Bio-Rad Laboratories, Inc. (BIO) Achieves Modest Revenue Growth and Robust Free Cash Flow Growth

Bio-Rad Laboratories, Inc. (NYSE:BIO) is one of the best debt-free mid-cap stocks to buy according to hedge funds. On February 12, Bio-Rad Laboratories, Inc. (NYSE:BIO) delivered solid fourth-quarter and full-year results despite a challenging year marked by geopolitical uncertainty and continued pressure on academic research.

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The company delivered modest revenue growth and strong free cash flow as it successfully integrated the recently acquired digital PCR developer, Stilla Technologies. Revenue in the quarter was up 3.9% to $667.5 million, driven by higher sales in the Clinical Diagnostics segment. Net income dropped to $67.7 million or $2.51 per diluted share compared to $81.2 million or $2.90 per diluted share in the same quarter a year earlier.

Full-year revenue was up 0.7% to $2.58 billion, with net income dropping to $270.5 million or $9.92 a share compared to $291.1 million or $10.31 a share. During the year, the company expanded its leadership in Droplet Digital PCR through the acquisition and integration of Stilla Technologies. It also generated $532 million in cash from operations and delivered $375 million of free cash flow. For the current year, Bio-Rad Laboratories management expects revenue to grow between 0.5% and 1.5%, with a non-GAAP operating margin of 12% to 12.5%.

Bio-Rad Laboratories, Inc. (NYSE:BIO) is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostics markets. It focuses on advancing scientific discovery and improving healthcare through tools that separate, purify, identify, and analyze biological materials.

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Disclosure: None. This article is originally published at Insider Monkey.