Bio-Rad Laboratories after the close of the market on Thursday said that its fourth-quarter 2022 net sales were $730.3 million, compared with $732.8 million in Q4 2021, which was less than analysts’ average estimate of $742.3 million.
For the quarter ended December 31, revenue increased almost 11% on a currency-neutral basis when COVID-related sales comparisons were excluded.
COVID-related revenue was approximately $13 million in the fourth quarter compared with approximately $46 million in the year-ago period.
Q4 Life Science net sales were $359.7 million, an increase of 10% compared with Q4 2021. Excluding COVID-related sales, Life Science revenue increased 28% year-over-year, and were primarily driven by sales of droplet digital PCR, process chromatography, Western blotting, and qPCR products.
Fourth quarter Clinical Diagnostics net sales were $369.6 million, a year-over-year decrease of 9%. Excluding COVID-related sales and on a currency-neutral basis, Clinical Diagnostics revenue decreased 2% from the year-ago period, primarily driven by continuing supply chain constraints, which impacted instrument placements and sales of related consumables, Bio-Rad said.
“During the fourth quarter, we continued to make progress, working through the ongoing global supply chain challenges,” Norman Schwartz, Bio-Rad’s president and CEO, said in a statement. “We also saw [a] positive market response to new product introductions, setting the stage for 2023.”
Net income for the fourth quarter was $827.7 million, or $27.78 per share, compared with a net loss of $1.57 billion, or a loss of $52.54 per share, during the same period in 2021. Net income and loss amounts for the fourth quarter of 2022 and 2021 were predominantly impacted by the recognition of changes in the fair market value of equity securities related to the holdings of the company’s investment in Sartorius. Q4 adjusted earnings per share of $3.31 was less than analysts’ averages estimate of $3.45.
Full-year 2022 net sales were $2.80 billion, down 4% compared to $2.92 billion for full-year 2021. Excluding COVID-related sales and a royalty-related legal settlement in 2021, full-year 2022 revenue increased 7% year-over-year on a currency neutral basis.
Full-year 2022 net loss was $3.63 billion, or a loss of $121.79 per share, compared with net income of $4.25 billion, or $140.83 per share, in 2021.
For full-year 2023, the company anticipates non-GAAP, currency-neutral revenue growth of approximately 6% to 7% and an estimated non-GAAP operating margin of almost 20%.