Shares of Bio-Rad Laboratories Inc. (BIO) tumbled 17.5% toward their worst day in 36 years, after the maker of products for the life science research and clinical diagnostics markets reported first-quarter results that missed expectations, amid a drop in COVID-related sales, and cut its full-year outlook.
The stock, which paced the S&P 500’s decliners, was headed for the biggest one-day decline since it plunged 23.5% on Oct. 20, 1987. The company reported late-Thursday first-quarter sales that fell 3.3% from a year ago to $676.8 million, below the FactSet consensus of $690.0 million, as COVID-related sales dropped to $2.6 million from $45 million. Adjusted earnings per share, which excludes nonrecurring items, fell to $3.34 from $5.02 and missed the FactSet consensus of $3.54. The company cut its adjusted, currency-neutral revenue growth outlook for 2023 to 4.5% from 6.0% to 7.0%. In somewhat related news, the World Health Organization declared Friday an end to the COVID global health emergency. The stock has lost 9.2% year to date, while the S&P 500 has gained 7.3%.