Financial Data and Key Metrics Changes - Net sales for Q1 2025 were approximately $585 million, representing a 4.2% decline compared to $611 million in Q1 2024. On a currency neutral basis, this reflects a 1.5% year-over-year decrease, primarily driven by lower sales in the Life Science Group [11][12] - GAAP gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024, attributed to increased restructuring costs [13] - Non-GAAP gross margin for Q1 2025 was 53.8%, lower than 54.2% in Q1 2024, while non-GAAP operating margin improved to 10.8% from 9.7% year-over-year [15][16] - GAAP net income for Q1 2025 was $71 million, or $2.54 diluted earnings per share [17] Business Line Data and Key Metrics Changes - Life Science Group sales in Q1 2025 were $229 million, down 5.4% on a reported basis and 3.5% on a currency neutral basis, reflecting ongoing softness in the biotech and academic research market [12] - Clinical Diagnostics Group sales were approximately $357 million, a decrease of 3.2% on a reported basis, but effectively flat on a currency neutral basis [13] - Process Chromatography business experienced mid-teens growth year-over-year, with expectations of high single-digit growth for 2025 [12][19] Market Data and Key Metrics Changes - In the Americas and Asia Pacific, currency neutral sales decreased, partially offset by increased sales in EMEA [12] - Demand for consumables remained strong, while instrument sales faced challenges, particularly in the academic and biotech sectors [41][71] Company Strategy and Development Direction - The company is focused on driving consistent top-line growth and operational efficiency to achieve substantial margin expansion over the coming years [27] - The acquisition of Stila Technology is on track for closing by the end of Q3 2025, which will enhance the company's digital PCR offerings [8][10] - The company is implementing mitigation strategies for tariff impacts, including surcharges and regionalizing supply chains [7][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment with academic market headwinds due to government funding and global trade disruptions [5] - The company expects total currency neutral revenue to decline by approximately 1% to 1.5% for 2025, reflecting softer academic research funding and reduced demand from biotech customers [20][21] - Management remains optimistic about the long-term growth potential in life sciences and diagnostics despite current challenges [28][29] Other Important Information - The company generated $130 million in net cash from operating activities in Q1 2025, compared to $70 million in Q1 2024 [18] - Free cash flow for Q1 2025 was $96 million, significantly higher than $30 million in Q1 2024, with a full-year target of approximately $310 million to $330 million for 2025 [18][19] Q&A Session Summary Question: Impact of tariffs on guidance - Management discussed the gross impact of tariffs and mitigation efforts, including potential surcharges and pre-positioning inventory [33][36] Question: Academic funding expectations - Management noted a 28% reduction in overall funding and challenges in instrument sales, while consumables remained strong [39][40] Question: Growth gap between consumables and equipment - Instrument sales saw a sequential decline of about 10%, while consumables held up well [46] Question: Tariff exposure specifics - Management clarified that the majority of revenue in China comes from U.S. products, with ongoing evaluations of tariff impacts [47][49] Question: Free cash flow maintenance despite lower operating margin - Management emphasized focus on working capital management and inventory control to sustain free cash flow [96]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were approximately $585 million, representing a 4.2% decline from $611 million in Q1 2024. On a currency neutral basis, this reflects a 1.5% year-over-year decrease, primarily driven by lower sales in the Life Science Group [12][13] - Q1 reported GAAP gross margin was 52.3%, down from 53.4% in Q1 2024, mainly due to increased SG&A expenses [14] - Q1 operating income was approximately $24 million, or 4% of sales, compared to $45 million, or 7.3% of sales in Q1 2024, driven by higher restructuring costs [15] - GAAP net income for Q1 2025 was $71 million, or $2.54 diluted earnings per share [18] Business Line Data and Key Metrics Changes - Life Science Group sales in Q1 2025 were $229 million, down 5.4% on a reported basis and 3.5% on a currency neutral basis, reflecting ongoing softness in the biotech and academic research market [13] - Clinical Diagnostics Group sales were approximately $357 million, a decrease of 3.2% on a reported basis, with increased demand for quality control products offset by lower diabetes testing revenue [14] Market Data and Key Metrics Changes - In Diagnostics, solid demand was shown, offsetting reimbursement reductions in China with nearly 3% growth in the rest of the world [9] - Currency neutral sales decreased in Asia Pacific, partially offset by increased sales in EMEA and The Americas [14] Company Strategy and Development Direction - The company continues to prioritize bringing innovative products to customers, with several key menu expansions launched in Q1 [6][7] - The acquisition of Stila Technology is on track for closing by the end of Q3 2025, expanding offerings in the digital PCR segment [10] - The company is focused on mitigating tariff impacts through surcharges, pre-positioning inventory, and regionalizing supply chains [9][24] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging macro environment with academic market headwinds due to government funding and global trade disruptions [6] - The company expects total currency neutral revenue to decline by approximately 1% to 1.5% for 2025, reflecting softer academic research funding and reduced demand from biotech customers [21][22] - Management remains optimistic about long-term growth opportunities in life science and diagnostics despite current challenges [28][29] Other Important Information - The company generated $130 million in net cash from operating activities in Q1 2025, compared to $70 million in Q1 2024 [19] - Free cash flow for Q1 2025 was $96 million, up from $30 million in Q1 2024, with a full-year target of approximately $310 million to $330 million for 2025 [19][20] Q&A Session Summary Question: Can you discuss the impact of tariffs and mitigation efforts? - Management acknowledged the significant impact of tariffs on U.S. products shipped to China and Europe, and discussed actions such as surcharges and pre-positioning inventory to mitigate these effects [33][35][36] Question: What is the current state of academic funding? - Management noted a 28% reduction in overall funding and indicated that while consumables remained strong, instrument sales experienced softness [38][41] Question: How does the growth gap between consumables and equipment look? - Management indicated a deterioration in instrument sales, down about 10% sequentially, while consumables held up well [46][70] Question: What is the company's capital allocation strategy? - Management expressed interest in pursuing larger inorganic opportunities while continuing stock buybacks, indicating a strong balance sheet [64][65] Question: Can you provide an update on the Stila acquisition? - Management reported positive feedback from teams regarding the Stila platform and noted excitement about its potential applications [76][77]

Financial Performance - Net sales for Q1 2025 were $585.4 million, a decrease of 4.2% from $610.8 million in Q1 2024[117] - Life Science segment sales decreased by 5.4% to $228.6 million in Q1 2025, with a currency neutral decrease of 3.5%[118] - Clinical Diagnostics segment sales decreased by 3.2% to $356.8 million in Q1 2025, with a currency neutral decrease of 0.1%[119] - Consolidated gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024[120] Expenses - SG&A expenses for Q1 2025 were $208.8 million, or 35.7% of sales, compared to $214.9 million, or 35.2% of sales in Q1 2024[121] - R&D expenses for Q1 2025 were $73.5 million, or 12.6% of sales, up from $66.4 million, or 10.9% of sales in Q1 2024[122] Cash Flow and Investments - Net cash provided by operations increased to $129.9 million in Q1 2025 from $69.8 million in Q1 2024[131] - The company had $1.66 billion in cash, cash equivalents, and short-term investments as of March 31, 2025[129] Tax and Shareholder Returns - The effective income tax rate was 23.3% for Q1 2025, compared to 21.8% for Q1 2024[127] - The company repurchased 399,295 shares of Class A common stock for $100.9 million under the 2023 Share Repurchase Program[135]

