Bio-Rad Laboratories (NYSE:BIO) Posts Quarterly Earnings Results, Beats Estimates By $0.73 EPS

Bio-Rad Laboratories (NYSE:BIO) released its quarterly earnings results on Wednesday. The medical research company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.73, Briefing.com reports. The business had revenue of $649.70 million during the quarter, compared to the consensus estimate of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.77% and a negative net margin of 51.73%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.33 EPS. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Trading Up 8.0 %

BIO traded up $26.35 during midday trading on Thursday, hitting $356.93. The company’s stock had a trading volume of 205,861 shares, compared to its average volume of 247,899. The company has a current ratio of 6.28, a quick ratio of 4.63 and a debt-to-equity ratio of 0.18. The firm has a market cap of $9.95 billion, a P/E ratio of -7.61 and a beta of 0.95. The firm has a 50-day moving average price of $331.96 and a two-hundred day moving average price of $307.65. Bio-Rad Laboratories has a 52-week low of $262.12 and a 52-week high of $364.24.

Analyst Ratings Changes

BIO has been the subject of several research reports. Citigroup raised Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $350.00 to $400.00 in a research note on Tuesday, October 1st. Wells Fargo & Company assumed coverage on shares of Bio-Rad Laboratories in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $401.00 target price on shares of Bio-Rad Laboratories in a research note on Friday, August 16th. Finally, StockNews.com downgraded shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $368.20.

Insider Buying and Selling at Bio-Rad Laboratories

In other Bio-Rad Laboratories news, EVP James Barry sold 623 shares of Bio-Rad Laboratories stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $330.49, for a total value of $205,895.27. Following the completion of the sale, the executive vice president now owns 147 shares in the company, valued at $48,582.03. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, COO Andrew J. Last sold 3,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $329.94, for a total transaction of $989,820.00. Following the completion of the sale, the chief operating officer now owns 7,559 shares in the company, valued at approximately $2,494,016.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James Barry sold 623 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $330.49, for a total value of $205,895.27. Following the sale, the executive vice president now owns 147 shares of the company’s stock, valued at $48,582.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.06% of the stock is owned by company insiders.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.