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Bio-Rad Laboratories Inc Class A BIO

Morningstar Rating
$283.29 +2.12 (0.75%)
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Company Report

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

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.

Price vs Fair Value

BIO is trading at a 668% premium.
Price
$281.17
Fair Value
$727.00
Uncertainty
High
1-Star Price
$685.70
5-Star Price
$562.00
Economic Moat
Wxg
Capital Allocation
Pzjgkvwpb

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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News

Trading Information

Previous Close Price
$281.17
Day Range
$280.47287.10
52-Week Range
$261.59431.79
Bid/Ask
$265.76 / $307.54
Market Cap
$8.08 Bil
Volume/Avg
162,252 / 205,404

Key Statistics

Price/Earnings (Normalized)
23.47
Price/Sales
3.12
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
5.32%

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

Competitors

Valuation

Metric
BIO
TMO
DHR
Price/Earnings (Normalized)
23.4726.6432.75
Price/Book Value
0.894.833.67
Price/Sales
3.125.248.77
Price/Cash Flow
11.8825.6929.84
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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