Fitch Ratings Upgrades Bio-Rad to BBB, ‘Outlook Stable,’ Reflecting Continued Improvement in the Company’s Operating Pe...
August 21 2019 - 6:56PM
Business Wire
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader
of life science research and clinical diagnostic products,
announced that Fitch Ratings has upgraded Bio-Rad Laboratories,
Inc.'s Long-Term Issuer-Default (IDR) to “BBB” from “BBB-.” The
upgrade reflects Bio-Rad's improved EBITDA and FCF margins, which,
according to Fitch Ratings, are trending toward industry averages
as a result of cost rationalization initiatives and improvement of
internal controls.
“We are pleased to receive an upgrade from Fitch Ratings,” said
Ilan Daskal, Bio-Rad Chief Financial Officer. “This upgrade
reflects our commitment to the company’s financial stability,
helping us to make progress in reaching our priorities moving
forward,” he added.
Fitch Ratings noted that “Rating Outlook is Stable” and that
some of the Key Ratings Drivers for the upgrade include “Business
Development Strategy Progressing,” a long-term business strategy
that Bio-Rad introduced in 2017 to improve EBITDA margins, refocus
R&D spend, seek attractive acquisitions, and return capital to
shareholders; Bio-Rad's consistently conservative financial policy;
as well as the company’s stable revenue base, contributed to the
decision to upgrade Bio-Rad to BBB.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global
leader in developing, manufacturing, and marketing a broad range of
innovative products for the life science research and clinical
diagnostic markets. With a focus on quality and customer service
for over 65 years, our products advance the discovery process and
improve healthcare. Our customers are university and research
institutions, hospitals, public health and commercial laboratories,
biotechnology, pharmaceutical, as well as applied laboratories that
include food safety and environmental quality. Founded in 1952,
Bio-Rad is based in Hercules, California, and has a global network
of operations with more than 8,000 employees worldwide. Bio-Rad had
revenues exceeding $2.2 billion in 2018. For more information,
please visit www.bio-rad.com.
This release may be deemed to contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements we make regarding the upgrade from
Fitch Ratings reflecting our commitment to the company’s financial
stability, helping us to make progress in reaching our priorities
moving forward. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as
"reflects", "believe," "expect," "anticipate," "may," "will," or
similar expressions or the negative of those terms or expressions,
although not all forward-looking statements contain these words.
Such statements involve risks and uncertainties, which could cause
actual results to vary materially from those expressed in or
indicated by the forward-looking statements. For further
information regarding our risks and uncertainties, please refer to
the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operation" in Bio-Rad’s public
reports filed with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q. Bio-Rad cautions you not to place
undue reliance on forward-looking statements, which reflect an
analysis only and speak only as of the date hereof. We disclaim any
obligation to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190821005776/en/
Bio-Rad Laboratories, Inc. Tina Cuccia, Corporate Communications
510-724-7000 tina_cuccia@bio-rad.com
Bio Rad Laboratories (NYSE:BIO)
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