bio-rad-logoBio-Rad (NYSE:BIO) shares took a hit on third-quarter results that came in mixed compared to the consensus forecast.

BIO shares were down more than 6% at $359.75 apiece this morning — a day after the company released its results. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down more than 2%.

The Hercules, California–based clinical diagnostics company posted losses of $164.2 million for the quarter. That’s a loss of $5.52 per share on sales of $680.8 million for the three months ended Sept. 30, 2022.

Bio-Rad registered a massive bottom-line slide into the red on a sales decline of 8.9%. Life sciences sales sank by 14.9% for the quarter. Lower COVID-related sales, legal settlements in the year-ago period and supply chain constraints led to the dip. Excluding COVID-19-related sales and legal settlements, the segment grew by 9.4%.

Additionally, Bio-Rad’s clinical diagnostics revenues decreased by 2.8%. The company attributed this to COVID-19-related sales as well. Excluding that impact, revenues in the business increased by 3.7%.

Adjusted to exclude one-time items, earnings per share totaled $2.60. That comes in 18¢ behind Wall Street. Sales recorded a beat, though, as analysts expected revenues of $679.9 million.

“As expected, during the third quarter, sales of our COVID-related products continued to taper off,” said Norman Schwartz, Bio-Rad president, and CEO. “While customer demand for our core products remained strong, our ability to meet it was affected by the ongoing supply chain constraints which moderated instrument placements. For the remainder of the year, we will focus on reducing the backlog while we continue to advance our strategic product and operational activities.”

Bio-Rad expects adjusted revenues to come in between 1% and 2% growth. It projects COVID-19-related revenues to total $105 million. Its previous estimate came in at around $93 million.