Bio-Rad Laboratories (NYSE:BIO) Releases Earnings Results, Beats Estimates By $0.99 EPS

Bio-Rad Laboratories (NYSE:BIO) issued its quarterly earnings data on Thursday. The medical research company reported $3.11 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.99, Briefing.com reports. The company had revenue of $638.50 million for the quarter, compared to analysts’ expectations of $645.79 million. Bio-Rad Laboratories had a negative net margin of 51.73% and a positive return on equity of 3.56%. Bio-Rad Laboratories’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.00 earnings per share. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Price Performance

Shares of BIO traded down $5.32 on Friday, reaching $335.93. 448,637 shares of the company’s stock traded hands, compared to its average volume of 240,792. The stock’s 50 day simple moving average is $293.21 and its two-hundred day simple moving average is $307.72. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.89 and a current ratio of 6.57. Bio-Rad Laboratories has a 52-week low of $261.59 and a 52-week high of $419.00.

Insider Activity

In related news, EVP Michael Crowley sold 369 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $281.91, for a total transaction of $104,024.79. Following the completion of the sale, the executive vice president now owns 6,573 shares in the company, valued at $1,852,994.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 17.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. UBS Group reduced their price objective on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Jefferies Financial Group reiterated a “hold” rating and set a $315.00 price objective (down previously from $440.00) on shares of Bio-Rad Laboratories in a report on Monday, June 3rd. StockNews.com downgraded Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday. Citigroup increased their price target on Bio-Rad Laboratories from $300.00 to $350.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Royal Bank of Canada cut their target price on Bio-Rad Laboratories from $402.00 to $401.00 and set an “outperform” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $421.00.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.