Shares of Bio-Rad Laboratories were trading lower in the after-hours market following the release of third-quarter financial results that showed the company swinging to a gain in the period but reporting lower sales from a year ago.
The company, which provides life science research and clinical diagnostics products, also said it was expecting full-year 2023 non-GAAP revenue to decline by about 3.5% on a currency-neutral basis, having previously estimated 0.8% revenue growth.
At 5:41 p.m. EDT on Thursday, the company’s stock had fallen 7.4% to trade at $269.91. The stock finished the day’s regular session with a gain of 0.5% at $291.53. Earlier Thursday, the stock touched a 52-week low of $285.70.
Year to date, the stock is down by more than 30%.
After the bell, Bio-Rad reported third-quarter earnings per share of $3.64 on sales of $632.1 million. In the year-ago period, the company reported a loss per share of $5.48 on sales of $680.8 million.
The company said its Life Science segment net sales in the third quarter decreased 17.1% percent compared to the same period in 2022, while Clinical Diagnostics segment net sales rose 1.7% from the year-ago period.