Long-term debt (including current maturities) at the end of the third quarter was $438.9 million compared with $438.7 million.Ĭumulative net cash flow from operating activities at the end of the quarter under review was $290.6 million compared with $298.1 million at the year-ago quarter’s end. Financial Updateīio-Rad exited the third quarter with cash and cash equivalents (including short-term investments) of $1.16 billion compared with $1.04 billion at the end of the second quarter of 2020. Further, operating margin in the third quarter expanded 668 bps to 16.9%.Ĭompany-adjusted operating margin was 18.8%, expanding 680 bps year over year.
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Operating profit totaled $109.6 million, reflecting a 90.7% upsurge from the prior-year quarter. Operating expenses were $257.7 million in the third quarter, up 3.3% year over year. The downside at CER was driven by lower demand due to the pandemic and was across most product lines as well as all regions. Net sales at the Clinical Diagnostics segment totaled $322.2 million, down 5.7% on a year-over-year basis and 5.9% at CER. Geographically, the company’s quarterly growth at CER was experienced by all regions. The growth at CER was primarily driven by sales of Polymerase Chain Reaction (“PCR”) and Droplet Digital PCR and Process Media products. Sales at the Life Science segment in the second quarter totaled $324 million, up 50.2% year over year and 48.8% at CER. Further, along with strong demand for products associated with COVID-19 testing and related research, lower demand in the rest of the business was also observed during the quarter. Per the company, an increased activity and lab utilization across its customers was registered across the globe.
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Moreover, revenues improved 15.5% from the year-ago quarter (up 14.9% at constant exchange rate or CER). Bio-Rad’s revenues of $647.3 million in the quarter surpassed the Zacks Consensus Estimate by 14.5%.