Core Insights - Bio-Rad Laboratories reported strong Q2 2025 financial results, with adjusted earnings per share (non-GAAP) of $2.61, exceeding the analyst consensus of $1.73, and non-GAAP revenue of $651.6 million, surpassing the expectation of $615.2 million [1][5][10] - Despite the revenue growth of 2.1% year-over-year, both GAAP and non-GAAP gross margins declined, indicating ongoing margin pressures amid industry challenges [1][5][11] Financial Performance - Adjusted EPS (Non-GAAP) for Q2 2025 was $2.61, down 16.1% from $3.11 in Q2 2024 [2] - Non-GAAP revenue reached $651.6 million, a 2.1% increase from $638.5 million in Q2 2024 [2] - Non-GAAP operating margin decreased to 13.6% from 16.7% in Q2 2024 [2] - Free cash flow (Non-GAAP) was $70.8 million, up from $55.4 million in Q2 2024 [2] Segment Performance - The Clinical Diagnostics segment reported net sales of $388.8 million, remaining flat compared to the same period in 2024, impacted by reimbursement cuts in China [7] - Life Science revenue increased by 4.9% in Q2 2025, driven by demand for process chromatography products and food safety products [6] - Ongoing tariff impacts accounted for approximately 130 basis points in non-GAAP operating margin for FY2025 [7] Strategic Focus - The company emphasizes innovation through R&D, product portfolio expansion, and strategic acquisitions as key to its success [4] - Recent acquisition of Stilla Technologies enhances Bio-Rad's digital PCR portfolio, supporting genetic material detection [8] - Management remains open to pursuing larger acquisitions and has accelerated share repurchases, spending $242.1 million in the first half of 2025 [9] Future Outlook - Management raised its non-GAAP revenue growth outlook for FY2025 to around 0% to 1% and increased non-GAAP operating margin guidance to 12.0% to 13.0% [10] - Key areas to monitor include trends in gross and operating margins, changes in China affecting both segments, and U.S. academic funding impacts on laboratory instrument sales [11]

Financial Performance - Bio-Rad Laboratories reported quarterly earnings of $2.61 per share, exceeding the analyst consensus estimate of $1.76 per share [1] - The company achieved quarterly sales of $651.600 million, surpassing the analyst consensus estimate of $615.110 million [1] - Bio-Rad narrowed its FY2025 sales guidance from a range of $2.541 billion-$2.606 billion to $2.567 billion-$2.593 billion [1] Strategic Developments - Norman Schwartz, Bio-Rad's Chairman and CEO, highlighted the company's solid quarterly results achieved through focused execution and careful expense management [2] - The company completed the acquisition of Stilla Technologies, enhancing its Droplet Digital™ PCR offerings with the launch of the QX Continuum™ system and the QX700™ series of instruments [2] Market Reaction - Following the earnings announcement, Bio-Rad Laboratories shares increased by 19.5%, trading at $289.03 [2] Analyst Ratings - Wells Fargo analyst Brandon Couillard maintained an Equal-Weight rating on Bio-Rad and raised the price target from $245 to $265 [8] - RBC Capital analyst Conor McNamara maintained an Outperform rating and increased the price target from $387 to $409 [8]

Financial Data and Key Metrics Changes - Net sales for Q2 2025 were approximately $652 million, a 2.1% increase from $638 million in Q2 2024. On a currency-neutral basis, this represents a 1% year-over-year increase, primarily driven by process chromatography products [12][14] - Gross margin for Q2 2025 was reported at 53%, down from 55.6% in Q2 2024. Non-GAAP gross margin was 53.7%, compared to 56.4% in the previous year, attributed to higher material costs and reduced fixed manufacturing absorption [14][15] - Operating income for Q2 2025 was $77 million, or 11.8% of sales, compared to $101 million, or 15.9% of sales in Q2 2024. Non-GAAP operating margin was 13.6%, down from 16.7% [16] Business Line Data and Key Metrics Changes - Life Sciences Group sales increased to $263 million in Q2 2025 from $251 million in Q2 2024, a 4.9% increase on a reported basis and 3.8% on a currency-neutral basis, driven by process chromatography and food safety products [13] - Clinical Diagnostics Group sales were approximately $389 million, essentially flat compared to $388 million in Q2 2024, with a decrease of 0.7% on a currency-neutral basis due to lower diabetes testing reimbursement rates