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Bio-Rad Laboratories, Inc.

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c23
Posted · Edited by c23

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WKN: 865406 | ISIN: US0905722072 | Symbol: BIO

Gelistet in S&P 500

Website: https://www.bio-rad.com/ | Investor Relations (finde ich nicht gut aufgebaut etc. - der Stein könnte auch später dann am Aktienfriedhof so stehen, Blumen hat auch schon wer hingelegt :D) - https://www.bio-rad.com/en-de/corporate/investor-relations

Wikipedia (EN) https://en.wikipedia.org/wiki/Bio-Rad_Laboratories

 

 

Bio-Rad Laboratories, Inc. 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 since 1952, our products advance the discovery process and improve healthcare. Our customers are university and research institutions, hospitals, public health and commercial laboratories, biotechnology, pharmaceutical, and applied laboratories that include food safety and environmental quality. (Quelle)

 

Bio-Rad ist in zwei Bereichen tätig, Zitat aus Geschäftsbericht 2019:

Zitat

Clinical Diagnosis (61%)

Our Clinical Diagnostics segment designs, manufactures, sells and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. Our products currently address specific niches within the in vitro diagnostics (IVD) test market, and we seek to focus on the higher margin, higher growth segments of this market. We supply more than 3,000 different products that cover more than 300 clinical diagnostic tests to the IVD test market. (…) IVD tests are conducted outside the human body and are used to identify and measure substances in a patient’s tissue, blood or urine. Our products consist of reagents, instruments and software, typically provided to our customers as an integrated package to allow them to generate reproducible test results. (…) Our principal clinical diagnostic customers include hospital laboratories, reference laboratories, transfusion laboratories and physician office laboratories.

 

Life Science (38%)

We are a leader in the life sciences market and develop, manufacture and market approximately 6,000 reagents, apparatus and laboratory instruments that serve a global customer base. Many of our products are used in established research techniques, biopharmaceutical production processes and food testing regimes. These techniques are typically used to separate, purify and identify biological materials such as proteins, nucleic acids and bacteria within a laboratory or production setting. We focus on selected segments of the life sciences market in proteomics (the study of proteins), genomics (the study of genes), biopharmaceutical production, cellular biology and food safety.

 

Corporate Facts (Quelle)

  • Our Mission: To provide useful, high-quality products and services that advance scientific discovery and improve healthcare.
  • Annual Sales: Revenues exceeded $2.1 billion in 2017
  • Business Segments: Life Science Research and Clinical Diagnostics
  • Number of Products: More than 10,000
  • Customers: University and research institutions, hospitals, public health and commercial laboratories, biotechnology, pharmaceutical, as well as applied research laboratories that include food safety and environmental quality testing
  • Employees: More than 8,000
  • Headquarters: Hercules, California
  • Founded: 1952

 

 

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(Quelle)

 

Wettbewerber

Aus Jahresbericht 2019:

Zitat

The markets served by our product groups are highly competitive. Our competitors range in size from start-ups to
large multinational corporations with significant resources and reach. We seek to compete primarily in market
segments where our products and technology offer customers specific advantages over the competition.
Because of the breadth of its product lines, our Life Science segment does not face the same competitors for all of
its products. Major competitors in this market include Becton Dickinson, GE Biosciences, Merck Millipore and
Thermo Fisher Scientific.
We compete primarily based on meeting performance specifications and offering
complete solutions.
Major competitors of our Clinical Diagnostics segment include Roche, Abbott Laboratories, Siemens, Danaher,
Thermo Fisher, Becton Dickinson, bioMérieux, Ortho Clinical Diagnostics, Tosoh, Immucor and DiaSorin.
We
compete in our customer segments by providing high quality products, broad product portfolios and outstanding
customer support.

 

 

Fundamentals

Hier erlaube ich mir, von Seeking-Alpha-Artikel Bio-Rad Laboratories And Its Real Value vom 01.12.2020 zu zitieren:

Zitat

Let’s examine the price per share history first. In the chart below, we can see that price per share has been mostly consistent at increasing over the last 10 years, with the exception of the first year, where the share price had declined. Overall, the share price average has grown by about 327% over the past 10 years, or a Compound Annual Growth Rate of 17.5%. This is a very strong return.

 

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(Source: BTMA Stock Analyzer - Price Per Share History)

 

Der Seeking-Alpha-Artikel Bio-Rad Laboratories And Its Real Value vom 01.12.2020 geht auf entsprechend weiteres ein.

Interessant ist zur "Valuation Analysis" das Fazit: 

Zitat

Altogether, even though this valuation may not be accurate, it’s fairly safe to say that this stock is currently undervalued.

 

Weiter unten als Fazit schreibt er aber auch:

 

Zitat

I feel that the company has potential, but time will tell if it can be a consistent performer for years to come. Right now, the volatility of the stock and my lack of knowledge of the company specifics make it a risky investment for me. But moving forward, I will be watching Bio-Rad, and I plan to do a more detailed analysis of the company, which will focus more on its products and structure than this objective fundamental analysis has. If you are already confident about Bio-Rad and its specifics, then this could prove to be a very profitable investment if you can buy this volatile stock at the right time.

 

Mein erster Eindruck:

 

Was ich mir bisher so angesehen hatte, fand ich sehr interessant, vor allem aber: Produkt-/Service-Portfolio scheint echt sehr interessant und auch innovativ zu sein.

 

Beim Blick in den letzten Jahresbericht fiel das Risiko des Fachkräftemangels auf, was gerade in diesem Bereich der Fall ist und Bio-Rad sehr gut qualifizierte Fachkräfte braucht. 

