Fitch Ratings Upgrades Bio-Rad to BBB, ‘Outlook Stable,’ Reflecting Continued Improvement in the Company’s Operating Performance
HERCULES, Calif.--(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.
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.
Bio-Rad Laboratories, Inc.
Tina Cuccia, Corporate Communications
Source: Bio-Rad Laboratories, Inc.