in China [14] Market Data and Key Metrics Changes - The academic market continues to face headwinds due to constrained government funding, although there are signs of stabilization, particularly in consumables [5] - In China, volume-based procurement has not significantly impacted the portfolio, with local reimbursement pressures offset by strength outside of China, resulting in 3.7% growth in the rest of the world markets [8][9] Company Strategy and Development Direction - The company is focusing on expanding its Droplet Digital PCR portfolio with the launch of the QX Continuum platform and the rebranded QX700 Series ddPCR instruments, aimed at providing simplified workflows and flexibility for various budget levels [5][6] - The acquisition of Stila Technologies is expected to enhance the company's capabilities and product offerings in the digital PCR market [5][10] Management's Comments on Operating Environment and Future Outlook - Management noted that while the operating environment remains challenging, there are positive signals regarding NIH funding for 2026, and the company is adapting to the current situation [25] - The company raised its full-year guidance for 2025, expecting total currency-neutral revenue growth to be in the range of flat to 1%, reflecting improved outlooks for consumables and process chromatography [19][20] Other Important Information - The company plans to host a webinar on Droplet Digital PCR and its updated portfolio on August 26, 2025, and will participate in several investor conferences in the fall [101][102] - The company has repurchased a total of 593,508 shares during Q2 2025 for a total cost of $139 million, with $337 million remaining for share repurchases under the current program [18] Q&A Session Summary Question: Insights on Process Chromatography results - Management indicated that the strong results were partly due to customer pull-forward orders, but they expect sustainable growth moving forward [31][32] Question: Contribution of Stila to guidance - The guidance increase includes contributions from Stila, with the ddPCR growth rate moving up to mid-single digits, while organic growth remains stable [34][35] Question: Diagnostics market in China - Management confirmed that while the market remains soft, they have not seen significant impacts from volume-based procurement or reimbursement changes [44][46] Question: Tariff environment management - The company has implemented various countermeasures to manage tariff uncertainties, including supplier flexibility and manufacturing adaptability [51][53] Question: Demand trends in global academic markets - Demand from U.S. federally funded research customers was stable throughout the quarter, with some improvement noted from Q1 [77][92]

Q2 2025 Financial Performance - Revenue for Q2 2025 was $652 million, a 2.1% year-over-year increase, or 1.0% on a currency neutral basis[7,8] - GAAP gross margin was 53.0%, a decrease of 260 bps year-over-year[7] - Non-GAAP gross margin was 53.7%, a decrease of 270 bps year-over-year[8] - GAAP operating margin was 11.8%, a decrease of 410 bps year-over-year[7] - Non-GAAP operating margin was 13.6%, a decrease of 310 bps year-over-year[8] - Free cash flow was $71 million, an increase of $15 million year-over-year[8] Business Segment Performance - Life Science Group revenue was $263 million, a 4.9% year-over-year increase, or 3.8% on a currency neutral basis[14,15] - Clinical Diagnostics Group revenue was $389 million, a 0.2% year-over-year increase, or -0.7% on a currency neutral basis[17,18] Balance Sheet Highlights - Cash and short-term investments totaled $1374 million as of June 30, 2025[19] - Investment in Sartorius AG was $5156 million as of June 30, 2025[19] Full-Year 2025 Outlook (Currency Neutral YoY) - Revenue growth is expected to be between 0.0% and +1.0%[20] - Non-GAAP gross margin is expected to be between 53.5% and 54.5%[20] - Non-GAAP operating margin is expected to be between 12.0% and 13.0%[20] - Free cash flow is expected to be between $310 million and $330 million[20]

