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Investing.com -- Bio-Rad Laboratories, Inc. (NYSE:BIO) reported third-quarter adjusted earnings that exceeded analyst expectations, but shares tumbled 4.5% in after-hours trading on Wednesday despite the positive results.
The life science research and clinical diagnostics company posted adjusted earnings per share of $2.26 for the third quarter, significantly beating the analyst estimate of $1.95. Revenue came in at $653 million, slightly above the consensus estimate of $652.24 million and representing a modest 0.5% increase compared to $649.7 million in the same quarter last year.
On a currency-neutral basis, however, quarterly sales decreased 1.7% YoY, reflecting ongoing challenges in the company’s key markets. The stock’s decline suggests investors may be concerned about these underlying sales trends despite the earnings beat.
"Despite ongoing challenges in academic research and biotech funding, and the resulting reduced demand for instruments, our teams delivered solid results in Q3," stated Norman Schwartz, Bio-Rad’s Chairman and CEO. "Our ongoing focus on disciplined cost management contributed to a better-than-expected operating margin."
The Life Science Group reported sales of $261.8 million, a slight 0.3% increase YoY, though on a currency-neutral basis, sales decreased 1.5%. The company attributed this decline to constrained academic research and biotech funding.
Similarly, the Clinical Diagnostics Group posted sales of $391.2 million, up 0.6% YoY, but down 1.8% on a currency-neutral basis. This decrease was primarily driven by lower reimbursement rates for diabetes testing in China.
Bio-Rad maintained its full-year 2025 outlook, expecting non-GAAP currency-neutral revenue growth of approximately 0 to 1.0% and a non-GAAP operating margin between 12.0% and 13.0%.
The company reported a GAAP net loss of $341.9 million, or -$12.70 per share, compared to net income of $653.2 million, or $23.34 per share, in the same period of 2024, largely due to changes in the fair market value of its investment in Sartorius AG.
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