Why Is Clinical Diagnostic-Focused Bio-Rad Stock Trading Lower Today?
Portfolio Pulse from Vandana Singh
Bio-Rad Laboratories Inc (NYSE:BIO) has lowered its annual revenue growth forecast due to the uncertain recovery pace of the biopharma sector and ongoing macro challenges. The company reported Q3 sales of $632.1 million, missing the consensus of $689.57 million. Adjusted EPS was $2.33, down from $2.64 a year ago and below the consensus of $2.78. The company expects FY23 adjusted revenue growth between 0% and 0.5% on a currency-neutral basis, compared with a previously expected growth of 4.5%.
October 27, 2023 | 2:21 pm
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Bio-Rad Laboratories has lowered its annual revenue growth forecast, which has led to a decrease in its stock price.
Bio-Rad Laboratories has reported lower than expected Q3 sales and adjusted EPS. The company has also lowered its FY23 adjusted revenue growth forecast. This negative financial performance and outlook have led to a decrease in its stock price.
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