MCK’s earnings surpassed estimates in three of the trailing four quarters and missed the same once, with the average surprise being 4.48%. You can see the complete list of today’s Zacks #1 Rank stocks here. The company will release first-quarter fiscal 2024 results on Aug 2. Mckesson MCK has an Earnings ESP of +1.93% and a Zacks Rank #2. Here are some medical stocks worth considering as these have the right combination of elements to post an earnings beat this time: Zacks Rank: The company currently carries a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here.Įarnings ESP: Bio-Rad has an Earnings ESP of +1.17%. The Zacks Consensus Estimate for its second-quarter 2023 EPS of $2.56 indicates a year-over-year decline of 24.3%. The Zacks Consensus Estimate for Bio-Rad’s second-quarter 2023 revenues is pegged at $687.9 million, suggesting a drop of 0.5% from the year-ago reported figure. Increased sanctions on sales of certain products to Russia and a growing revenue headwind from biopharma companies relating to funding constraints are likely to have resulted in a slower pace of growth for the Life Science segment.Īs witnessed in the last quarter, the company’s gross margin is expected to have declined year over year due to the unfavorable product mix, the higher cost of raw materials and the higher-than-anticipated placement of clinical systems at low margins. Meanwhile, we expect market and operational challenges to have persisted in the second quarter, resulting Bio-Rad to deliver a lower-than-expected performance. Our model projects the segment’s revenues for the second quarter to improve 5.7% year over year to $388.8 million. As the global effects of COVID-19 continue to recede, the fairly robust demand for the company’s clinical systems is expected to have continued in the to-be-reported quarter. On a geographic basis, the Diagnostics Group is likely to have delivered increased currency-neutral core revenues in Asia, the Americas and Europe. We expect this trend to have continued in the second quarter of 2023, benefiting the company’s top line. Last quarter, Bio-Rad witnessed a strong rebound in the placement of instruments in China, providing a solid foundation for increased reagent pull-through volumes in the coming quarters. On the supply-chain front, Bio-Rad is expected to have made progress in reducing the elevated Life Science backlog position throughout the second quarter. The overall performance in Russia is likely to have dented the company’s quarterly sales due to the further tightening of sanctions. Geographically, we anticipate the Life Science segment to have posted core organic revenue growth in the Americas and Europe similar to the first quarter. In the first quarter, Bio-Rad experienced softness in smaller biopharma companies and a tough comparison for the process chromatography franchise related to a very large customer order in the first quarter of 2022, which resulted in a year-over-year decline in revenues. Quoteĭespite the sales slowdown in the last quarter, the process chromatography franchise is expected to have witnessed growth, backed by the solid and consistent underlying demand for the business. price-eps-surprise | Bio-Rad Laboratories, Inc. Price and EPS Surpriseīio-Rad Laboratories, Inc. The addition is likely to have expanded Bio-Rad’s oncology assay menu for Droplet Digital PCR, which buoys optimism. This assay kit includes an automated analysis package and enables clinical researchers to assess microsatellite instability status across multiple cancers. On the last earnings call, the company highlighted the expected launch of the ddPCR microsatellite instability kit toward the end of the second quarter. During the first quarter months, the demand for the new QX600 Droplet Digital PCR (ddPCR) system and customer acceptance has been remarkable, which we expect to have significantly benefited BIO’s top line in the to-be-reported quarter. Factors at Playīio-Rad’s Life Science segment is likely to have witnessed year-over-year currency-neutral core revenue growth in the second quarter, driven by qPCR products, Western loading and digital PCR. Let’s look at how things have shaped up before this announcement. Bio-Rad beat earnings estimates in three of the trailing four quarters and missed the same in one, the average surprise being 9.21%. The company posted adjusted earnings per share (EPS) of $3.34 in the last reported quarter, which beat the Zacks Consensus Estimate by 3.09%. BIO is set to release second-quarter 2023 results on Aug 3 after the closing bell.
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