[Part I - Financial Information](index=4&type=section&id=Part%20I%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended June 30, 2025, show total assets increasing to **$10.21 billion**, net income for the first six months at **$381.8 million** (a turnaround from a **$1.78 billion** loss), and operating cash flow increasing to **$246.4 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$10.21 billion** from **$9.36 billion**, driven by higher other investments and goodwill, while total liabilities grew to **$3.09 billion** and stockholders' equity to **$7.13 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$10,214.1** | **$9,364.1** | | Cash and cash equivalents | $369.3 | $488.1 | | Goodwill, net | $581.6 | $410.5 | | Other investments | $5,576.5 | $4,839.2 | | **Total Liabilities** | **$3,085.4** | **$2,794.8** | | Long-term debt, net | $1,201.1 | $1,200.4 | | **Total Stockholders' Equity** | **$7,128.7** | **$6,569.3** | [Condensed Consolidated Statements of Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) Net income for Q2 2025 was **$317.8 million** (vs. **$2.17 billion** loss in Q2 2024) and **$381.8 million** for H1 2025 (vs. **$1.78 billion** loss in H1 2024), primarily due to a **$334.4 million** gain on equity securities Income Statement Summary (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $651.6 | $638.5 | $1,237.0 | $1,249.3 | | Gross profit | $345.3 | $355.1 | $651.3 | $681.1 | | Income from operations | $77.1 | $101.5 | $100.8 | $146.2 | | (Gains) losses from change in fair market value of equity securities | ($334.4) | $2,895.4 | ($366.2) | $2,473.2 | | **Net income (loss)** | **$317.8** | **($2,165.5)** | **$381.8** | **($1,781.6)** | | **Net income (loss) per diluted share** | **$11.67** | **($76.26)** | **$13.84** | **($62.61)** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to **$246.4 million** for H1 2025, while cash used in investing activities rose to **$112.5 million** due to acquisitions, and financing activities used **$234.0 million** primarily for share repurchases Six-Month Cash Flow Summary (in millions) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $246.4 | $167.4 | | Net cash used in investing activities | ($112.5) | ($74.0) | | Net cash used in financing activities | ($234.0) | ($96.6) | | Net (decrease) in cash | ($118.1) | $3.3 | - The increase in cash used for investing activities was primarily due to a **$216.7 million** payment for acquisitions, net of cash received[20](index=20&type=chunk) - The increase in cash used for financing activities was driven by payments for purchases of treasury stock, which rose to **$242.1 million** from **$105.7 million** in the prior-year period[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the **$257.9 million** acquisition of Stilla Technologies, a **$355.7 million** gain on the Sartorius AG investment, and **$37.4 million** in restructuring expenses, with revenue growth in Americas and EMEA but decline in APAC - On June 30, 2025, the company acquired Stilla Technologies for **$257.9 million** to strengthen its droplet digital PCR offerings, with **$161.9 million** allocated to goodwill[49](index=49&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - The company recognized a gain of **$355.7 million** for the first six months of 2025 from the change in fair market value of its investment in Sartorius AG[65](index=65&type=chunk) - A new restructuring plan approved in February 2025 resulted in **$37.4 million** of restructuring-related expenses in H1 2025, primarily for employee termination benefits[103](index=103&type=chunk) Revenue by Geographic Region (in millions) | Region | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | United States | $508.6 | $507.1 | +0.3% | | EMEA | $417.0 | $406.7 | +2.5% | | APAC | $230.5 | $248.4 | -7.2% | | Other | $80.9 | $87.1 | -7.1% | | **Total** | **$1,237.0** | **$1,249.3** | **-1.0%** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports a **2.1%** increase in Q2 2025 net sales driven by Life Science, while H1 2025 net sales decreased **1.0%**, with gross margins declining due to higher costs, and the company maintains a strong **$1.4 billion** liquidity position despite biopharma and China market challenges [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q2 2025 net sales grew **2.1%** to **$651.6 million**, with Life Science sales up **4.9%**, while H1 2025 net sales decreased **1.0%** to **$1.24 billion**, and gross margin declined to **53.0%** due to higher costs, offset by a **$334.4 million** gain on equity securities Q2 2025 vs Q2 2024 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $651.6M | $638.5M | +2.1% | | Life Science Sales | $262.8M | $250.5M | +4.9% | | Clinical Diagnostics