Bio-Rad Archives - Medical Design Sourcing

Bio-Rad names Roop Lakkaraju as CFO

Roop K. Lakkaraju, EVP and CFO of Bio-Rad [Image from LinkedIn]Bio-Rad today announced it appointed Roop K. Lakkaraju as EVP and chief financial officer, effective April 15.

Lakkaraju joins the clinical diagnostics and imaging systems company from Benchmark Electronics where he served as EVP and chief financial officer and was responsible for all finance-related functions since 2018.

“We are pleased to welcome Roop Lakkaraju as our new chief financial officer,” CEO and President Norman Schwartz said in a news release. “Roop’s extensive experience and track record in financial management, operations, mergers and acquisitions, and capital markets transactions will be instrumental in helping us shape and execute our financial strategy.”

Prior to his tenure at Benchmark, Lakkaraju held CFO and senior operational roles at several large, multinational companies, including Support.com and Solectron.

“I am excited to join Bio-Rad as its chief financial offic…

Bio-Rad announces $500M share repurchase program

Bio-Rad Laboratories (NYSE: BIO) + announced that its board of directors approved a new share repurchase program.

The program grants the company authority to repurchase up to $500 million in outstanding shares of its common stock.

“The new share buyback authorization is consistent with our disciplined approach and demonstrates our continued commitment to using this tool as part of our capital allocation strategy,” said Norman Schwartz, Bio-Rad CEO.

Bio-Rad previously announced on June 5 that it completed the repurchase of all of its common stock. This came under authorization from a previous share repurchase program approved by the company’s board.

According to a news release, the company may make repurchases at management’s discretion from time to time in the open market. They can also take place through privately negotiated transactions under the terms of the new repurchase program. Th…

Bio-Rad stock dips as COVID-19-related sales taper off in Q3

Bio-Rad (NYSE:BIO) shares took a hit on third-quarter results that came in mixed compared to the consensus forecast.

BIO shares were down more than 6% at $359.75 apiece this morning — a day after the company released its results. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down more than 2%.

The Hercules, California–based clinical diagnostics company posted losses of $164.2 million for the quarter. That’s a loss of $5.52 per share on sales of $680.8 million for the three months ended Sept. 30, 2022.

Bio-Rad registered a massive bottom-line slide into the red on a sales decline of 8.9%. Life sciences sales sank by 14.9% for the quarter. Lower COVID-related sales, legal settlements in the year-ago period and supply chain constraints led to the dip. Excluding COVID-19-related sales and legal settlements, the segment grew by 9.4%.

Additionally, Bio-Rad’s clinical diagnostics …

Bio-Rad acquires curiosity diagnostics for up to $170M

Bio-Rad Laboratories (NYSE:BIO) announced that it agreed to acquire all outstanding shares of Curiosity Diagnostics.

Hercules, California-based Bio-Rad bought Curiosity Diagnostics from Scope Fluidics, a Warsaw, Poland-based developer of technologies for the medical diagnostic and healthcare markets, for a total consideration of up to $170 million.

The acquisition consists of approximately $100 million in cash, with up to $70 million in future milestone payments, according to a news release.

“We are excited to have the Curiosity Diagnostics team join Bio-Rad’s Clinical Diagnostics Group and to work closely together to bring a new generation of rapid PCR systems to market,” Dara Wright, Bio-Rad’s EVP and president, clinical diagnostics group, said in the release. “Curiosity’s PCR platform, PCR|ONE, offers a streamlined workflow and rapid turnaround times, and is expected to extend our reach beyond high-complexity labs into near-patient molecular diagnosti…

Bio-Rad debuts anti-cemiplimab antibodies

Bio-Rad Laboratories, Inc. (NYSE:BIO) has launched a line of antibodies specific to cemiplimab (Libtayo).

The antibodies inhibit the binding of the drug to its target, human programmed death receptor-1 (PD-1).

Hercules, California–based Bio-Rad Lab, said the ready-made antibodies could be used to develop selective and sensitive assays for bioanalysis and drug monitoring of cemiplimab.

Cemiplimab, developed by Regeneron and Sanofi-Aventis U.S., acts as a checkpoint inhibitor by binding to PD-1 on T cells.

It blocks the interaction with its ligands, PD-L1 and PD-L2, to activate T cells to attack cancer cells.

Bio-Rad reports that the anti-cemiplimab antibodies with varying degrees of affinity provide flexibility for bioanalytical ligand binding assays.

“These critical antibody reagents support researchers developing bioanalytical assays for checkpoint inhibitor drugs by providing sequence-defined, well-characterized reagents with stabl…

These 10 medtech companies’ stocks performed best in 2021

(From Ishant Mishra on Unsplash)

Following a year like no other in 2020, 2021 was when many looked to rebound — including the medtech industry.

