Refile: Bio Rad Labs rises after posting upbeat fourth-quarter profit

Bio-Rad Laboratories

15/02/2024 23:45

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       Feb 15 (Reuters) - Bio Rad Laboratories  BIO.N  reported
fourth-quarter profit that beat Wall Street estimates on
Thursday, helped by a better-than-expected demand for its
diagnostic instruments and quality control products offsetting
weaker sales in its life-sciences unit.
    On an adjusted basis, Bio-Rad recorded a per-share profit of
$3.1 in the quarter ended Dec. 31, above analysts' estimates of
$2.82.
    The company's shares rose 6.8% to $355 after the results.
    The diagnostics firm has been witnessing subdued demand for
its life science tools and products used in developing vaccines
and therapies as biotech clients have reined in spending amid
rising interest rates.
    The company, however, said it is cautiously optimistic about
the gradual recovery of the biopharma sector in the second half
of the year.
    The Hercules, California-based company now sees adjusted
revenue growth between 1.0% to 2.5% on a currency-neutral basis
for 2024.
    It reported a 19.1% fall in sales at its life science
segment that serves biotech, pharmaceutical and food testing
clients.
    Sales from its clinical diagnostics unit, its largest by
revenue, rose 5.3% to $389 million during the fourth quarter.  
    Bio Rad manufactures and sells blood and other diagnostic
test kits to hospitals and physicians through this unit. 

 (Reporting by Pratik Jain and Unnamalai L in Bengaluru; Editing
by Tasim Zahid)
 ((Pratik.Jain@thomsonreuters.com;))