[First-Quarter 2025 Financial Results](index=1&type=section&id=First-Quarter%202025%20Financial%20Results) [Management Commentary](index=1&type=section&id=Management%20Commentary) The company navigated a challenging first quarter, achieving solid margins through disciplined expense management and moderating its full-year outlook - CEO Norman Schwartz highlighted a challenging Q1, but noted **solid margins** were delivered via focused execution and expense management[3](index=3&type=chunk) - The company is moderating its **full-year 2025 outlook** due to current market uncertainties and the evolving macro environment[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Q1 2025 saw a 4.2% revenue decline to $585.4 million, with a significant drop in GAAP net income but a rise in non-GAAP net income Q1 2025 vs Q1 2024 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **GAAP Results** | | | | | Revenue (millions) | $585.4 | $610.8 | -4.2% | | Gross Margin | 52.3% | 53.4% | -1.1 p.p. | | Net Income (millions) | $64.0 | $383.9 | -83.3% | | Diluted EPS | $2.29 | $13.45 | -83.0% | | **Non-GAAP Results** | | | | | Revenue (millions) | $585.4 | $610.8 | -4.2% | | Gross Margin | 53.8% | 54.2% | -0.4 p.p. | | Net Income (millions) | $71.0 | $65.3 | +8.7% | | Diluted EPS | $2.54 | $2.30 | +10.4% | - Total net sales decreased by **4.2%** as reported and **1.5%** on a currency-neutral basis compared to Q1 2024, primarily due to lower sales in the Life Science segment[5](index=5&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) The Life Science segment's sales declined due to research market challenges, while Clinical Diagnostics saw a smaller decrease impacted by China's reimbursement policies Q1 2025 Net Sales by Segment (in millions) | Segment | Q1 2025 Sales | YoY Change (Reported) | YoY Change (Currency-Neutral) | | :--- | :--- | :--- | :--- | | Life Science | $228.6 | -5.4% | -3.5% | | Clinical Diagnostics | $356.8 | -3.2% | -0.1% | - The Life Science sales decline was driven by ongoing challenges in the **academic research market**, particularly in the Americas[6](index=6&type=chunk) - The Clinical Diagnostics sales decrease was mainly due to **lowered reimbursements for diabetes testing in China**, partly offset by increased demand for quality control products[7](index=7&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) GAAP gross margin and operating income declined, with a significant drop in GAAP net income driven by changes in the fair value of equity investments - The substantial decrease in GAAP net income (**$64.0M** in Q1 2025 vs **$383.9M** in Q1 2024) was largely due to a smaller gain from the change in fair market value of its investment in Sartorius AG compared to the prior year[9](index=9&type=chunk) Q1 2025 Operational Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Gross Margin | 52.3% | 53.4% | | GAAP Income from Operations | $23.7M | $44.6M | | Non-GAAP Gross Margin | 53.8% | 54.2% | | Non-GAAP Income from Operations | $63.0M | $59.0M | - The non-GAAP effective tax rate for Q1 2025 was **20.6%**, a decrease from 22.4% in Q1 2024, driven by the geographical mix of earnings[11](index=11&type=chunk) [Updated Full-Year 2025 Financial Outlook](index=2&type=section&id=Updated%20Full-Year%202025%20Financial%20Outlook) The company lowered its full-year 2025 outlook, reducing expectations for both non-GAAP currency-neutral revenue growth and non-GAAP operating margin Full-Year 2025 Outlook Revision | Metric | Updated 2025 Outlook | Prior 2025 Outlook | | :--- | :--- | :--- | | Non-GAAP, Currency-Neutral Revenue Growth | -1.0% to +1.5% | +1.5% to +3.5% | | Non-GAAP Operating Margin | 10.0% to 12.0% | 13.0% to 13.5% | [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The Q1 2025 income statement shows net sales of $585.4 million, resulting in a net income of $64.0 million, or $2.29 per diluted share Q1 2025 Income Statement Highlights (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $585.4 | $610.8 | | Gross profit | $306.0 | $325.9 | | Income from operations | $23.7 | $44.6 | | Net income | $64.0 | $383.9 | | Diluted EPS | $2.29 | $13.45 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $9.53 billion as of March 31, 2025, with cash and cash equivalents at $521.4 million and total equity at $6.68 billion Balance Sheet Summary (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $9,526.9 | $9,364.1 | | Cash and cash equivalents | $521.4 | $488.1 | | Total Liabilities | $2,847.5 | $2,794.8 | | Total Stockholders' Equity | $6,679.4 | $6,569.3 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased significantly to $129.9 million in Q1 2025, contributing to a higher quarter-end cash balance Q1 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $129.9 | $69.8 | | Net cash provided by (used in) investing activities | $2.9 | $(43.1) | | Net cash used in financing activities | $(97.7) | $— | | Net increase in cash | $33.3 | $29.4 | [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) [Use of Non-GAAP and Currency-Neutral Reporting](index=2&type=section&id=Use%20of%20Non-GAAP%20and%20Currency-Neutral%20Reporting) The company utilizes non-GAAP measures, excluding certain items, to