Bio-Rad Q1 net sales down 9.8% to $610.8M; Life Science segment falls 25.3% YoY

BIO-RAD LABORATORIES, INC.

2024-Q1 EPS reported $13.45 revenue$610,820,000

Net sales $610.8M, down 9.8% YoY (currency-neutral -9.6%); operating income $44.7M vs $61.9M.
Life Science segment $241.7M (-25.3% YoY) due to biotech/biopharma weakness; Clinical Diagnostics $368.6M (+4.7%) grew.
Net income $383.9M ($13.45 diluted) vs $69.0M ($2.32), largely from fair value changes of Sartorius AG equity holdings.
CEO Norman Schwartz: Q1 in line with expectations; cautiously optimistic for gradual biopharma recovery in H2 2024.
Effective tax rate 21.8% vs 18.7% a year ago, affected by equity securities treatment.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

BIO-RAD LABORATORIES, INC. reported the first quarter ended March 31, 2024 results: revenue $610.8 million, net income $383.9 million, EPS $13.45 per share, on a diluted basis.

Period: the first quarter ended March 31, 2024
Revenue: $610.8 million
Net income: $383.9 million
EPS: $13.45 per share, on a diluted basis
Result: reported results

Exact text from the filing

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results for the first quarter ended March 31, 2024. First-quarter 2024 total net sales were $610.8 million, a decrease of 9.8 percent compared to $676.8 million reported for the first quarter of 2023. On a currency-neutral basis, quarterly sales decreased 9.6 percent compared to the same period in 2023. Life Science segment net sales for the first quarter were $241.7 million, a decrease of 25.3 percent compared to the same period in 2023. On a currency-neutral basis, Life Science segment sales decreased by 25.2 percent compared to the same quarter in 2023. The currency-neutral year-over-year sales decrease was broad-based and was primarily driven by ongoing weakness in the biotech and biopharma end-markets and the economic environment in China. Clinical Diagnostics segment net sales for the first quarter were $368.6 million, an increase

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