Bio-Rad Laboratories Q3 revenues down 9% but beat analysts’ average estimate

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Bio-Rad Laboratories on Thursday said its third-quarter net sales were $680.8 million, a decrease of 9% compared to $747.0 million for Q3 2021, beating analysts’ average estimate of $679.9 million.

For the quarter ended September 30, COVID-related revenue was approximately $17 million compared to $57 million in the year-ago period.

Life Science segment net sales for the third quarter were $317.9 million, a decrease of 15% compared to the same period in 2021. Life Science sales increased 9% when COVID-related sales and legal settlements are excluded, and were primarily driven by western blotting, qPCR, process media, and antibody products, Bio-Rad said.

Life Science segment sales were also impacted by lower COVID-related sales, legal settlements in the year-ago period, and continuing supply chain constraints.

Clinical Diagnostics segment net sales for the third quarter were $361.9 million, a decrease of 3% compared to the same period in 2021. Excluding COVID-related sales, Clinical Diagnostics revenue increased 4% from the year-ago period.

Net loss for the third quarter of 2022 was $164.2 million, or a loss of $5.52 per share, compared to $3.93 billion of net income, or $129.96 per share, during the same period in 2021. Its adjusted earnings per share (EPS) were $2.60, short of analysts’ average estimate of $2.78.

Net income (loss) amounts for the third 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 AG.

“As expected, during the third quarter, sales of our COVID-related products continued to taper off,” Norman Schwartz, Bio-Rad’s president and CEO, said in a statement. “While customer demand for our core products remained strong, our ability to meet it was affected by the ongoing supply chain constraints which moderated instrument placements. For the remainder of the year, we will focus on reducing the backlog while we continue to advance our strategic product and operational activities.”

For the full-year 2022, the company continues to anticipate non-GAAP currency-neutral revenue growth to be at the high end of the prior 1% to 2% guidance, with COVID-related revenue now expected to be about $105 million versus the previous estimate of approximately $93 million. 

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