activities are not reflected in the guidance.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Bio-Rad