Sales | $388.8M | $388.0M | +0.2% | | Gross Margin | 53.0% | 55.6% | -2.6 p.p. | - The increase in Life Science sales was driven by process chromatography and food safety products[128](index=128&type=chunk) - The decrease in consolidated gross margin was primarily driven by higher material costs and reduced fixed manufacturing absorption[130](index=130&type=chunk)[142](index=142&type=chunk) - The significant positive swing in net income was primarily due to a **$326.6 million** gain on the company's investment in Sartorius AG in Q2 2025, compared to a **$2.9 billion** loss in Q2 2024[135](index=135&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$1.4 billion** in cash and investments, with net cash from operations at **$246.4 million** for H1 2025, and sufficient liquidity to meet future objectives - As of June 30, 2025, the company had **$1.4 billion** in cash, cash equivalents, and short-term investments[151](index=151&type=chunk) - During the first six months of 2025, the company repurchased **992,803** shares of Class A common stock for **$242.1 million**[156](index=156&type=chunk) - As of June 30, 2025, **$337.4 million** remained available for repurchases under the 2023 Share Repurchase Program[156](index=156&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes have occurred in market risk disclosures since the Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in market risk disclosures during the six months ended June 30, 2025[158](index=158&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective at a reasonable assurance level[160](index=160&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended June 30, 2025[161](index=161&type=chunk) [Part II - Other Information](index=36&type=section&id=Part%20II%20Other%20Information) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not expect them to have a material adverse effect on its financial position, results, or liquidity - The company is involved in various legal proceedings from the ordinary course of business but does not expect them to have a material adverse effect[163](index=163&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from international operations, intense competition, product development, global economic and geopolitical uncertainties, supply chain disruptions, IT security, currency fluctuations, Sartorius AG investment volatility, regulatory changes, and concentrated voting power - International operations, accounting for **59%** of net sales, expose the company to complex foreign laws, trade barriers, and currency fluctuations[165](index=165&type=chunk)[179](index=179&type=chunk) - Changes in the market value of the company's investment in Sartorius AG materially impact financial results and could cause the company's share price to change independent of its operational performance[180](index=180&type=chunk)[181](index=181&type=chunk) - Global economic conditions, including inflation, conflicts in Ukraine and the Middle East, and moderating growth in China, could adversely affect operations and demand[171](index=171&type=chunk) - The company is subject to substantial government regulation (e.g., by the FDA and under the EU IVDR), and changes could adversely affect the business[192](index=192&type=chunk)[195](index=195&type=chunk) - The Schwartz family holds a significant majority of voting stock, allowing them to elect a majority of directors and control matters affecting the company[225](index=225&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its Q2 2025 share repurchase activity, with **$337.4 million** remaining available under the 2023 Share Repurchase Program as of June 30, 2025 Share Repurchases - Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 422,648 | $234.43 | | May 2025 | — | — | | June 2025 | 170,860 | $232.51 | - As of June 30, 2025, **$337.4 million** remained available for repurchases under the 2023 Share Repurchase Program[228](index=228&type=chunk)[230](index=230&type=chunk) [Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[231](index=231&type=chunk) [Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[232](index=232&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[233](index=233&type=chunk) [Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files

