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Biotech / Medical : Bio-Rad Labs: Things are changing
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To: Dave Chanoux who wrote (2)1/29/2000 9:33:00 PM
From: Dave Chanoux  Read Replies (2) of 18
 
Time to get into quantitative data:

Here is a brief history of Bio-Rad quarterly revenue and eps
for 1998 and 1999 (first 3 quarters). Conclusion: not much
of a trend here.

1999 | 1998
Revenue EPS | Revenue EPS
3/31 $126M .89 | $116 M .89
6/30 116 .65 | 108 .58
9/30 113 .35 | 99 .16
12/31 ? ? | 119 .52

My sources: Company reports; Value-Line Investment Survey.

The real question is where do we go from here?

Not too many analysts cover Bio-Rad Laboratories. I have
found data published by the Value Line Investment Survey.
Here is the Value Line projection for year 2000 made before
and after the Sanofi Diagnostic Pasteur acquisition:

Including SDP Without SDP
2000 | 2000
Revenue EPS | Revenue EPS
3/31 $180M .50 | $132 M .89
6/30 175 .35 | 122 .70
9/30 165 .15 | 113 .31
12/31 185 .40 | 138 .65
Total 705 1.40 505 2.55

Difference: $200M (1.15)

Wait, how can this be? $200 M incremental revenue, operating at a loss.

This is the question and the opportunity. Is this really
a loss, funny accounting, analysts short-term myopia,
front end cost loading, amortization of goodwill?

What's going on here?

Regards,
Dave Chanoux
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