Charles River Laboratories International, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Charles River Laboratories International, Inc. filed its Q1 2024 10-Q report on May 9, 2024.</b>

AI Summary

CHARLES RIVER LABORATORIES INTERNATIONAL, INC. (CRL) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Charles River Laboratories International, Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 28th. The filing was made on May 9, 2024. The company's principal business address is 251 Ballardvale St, Wilmington, MA 01887.

Why It Matters

For investors and stakeholders tracking CHARLES RIVER LABORATORIES INTERNATIONAL, INC., this filing contains several important signals. This 10-Q filing provides investors with the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's operational results, financial health, and any significant changes since the last filing.

Risk Assessment

Risk Level: low — CHARLES RIVER LABORATORIES INTERNATIONAL, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information beyond typical business operations.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance drivers and outlook.

Key Numbers

• 2024-03-30 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2024-04-27 — Filing Date (Date as of change)
• 12/28 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• CHARLES RIVER LABORATORIES INTERNATIONAL, INC. (company) — Filer name
• CRL (company) — Ticker symbol
• 251 BALLARDVALE ST (company) — Business address street
• WILMINGTON (company) — Business address city
• MA (company) — Business address state
• 01887 (company) — Business address zip
• 781-222-6000 (company) — Business phone

FAQ

Industry Context

Charles River Laboratories operates in the commercial physical and biological research services sector.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024.
2. Examine any disclosed changes in debt or equity.
3. Review the business address and contact information for accuracy.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value CRL New York Stock Exchange

Filing Documents

• crl-20240330.htm (10-Q) — 1355KB
• crl3302024ex311.htm (EX-31.1) — 9KB
• crl3302024ex312.htm (EX-31.2) — 9KB
• crl3302024ex321.htm (EX-32.1) — 7KB
• crl-20240330_g1.jpg (GRAPHIC) — 9KB
• 0001100682-24-000018.txt (&nbsp;) — 8302KB
• crl-20240330.xsd (EX-101.SCH) — 54KB
• crl-20240330_cal.xml (EX-101.CAL) — 85KB
• crl-20240330_def.xml (EX-101.DEF) — 284KB
• crl-20240330_lab.xml (EX-101.LAB) — 689KB
• crl-20240330_pre.xml (EX-101.PRE) — 498KB
• crl-20240330_htm.xml (XML) — 1320KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Financial Statements Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 4 Condensed Consolidated Balance Sheets (Unaudited) as of March 30, 2024 and December 30, 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 6 Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests (Unaudited) for the three months ended March 30, 2024 and April 1, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Overview 24 Results of Operations 25 Liquidity and Capital Resources 29 Critical Accounting Policies and Estimates 31 Recent Accounting Pronouncements 32 3 Quantitative and Qualitative Disclosure About Market Risk 32 4 Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION 1 Legal Proceedings 33 1A Risk Factors 33 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 5 Other Information 34 6 Exhibits 35 Signatures 36 1 Special Note on Factors Affecting Future Results This Quarterly Report on Form 10-Q contains forward-looking statements regarding future events and the future results of Charles River Laboratories International, Inc. that are based on our current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expect," "anticipate," "target," "goal," "project," "intend," "plan," "believe," "seek," "estimate," "will," "likely," "may," "designed," "would," "future," "can," "could," and other similar expressions which are predictions of, indicate future events and trends or which do not relate to historical matters, are intended to identify such forward-looking statements. These statements are based on our current expectations and beliefs and involve a number of risks, uncertainties and assumptions that are difficult to predict. For example, we may use forward-looking statements when addressing topics such as: our expectations regarding the availability of non-human primates and our ability to diversify our non-human primate (NHP) supply chain; the outcome of (1) the U.S. government investigations and inquiries related to the NHP supply chain (including shipments of non-human primates from Cambodia received by the Company, (2) the putative securities class action lawsuit filed against us and certain current/former officers on May 19, 2023, and (3) the derivative lawsuit filed against members of the Board of Directors and certain current/former officers on November 8, 2023; the timing and impact of the development and implementation of enhanced procedures to reasonably ensure that non-human primates we source are purpose-bred; changes and uncertainties in the global economy and

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CHARLES RIVER LABORATORIES INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share amounts) Three Months Ended March 30, 2024 April 1, 2023 Service revenue $ 816,862 $ 857,366 Product revenue 194,698 172,007 Total revenue 1,011,560 1,029,373 Costs and expenses: Cost of services provided (excluding amortization of intangible assets) 578,164 565,477 Cost of products sold (excluding amortization of intangible assets) 88,553 86,242 Selling, general and administrative 186,291 174,846 Amortization of intangible assets 32,575 34,916 Operating income 125,977 167,892 Other income (expense): Interest income 2,202 806 Interest expense ( 35,001 ) ( 34,380 ) Other income (expense), net 5,833 ( 3,277 ) Income before income taxes 99,011 131,041 Provision for income taxes 24,529 27,087 Net income 74,482 103,954 Less: Net income attributable to noncontrolling interests 1,522 823 Net income available to Charles River Laboratories International, Inc. $ 72,960 $ 103,131 Calculation of net income per share attributable to common shareholders of Charles River Laboratories International, Inc. Net income available to Charles River Laboratories International, Inc. $ 72,960 $ 103,131 Less: Adjustment of redeemable noncontrolling interest 401 — Less: Incremental dividends attributable to noncontrolling interest holders 5,230 — Net income available to Charles River Laboratories International, Inc. common shareholders $ 67,329 $ 103,131 Earnings per common share Net income attributable to common shareholders: Basic $ 1.31 $ 2.02 Diluted $ 1.30 $ 2.01 Weighted-average number of common shares outstanding: Basic 51,437 51,097 Diluted 51,842 51,428 See Notes to Unaudited Condensed Consolidated Financial Statements. 3 CHARLES RIVER LABORATORIES INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (in thousands) Three Months Ended

View Full Filing

View this 10-Q filing on SEC EDGAR