Skip to main content
Premium Trial:

Request an Annual Quote

Bio-Rad's Q3 Revenues Rise 10 Percent

NEW YORK (GenomeWeb News) – Bio-Rad Laboratories reported after the close of the market Tuesday that its third-quarter revenues rose 10 percent, helped by the effects of currency translation.

The diagnostics and research tools company reported total revenues of $516.5 million for the three-month period ended Sept. 30, compared to $471.5 million for the same period a year ago. That beat Wall Street analysts' estimate of $511.5 million for the quarter. On a currency-neutral basis, its Q3 revenues increased 1 percent year over year.

"While performance in the third-quarter shows good momentum and growth in many of our core product areas, we are feeling the impact of an uncertain economic environment in many of our markets abroad," Bio-Rad President and CEO Norman Schwartz said in a statement. "As we wrap up the year, we will carefully monitor these pressures on our global operation and look for new opportunities to grow our business."

The firm's Life Science segment saw a 12 percent revenue increase year over year to $171.5 million. The company said its electrophoresis and imaging products lines has "solid growth" over the quarter, and that sales in the segment were bolstered by its amplification products, newly-launched products, and assays for the Bio-Plex suspension array system. On a currency-neutral basis revenues for the segment were up 5 percent.

Bio-Rad's Clinical Diagnostics segment was up 8 percent to $341.3 million for the quarter. But on a currency-neutral basis, segment sales were down 1 percent. The company said that "economic challenges affecting worldwide healthcare markets" had a negative impact on its Clinical Diagnostics business.

Bio-Rad's net income for the quarter was $45.9 million, or $1.61 per share, compared to $44.8 million, or $1.59 per share, for Q3 2010.

The firm's R&D spending for the quarter was $45.4 million, up 6 percent from $42.9 million. Its SG&A expenses increased 19 percent to $176.9 million from $148.7 million.

Bio-Rad finished the quarter with $671 million in cash and cash equivalents and $239.2 million in short-term investments.

Just after the end of the quarter the firm announced that it had acquired digital PCR systems maker QuantaLife for $162 million in cash plus potential future milestone payments. On a conference call following the release of the financial results, Brad Crutchfield, manager of Bio-Rad's life sciences group, said that the firm is at the beginning stages of rolling out the QantaLife product in the US and expects a "greater release at the end of the year for the rest of the world."

Bio-Rad President and CEO Norman Schwartz added that the QuantaLife technology targets a market that is worth "several hundred million dollar[s]."

The firm trimmed its FY 2011 organic revenue guidance to a range of between 3.5 percent and 4 percent, down from previous expectations of 5 percent.

The Scan

Not Immediately Told

The US National Institutes of Health tells lawmakers that one of its grantees did not immediately report that it had developed a more infectious coronavirus, Science says.

Seems Effective in Kids

The Associated Press reports that the Pfizer-BioNTech SARS-CoV-2 vaccine for children appears to be highly effective at preventing symptomatic disease.

Intelligence Warning on Bioeconomy Threats

US intelligence warns over China's focus on technologies and data related to the bioeconomy, the New York Times reports.

PLOS Papers on Campylobacteriosis Sources, Inherited Retinal Dystrophies, Liver Cancer Prognosis

In PLOS this week: approach to uncover source of Campylobacteriosis, genetic risk factors for inherited retinal dystrophies, and more.