Bio-Rad Laboratories, Inc. BIO posted first-quarter 2019 adjusted earnings per share (EPS) of $1.65, which beat the Zacks Consensus Estimate by 47.3%. The bottom line also soared 41% from the prior-year quarter.
Reported EPS in the quarter was $28.74, compared with $21.77 a year ago.
Revenues in Detail
Revenues in the quarter totaled $554 million, beating the Zacks Consensus Estimate by 0.9%. Revenues rose 0.5% from the year-ago quarter (up 4% at constant currency or cc).
Per management, solid demand across many of its key product lines led to growth across most geographical regions.
Bio-Rad Laboratories, Inc. Price, Consensus and EPS Surprise
Bio-Rad Laboratories, Inc. Price, Consensus and EPS Surprise | Bio-Rad Laboratories, Inc. Quote
Sales at the Life Sciences segment in the first quarter totaled $215.7 million, up 9.1% year over year and 12% at cc. Per management, the upside reflects higher sales in the cell biology, droplet Digital PCR, food safety, and process media products. On a geographic basis, sales were particularly strong in the Americas.
Net sales at Clinical Diagnostics totaled $334.1 million, down 4.8% on a year-over-year basis. However, sales were down less than 1% cc. The upside in the currency neutral sales was driven by autoimmune and blood typing products. Sales during the first quarter of 2019 rose in the Americas, offset by weakness in Asia Pacific and parts of Europe.
Gross profit in the reported quarter totaled $311.8 million, up 3.2% from the prior-year quarter. Gross margin came in at 56.3%, showing expansion of 148 basis points (bps). Operating margin came in at 10.2%, up 230 bps.
2019 Guidance Reaffirmed
For 2019, the company has reaffirmed its revenue growth guidance at 4-4.5% (cc). The Zacks Consensus Estimate for the same is pegged at $2.36 billion.
Bio-Rad exited the first quarter of 2019 on a solid note. We are upbeat about the significant year-over-year rise in earnings. The company also witnessed strong revenue growth at the Life Sciences segment on strength in cell biology, droplet Digital PCR and other product lines. Further, solid revenue growth across several geographies, especially the Americas, buoys optimism. The solid expansion of both margins is also impressive.
On the flip side, revenues at the Clinical Diagnostics segment declined in the reported quarter.
Zacks Rank & Key Picks
Bio-Rad currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks with solid results this earnings season are Stryker Corporation SYK, DENTSPLY SIRONA XRAY and CONMED Corporation CNMD, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stryker delivered first-quarter 2019 adjusted EPS of $1.88, beating the Zacks Consensus Estimate by 2.2%. Meanwhile, revenues of $3.52 billion were in line with the consensus estimate.
DENTSPLY reported adjusted EPS of 49 cents in the first quarter of 2019, beating the Zacks Consensus Estimate of 38 cents. Revenues came in at $946.2 million and surpassed the Zacks Consensus Estimate of $917.1 million.
CONMED posted first-quarter 2019 adjusted EPS of 57 cents, which exceeded the Zacks Consensus Estimate of 54 cents. Also, revenues of $218.4 million outshined the consensus mark of $213 million.
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