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Bio-Rad Laboratories Inc BIO

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Morningstar’s Analysis

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Narrow-Moat Bio-Rad Reaches New Heights in 2020 Driven by Strong Life Sciences; Shares Overvalued

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Narrow-moat Bio-Rad beat our expectations once again in the fourth quarter, driven by growth in life sciences, an improved margin and further gains related to the Sartorius investment. While we may marginally increase our fair value estimate after incorporating full-year results for the firm and the impact of continued strong results from Sartorius, we continue to view shares as overvalued.

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Company Profile

Business Description

Bio-Rad Laboratories, headquartered in Hercules, California, develops, manufactures, and markets products and solutions for the clinical diagnostics and life sciences markets. In diagnostics (60% of sales), Bio-Rad manufactures, sells, and supports test systems and specialized quality controls for clinical laboratories. In life sciences (40% of sales), the firm develops and manufactures a range of instruments and reagents used in research, biopharmaceutical production, and food testing. The company is geographically diverse, with major markets in the United States (40% of 2019 sales), Europe (33%), and Asia (22%), with Canada and Latin America accounting for the bulk of the remaining 5%. Bio-Rad owns 37% of Sartorius AG, a laboratory and biopharmaceutical supplier.

Contact
1000 Alfred Nobel Drive
Hercules, CA, 94547
T +1 510 724-7000
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 8,000