BioMerieux’s 2018 Outlook Falls Below Our Estimates on Higher Spending and Currency Effects
We don’t anticipate a major change in our fair value estimate for BioMerieux as we make a few adjustments to our model, including a lower-than-expected tax rate near 25%. While we stand by our narrow moat rating for BioMerieux, we anticipate that increasing competition on FilmArray over the next few years, including Qiagen’s recent acquisition for Stat-Dx, could slow this franchise’s recent gains.As we previously discussed in our note from January, BioMerieux’s growth of 8.9% on a constant-cur...
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