Bio-Rad Laboratories, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, net sales reached $649.7 million, a 2.8% increase from $632.1 million in Q3 2023. However, for the nine months ended September 30, 2024, net sales declined to $1.90 billion, down 4.6% from $1.99 billion in the same period last year. The Life Science segment experienced a notable decrease in sales, down 15.1% year-over-year, while the Clinical Diagnostics segment saw a 4.1% increase.
Gross profit for Q3 2024 was $355.9 million, up from $335.7 million in Q3 2023, resulting in a gross margin of 54.8%, compared to 53.1% in the prior year. For the nine-month period, gross profit was $1.04 billion, slightly down from $1.06 billion in 2023, with a gross margin of 54.6%, an improvement from 53.3%.
Operating income for Q3 2024 was $64.5 million, a decrease from $90.9 million in Q3 2023. For the nine months, operating income fell to $210.7 million from $242.5 million. The company reported a significant net income of $653.2 million for Q3 2024, compared to $106.3 million in Q3 2023. However, for the nine months, Bio-Rad recorded a net loss of $1.13 billion, worsening from a loss of $987 million in the same period last year.
Strategically, Bio-Rad completed the acquisition of Saber Bio on August 20, 2024, which was accounted for as an asset acquisition, resulting in a one-time research and development expense of $29.5 million. The company also entered a new $200 million unsecured revolving credit agreement in February 2024, replacing a previous credit facility.
As of September 30, 2024, total assets were reported at $10.60 billion, down from $12.30 billion at the end of 2023. Total liabilities decreased to $3.12 billion from $3.56 billion, while total stockholders' equity fell to $7.49 billion from $8.74 billion. Cash and cash equivalents increased slightly to $410.4 million from $403.8 million at the end of 2023.
The company continues to face challenges in the biopharma market and small biotech companies, which are expected to persist into 2025. Additionally, ongoing geopolitical events and inflationary pressures are impacting operational costs and market conditions.
About BIO-RAD LABORATORIES, INC.
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