BIOMÉRIEUX : Berenberg upgrades its recommendation to 'buy
March 21, 2024 at 06:24 am EDT
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On Thursday, Berenberg raised its recommendation on bioMérieux from 'hold' to 'buy', with a price target raised from 99.6 to 114.5 euros, believing that the French microbiological diagnostics specialist is now 'firing on all cylinders'.
While Berenberg believes that the lower-than-expected 2024 full-year forecasts communicated at the time of the 2023 earnings release do not come as a real surprise, the analyst points out that the excellent performance of the Spotfire multiplex PCR platform is far more surprising.
In this sense, Berenberg considers that the healthcare group's medium-term prospects are currently underestimated by the market, as the return to growth in respiratory testing is accompanied, in his opinion, by successful product launches and good performances in non-respiratory analysis.
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bioMérieux designs, develops, produces, and sells systems used in clinical practice to diagnose infectious diseases (including HIV, tuberculosis, and respiratory infections), cancers, and cardiovascular pathologies based on a biological sample (blood, saliva, urine, etc.). Net sales break down by sector of application as follows:
- medical applications (84.4%): in industry, microbiological testing of samples from finished products, materials during the manufacturing process, or the environment, primarily in the food-processing, pharmaceutical, and cosmetics sectors;
- industrial applications (15.6%).
The group's diagnostic systems consist of three elements with related services: reagents, instruments (or platforms or analyzers), software, and services.
Net sales are distributed geographically as follows: Europe/Middle East/Africa (32.4%), North America (44.1), Asia/Pacific (17.3%) and Latin America (6.2%).