Bio-Rad Laboratories (BIO) closed the most recent trading day at $461.80, moving -1.17% from the previous trading session. This move lagged the S&P 500's daily gain of 0.09%. Meanwhile, the Dow gained 0.2%, and the Nasdaq, a tech-heavy index, lost 4.87%.
Prior to today's trading, shares of the maker of instruments used in biomedical research had gained 1.4% over the past month. This has lagged the Medical sector's gain of 4.96% and the S&P 500's gain of 3.31% in that time.
Wall Street will be looking for positivity from Bio-Rad Laboratories as it approaches its next earnings report date. This is expected to be May 4, 2023. The company is expected to report EPS of $3.24, down 34.41% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $674.18 million, down 3.7% from the year-ago period.
BIO's full-year Zacks Consensus Estimates are calling for earnings of $15.91 per share and revenue of $2.95 billion. These results would represent year-over-year changes of +10.33% and +5.17%, respectively.
Any recent changes to analyst estimates for Bio-Rad Laboratories should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Bio-Rad Laboratories is currently a Zacks Rank #2 (Buy).
In terms of valuation, Bio-Rad Laboratories is currently trading at a Forward P/E ratio of 29.38. This represents a premium compared to its industry's average Forward P/E of 22.39.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 148, putting it in the bottom 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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