Bio-Rad’s 2023 Financial Results Announced
Today, Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a prominent figure in life science research and clinical diagnostics, unveiled its financial results for the fourth quarter and full year ending December 31, 2023.
In the fourth quarter of 2023, Bio-Rad Laboratories reported total net sales of $681.2 million, marking a 6.7 percent decrease compared to the fourth quarter of 2022. Excluding COVID-related sales, revenue decreased by 6.0 percent on a currency-neutral basis.
The Life Science segment saw a decline in net sales to $291.1 million, down 19.1 percent from the same period last year. The Clinical Diagnostics segment, however, experienced an increase in net sales to $389.0 million, up 5.3 percent compared to the fourth quarter of 2022.
The gross margin for the quarter was 53.8 percent, slightly lower than the previous year. Income from operations decreased to $95.3 million from $118.7 million in the same period last year.
Net income for the fourth quarter of 2023 was $349.7 million, or $12.14 per share on a diluted basis, compared to $827.7 million, or $27.78 per share, in the fourth quarter of 2022. The decrease was primarily due to changes in the fair market value of equity securities related to the company’s investment in Sartorius AG.
Bio-Rad’s President and CEO, Norman Schwartz, acknowledged the challenges faced in the biopharma markets but expressed optimism for the company’s outlook in 2024, citing ongoing corporate transformation initiatives and effective expense management.
Non-GAAP financial measures showed a non-GAAP gross margin of 54.4 percent, income from operations of $105.2 million, and non-GAAP net income of $89.3 million, or $3.10 per share on a diluted basis. The non-GAAP effective tax rate for the quarter was 22.4 percent, lower than the previous year primarily due to a geographical mix of earnings and resolution of certain tax positions.
