1-Star Price
INVESTOR
5-Star Price
INVESTOR
Economic Moat
INVESTOR
Capital Allocation
INVESTOR
While Bio-Rad’s second-quarter sales decline may seem disappointing, the story of the quarter was like the first quarter in that growth declines were not as bad as feared, and the company maintained margins in the face of inflation headwinds. Our $524 fair value estimate and narrow-moat ratings are unchanged, although we have slightly reduced our top-line forecasts for the year to account for foreign-exchange effects.
Bio-Rad Laboratories, headquartered in Hercules, California, develops, manufactures, and markets products and solutions for the clinical diagnostics and life sciences markets. In diagnostics (53% of sales), Bio-Rad manufactures, sells, and supports test systems and specialized quality controls for clinical laboratories. In life sciences (47% of sales), the firm develops and manufactures a range of instruments and reagents used in research, biopharmaceutical production, and food testing. The company is geographically diverse, with major markets in the Americas (42% of 2021 sales), Europe and Africa (33%), and Asia-Pacific (25%). Bio-Rad owns 37% of Sartorius AG, a laboratory and biopharmaceutical supplier.
