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

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

Bio-Rad Laboratories Price Performance

BIO traded up $23.28 during trading on Thursday, reaching $353.86. 196,330 shares of the company were exchanged, compared to its average volume of 247,854. The company has a quick ratio of 4.63, a current ratio of 6.28 and a debt-to-equity ratio of 0.18. The company has a market cap of $9.86 billion, a price-to-earnings ratio of -7.61 and a beta of 0.95. Bio-Rad Laboratories has a 12-month low of $262.12 and a 12-month high of $364.24. The company’s 50-day moving average is $331.96 and its two-hundred day moving average is $307.65.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Wells Fargo & Company began coverage on shares of Bio-Rad Laboratories in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 target price on the stock. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup raised Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $350.00 to $400.00 in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada reaffirmed 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 assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $368.20.

Bio-Rad Laboratories Company Profile

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.