Bio-Rad Laboratories (NYSE:BIO) Posts Quarterly Earnings Results, Beats Expectations By $0.73 EPS

Bio-Rad Laboratories (NYSE:BIO) issued its quarterly earnings results on Wednesday. The medical research company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.73, Briefing.com reports. The business had revenue of $649.70 million for the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a negative net margin of 51.73% and a positive return on equity of 3.77%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.33 earnings per share. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Stock Performance

Shares of BIO traded up $26.35 during mid-day trading on Thursday, reaching $356.93. 205,861 shares of the company’s stock were exchanged, compared to its average volume of 247,899. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.28 and a quick ratio of 4.63. The stock has a market capitalization of $9.95 billion, a PE ratio of -7.61 and a beta of 0.95. The business’s fifty day simple moving average is $331.96 and its 200-day simple moving average is $307.65. Bio-Rad Laboratories has a 52-week low of $262.12 and a 52-week high of $364.24.

Insider Activity at Bio-Rad Laboratories

In related news, EVP James Barry sold 623 shares of Bio-Rad Laboratories stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $330.49, for a total value of $205,895.27. Following the transaction, the executive vice president now directly owns 147 shares in the company, valued at $48,582.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Bio-Rad Laboratories news, COO Andrew J. Last sold 3,000 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $329.94, for a total value of $989,820.00. Following the completion of the sale, the chief operating officer now owns 7,559 shares of the company’s stock, valued at approximately $2,494,016.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Barry sold 623 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $330.49, for a total value of $205,895.27. Following the completion of the sale, the executive vice president now directly owns 147 shares of the company’s stock, valued at approximately $48,582.03. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BIO shares. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Company assumed coverage on shares of Bio-Rad Laboratories in a report on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 price objective on the stock. Citigroup raised shares of Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $350.00 to $400.00 in a report on Tuesday, October 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $401.00 price objective on shares of Bio-Rad Laboratories in a report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $368.20.

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.