Q3 2024 Bio Rad Laboratories Inc Earnings Call Transcript
Key Points
- Bio-Rad Laboratories Inc (BIO) reported a solid quarter with revenue and margins exceeding expectations, driven by product mix, productivity gains, and effective cost management.
- The clinical diagnostics business showed stronger-than-expected year-over-year growth, with broad-based growth across the portfolio and regions, particularly in Asia-Pacific.
- The Droplet Digital PCR franchise experienced mid-single-digit growth, supported by additional IP-related royalties and expanding interest in oncology and cell and gene therapy markets.
- Operational improvements, including a new Asia Distribution Center in Singapore, have enhanced supply chain efficiency and customer service levels.
- Bio-Rad Laboratories Inc (BIO) completed the acquisition of Saber Bio, enhancing its capabilities in high-throughput discovery of novel antibodies and T cell receptors.
- The life science group continues to face a modest pace of recovery due to ongoing soft demand in biotech, biopharma, and China, with expectations of gradual recovery extending into 2025.
- Process chromatography materials posted a year-over-year decline due to ongoing destocking activities by large customers, with normalization expected only in 2025.
- The academic segment is experiencing a slightly softer global funding environment, with lower funding in key European markets like Germany and the UK.
- The launch of the Continuum QXD PCR platform has been postponed, indicating potential delays in product development and market introduction.
- Bio-Rad Laboratories Inc (BIO) anticipates potential headwinds in 2025, including challenges in China and the exit of a partner from the donor screening business.
Hello, everyone and welcome to today's Bio-Rad third-quarter 2024 results conference call and webcast. (Operator Instructions) Please note today's session is being recorded. (Operator Instructions)
It is now my pleasure to turn the floor over to Head of Investor Relations, Edward Chung. Welcome, sir.
Good afternoon, everyone. And thank you for joining us today. We will review the third-quarter 2024 financial results and provide an update on key business trends for Bio-Rad. With me on the call today are Norman Schwartz, our Chief Executive Officer; Jon DiVincenzo, President and Chief Operating Officer, and Roop Lakkaraju, Executive Vice President and Chief Financial Officer.
Before we begin our review, I'd like to remind everyone that we'll be making forward-looking statements about management's goals, plans, and expectations, our future financial performance, and other matters. These statements are based on assumptions and expectations of future events that are
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