Core Insights - Charles River Laboratories (CRL) reported revenue of $1.03 billion for the quarter ended June 2024, a decrease of 3.2% year-over-year, while EPS increased to $2.80 from $2.69 in the previous year [1] - The revenue matched the Zacks Consensus Estimate, resulting in a slight surprise of +0.09%, while the EPS exceeded expectations by +17.15% [1] Revenue Breakdown - Research Models and Services generated $206.39 million, surpassing the average estimate of $200.58 million, but reflecting a year-over-year decline of -1.7% [3] - Discovery and Safety Assessment revenues were $627.42 million, below the average estimate of $637.52 million, marking a -5.4% change year-over-year [4] - Manufacturing Support revenues matched estimates at $192.31 million, showing a year-over-year increase of +3.1% [5] - Services revenues totaled $842.90 million, slightly below the average estimate of $845.77 million, with a year-over-year decline of -3.7% [6] - Products revenues were $183.22 million, exceeding the estimate of $182.16 million, but reflecting a -1% change from the previous year [7] Operating Income Analysis - Non-GAAP operating income for Research Models and Services was $47.70 million, below the average estimate of $48.60 million [8] - Non-GAAP operating income for Discovery and Safety Assessment was $170.14 million, exceeding the estimate of $156.36 million [8] - Non-GAAP operating income for Manufacturing Support was $51.20 million, slightly above the average estimate of $50.39 million [8] - Unallocated Corporate Overhead showed a loss of -$53.90 million, better than the estimate of -$62.33 million [9] - Operating income for Research Models and Services was $29.95 million, below the estimate of $43.59 million [9] - Operating income for Discovery and Safety Assessment was $138.38 million, exceeding the estimate of $131.44 million [9] - Manufacturing Support operating income was $37.23 million, below the estimate of $42.15 million [10] Stock Performance - Charles River's shares have returned +13.4% over the past month, contrasting with the Zacks S&P 500 composite's -5.9% change [10] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [10]

Charles River Laboratories (CRL) came out with quarterly earnings of $2.80 per share, beating the Zacks Consensus Estimate of $2.39 per share. This compares to earnings of $2.69 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 17.15%. A quarter ago, it was expected that this medical research equipment and services provider would post earnings of $2.05 per share when it actually produced earnings of $2.27, delivering a surprise ...

Exhibit 99.1 NEWS RELEASE CHARLES RIVER LABORATORIES ANNOUNCES SECOND-QUARTER 2024 RESULTS – Second-Quarter Revenue of $1.03 Billion – – Second-Quarter GAAP Earnings per Share of $1.74 and Non-GAAP Earnings per Share of $2.80 – – Board Approves New Stock Repurchase Authorization of $1.0 Billion – – Revises 2024 Guidance – WILMINGTON, MA, August 7, 2024 – Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the second quarter of 2024. For the quarter, revenue was $1.03 bi ...

Earnings Surprise History Q2 Estimates The Zacks Consensus Estimate for earnings per share of $2.39 indicates an 11.2% decline year over year. Estimates for Charles River's second-quarter earnings have remained unchanged at $2.39 per share in the past 30 days. Factors at Play Note that there was a timing shift with NHP shipments that accelerated into the first quarter. This might have acted as a headwind in the second quarter. In the previous reported quarter, CRL's Insourcing Solutions, or IS, generated hi ...

Charles River Laboratories International, Inc. (CRL) recently announced a contract development and manufacturing organization (CDMO) agreement with the Italy-based clinical-stage biotechnology company, AAVantgarde. The collaboration will produce GMP plasmid DNA to help advance AAVantgarde's platform for treating Stargardt's disease — a condition with significant unmet needs. Significance of the Partnership Charles River will leverage its two-decade-long expertise in manufacturing GMP plasmid DNA to support ...

Charles River Laboratories' (CRL) Research Models and Services (RMS) business continues to benefit from the Charles River Accelerator and Development Labs (CRADL) initiative. Yet, the global business environment remains challenging, denting the company's growth. The stock carries a Zacks Rank #3 (Hold). Within RMS, the company, in November 2023, acquired a 41% additional stake in Noveprim, a NHP provider of Mauritius. This acquisition led to a 90% controlling interest in Noveprim, firmly supporting Charles ...

Charles River's Plasma DNA and Viral Vector CDMO Following the agreement, Gates Institution will have access to Charles River's manufacturing platforms and viral vector CDMO center of excellence, leveraging a range of services, including process development evaluation of Gates Institute's LVV backbone, phase-appropriate research grade, high–quality (HQ) plasmid DNA production and GMP LVV manufacturing. Image Source: Zacks Investment Research Given the market potential, the collaboration between Charles Rive ...

More on the News Industry Prospect In June 2024, Charles River announced a collaboration with MatTek Corporation to develop a New Approach Methodology inhalation toxicology test to reduce reliance on traditional animal research methods. The program will be funded through $1.3 million grant. Charles River currently carries a Zacks Rank #3 (Hold). The Inogen stock has surged 32.4% year to date. In the past 60 days, the bottom-line estimate for 2024 has narrowed from a loss of $2.56 per share to a loss of $2.4 ...

Outlook's 08/30/2023 CRL opened up a world of pain for its shareholders This is my second Outlook Therapeutics (NASDAQ:OTLK) article after 04/2023's "Outlook Therapeutics: August PDUFA For Wet AMD Blockbuster". In that article, I pegged Outlook as a high risk high reward bet on a successful PDUFA. I took the bullish bet, rating Outlook a Buy. In doing so, I noted: There is no wiggle room here. What happens if the FDA extends its PDUFA date by three months as quite common? What happens if the FDA issues a CR ...

The VCG collaboration is a project guided by Charles River's Alternative Methods Advancement Project ("AMAP"), an initiative focused on reducing the use of animals in research. The development is likely to boost the company's Discovery and Safety Assessment ("DSA") segment. As the company enters the next frontier of drug development, AMAP will facilitate strategic and purposeful investing to pave the path where more patients receive needed treatments and medicines safely, swiftly and successfully. Upholding ...