Net income in Q3 was $3.93 billion, or $129.96 per share, compared to a net income of $1.31 billion, or $43.64 per share, a year ago. "We see Dropworks as accelerating Bio-Rad's entry into the lower-end segment of the digital PCR business and allowing for expansion in the $2.5 billion to $3 billion qPCR segment, thereby significantly increasing the opportunity for our ddPCR platforms," he also said.Ĭlinical Diagnostics segment revenues increased 16 percent to $372.2 million year over year primarily due to increased demand for all product lines across all regions which the firm attributed to higher utilization of lab operations as businesses recover from the COVID-19 pandemic.ĭuring the quarter, demand continued for products associated with COVID-19 testing and research, though at a more moderate level, Bio-Rad CEO Norman Schwartz said in a statement.Īlso on the call, Andrew Last, Bio-Rad's chief operating officer, commented that supply chain constraints have persisted, "in particular for supply and costs of plastic raw materials, electronic components, and higher logistics costs." To date, Bio-Rad has been able to balance supply and demand through careful management, Last said, but he noted that the firm sees these supply constraint trends "continuing through year-end and into 2022 and thus increasing the challenge of adequately meeting customer demand." "Dropworks is developing a droplet-based digital PCR system that could provide a more cost-effective solution to streamline the digital PCR workflow for life science research and diagnostic applications," Daskal said. In addition, "We have seen strong growth in the biopharma market for our Droplet Digital PCR platform," he said, adding, "We also continue to see steady adoption of ddPCR in wastewater solutions, supported by government funding towards public health labs."ĭaskal announced that Bio-Rad recently acquired digital PCR instrument maker Dropworks, a startup that Bio-Rad sued in 2020 for intellectual property infringement. Excluding COVID-related sales, Bio-Rad's core qPCR business also experienced growth driven by "strong uptake" of its newer generation CFX Opus platform, Daskal said. On a call with investors, Bio-Rad CFO Ilan Daskal said that the firm's COVID-19-related sales were about $57 million in the quarter.
Life Science segment revenues increased 15 percent to $373.5 million in the third quarter, driven primarily by sales of Droplet Digital PCR products, process media products, and back royalties from a legal settlement. On a currency-neutral basis, quarterly revenues increased about 14 percent. 30, Bio-Rad reported revenues of $747.0 million compared to $647.3 million a year ago. The firm also announced that after the close of the quarter it acquired digital PCR maker Dropworks for $125 million in cash.įor the three months ended Sept.
NEW YORK – Bio-Rad Laboratories said after the close of the market Thursday that its third quarter revenues increased 15 percent year over year. Advances in Clinical Genomics Profiling.