Bio-Rad Laboratories (NYSE: BIO) saw its stock soar 7.73% on October 31, 2024, following the company's impressive third-quarter earnings report and positive outlook for the future.

The life science and clinical diagnostics company reported robust financial results for the third quarter, with net sales rising 2.8% year-over-year to $650 million. The Clinical Diagnostics Group was the standout performer, with sales increasing 5.6% due to broad-based growth across the portfolio and strong demand in the Asia-Pacific region.

Gross margins also improved, reaching 54.8% on a GAAP basis and 55.6% on a non-GAAP basis, driven by a favorable product mix and productivity initiatives. The company's operational improvements, including the new Asia Distribution Center in Singapore, have enhanced supply chain efficiency and customer service levels.

While the Life Science Group faced some challenges due to soft demand in certain markets, Bio-Rad highlighted the strength of its Droplet Digital PCR franchise, which experienced mid-single-digit growth. The company also completed the acquisition of Saber Bio, bolstering its capabilities in antibody and T cell receptor discovery.

Looking ahead, Bio-Rad expects continued growth and margin expansion in 2025, despite potential headwinds in China and the exit of a partner from the donor screening business. The company's management expressed confidence in its ability to navigate these challenges and drive long-term value for shareholders.