Diagnostic firm Bio-Rad falls on downbeat Q3 results

Bio-Rad Laboratories

27/10/2023 13:50

** Shares of Bio-Rad Laboratories  BIO.N  fall ~7.4% to $270
before the bell
    ** Co's quarterly revenue of $632.1 mln missed analysts'
average expectation of $689.57 mln 
    ** BIO cut its FY rev growth forecast, cites uncertain pace
of the biopharma sector's recovery, challenging macroeconomic
environment in China 
    ** Analysts at Citi said that the forecast downgrade was
expected, but the Q3 miss was significant
    ** Co reported Q3 adj profit of $2.33/share vs. analysts'
average estimate of $2.78/share - LSEG data
    ** Up to last close, shares down 30.7% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))