Press Release: Bio-Rad Reports Second-Quarter 2025 Financial Results [Executive Summary & Q2 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%20Highlights) Bio-Rad achieved solid Q2 2025 results with revenue growth and a significant GAAP net income increase, alongside a strategic acquisition - The CEO highlighted **solid quarterly results** achieved through focused execution and expense management in a dynamic environment[3](index=3&type=chunk) - Completed the **acquisition of droplet digital PCR developer Stilla Technologies**, expanding its Droplet Digital™ PCR offering with the new **QX700™ series instruments**[3](index=3&type=chunk) Q2 2025 Financial Highlights vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **GAAP Results** | | | | Revenue (millions) | $651.6 | $638.5 | | Gross Margin | 53.0% | 55.6% | | Net Income (Loss) (millions) | $317.8 | $(2,165.5) | | Diluted EPS (Loss) | $11.67 | $(76.26) | | **Non-GAAP Results** | | | | Revenue (millions) | $651.6 | $638.5 | | Gross Margin | 53.7% | 56.4% | | Net Income (millions) | $71.0 | $88.3 | | Diluted EPS | $2.61 | $3.11 | [Second-Quarter 2025 Performance Analysis](index=1&type=section&id=Second-Quarter%202025%20Performance%20Analysis) Q2 2025 net sales increased 2.1%, driven by Life Science, while GAAP net income significantly improved due to investment gains [Overall Performance](index=1&type=section&id=Overall%20Performance) Total net sales for Q2 2025 rose 2.1% to $651.6 million, with GAAP net income significantly boosted by equity investment gains - Total net sales were **$651.6 million**, a **2.1% increase** as reported and a **1.0% increase** on a currency-neutral basis compared to Q2 2024[6](index=6&type=chunk) - The primary driver for the currency-neutral sales increase was higher sales of **process chromatography products**[6](index=6&type=chunk) - A significant change in the fair market value of the company's investment in Sartorius AG was the main contributor to the **GAAP net income of $317.8 million**, compared to a net loss of **$(2,165.5) million** in Q2 2024[10](index=10&type=chunk) - Non-GAAP net income was **$71.0 million** (**$2.61 per share**), a decrease from **$88.3 million** (**$3.11 per share**) in Q2 2024[11](index=11&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Life Science segment sales grew 4.9%, while Clinical Diagnostics remained flat due to offsetting factors Q2 2025 Segment Net Sales | Segment | Net Sales (millions) | YoY Change (Reported) | YoY Change (Currency-Neutral) | | :--- | :--- | :--- | :--- | | Life Science | $262.8 | +4.9% | +3.8% | | Clinical Diagnostics | $388.8 | ~0.0% | -0.7% | - The Life Science segment's growth was driven by increased sales of **process chromatography** and **food safety products**[8](index=8&type=chunk) - The Clinical Diagnostics segment's currency-neutral sales decrease was primarily due to lowered reimbursements for diabetes testing in China, which was partially offset by increased demand for **quality control** and **immunology products**[9](index=9&type=chunk) [Updated Full-Year 2025 Financial Outlook](index=2&type=section&id=Updated%20Full-Year%202025%20Financial%20Outlook) Bio-Rad raised its full-year 2025 outlook, improving non-GAAP revenue growth and operating margin forecasts Full-Year 2025 Financial Outlook Update | Metric | Updated 2025 Outlook | Prior 2025 Outlook | | :--- | :--- | :--- | | Non-GAAP, Currency-Neutral Revenue Growth | 0% to 1.0% | -1.0% to 1.5% | | Non-GAAP Operating Margin | 12.0% to 13.0% | 10.0% to 12.0% | [Financial Statements](index=5&type=section&id=Financial%20Statements) This section provides unaudited condensed consolidated financial statements, including income, balance sheet, and cash flow statements [Condensed Consolidated Statements of Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) Q2 2025 net sales were $651.6 million, with net income of $317.8 million driven by equity security fair value gains Q2 2025 Income Statement Highlights (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $651.6 | $638.5 | | Gross profit | $345.3 | $355.1 | | Income from operations | $77.1 | $101.5 | | (Gains) losses from change in fair market value of equity securities | $(334.4) | $2,895.4 | | Net income (loss) | $317.8 | $(2,165.5) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $10.21 billion, with stockholders' equity reaching $7.13 billion Balance Sheet Highlights (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $2,811.1 | $3,030.3 | | Total assets | $10,214.1 | $9,364.1 | | Total current