Charles River Labs Files Q3 2024 10-Q

TL;DR

CRL's Q3 10-Q is in. Expect financial and operational updates for the research services giant.

AI Summary

Charles River Laboratories International, Inc. filed its 10-Q for the period ending September 28, 2024. The filing details financial performance and operational updates for the third quarter. Key financial metrics and segment performance are presented, reflecting the company's ongoing business activities in the research and development services sector.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Charles River Laboratories, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health or operational risks.

Key Numbers

• 2024-09-28 — Reporting Period End (The end date for the financial reporting period covered by this 10-Q.)
• 2024-11-06 — Filing Date (The date this 10-Q report was officially filed with the SEC.)

Key Players & Entities

• CHARLES RIVER LABORATORIES INTERNATIONAL, INC. (company) — Filer
• 20240928 (date) — Reporting Period End Date
• 20241106 (date) — Filing Date
• 0001100682-24-000035 (other) — Accession Number
• 8731 (other) — Standard Industrial Classification Code

FAQ

Key Financial Figures

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

Filing Documents

• crl-20240928.htm (10-Q) — 1904KB
• crl9282024ex311.htm (EX-31.1) — 9KB
• crl9282024ex312.htm (EX-31.2) — 9KB
• crl9282024ex321.htm (EX-32.1) — 7KB
• crl-20240928_g1.jpg (GRAPHIC) — 9KB
• 0001100682-24-000035.txt ( ) — 9895KB
• crl-20240928.xsd (EX-101.SCH) — 59KB
• crl-20240928_cal.xml (EX-101.CAL) — 93KB
• crl-20240928_def.xml (EX-101.DEF) — 292KB
• crl-20240928_lab.xml (EX-101.LAB) — 728KB
• crl-20240928_pre.xml (EX-101.PRE) — 519KB
• crl-20240928_htm.xml (XML) — 1696KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Financial Statements Condensed Consolidated Statements of Income (Unaudited) for the three and nine months ended September 28, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 28, 2024 and September 30, 2023 4 Condensed Consolidated Balance Sheets (Unaudited) as of September 28, 2024 and December 30, 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 28, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests (Unaudited) for the three and nine months ended September 28, 2024 and September 30, 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Overview 27 Results of Operations 29 Liquidity and Capital Resources 36 Critical Accounting Policies and Estimates 38 Recent Accounting Pronouncements 39 3 Quantitative and Qualitative Disclosure About Market Risk 39 4 Controls and Procedures 39

- OTHER INFORMATION

PART II - OTHER INFORMATION 1 Legal Proceedings 40 1A Risk Factors 41 2 Unregistered Sales of Equity Securities and Use of Proceeds 41 5 Other Information 41 6 Exhibits 42 Signatures 43 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, (3) the derivative lawsuit filed against members of the Board of Directors and certain current/former officers on November 8, 2023, and (4) the derivative lawsuit filed against certain current/former members of the Board of Directors and certain current/former officers on August 2, 2024; the timing and impact of the development and implemen

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 Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Service revenue $ 832,463 $ 869,759 $ 2,492,225 $ 2,602,016 Product revenue 177,300 156,864 555,215 513,917 Total revenue 1,009,763 1,026,623 3,047,440 3,115,933 Costs and expenses Cost of services provided (excluding amortization of intangible assets) 568,699 587,560 1,724,246 1,731,136 Cost of products sold (excluding amortization of intangible assets) 92,043 77,223 275,617 246,326 Selling, general and administrative 199,213 176,109 555,295 550,713 Amortization of intangible assets 32,403 34,229 97,248 103,419 Operating income 117,405 151,502 395,034 484,339 Other income (expense) Interest income 1,528 1,373 6,740 3,605 Interest expense ( 30,284 ) ( 33,742 ) ( 98,054 ) ( 103,166 ) Other income (expense), net 2,592 ( 6,260 ) 6,185 ( 12,200 ) Income before income taxes 91,241 112,873 309,905 372,578 Provision for income taxes 20,946 24,852 70,867 81,160 Net income 70,295 88,021 239,038 291,418 Less: Net income attributable to noncontrolling interests 638 632 2,340 3,878 Net income attributable to Charles River Laboratories International Inc. $ 69,657 $ 87,389 $ 236,698 $ 287,540 Calculation of net income per share attributable to Charles River Laboratories International Inc. common shareholders Net income attributable to Charles River Laboratories International Inc. $ 69,657 $ 87,389 $ 236,698 $ 287,540 Less: Adjustment of redeemable noncontrolling interest 379 — 1,081 — Less: Incremental dividends attributed to noncontrolling interest holders 599 — 9,621 — Net income available to Charles River Laboratories International Inc. common shareholders $ 68,679 $ 87,389 $ 225,996 $ 287,540 Earnings per common share Basic $ 1.34 $ 1.70 $ 4.39 $ 5.62 Diluted $

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View this 10-Q filing on SEC EDGAR