HERCULES, Calif. (AP) — HERCULES, Calif. (AP) — Bio-Rad Laboratories Inc. (BIO.B) on Thursday reported fourth-quarter net income of $720 million, after reporting a loss in the same period a year earlier.

The Hercules, California-based company said it had profit of $26.65 per share. Earnings, adjusted for non-recurring gains, were $2.51 per share.

The maker of instruments used in biomedical research posted revenue of $693.2 million in the period.

For the year, the company reported net income of $759.9 million, or $27.85 per share, swinging to a profit in the period. Revenue was reported as $2.58 billion.

Bio-Rad shares have dropped 5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $295.05, a drop of 14% in the last 12 months.

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