NEW YORK (GenomeWeb) – Bio-Rad Laboratories reported after the close of the market Thursday that its third quarter revenues increased 2 percent year over year driven by sales for its life science segment.
The Hercules, California-based life science research tools and diagnostics firm reported total revenues of $545.1 million for the three months ended Sept. 30, up from $534.1 million for the third quarter of 2017. It beat the consensus Wall Street estimate for revenues of $538.7 million.
Bio-Rad said that on a currency-neutral basis, its revenues were up 3 percent year over year.
Sales for its life science segment jumped 7 percent to $206.6 million year over year, driven by growth for multiple product lines including droplet digital PCR, cell biology, process media, and food safety products, the firm said.
Sales for its diagnostics segment dipped 1 percent to $334 million, though were up a fraction of 1 percent on a currency neutral basis. The firm cited growth in blood typing, quality control, diabetes monitoring, and immunology product lines in that segment.
Bio-Rad posted net income of $269.3 million, or $8.89 per share, compared to $22.1 million, or $.73 per share, for Q3 2017. Bio-Rad said the massive increase was due to the recognition of changes in the fair market value of equity securities of $318.0 million in the quarter primarily related to Bio-Rad's investment in lab products and services firm Sartorius.
On a non-GAAP basis, Bio-Rad's net income for the quarter was $.91 versus the Wall Street estimate of $1.15.
The firm's R&D spending for the quarter dropped 21 percent to $49.2 million from $62.1 million, and its SG&A expenses increased slightly to $201.2 million from $198.2 million.
Bio-Rad finished the quarter with $434.5 million in cash and cash equivalents, and $431.6 million in short-term investments.
The firm anticipates currency-neutral revenue growth of 4 percent to 4.5 percent for FY 2018.