Bio-Rad Laboratories misses estimates, falls to over 4-year low

Bio-Rad Laboratories

27/10/2023 16:22

(Updates)
    ** Shares of Bio-Rad Laboratories  BIO.N  fall 7.1% to an
over 4-year low of $270.84
    ** Co's quarterly revenue of $632.1 mln missed analysts'
average expectation of $689.57 mln 
    ** BIO cut ts FY rev growth forecast, cites uncertain pace
of the biopharma sector's recovery, challenging macroeconomic
environment in China 
        ** At least three brokerages cut PT on BIO, which sells
laboratory apparatus, instruments, and diagnostics to drug
manufacturers and biotechs 
  
        ** Brokerage Citi says conditions remain challenging for
BIO and that there is limited visibility on growth or margins
into 2024 
  
        ** Co reported Q3 adj profit of $2.33/share vs.
analysts' average estimate of $2.78/share - LSEG data
  
        ** Including session moves, BIO shares down ~35.5% YTD
  


 (Reporting by Christy Santhosh and Mariam Sunny in Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))