Bio-Rad Laboratories reiterates 2024 revenue growth outlook; shares slip

Bio-Rad Laboratories

07/05/2024 23:08

May 7 (Reuters) - Diagnostics firm Bio Rad Laboratories
 BIO.N  reiterated its 2024 sales growth forecast on Tuesday,
weighed by persistently weak spending by biotech companies and
sluggish demand in China.
    The supplier of laboratory apparatus and instruments for
drug manufacturers and biotech companies continues to see
adjusted revenue growth for the full-year between 1% and 2.5% on
a currency-neutral basis.
    Large rival Thermo Fisher Scientific  TMO.N  slightly bumped
up its annual profit forecast in April while Waters Corp  WAT.N 
left its outlook for the year unchanged as it remains cautious
about a recovery in its key markets.
    Subdued spending in the biotech sector as well as sluggish
demand in the key China market has hit Bio-Rad's life sciences
segment sales, offset by an increase in demand for its clinical
diagnostics products.
    The Hercules, California-based company continues to be
cautiously optimistic about a gradual recovery in the biopharma
market in the second half of the year.
    Sales from its life sciences unit, which makes products for
biotech, pharmaceutical and food testing clients, fell 25.3% to
$241.7 million.
    On an adjusted basis, Bio-Rad recorded a per-share profit of
$2.29 for the quarter ended March 31, marginally above analysts'
estimate of $2.15.
    Shares of the company fell 1.4% to $276 in after market
hours.

 (Reporting by Unnamalai L in Bengaluru; Editing by Alan Barona
and Shailesh Kuber)
 ((Unnamalai.L@thomsonreuters.com;))