Hot stock to watch: Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO)

Free $100 Forex No-Deposit Bonus

Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) stock rose over 1.2% on 7th May, 2020 (as of 12:08 pm GMT-4; Source: Google finance) after the company posted better than expected results for the first quarter of FY 20. The company’s income from operations during the first quarter of 2020 had increased to $74.4 million versus $56.6 million during the same quarter last year. The company has reported the net income for the first quarter of 2020 of $685.9 million versus the net income of $865.2 million in the first quarter in 2019, on a diluted basis. Due to the uncertainties regarding the duration and impact of the COVID-19 pandemic, the company has withdrawn the previously issued annual guidance for this year. The company projects its second-quarter year-over-year sales may decline by 10 to 15 percent. Due to the current crisis the company had quickly introduced products that are finding value in diagnosing and understanding COVID-19.

BIO in the first quarter of FY 20 has reported the adjusted earnings per share of $1.91, beating the analysts’ estimates for the adjusted earnings per share of $1.40, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 3.2 percent to $571.64 million in the first quarter of FY 20, beating the analysts’ estimates for revenue by 4.75%. The company posted contraction in first quarter gross margin to 55.5 percent compared to 56.3 percent during the first quarter in 2019. The company’s non-GAAP operating margin had expanded to 13.9% in the first quarter of FY 20 from 10.5% in the first quarter of FY19.

Life Science segment net sales for the first quarter rose 5.3% to $227.2 million compared to the same period in 2019. On a currency-neutral basis, Life Science segment sales grew by 6% compared to the same quarter in 2019. Currency-neutral sales growth was mainly on the back of sales of Droplet Digital PCR, Gene Expression, Food Science, and Antibody products. On a geographic view, currency-neutral sales grew in Europe and Asia.

Clinical Diagnostics segment net sales for the first quarter rose 1.9% to $340.3 million compared to the same period in 2019. On a currency-neutral basis, net sales grew 3.2% compared to the same quarter last year. Currency-neutral sales growth in the first quarter was due to the Quality Controls and Blood Typing products. Sales during the first quarter of 2020 rose in the Americas and Europe.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.