liabilities | $548.9 | $467.8 | | Total liabilities | $3,085.4 | $2,794.8 | | Total stockholders' equity | $7,128.7 | $6,569.3 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly increased to $246.4 million for H1 2025, while investing and financing activities used cash Six Months Ended June 30 Cash Flow Highlights (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $246.4 | $167.4 | | Net cash used in investing activities | $(112.5) | $(74.0) | | Net cash used in financing activities | $(234.0) | $(96.6) | | Net (decrease) in cash | $(118.1) | $3.3 | [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP results, detailing adjustments for Q2 2025 income, EBITDA, and free cash flow Q2 2025 GAAP to Non-GAAP Reconciliation Highlights (in millions) | Metric | GAAP | Non-GAAP | | :--- | :--- | :--- | | Gross Profit | $345.3 (53.0%) | $349.9 (53.7%) | | Income from Operations | $77.1 (11.8%) | $88.6 (13.6%) | | Net Income (Loss) | $317.8 | $71.0 | | Diluted EPS (Loss) | $11.67 | $2.61 | Adjusted EBITDA and Free Cash Flow (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Adjusted EBITDA | $124.0 | $138.1 | | Free Cash Flow | $70.8 | $55.4 | - Major exclusions from GAAP results to calculate non-GAAP measures include amortization of intangibles (**$5.2M**), acquisition costs (**$2.8M**), restructuring costs (**$2.4M**), and gains from equity securities (**$334.4M**) for Q2 2025[40](index=40&type=chunk)[41](index=41&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) This section provides supplementary information, including non-GAAP explanations, corporate profile, and forward-looking statements disclaimer - The company uses non-GAAP measures to provide greater transparency and to assess the performance of ongoing business operations by excluding items like amortization of acquisition-related assets, restructuring charges, and fair value changes of equity securities[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - Bio-Rad is a leader in life science research and clinical diagnostics markets, with over **7,500 employees** and **$2.6 billion in revenues** in 2024[28](index=28&type=chunk) - Forward-looking statements are subject to risks including global economic conditions, supply chain issues, ability to integrate acquisitions, and foreign currency fluctuations[29](index=29&type=chunk)

Biome Australia (BIO) Update Summary Company Overview - Biome Australia was founded in 2018, building on research from a prior company established in 2013 focused on microbiome research and probiotics [3] - The company has developed a range of targeted probiotic products, launching its brand Activated Probiotics in 2019 [5][12] Industry Context - The global probiotic market is saturated with generic gut health products, presenting an opportunity for Biome to be a leader in targeted probiotics [4] - The company positions itself as a serious health company rather than a fast-moving consumer goods (FMCG) company, focusing on health outcomes and professional recommendations [13][14] Financial Performance - Biome reported a revenue of AUD 18.4 million for FY25, with a record month of over AUD 2 million in sales for June [16][20] - The company has achieved six consecutive quarters of positive EBITDA and is expecting to report a net profit for FY25 [16] - Retail scan sales are significantly outperforming competitors, with growth rates of 50-80% compared to the category average of 6.5% [17][28] Product Highlights - Key products include: - **BioNbreed Probiotic**: Demonstrated a 64% reduction in asthma events in a clinical trial [4] - **BioMostio**: Showed a 78% reduction in bone loss in postmenopausal women [6] - **Biome Daily**: Aimed at general digestive health and preventing winter illnesses [7] - **Biome Baby**: Clinically proven to reduce infant colic [8] - **Biocholesterol**: Developed to work alongside statin medications, with five clinical trials supporting its efficacy [11] - The company has expanded its product range from 9 to 18 targeted probiotic products [5] Market Strategy - Biome's products are sold through a practitioner-only model, gaining recommendations from health professionals [14] - The company has grown its distribution points from 100 to 6,000 in Australia [13] - International markets have seen a 69% growth, with plans to expand into Canada, New Zealand, and Ireland [19][27] Vision and Future Growth - Biome has set a revenue