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HERCULES, Calif. - Bio-Rad Laboratories, Inc. (NYSE:BIO) reported fourth-quarter results that fell short of analyst expectations, sending shares down 4% in after-hours trading Thursday.
The life science research and clinical diagnostics company posted adjusted earnings per share of $2.90, beating estimates by $0.04. However, revenue of $667.5 million missed the consensus forecast of $681.29 million.
For the fourth quarter, sales decreased 2% YoY to $667.5 million. The Life Science segment saw a 5.5% decline in revenue to $275 million, driven by ongoing weakness in biotech and biopharma end markets. The Clinical Diagnostics segment fared better with a 0.9% increase to $392.5 million.
"Bio-Rad demonstrated resilience and adaptability in 2024. While the biopharma headwinds dampened our Life Science segment results, our Clinical Diagnostics business returned to a more normalized growth rate," said Norman Schwartz, Bio-Rad's Chairman and CEO.
Looking ahead, Bio-Rad provided a cautious outlook for 2025, projecting non-GAAP currency-neutral revenue growth of 1.5% to 3.5%. The company also expects a non-GAAP operating margin of 13% to 13.5%.
The revenue guidance midpoint of 2.5% growth falls below the 3.1% increase analysts were anticipating for 2025, likely contributing to the stock's decline.
Despite near-term challenges, Bio-Rad remains focused on its transformation initiatives. The company recently announced plans to acquire digital PCR developer Stilla Technologies to expand its product portfolio.
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