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Based in Hercules, California, Bio-Rad Laboratories, Inc. (BIO) is a prominent life science player known for its innovative products and solutions that advance scientific research and clinical diagnostics. With a market cap of $8.57 billion, Bio-Rad Laboratories is renowned for its contributions to enhancing laboratory efficiency and accuracy through state-of-the-art technologies. The company is set to announce its fiscal Q2 earnings results after the market closes on Thursday, Aug. 1.
Ahead of the event, analysts expect BIO to report a profit of $2.12 per share, down 29.3% from $3 per share in the year-ago quarter. In the last four quarters, the company has surpassed Wall Street’s bottom-line estimates in three and missed on another occasion.
Bio-Rad Laboratories' adjusted earnings of $2.29 per share for the last quarter surpassed the consensus estimate by 12.3%. Strong demand for clinical diagnostics offset the decline in the life science segment due to market weaknesses and economic challenges in China.
For fiscal 2024, analysts expect BIO to report EPS of $10.80, down 8.3% from $11.78 in fiscal 2023.
BIO stock is down 8.7% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 16.2% gains and the iShares U.S. Medical Devices ETF’s (IHI) 3.3% returns over the same time frame.
BIO’s shares declined 4.2% following the company’s Q1 earnings release on May 7.
The consensus opinion on BIO stock is optimistic, with an overall “Moderate Buy” rating. Out of four analysts covering the stock, one advises a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and two recommend a “Hold.”
This configuration is less bullish than three months ago when the stock had two “Strong Buy” ratings. BIO's average analyst price target is $350.50, indicating a potential upside of 16.7% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