target of AUD 75 million over three years (FY25 to FY27) and aims to increase distribution points to 8,000 [20] - The company is focusing on onshoring its supply chain to improve working capital and reduce lead times from 6-8 months to 2-3 months [21][41] - New product launches under the Activated Therapeutics brand have already sold out within two weeks of release [47] Clinical Trials and Research - Biome plans to initiate new clinical trials for its proprietary strain, Lactobacillus plantarum B and B 18, focusing on gastrointestinal functions [39] - The company is also exploring further research opportunities to expand its product offerings [39] Challenges and Considerations - Inventory management is a key focus, with a target average holding of AUD 2.5 to 3 million [32][33] - The company is cautious about entering the US market due to its complexity and competition but is considering a test market launch in the future [36][37] Conclusion - Biome Australia is positioned for significant growth with a strong product pipeline, a unique market strategy, and ambitious revenue targets. The company is focused on maintaining its growth trajectory while expanding its international presence and enhancing its product offerings through ongoing research and development.

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Bio-Rad Laboratories due to lower revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Bio-Rad is expected to report quarterly earnings of $1.93 per share, reflecting a year-over-year decrease of 37.9%, and revenues are projected at $610.03 million, down 4.5% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their outlook for the company [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +0.26% for Bio-Rad, suggesting recent bullish sentiment among analysts, although the stock holds a Zacks Rank of 4, complicating predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, Bio-Rad exceeded expectations by delivering earnings of $2.54 per share against an expected $1.73, resulting in a surprise of +46.82%. Over the last four quarters, the company has beaten consensus EPS estimates three times [13][14]. Market Reaction Factors - An earnings beat or miss alone may not dictate stock movement, as other factors can influence investor sentiment. Stocks may decline despite an earnings beat or rise despite a miss [15]. Investment Considerations - While Bio-Rad does not appear to be a strong candidate for an earnings beat, investors should consider additional factors before making investment decisions [17].

Core Insights - Bio-Rad Laboratories (BIO) has launched four new Droplet Digital PCR (ddPCR) platforms, including the QX Continuum ddPCR system and the QX700 series, following its acquisition of Stilla Technologies [1][8] - The expanded product portfolio now includes over 400,000 assays, enhancing Bio-Rad's position in life science research and diagnostics [2][5] - Following the announcement, Bio-Rad's stock rose by 4%, indicating positive market sentiment towards the company's Life Science segment [3][4] Company Developments - The QX Continuum ddPCR system is tailored for translational research, featuring a user-friendly workflow and advanced multiplexing capabilities [6] - The QX700 series is designed for various applications, including academic research and biopharma quality control, with the ability to process over 700 samples daily [6][10] - Bio-Rad's market capitalization stands at $6.99 billion, with an earnings yield of 3.6%, matching the industry average [4] Industry Outlook - The global digital PCR market is projected to grow from $706.7 million in 2024 to a compound annual growth rate of 23.1% by 2032, driven by the rise in infectious diseases and genetic disorders [9] - Bio-Rad is actively expanding its digital PCR capabilities, with recent advancements supporting the launch of FDA-approved tests and enhancing existing product lines [10][11]

About Hoth Therapeutics, Inc. Hoth Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative, impactful, and ground-breaking treatments with a goal to improve patient quality of life. We are a catalyst in early-stage pharmaceutical research and development, elevating drugs from the bench to pre-clinical and clinical testing. Utilizing a patient-centric approach, we collaborate and partner with a team of scientists, clinicians, and key opinion leaders to seek out and inves ...