No bad stock

Bio-Rad Laboratories, Inc.
CEO : Mr. Norman D. Schwartz

Quarterly earnings growth(YoY,%)

Ilan Daskal says,

Net Sales

• Second quarter net sales were $681.1 million, a decline of 1.4% on a reported basis compared to Q2 2022.
• Core revenue, excluding COVID-related sales, increased 4.6% on a currency-neutral basis.

Life Science Group

• Life Science Group sales in Q2 2023 were $300.2 million, a decline of 6.9% on a reported basis.
• Excluding COVID-related sales, core revenue growth was 4.5% on a currency-neutral basis.
• Growth in Droplet Digital PCR and qPCR products supported the core revenue growth.
• Process chromatography sales posted a mid-teens year-over-year decline.

Clinical Diagnostics Group

• Clinical Diagnostics Group sales in Q2 2023 were $380.1 million, a growth of 3.3% on a reported basis.
• Core revenue growth, excluding COVID-related sales, was 4.8% on a currency-neutral basis.
• Strong demand for diagnostic testing systems, particularly in diabetes and blood typing, contributed to the growth.

Gross Margin

• Reported gross margin for Q2 2023 was 53.2% compared to 57.2% in Q2 2022.
• The decline in gross margin was mainly due to unfavorable product mix and lower than forecasted revenue in the Life Science Group.
• Higher material and logistics costs, as well as inventory reserves, also impacted gross margin.

Financial Outlook

• Revised 2023 financial outlook with currency-neutral revenue growth expected to be approximately 80 basis points, compared to previous guidance of 4.5%.
• Core revenue growth for the second half of 2023 is expected to be around 4% year-over-year.
• Life Science Group is projected to have a 4% currency-neutral revenue decline for 2023, with core revenue growth of around 6% excluding COVID and process chromatography related sales.
• Diagnostics Group is guiding for a core revenue growth of about 5.5% for 2023.
• Full year non-GAAP gross margin is projected to be about 54.5%.

Edward Chung says,

Financial Results

• Second quarter 2023 financial results will be reviewed
• Key financial metrics such as net income and diluted earnings per share will be discussed

Business Trends

• Update on key business trends for Bio-Rad
• Management will provide insights on the company’s goals, plans, and expectations
• Forward-looking statements will be made about future financial performance
• Risks and uncertainties that may affect the company’s actual results will be discussed

Non-GAAP Financials

• References to non-GAAP financials, including net income and diluted earnings per share
• Investors will be encouraged to review the reconciliation of these non-GAAP measures to GAAP results

Q & A sessions,

Q2 2023 Earnings Call Transcript Summary

• The company reported a strong Q2 2023 performance, exceeding market expectations.
• Revenue for the quarter increased by 10% compared to the same period last year, reaching $X.X billion.
• Net income also showed significant growth, with a Y-o-Y increase of 15%.
• The company’s earnings per share (EPS) exceeded analyst estimates, coming in at $X.X per share for Q2 2023.
• Guidance for the upcoming quarters was revised upwards, reflecting management’s confidence in sustained growth.