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Biotech / Medical : Bio-Rad Labs: Things are changing -- Ignore unavailable to you. Want to Upgrade?

To: Dave Chanoux who wrote (3)	2/3/2000 9:35:00 PM
From: Dave Chanoux	Read Replies (1) \| Respond to 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

To: Dave Chanoux who wrote (3)	2/10/2000 9:32:00 PM
From: Dave Chanoux	Read Replies (1) \| Respond to of 18

Fourth Quarter and Full Year results released today. "Pain oh piercing pain, how yea doth trouble me..." Bio-Rad Laboratories, Inc. announced today that sales for the year totaled $549.5 million, reflecting an increase of more than 24% over 1998 year-end results. For the fourth quarter, total sales were $194.4 million, an increase of 64% over the fourth quarter of 1998. Net income for 1999 was $11.7 million ($.97 per share), compared to $24.3 million ($1.98 per share) for 1998. The fourth quarter net loss was $11.2 million ($.92 per share). These results reflect Bio-Rad's recent acquisition of Pasteur Sanofi Diagnostics (PSD) which was finalized on October 1, 1999. Well the incremental revenue generated a loss alright. Is this ever going to get profitable?