Bio-Rad Labs falls on downbeat Q3 sales, cuts FY revenue growth forecast

Bio-Rad Laboratories

26/10/2023 22:58

** Shares of diagnostic firm Bio-Rad Laboratories  BIO.N 
fall 7.4% to $269.91 after the bell
    ** Co cuts its FY'23 rev growth forecast, given the
uncertain pace of the biopharma sector's recovery and ongoing
macro challenges
    ** Now expects adj. revenue growth between 0% and 0.5% on a
currency-neutral basis, vs previously expected growth of 4.5%;
outlook excludes Bio-Rad's COVID-related sales
    ** Posts total Q3 sales of $632.1 mln, while analysts
expected $689.57 mln, according to LSEG data
    ** BioRad's life science segment that serves biotech,
pharmaceutical and food testing clients, reported a 17.1% fall
in sales to $263.5 mln
    ** On an adj basis, co earned $2.33/share, missing estimates
of $2.78/share
    ** As of Thursday's close, stock down 30.7% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))