BIO - Bio-Rad Labs Non-GAAP EPS of $3.34 misses by $0.14 revenue of $676.8M misses by $12.48M

2023-05-04 17:28:10 ET

• Bio-Rad Labs press release ( NYSE: BIO ): Q1 Non-GAAP EPS of $3.34 misses by $0.14 .
• Revenue of $676.8M (-3.3% Y/Y) misses by $12.48M .
• Updated 2023 Financial Outlook
• Bio-Rad is updating its financial outlook for full-year 2023. The company currently anticipates non-GAAP currency-neutral revenue growth of approximately 4.5 percent in 2023 compared to its previous estimate of 6.0 to 7.0 percent and an estimated non-GAAP operating margin of approximately 17.5 percent versus the company’s prior estimate of approximately 19.5 percent. Excluding COVID-related sales, Bio-Rad estimates full-year 2023 non-GAAP currency-neutral revenue growth to be approximately 8.5 percent versus its prior guidance of 10.0 to 11.0 percent.
• Updated 2025 Financial Outlook
• Bio-Rad is also updating its financial outlook for full-year 2025 presented at the company’s 2022 Investor Day event on February 25, 2022. The company now targets a currency-neutral, compounded annual average core revenue growth rate of approximately 8.0 percent between 2021 and 2025 versus its previous target of approximately 8.9 percent and an adjusted EBITDA margin of approximately 26.0 percent in 2025 compared to the company’s previous target of approximately 28.0 percent. Core revenue is defined as currency-neutral, non-GAAP revenue that also excludes COVID-related sales.

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