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Bio-Rad Laboratories Inc Class A BIO

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Stock XNYS Rating as of
$287.45 −1.55 (0.54%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Bio-Rad Earnings: First-Quarter Declines in Line With Expectations; Shares Undervalued

Jay Lee

Wide-moat Bio-Rad’s first-quarter earnings were in line with expectations. Revenue for the period was $611 million, or a 10% year-over-year decline, while adjusted operating profit margin of 9.7% fell 2.7 percentage points from the same period last year. We maintain our fair value estimate of $430 per share and view shares as undervalued. Although we expect 2024 to be lackluster in terms of revenue growth and margin improvement, next year we think Bio-Rad can resume its progress in increasing operating profit margins.

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Price vs Fair Value

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BIO is trading within a range we consider fairly valued.
Price
$289.00
Fair Value
$766.00
Uncertainty
High
1-Star Price
$419.40
5-Star Price
$688.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Bio-Rad is a leader in niche areas including quality controls, antigens, and digital PCR, and it has a strong razor-and-blade model in clinical diagnostics.

Bears

Bio-Rad’s consolidated businesses operate in markets with growth rates that are on the lower end of the life sciences industry.

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Trading Information

Previous Close Price
$289.00
Day Range
$285.30–288.98
52-Week Range
$262.09–431.46
Bid/Ask
$286.69 / $287.72
Market Cap
$8.20 Bil
Volume/Avg
97,095 / 201,224

Key Statistics

Price/Earnings (Normalized)
24.12
Price/Sales
3.21
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
5.20%

Company Profile

Bio-Rad Laboratories, headquartered in Hercules, California, develops, manufactures, and sells products and solutions for the clinical diagnostics and life sciences markets. In clinical diagnostics (56% of sales), Bio-Rad sells test systems and specialized quality controls for clinical laboratories. In life sciences (44% of sales), it develops and manufactures instruments and reagents used in research, biopharmaceutical production, and food testing and has a leadership position in dPCR technology. The company is geographically diverse, with major markets in the Americas (42% of 2023 sales), Europe (31%), Asia (31%), and other (6%). Bio-Rad owns approximately 33% of Sartorius, a lab and bioprocessing supplier that specializes in single-use technology used in biologics manufacturing.
Sector
Healthcare
Industry
Medical Devices
Stock Style Box
Small Core
Total Number of Employees
8,030
Website
https://www.bio-rad.com

Competitors

Valuation

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Metric
BIO
TMO
DHR
Price/Earnings (Normalized)
 24.1226.8233.17
Price/Book Value
 0.914.863.71
Price/Sales
 3.215.288.88
Price/Cash Flow
 12.2125.8630.22
Price/Earnings
BIO
TMO
DHR

Financial Strength

Metric
BIO
TMO
DHR
Quick Ratio
 4.481.191.34
Current Ratio
 6.571.701.85
Interest Coverage
 −9.704.8315.85
Quick Ratio
BIO
TMO
DHR

Profitability

Metric
BIO
TMO
DHR
Return on Assets (Normalized)
 2.73%8.69%5.15%
Return on Equity (Normalized)
 3.84%18.71%8.40%
Return on Invested Capital (Normalized)
 2.95%10.97%6.02%
Return on Assets
BIO
TMO
DHR
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