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

Bio-Rad Laboratories (NYSE:BIO) posted its quarterly earnings data on Wednesday. The medical research company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.73, Briefing.com reports. The firm had revenue of $649.70 million for the quarter, compared to analyst estimates of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.66% and a negative net margin of 30.18%. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the company earned $2.33 EPS. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Price Performance

BIO stock traded up $0.36 during midday trading on Friday, reaching $358.55. 23,203 shares of the stock were exchanged, compared to its average volume of 247,763. Bio-Rad Laboratories has a 52 week low of $262.12 and a 52 week high of $366.31. The company has a fifty day moving average price of $332.92 and a 200 day moving average price of $308.00. The company has a current ratio of 6.28, a quick ratio of 4.63 and a debt-to-equity ratio of 0.18.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Citigroup upped their target price on Bio-Rad Laboratories from $400.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday. Royal Bank of Canada boosted their price target on Bio-Rad Laboratories from $446.00 to $469.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Wells Fargo & Company assumed coverage on Bio-Rad Laboratories in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $391.80.

Insider Buying and Selling at Bio-Rad Laboratories

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

About Bio-Rad Laboratories

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.