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Biotech / Medical : Bio-Rad Labs: Things are changing
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To: Dave Chanoux who wrote (3)2/3/2000 9:35:00 PM
From: Dave Chanoux  Read Replies (1) of 18
 
Bio-Rad in the news today:

Reuters reported that Moody's Investors Service affirmed the B2 rating on the Bio-Rad debt used to finance the Pasteur Sanofi Diagnostics acquisition . The rating is unchanged since the initial rating in September 1999.

The agency rated Bio-Rad's outlook as stable, listing the following points:

On the negative side:

The risk of integration and the substantial consideration paid for the PSD assets. "Substantial" appears to have been a carefully chosen word. Substantial relative to what, Bio-Rad's assets? the book value of PSD assets acquired? Revenue? potential earnings?

I guess the agency is leaving the interpretation of the "substantial" comment up to us investors.

On the positive side:

The high level of Bio-Rad's recurring business, leadership position in its market niches, and the complimentary nature of the PSD business.

Generally, in my opinion, a non-negative report.

And the shares are up about 6% so far this year.

Regards,

Dave Chanoux
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