Bio-Rad Laboratories, Inc. (BIO - Free Report) posted third-quarter 2019 adjusted earnings per share (EPS) of $1.61, which beat the Zacks Consensus Estimate by 18.4%. The bottom line also jumped 76.9% from the prior-year quarter.
The company incurred loss of $8.68 per share in the quarter against reported EPS of $8.89 a year ago.
Revenues in Detail
Meanwhile, revenues of $560.6 million in the quarter closely matched the Zacks Consensus Estimate. Revenues inched up 2.8% from the year-ago quarter (up 4.5% at constant exchange rate or CER).
Solid demand in many of Bio-Rad’s key product lines led to growth across most geographical regions.
Sales at the Life Sciences segment in the third quarter totaled $215.7 million, up 4.5% year over year and up 5.7% at CER as well. The quarter registered double-digit growth in Droplet Digital PCR and Food Safety products. The company also witnessed strong demand within Gene Expression and Western Blotting product lines.
Net sales at Clinical Diagnostics segment totaled $341.8 million, up 2.4% on a year-over-year basis and up 4.3% at CER too. This upside was primarily driven by solid growth in Quality Controls, Immunology and Blood Typingproduct lines across all three geographies.
Gross profit in the reported quarter totaled $307 million, up 7.1% from the prior-year quarter. Moreover, adjusted gross margin came in at 56%, expanding 250 basis points (bps). Additionally, adjusted operating margin was 12%, up 380 bps.
2019 Guidance Reaffirmed
For 2019, the company reiterated revenue growth guidance at 4-4.5% (CER). The Zacks Consensus Estimate for the same is pegged at $2.35 billion. Adjusted operating margin is estimated in the range of 12.5 to 13%.
Bio-Rad exited the third quarter of 2019 with better-than-expected earnings and in-line revenue figures. The company witnessed solid revenue growth at both the operating segments. Further, strength in many of the company’s key product lines across major geographic regions buoys optimism. The solid expansion in both margins is also impressive.
Zacks Rank & Key Picks
Bio-Rad has a Zacks Rank #3 (Hold).
Some better-ranked companies, which posted solid results this earnings season are Edwards Lifesciences (EW - Free Report) , Thermo Fisher Scientific (TMO - Free Report) and ResMed (RMD - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Edwards Lifesciences delivered third-quarter 2019 adjusted EPS of $1.41, outpacing the Zacks Consensus Estimate by 15.6%. Net sales of $1.09 billion also surpassed the Zacks Consensus Estimate by 5.5%.
Thermo Fisher delivered third-quarter 2019 adjusted EPS of $2.94, which surpassed the Zacks Consensus Estimate by 2.1%. Revenues of $6.27 billion too outpaced the consensus estimate by 1.3%.
ResMed reported first-quarter fiscal 2020 adjusted EPS of 93 cents, which beat the Zacks Consensus Estimate of 87 cents by 6.9%. Further, revenues were $681.1 million, surpassing the Zacks Consensus Estimate by 3.6%.
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