Sitz ist in Kalifornien, das muss man sich als Arbeitnehmer zum Leben leisten können in USA, zahlen sie z.B. nicht ausreichend hohe Gehälter, bekommen sie schlichtweg nicht genügend hervorragende Wissenschaftler, Ingenieure, etc. 

Und auch so echt schwierig, sehr gute Leute in Kalifornien zu bekommen.

Das bestätigt hier: 

 

2019er Jahresbericht:

Zitat

Lack of key personnel could hurt our business.
Our products are very technical in nature. In general, only highly qualified and well-trained scientists have the
necessary skills to develop, market and sell our products, and many of our manufacturing positions require very
specialized knowledge and skills. In addition, the global nature of our business also requires that we have
sophisticated and experienced staff to comply with increasingly complex international laws and regulations. We
face intense competition for these professionals from our competitors, customers, marketing partners and other
companies throughout our industry. In particular, the job market in Northern California, where many of our
employees are located, is very competitive. If we do not offer competitive compensation and benefits, we may fail
to retain or attract a sufficient number of qualified personnel, which could impair our ability to properly run our
business.

In some cases we rely on temporary personnel or consultants, and we may do so in the future. Such temporary
personnel or consultants may lack the knowledge and/or specific skills necessary for our business, require time to
train without benefiting us through extended employment and increase our costs. In addition, as noted above, our
strategic initiatives, such as our internal restructuring and ERP implementation, may be burdensome and disruptive
and lead to employee dissatisfaction and attrition. Also, loss, including retirement, of long-term personnel may
negatively impact our ability to conduct our business. 

 

Da stand übrigens dazu auch noch:

Zitat

Employees
At December 31, 2019, Bio-Rad had approximately 8,120 employees. Approximately seven percent of our
approximately 3,180 U.S. employees are covered by a collective bargaining agreement, which will expire on
November 14, 2023. Many of our non-U.S. full-time employees, especially in France, are covered by collective
bargaining agreements. We consider our employee relations to be generally good.

 

Side note: Lustig finde ich im Risiko-Kapitel, dass sie ein neues ERP-System einführen. Ich vermute bei diesen Schwierigkeiten SAP :D. Zumal sie das in Westeuropa in April 2017 eingeführt haben und jetzt im 2019er Jahresbericht immer noch auf die Probleme hinweisen ("In implementing the ERP, we may experience significant delays, increased costs and other difficulties.")

 

Auf jeden Fall ist Bio-Rad für mich jetzt auf dem Radar und der Watchlist, muss mich aber noch näher hiermit beschäftigen.

 

 

 

 

 

 

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Cef
Posted · Edited by Cef

 

Öhm jaaaa und?

Zitat

Produkt-/Service-Portfolio scheint echt sehr interessant und auch innovativ zu sein.

 

Was stellen sie denn nun her?

Bin zu faul zum recherchieren, aber vielleicht könntest Du Deine Vorstellung noch etwas ergänzen.

:thumbsup:

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c23
Posted · Edited by c23
vor einer Stunde von Cef:

Was stellen sie denn nun her?

Die haben 2 Bereiche, Zitat aus Geschäftsbericht 2019 (hab ich oben ergänzt - danke für den Hinweis :))

Zitat

Clinical Diagnosis (61%)

Our Clinical Diagnostics segment designs, manufactures, sells and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. Our products currently address specific niches within the in vitro diagnostics (IVD) test market, and we seek to focus on the higher margin, higher growth segments of this market. We supply more than 3,000 different products that cover more than 300 clinical diagnostic tests to the IVD test market. (…) IVD tests are conducted outside the human body and are used to identify and measure substances in a patient’s tissue, blood or urine. Our products consist of reagents, instruments and software, typically provided to our customers as an integrated package to allow them to generate reproducible test results. (…) Our principal clinical diagnostic customers include hospital laboratories, reference laboratories, transfusion laboratories and physician office laboratories.

 

Life Science (38%)

We are a leader in the life sciences market and develop, manufacture and market approximately 6,000 reagents, apparatus and laboratory instruments that serve a global customer base. Many of our products are used in established research techniques, biopharmaceutical production processes and food testing regimes. These techniques are typically used to separate, purify and identify biological materials such as proteins, nucleic acids and bacteria within a laboratory or production setting. We focus on selected segments of the life sciences market in proteomics (the study of proteins), genomics (the study of genes), biopharmaceutical production, cellular biology and food safety.

 

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Maury
Posted
vor 3 Stunden von c23:

Major competitors in this market include Becton Dickinson, GE Biosciences, Merck Millipore and
Thermo Fisher Scientific.


So aus der kalten Hose halte ich die vom Produktportfolio her alle für breiter aufgestellt. Thermo Fisher hat eine sehr breit aufgestellte Gerätesparte, auch z.B. mit HPLC und MS, was mir von BioRad nicht bekannt wäre. Merck Millipore ist doch bestimmt Tochterunternehmen von Merck? Dann gibt es da Synergien. Gegenüber GE Biosciences halte ich BioRad für weniger innovativ (eher günstiger Standard bei BioRad, während Kunden für GE Produkte den „Premium“-Aufschlag zahlen (evtl. Patente?). Zu Becton Dickonson hätte ich am wenigsten eine Meinung zu, würde die aber geräteseitig wie GE sehen (also Premium-Aufschlag).

 

Interessant bei BioRad und evtl. auch Alleinstellungsmerkmal könnte die Weiterentwicklung von Life Sciences in den Diagnostikmarkt sein (günstige Standardreagenzien und Geräte in den Life Sciences machen es massentauglich und erschwinglich für den kompetitiven Diagnostikmarkt von eher kleinen medizinischen Laboratorien). Das könnte am ehesten auch noch Abbott.

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