The raised 2021 revenue guidance is indicative of the continuation of this bullish trend. The uptick in the Clinical Diagnostics arm driven by higher utilization in lab operations as businesses recover from the COVID-19 pandemic is encouraging as well. Further, strength in its key product lines across major geographic regions buoys optimism. Increase in demand for Droplet Digital PCR products along with core qPCR business growth driven by strong uptake of the latest generation CFX Opus platform is encouraging. The company witnessed solid top-and bottom-line growth in the reported quarter. Our Takeīio-Rad exited the third quarter of 2021 with better-than-expected results. The Zacks Consensus Estimate for the same is pegged at $2.84 billion. The company now anticipates revenue growth of 12-13% for full-year 2021 compared with the previous guidance of 10-10.5%. 2021 Guidanceīio-Rad has updated its guidance for full-year 2021. Financial Updateīio-Rad exited the third quarter of 2021 with cash and cash equivalents (including short-term investments) of $1.34 billion compared with $1.17 billion at the end of second-quarter 2021.Total debt (including current maturities) at the end of the third quarter was $12.4 million compared with $12.5 million at the end of the last-reported quarter.Ĭumulative net cash flow from operating activities at the end of the third quarter was $498.6 million compared with the year-ago figure of $290.6 million. Further, operating margin in the third quarter expanded 406 bps to 20.9%.Ĭompany-adjusted operating margin was 19.4%, expanding 60 bps year over year. Operating profit totaled $156.8 million, reflecting a surge of 43.1% from the prior-year quarter. Operating expenses were $280.6 million in the third quarter, up 8.9% year over year. price-consensus-eps-surprise-chart | BioRad Laboratories, Inc. Price, Consensus and EPS SurpriseīioRad Laboratories, Inc. Per the company, adjusted gross margin was 57.9%, expanding 40 bps. Gross margin expanded 181 basis points (bps) to 58.6%. In the quarter under review, Bio-Rad’s gross profit rose 19.1% to $437.4 million. The increase was primarily driven by growth in all product lines and across all regions, mainly backed by higher utilization in lab operations as businesses recover from the COVID-19 pandemic. Net sales at the Clinical Diagnostics segment totaled $372.2 million, up 15.5% on a year-over-year basis and 13.7% at CER. Geographically, the company’s quarterly growth at CER grew across Americas and Asia but declined in Europe.
A significant portion of the Life Science segment growth came from products used to support COVID-19 research and testing as well. Growth at CER was primarily driven by a rise in Droplet Digital PCR and Process Media product line. Sales at the Life Science segment in the third quarter totaled $373.5 million, up 15.3% year over year and 13.9% at CER. The company witnessed growth across both the Life Science and Clinical Diagnostics segments during the third quarter. Moreover, revenues improved 15.4% from the year-ago quarter (up 13.8% at constant exchange rate or CER).
Revenues of $747 million in the quarter surpassed the Zacks Consensus Estimate by 11.3%. GAAP EPS of the company was $129.96 per share in the quarter, up 197.8% from the year-ago figure. The quarter’s adjustments eliminate the impacts of certain non-recurring items like amortization of purchased intangibles, legal charges, restructuring costs and acquisition-related one-time benefits. Moreover, the bottom line rose 23.7% from the prior-year quarter. BIO posted third-quarter 2021 adjusted earnings per share (EPS) of $3.71, which surpassed the Zacks Consensus Estimate by 61.3%. Institutional Distribution Intelligenceīio-Rad Laboratories, Inc.Non-Traditional Exchanges & New Markets.