Bio Rad Laboratories Inc
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Health Care : Life Sciences Tools & Services | Mid Cap Blend
Company profile

Bio-Rad Laboratories, Inc. manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate chemical and biological materials and to identify, analyze and purify their components. The Company operates through two segments: Life Science and Clinical Diagnostics. Life Science segment markets and develops, manufactures and markets a portfolio of various products that serves a global customer base. The segment is focused on specific segments of the life sciences market in proteomics, genomics, biopharmaceutical production, cellular biology and food safety. Clinical Diagnostics segment designs, manufactures, markets and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. Its products address specific niches within the in vitro diagnostics (IVD) test market.

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Bio-Rad's stock leads the S&P 500 decliners, as they suffer the biggest selloff in 36 years after disappointing results.

12:37 pm ET May 5, 2023 (MarketWatch)

Shares of Bio-Rad Laboratories Inc. (BIO) tumbled 17.5% toward their worst day in 36 years, after the maker of products for the life science research and clinical diagnostics markets reported first-quarter results that missed expectations, amid a drop in COVID-related sales, and cut its full-year outlook. The stock, which paced the S&P 500's decliners, was headed for the biggest one-day decline since it plunged 23.5% on Oct. 20, 1987. The company reported late-Thursday first-quarter sales that fell 3.3% from a year ago to $676.8 million, below the FactSet consensus of $690.0 million, as COVID-related sales dropped to $2.6 million from $45 million. Adjusted earnings per share, which excludes nonrecurring items, fell to $3.34 from $5.02 and missed the FactSet consensus of $3.54. The company cut its adjusted, currency-neutral revenue growth outlook for 2023 to 4.5% from 6.0% to 7.0%. In somewhat related news, the World Health Organization declared Friday an end to the COVID global health emergency. The stock has lost 9.2% year to date, while the S&P 500 has gained 7.3%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 05, 2023 12:37 ET (16:37 GMT)

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