Have you assessed how the international operations of Bio-Rad Laboratories (BIO) performed in the quarter ended December 2025? For this maker of instruments used in biomedical research, possessing an expansive global footprint, parsing the trends of international revenues could be critical to gauge its financial resilience and growth prospects.In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Key Takeaways BIO posted Q4 adjusted EPS of $2.51, missing estimates as shares sank 12.3%. BIO revenues rose 3.8% to $693.2M, led by Clinical Diagnostics growth of 8.4%. BIO guided 2026 currency-neutral revenue growth of 0.5-1.5% with 12-12.5% margin outlook.Bio-Rad Laboratories, Inc. (BIO) posted fourth-quarter 2025 adjusted earnings per share (EPS) of $2.51, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.4% from the prior-year quarter’s level.The quarter’s adjustments prim ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________________ to _________________________________ Commission file number 1-7928 BIO-RAD LABORATORIES, INC. (Exact name of registrant as specified in ...

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Core Viewpoint - Bio-Rad Laboratories reported quarterly earnings of $2.51 per share, missing the Zacks Consensus Estimate of $2.57 per share, and down from $2.9 per share a year ago [1] Financial Performance - The earnings surprise for the quarter was -2.34%, with the company previously expected to post earnings of $2.3 per share but actually reporting $2.26, resulting in a surprise of -1.74% [2] - Bio-Rad's revenues for the quarter were $693.2 million, slightly surpassing the Zacks Consensus Estimate by 0.01%, and up from $667.5 million year-over-year [3] - Over the last four quarters, the company has exceeded consensus revenue estimates three times [3] Stock Performance - Bio-Rad shares have declined approximately 3.1% since the beginning of the year, while the S&P 500 has gained 1.4% [4] - The current Zacks Rank for Bio-Rad is 3 (Hold), indicating expected performance in line with the market in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.79 on revenues of $605 million, and for the current fiscal year, it is $10.36 on revenues of $2.64 billion [8] - The trend of estimate revisions for Bio-Rad was mixed ahead of the earnings release, which could change following the recent report [7] Industry Context - The Medical - Products industry, to which Bio-Rad belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [9] - Agilent Technologies, another company in the same industry, is expected to report quarterly earnings of $1.37 per share, reflecting a year-over-year increase of 4.6% [10]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were approximately $693 million, a 3.9% increase from $668 million in Q4 2024. On a currency neutral basis, this represents a 1.7% year-over-year increase driven by the clinical diagnostics segment [11] - Full year net sales for 2025 were $2.583 billion, a 0.7% increase from $2.567 billion in 2024. On a currency neutral basis, sales were essentially flat compared to 2024 [17] - Q4 GAAP gross margin was 49.8%, down from 51.2% in Q4 2024. Non-GAAP gross margin was 52.5%, compared to 53.9% in the previous year [13][14] - Full year non-GAAP gross margin was 53.3%, down from 55% in 2024, primarily due to reduced fixed manufacturing absorption and higher material costs [19] Business Segment Data and Key Metrics Changes - Clinical diagnostics segment sales in Q4 2025 were approximately $425 million, an 8.4% increase from $393 million in Q4 2024, driven by higher sales of quality control and blood typing products [13] - Life science segment sales in Q4 2025 were $268 million, a 2.6% decrease from $275 million in Q4 2024, attributed to a constrained academic research and biotech funding environment [11] - The ddPCR portfolio posted mid-single-digit year-over-year growth in Q4, driven by the success of the QX700 platform [12][7] Market Data and Key Metrics Changes - Currency neutral sales decreased in the Americas, partially offset by increased sales in EMEA and Asia Pacific [12] - In biopharma, funding conditions improved in the second half of 2025, with expectations for a modest recovery in 2026 [9] - Cautious spending persisted in academia and government, impacting instrument demand [8] Company Strategy and Development Direction - The company plans to advance several product launches in 2026, including an IVD version of the QX600 and additional high-value ddPCR assays [10] - Focus on disciplined innovation is central to the long-term growth strategy, with an emphasis on operational performance and margin expansion [10][31] - The company is actively looking for additional assets to accelerate top-line growth and margin expansion [30] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of stabilization across core markets, with improvements in NIH funding and biopharma funding [28] - The company remains focused on driving long-term value and is seeing the impact of a performance-related approach [29] - Management expressed confidence that actions taken will translate into improved financial results over time [10] Other Important Information - Free cash flow for Q4 2025 was $119 million, compared to $81 million in Q4 2024. Full year free cash flow improved to approximately $375 million versus $290 million in 2024 [23] - The company retired 1.2 million shares through its buyback program at a total cost of approximately $296 million during 2025 [23] Q&A Session Summary Question: About the ddPCR business growth - Management indicated that the strong quarterly growth was driven by the QX700 platform and the conversion of qPCR applications to ddPCR, with ongoing reagents being a significant part of the portfolio [34][35] Question: Process chromatography changes - Management explained that recent changes in vaccine production strategies impacted demand, leading to a conservative outlook for the process chromatography segment [37][38] Question: Operating margins outlook - Management acknowledged the impact of process chromatography on operating margins and indicated that while some costs from Q4 are not expected to recur, they are being realistic in their guidance [39][40] Question: Clinical diagnostics growth - Management attributed muted growth in clinical diagnostics to a mix of portfolio performance and geographic factors, particularly reliance on China [58][59] Question: Buyback strategy - Management clarified that the lack of buybacks in Q4 does not signal any specific strategy, as they are looking at opportunities opportunistically [63][64]

Financial Data and Key Metrics Changes - In Q4 2025, net sales were approximately $693 million, a 3.9% increase from $668 million in Q4 2024. On a currency neutral basis, this represents a 1.7% year-over-year increase [11] - Full year 2025 net sales were $2.583 billion, a 0.7% increase from $2.567 billion in 2024. On a currency neutral basis, sales were essentially flat compared to 2024 [17][18] - Q4 GAAP gross margin was 49.8%, down from 51.2% in Q4 2024. Non-GAAP gross margin was 52.5%, compared to 53.9% in the previous year [13][14] - Full year non-GAAP gross margin was 53.3%, down from 55% in 2024, primarily due to reduced fixed manufacturing absorption and higher material costs [19] Business Segment Data and Key Metrics Changes - Clinical diagnostics segment sales in Q4 2025 were approximately $425 million, an 8.4% increase from $393 million in Q4 2024, driven by higher sales of quality control and blood typing products [13] - Life science segment sales in Q4 2025 were $268 million, a 2.6% decrease from $275 million in Q4 2024, impacted by constrained academic research and biotech funding [11][12] - The ddPCR portfolio posted mid-single-digit year-over-year growth in Q4, driven by the success of the QX700 platform [12][26] Market Data and Key Metrics Changes - Currency neutral sales decreased in the Americas, partially offset by increased sales in EMEA and Asia Pacific [12][18] - In biopharma, funding conditions improved in the second half of 2025, with expectations for a modest recovery in 2026 [9] - Cautious spending persisted in academia and government, affecting instrument demand [8] Company Strategy and Development Direction - The company plans to advance several product launches in 2026, including an IVD version of the QX600 and additional high-value ddPCR assays [10] - Focus on disciplined innovation is central to the long-term growth strategy, with an emphasis on operational performance and cost structure management [10][31] - The company is actively looking for additional assets to accelerate top-line growth and margin expansion [30] Management's Comments on Operating Environment and Future Outlook - Management sees early signs of stabilization across core markets, with improvements in NIH funding and biopharma funding [28] - The company remains focused on driving long-term value and is witnessing the impact of a performance-related approach [29] - Management is optimistic about the growth potential of the ddPCR business and the overall diagnostics segment [28][29] Other Important Information - Free cash flow for 2025 was approximately $375 million, representing a conversion ratio of 138% for free cash flow to non-GAAP net income [23] - The company retired 1.2 million shares through its buyback program at a total cost of approximately $296 million during 2025 [23][24] - Non-GAAP guidance for 2026 anticipates currency neutral revenue growth between 0.5% and 1.5% [24] Q&A Session Summary Question: About the ddPCR business growth - Management noted strong quarterly growth in the ddPCR business, driven by the QX700 platform and ongoing reagent sales from a large installed base [34][35] Question: Process Chromatography changes - Management explained that recent changes in vaccine production strategies impacted the Process Chromatography forecast, leading to a conservative outlook [37][38] Question: Operating margins outlook - Management provided insights on the operating margin forecast, highlighting