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Bio-Rad Laboratories Inc BIO

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Morningstar’s Analysis

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Narrow-Moat Bio-Rad Reports Solid Q3 Buoyed by Royalties, COVID-19, and Currency Effects

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Bio-Rad saw a strong quarter across the board in the third quarter, with currency neutral sales growth of 13.8% and EPS growth of 24%, excluding income and taxes from Sartorius. We are maintaining our $455 fair value estimate and our narrow moat and high uncertainty ratings. We continue to believe the market is overestimating Bio-Rad’s postpandemic growth prospects.

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Company Profile

Business Description

Bio-Rad Laboratories, headquartered in Hercules, California, develops, manufactures, and markets products and solutions for the clinical diagnostics and life sciences markets. In diagnostics (60% of sales), Bio-Rad manufactures, sells, and supports test systems and specialized quality controls for clinical laboratories. In life sciences (40% 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 United States (40% of 2020 sales), Europe (34%), and Asia (21%), with Canada and Latin America accounting for the bulk of the remaining 5%. Bio-Rad owns 37% of Sartorius AG, a laboratory and biopharmaceutical supplier.

1000 Alfred Nobel Drive
Hercules, CA, 94547
T +1 510 724-7000
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 8,000