Shares of Bio-Rad Laboratories dipped in after-hours trading following the release of their third-quarter financial results. Although the company saw a gain in the period, sales were lower compared to the previous year.
Declining Revenue Expected for Full-Year 2023
Bio-Rad Laboratories, a provider of life science research and clinical diagnostics products, announced that they anticipate a decline of approximately 3.5% in non-GAAP revenue for full-year 2023 on a currency-neutral basis. This is a revision from their previous estimate of 0.8% revenue growth.
Lower Stock Performance
At 5:41 p.m. EDT on Thursday, Bio-Rad Laboratories' stock had fallen 7.4% to trade at $269.91 in the after-hours market. However, the stock had experienced a gain of 0.5% during the day's regular session, closing at $291.53. Earlier in the day, the stock reached a 52-week low of $285.70.
Year to date, the stock has declined by over 30%.
Third-Quarter Financial Highlights
In their latest quarterly report, Bio-Rad Laboratories revealed earnings per share of $3.64 on sales of $632.1 million. This is a significant improvement compared to the previous year's third quarter, which exhibited a loss per share of $5.48 on sales of $680.8 million.
The company noted that net sales in its Life Science segment dropped by 17.1% in the third quarter compared to the same period in 2022. However, Clinical Diagnostics segment net sales saw a moderate increase of 1.7% from the year-ago period.
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