the impact of Process Chromatography and Q4 costs that are not expected to recur [39][40] Question: Clinical diagnostics growth - Management discussed the muted growth in clinical diagnostics, attributing it to a mix of product performance and geographic factors [57][59] Question: Buyback strategy - Management clarified that the lack of buybacks in Q4 does not signal any specific strategy, as they are actively looking for acquisition opportunities [63][64]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were approximately $693 million, a 3.9% increase from $668 million in Q4 2024. On a currency neutral basis, this represents a 1.7% year-over-year increase driven by the clinical diagnostics segment [11] - Full year net sales for 2025 were $2.583 billion, a 0.7% increase from $2.567 billion in 2024. On a currency neutral basis, sales were essentially flat compared to 2024 [18] - Q4 GAAP gross margin was 49.8%, down from 51.2% in Q4 2024. Non-GAAP gross margin was 52.5%, compared to 53.9% in the previous year [13][14] - Full year non-GAAP gross margin was 53.3%, down from 55% in 2024, primarily due to reduced fixed manufacturing absorption and higher material costs [20] Business Segment Data and Key Metrics Changes - Clinical diagnostics segment sales in Q4 2025 were approximately $425 million, an increase of 8.4% on a reported basis from $393 million in Q4 2024, driven by higher sales of quality control and blood typing products [13] - Life science segment sales in Q4 2025 were $268 million, a 2.6% decrease from $275 million in Q4 2024, impacted by a constrained academic research and biotech funding environment [11] - The ddPCR portfolio posted mid-single-digit year-over-year growth in Q4, driven by the success of the QX700 platform [12] Market Data and Key Metrics Changes - Currency neutral sales decreased in the Americas, partially offset by increased sales in EMEA and Asia Pacific [12] - In biopharma, funding conditions improved during the second half of 2025, with expectations for a modest recovery in 2026 [9] - Academic institutions remain cautious in spending, focusing on maintaining staffing levels rather than purchasing capital equipment [8] Company Strategy and Development Direction - The company plans to advance several product launches in 2026, including an IVD version of the QX600 and additional high-value ddPCR assays across oncology [10] - Bio-Rad remains focused on disciplined innovation as a core part of its long-term growth strategy [9] - The company is looking for additional assets to help accelerate top-line growth and margin expansion [31] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of stabilization across core markets, with improvements in NIH funding and biopharma funding [29] - The company is confident that actions taken to improve operational performance and expand margins will translate into better financial results over time [10] - Management remains cautious about the potential impact of policy developments in China on reimbursement rates [6] Other Important Information - Free cash flow for the full year 2025 improved to approximately $375 million, representing a conversion ratio of 138% for free cash flow to non-GAAP net income [23] - The company retired 1.2 million shares through its buyback program at a total cost of approximately $296 million during 2025 [23] Q&A Session Summary Question: Can you elaborate on the ddPCR business growth and the contribution from Stilla? - Management indicated that the strong growth was driven by the QX700 platform and a large installed base, with ongoing reagents being a significant part of the portfolio [35][36] Question: What are the recent changes affecting Process Chromatography? - Management explained that changes in vaccine production strategies and government regulations impacted demand, leading to a conservative outlook for this segment [38] Question: What is the outlook for operating margins in 2026? - Management provided a realistic outlook, factoring in the impact of Process Chromatography and operational improvements, guiding for an operating margin between 12% and 12.5% [39][41] Question: Why is clinical diagnostics growth muted compared to pre-COVID levels? - Management attributed the muted growth to a mix of product performance and geographic factors, particularly reliance on markets like China [60] Question: What is the long-term growth outlook for Process Chromatography? - Management suggested a possibility of returning to low single-digit growth by 2027, with potential for acceleration depending on customer transitions from clinical to commercial phases [62]

Fourth-Quarter and Full-Year 2025 Results Supplemental Earnings Results Presentation February 12, 2026 Safe Harbor Some statements in this presentation may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding management's goals, plans, and expectations, our future financial performance, our future financial projections, our growth strategy, and other matters. Forward looking statements generally can be i ...