Bio-Rad Laboratories reported its third-quarter 2024 financial results, with GAAP profit of $653.2 million, or $23.34 per diluted share. Adjusted for non-recurring gains, earnings were $2.01 per share, which exceeded the consensus estimate of $1.16. This performance indicates operational strength despite the prevailing market conditions.
The company's total net sales for Q3 2024 reached $649.7 million, marking a 2.8% increase compared to the third quarter of 2023. This growth was primarily driven by a recovery in demand for analytical tools from biotech clients and steady sales growth in clinical diagnostics products.
For the full year 2024, Bio-Rad provided guidance expecting non-GAAP revenue to be in the range of a 2.5% to 4% decline. This outlook reflects the company's assessment of ongoing market dynamics and its strategic adjustments to navigate the environment.
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