Bio-Rad Q2 net sales down 6.3% YoY; Life Science weak, Diagnostics up 2.1%; board adds $500M buyback

BIO-RAD LABORATORIES, INC.

2024-Q2 EPS reported -$62.61 revenue$1,249,296,000

Q2 net sales $638.5M, -6.3% YoY; Life Science $250.5M (-16.5%), Diagnostics $387.9M (+2.1%).
Gross margin improved to 55.6% from 53.2%; operating income $101.5M vs $89.6M YoY.
Net loss $2,165.5M ($76.26 diluted EPS) mainly due to non-cash fair value adjustment of Sartorius investment.
CEO expects more modest pace of market recovery than originally anticipated.
Board authorized additional $500M share repurchase; total available ~$578M as of July 31, 2024.

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