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Bio-Rad Laboratories Inc BIO

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Narrow-Moat Bio-Rad Poised for Strong Year Driven by Sartorius Gains and Life Science Momentum

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Narrow-Moat Bio-Rad reported strong second-quarter results, with currency-neutral sales growth of 27.5% and non-GAAP diluted EPS of $3.54 compared with EPS of $1.61 in second-quarter 2020. After adjusting our model for the strong near-term results and greater flow-through equity investment income from Sartorius, we are increasing our fair value estimate to $455 from $425. Our valuation increase is moderated by incorporating a weighted average U.S. tax rate of 26%.

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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 2020 sales), Europe (34%), and Asia (21%), 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 Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 8,000

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