A number of medtech companies followed up a challenging, pandemic-enveloped year with impressive performances. Plenty of them had already proven in 2020 that they were capable of a quick bounce-back.

Here are 10 medtech companies that saw their stocks soar even higher in 2021:

(This list includes members of the MassDevice MedTech 100 Index of the world’s largest medical device companies. Performance is measured in stock price change from Dec. 31, 2020, to Dec. 31, 2021.)

Get the full story at our sister site, MassDevice.

Bio-Rad beats The Street in Q4 results

Bio-Rad this week posted fourth-quarter results that beat the overall consensus on Wall Street.

The Hercules, California-based clinical diagnostics company reported losses of -$1.6 billion, or -$52.59 per share, on sales of $732.8 million for the three months ended Dec. 31, for a sales loss of -7.22% compared with Q4 2020.

Adjusted to exclude one-time items, earnings per share were $3.21, 34¢ ahead of The Street, where analysts were looking for sales of $731.9 million.

“While year over year COVID-related sales declines cloud the picture, many of our markets in the life science segment are seeing continued strength from robust research and biopharma funding, while our clinical diagnostics business has benefited from a steady recovery from the pandemic. Like many others, supply chain constraints during the fourth quarter impacted our ability to fully meet customer demand,” president and CEO Norman Schwartz said in a news release.

For fiscal year 202…

Bio-Rad appoints Simon May as life sciences group president

Bio-Rad today announced that it appointed Simon May as executive VP and life sciences group president, effective January 4, 2022.

May succeeds Annette Tumolo who is retiring. He will be responsible for providing leadership and management of the overall strategy and business direction for the company’s life science group global operations.

“We are pleased to promote Simon and believe that his strong experience and expertise, coupled with his strengths in building high-performing teams at Bio-Rad, make him ideally suited for this important position,” executive VP and chief operating officer Andrew Last said in a news release. “We would also like to thank Annette for her many years of valuable contributions to the growth and success of Bio-Rad, and we wish her the best in her retirement.”

May has spent the last two years leading Bio-Rad’s digital biology group. Prior to that, he was the senior VP of global commercial operations…

How medtech fared in the first waves of the pandemic

[Photo by Martin Sanchez on Unsplash]Medtech industry revenue, research spending and employment declined in the first year of the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data.

Total sales, R&D spending and employment for the world’s largest medical device companies declined in 2020 and early 2021, according to a Medical Design & Outsourcing analysis tallying the ongoing pandemic’s initial toll on the industry.

To compare performance before and during the pandemic, MDO used the financial data that we’ve historically gathered to rank our Big 100 companies in the last three years. The majority of these companies reported full-year results for 2020; others operate on a fiscal year and reported annual results in the first half of 2021.

Some companies are not in this year’s Big 100 but were included in the analysis because they were ranked in pre-pandemic years. The handful of companies that joined this yea…

How medtech fared in the first waves of the pandemic

[Photo by Martin Sanchez on Unsplash]

Medtech industry revenue, research spending and employment declined in the first year of the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data.

Total sales, R&D spending and employment for the world’s largest medical device companies declined in 2020 and early 2021, according to a Medical Design & Outsourcing analysis tallying the ongoing pandemic’s initial toll on the industry.

To compare performance before and during the pandemic, MDO used the financial data that we’ve historically gathered to rank our Big 100 companies in the last three years. The majority of these companies reported full-year results for 2020; others operate on a fiscal year and reported annual results in the first half of 2021.

Some companies are not in this year’s Big 100 but were included in the analysis because they were ranked in pre…

AdvaMed unveils COVID-19 diagnostic supply registry

AdvaMed announced today that it created a comprehensive national COVID-19 diagnostic supply registry to aid state and federal pandemic responses.

According to a news release, AdvaMed is launching the registry in partnership with 13 commercial diagnostics manufacturers: Abbott (NYSE:ABT), Becton Dickinson (NYSE:BDX), bioMérieux, Bio-Rad Laboratories (NYSE:BIO), Beckman Coulter, Cepheid, Hologic (NSDQ:HOLX), Ortho Clinical Diagnostics, Qiagen (NYSE:QGEN), Roche Diagnostics, Sekisui Diagnostics, Siemens Healthineers (ETR: SHL), and Thermo Fisher Scientific (NYSE:TMO).

The AdvaMed registry is designed to compile information from the diagnostic companies, along with public data, to create a centralized and standardized COVID-19 diagnostic supply registry to update on weekly numbers at state and national levels regarding molecular, antigen and serology tests shipped in the U.S.

AdvaMed said in the release that the registry will also help streamline communicati…