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Dec 31, 2023
Bio-Rad Q4 2023 Earnings Report
Bio-Rad's financial performance decreased in Q4 2023, impacted by biopharma market weakness and declining COVID-related sales.
Key Takeaways
Bio-Rad's Q4 2023 results reflect a decrease in total net sales and income from operations compared to Q4 2022, primarily due to the ongoing weakness in biopharma markets and reduced COVID-related sales. While the Clinical Diagnostics segment saw growth, the Life Science segment experienced a decline. The company's net income was significantly impacted by changes in the fair market value of equity securities.
Total net sales decreased by 6.7% to $681.2 million compared to Q4 2022.
Life Science segment sales declined by 19.1%, while Clinical Diagnostics segment sales increased by 5.3%.
Net income was $349.7 million, or $12.14 per share, compared to $827.7 million, or $27.78 per share in Q4 2022, impacted by changes in the fair market value of equity securities.
Non-GAAP net income was $89.3 million, or $3.10 per share, compared to $98.5 million, or $3.31 per share in Q4 2022.
Revenue by Segment
Forward Guidance
Bio-Rad anticipates 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 for the full year 2024.
Positive Outlook
- Ongoing execution of corporate transformation initiatives.
- Effective expense management.
- Cautiously optimistic view of a gradual biopharma sector recovery in the second half of the year.
- Expected non-GAAP, currency-neutral revenue growth of approximately 1.0 to 2.5 percent.
- Estimated non-GAAP operating margin of approximately 13.5 to 14.0 percent.
Challenges Ahead
- Reductions in government funding or capital spending of customers.
- Global economic and geopolitical conditions.
- Uncertain pace of the biopharma sector’s recovery.
- Challenging macroeconomic environment in China.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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