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Apr 01, 2023
Charles River Labs Q1 2023 Earnings Report
Charles River Labs reported a strong start to the year, driven by healthy demand and pricing in the DSA segment.
Key Takeaways
Charles River Laboratories announced first-quarter 2023 results with revenue of $1.03 billion, a 12.6% increase from Q1 2022. GAAP EPS was $2.01 and Non-GAAP EPS was $2.78. The company updated its 2023 guidance to reflect the strong first-quarter performance.
First-quarter revenue reached $1.03 billion, up 12.6% year-over-year.
GAAP earnings per share were $2.01, an 11.0% increase from Q1 2022.
Non-GAAP earnings per share were $2.78, a 1.1% increase from Q1 2022.
Organic revenue growth was 15.4%, driven by DSA and RMS segments.
Charles River Labs
Charles River Labs
Charles River Labs Revenue by Segment
Revenue by Segment
Research Models and Services Revenue
CapyFin.comDiscovery and Safety Assessment Revenue
CapyFin.comManufacturing Solutions Revenue
CapyFin.com Forward Guidance
The Company is narrowing its revenue growth and earnings per share outlooks to reflect the strong first-quarter financial performance and expectations for the remainder of the year that are largely consistent with its initial outlook.
Positive Outlook
- Revenue growth, reported 2.0% – 4.5%
- Impact of divestitures/(acquisitions), net ~1.5%
- Impact of 53rd week in 2022 ~1.5%
- Unfavorable/(favorable) impact of foreign exchange 0.0% - (0.5)%
- Revenue growth, organic 5.0% – 7.5%
Challenges Ahead
- Cambodian NHP supply constraints
- Acquisition-related amortization ~$2.00
- Acquisition and integration-related adjustments ~$0.10
- Venture capital and other strategic investment losses/(gains), net $0.03
- Other items $0.30 – $0.35
Revenue & Expenses
Visualization of income flow from segment revenue to net income