Financial Performance - Net sales for Q3 2023 were $632.1 million, a decrease of 7.1% from $680.8 million in Q3 2022[207] - For the first nine months of 2023, net sales were $1.99 billion, a decrease of 4.0% from $2.07 billion in the same period of 2022[214] - Life Science segment sales for the first nine months of 2023 were $887.3 million, a decrease of 10.1% year-over-year, with a currency neutral sales decrease of 9.0%[246] - Clinical Diagnostics segment sales for the first nine months of 2023 were $1.10 billion, an increase of 1.7% year-over-year, with a currency neutral sales increase of 2.8%[247] Expenses - SG&A expenses for Q3 2023 were $201.2 million, representing 31.8% of sales, compared to $211.1 million or 31.0% of sales in Q3 2022[209] - R&D expenses for Q3 2023 were $43.5 million, or 6.9% of sales, down from $66.8 million or 9.8% of sales in Q3 2022[240] - Research and development expenses for the first nine months of 2023 decreased to $183.5 million, representing 9.2% of sales, compared to $190.7 million in the same period of 2022[248] - Interest expense for Q3 2023 was $12.4 million, an increase from $11.7 million in Q3 2022, primarily due to $1.2 billion Senior Notes[211] - Interest expense for the first nine months of 2023 was $37.1 million, an increase of $10.6 million from $26.4 million in the same period of 2022[249] Gross Margins - Consolidated gross margins for Q3 2023 were 53.1%, down from 54.7% in Q3 2022, primarily due to product mix and higher material costs[239] - Consolidated gross margins for the first nine months of 2023 were 53.3%, down from 56.5% in the same period of 2022[247] Other Income and Expenses - Other income for the first nine months of 2023 was $87.4 million, up from $42.4 million in the same period of 2022, driven by increased interest and investment income[218] - Other income, net for Q3 2023 increased to $20.4 million from $3.1 million in Q3 2022, primarily due to increased interest and investment income[243] - Foreign currency exchange gains for Q3 2023 were $1.7 million, compared to losses of $4.4 million in Q3 2022[242] - Losses from changes in fair market value of equity securities were $1.58 billion for the first nine months of 2023, compared to $6.17 billion in the same period of 2022[250] Cash Flow and Financing - Net cash used in financing activities was $225.0 million for the nine months ended September 30, 2023, compared to cash provided of $1,060.2 million in the same period of 2022[255] - The board authorized a new share repurchase program of up to $500 million in July 2023[224] - As of September 30, 2023, $478.7 million remained available for repurchases under the Share Repurchase Program[256]
Bio-Rad(BIO_B) - 2023 Q3 - Quarterly Report