#Rad racing full

Further, increased sanctions in Russia and headwinds related to early-stage biotech companies negatively affected BIO’s performance in the first quarter. From its growing pipeline, Bio-Rad is set to introduce the ddPCR microsatellite instability kit towards the end of the quarter, expanding the company’s oncology assay menu for Droplet Digital PCR.Ī significant decline in COVID-19-related sales impacted the year-over-year decrease in the quarter’s top line. The demand for BIO’s newly launched ddPCR platform and QX600 continued to be strong in the first quarter. Our Takeīio-Rad exited the first quarter of 2023 with an earnings beat, while revenues almost matched estimates.

#Rad racing full

The adjusted operating margin projection for the full year is 17.5% (earlier 19.5%). The Zacks Consensus Estimate for revenues is pegged at $2.95 billion. Excluding pandemic-related sales, the company estimates currency-neutral 2023 revenue growth of 8.5% (earlier 10%-11%). The company anticipates currency-neutral revenue growth of approximately 4.5% (previously 6%-7%). 2023 Guidanceīio-Rad updated its guidance for the full-year 2023. The cumulative net cash flow from operating activities at the end of the first quarter of 2023 was $98.1 million compared with the year-ago figure of $50.5 million. Total debt (including current maturities) at the end of the first quarter was $1.20 billion, near the reported figure at the end of 2022. Financial Updateīio-Rad exited the first quarter of 2023 with cash and cash equivalents (including short-term investments) of 1.85 billion compared with $1.80 billion at the end of 2022. The operating margin in the first quarter contracted 1177 bps to 9.1%. The operating profit totaled $62 million, reflecting a 57.7% decrease from the prior-year quarter. Operating expenses were $300.5 million in the first quarter, up 17.3% year over year. This can be attributed to lower pandemic-related sales, an unfavorable product mix and a higher cost of raw materials. The gross margin contracted 397 basis points (bps) to 53.6%. In the quarter under review, Bio-Rad’s gross profit fell 10% to $362.4 million. Apart from COVID-19-related sales, revenues increased 3.1% year over year, led by the robust demand for diagnostic instruments primarily within blood typing and diabetes. Net sales in the Clinical Diagnostics segment totaled $352.1 million, flat on a year-over-year basis and up 2.8% at CER. Excluding pandemic-related sales, Life Science revenues increased 9.6%, primarily driven by Droplet Digital PCR, Western blotting, and qPCR products. The sales decline was primarily due to lower COVID-19-related sales. Sales in the Life Science segment in the first quarter totaled $323.6 million, down 6.8% year over year and 3.6% at CER. price-consensus-eps-surprise-chart | Bio-Rad Laboratories, Inc. Price, Consensus and EPS Surpriseīio-Rad Laboratories, Inc.