provide a clearer view of ongoing operational performance and facilitate comparisons - The company uses **non-GAAP measures** to analyze business performance, make operating decisions, and forecast for future periods[16](index=16&type=chunk) - Excluded items from non-GAAP calculations include amortization of acquisition-related intangibles, restructuring charges, gains/losses from equity securities, and significant legal costs, as they are considered **outside of normal operations**[15](index=15&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Q1 2025 non-GAAP net income was reconciled to $71.0 million from a GAAP net income of $64.0 million, with Adjusted EBITDA rising to $113.7 million Q1 2025 GAAP to Non-GAAP Reconciliation Highlights (in millions) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | Gross Profit | $306.0 | $9.0 | $315.0 | | Income from Operations | $23.7 | $39.3 | $63.0 | | Net Income | $64.0 | $7.0 | $71.0 | Q1 2025 Adjusted EBITDA (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Adjusted EBITDA | $113.7 | $108.4 | | Adjusted EBITDA Margin | 19.4% | 17.7% | [Other Information](index=2&type=section&id=Other%20Information) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) A conference call and webcast are scheduled for May 1, 2025, to discuss the first-quarter financial results with management - A conference call to discuss Q1 2025 results is scheduled for **May 1, 2025**, at 2:30 PM Pacific Time[13](index=13&type=chunk) - A live webcast and replay will be accessible in the **'Investor Relations'** section of the company's website[14](index=14&type=chunk) [About Bio-Rad](index=4&type=section&id=About%20Bio-Rad) Bio-Rad is a global leader in life science research and clinical diagnostics, serving a diverse customer base with over 7,500 employees worldwide - Bio-Rad develops, manufactures, and markets products for **life science research and clinical diagnostics**[25](index=25&type=chunk) - The company's customers include **universities, research institutions, hospitals, and biopharmaceutical companies**[25](index=25&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements, including the 2025 financial outlook, which are subject to significant risks and uncertainties - The release includes forward-looking statements regarding future financial performance, including the **updated 2025 revenue and operating margin outlook**[26](index=26&type=chunk) - Key risks include international operations, global economic conditions, the pace of **biopharma sector recovery**, and supply chain issues[26](index=26&type=chunk)

Core Points - BIO-key International, Inc. received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Annual Report on Form 10-K for the year ended December 31, 2024 [1] - The company filed its Form 10-K on April 23, 2025, and subsequently regained compliance with Nasdaq rules on April 24, 2025 [2] - BIO-key specializes in biometric-centric identity and access management solutions, securing access for over 40 million users with options for passwordless, phoneless, and tokenless authentication [3] Company Overview - BIO-key provides innovative IAM solutions that are cost-effective, easy to deploy, and secure, catering to diverse use cases [3] - The company's PortalGuard IAM solution can be hosted in the cloud or on-premise, facilitating secure access to computers, information, applications, and high-value transactions [3]

Core Insights - The ctMoniTR Project has shown a strong association between changes in circulating tumor DNA (ctDNA) levels and treatment outcomes, indicating potential integration of ctDNA analysis in therapeutic development and clinical cancer care [1][2] - Biodesix and Bio-Rad Laboratories collaborated on this project, utilizing Bio-Rad's Droplet Digital™ PCR technology to detect ctDNA from patient samples [3][4] - Biodesix is actively involved in ctDNA testing and is exploring its combination with proteomics for detecting molecular residual disease (MRD), with advancements to be presented at the upcoming AACR Annual Meeting [4] Company Overview - Biodesix, Inc. is a leading diagnostics solutions company focused on improving clinical care and outcomes for patients, offering diagnostic tests that support personalized care [7] - Bio-Rad Laboratories, Inc. is a leader in life science research and clinical diagnostics, with approximately 7,700 employees and $2.7 billion in revenues in 2023, serving a wide range of customers including universities and biopharmaceutical companies [8]

导读： 近期，关税战愈演愈烈，在此背景下，我们特别盘点美国十家科学仪器企业在华的发展布局，以期洞察未来趋势。 他还着重表示，珀金埃尔默太仓工厂扩建项目已完成，新的现代化生产设施和运营平台将在现有的太仓基地附近投产，面积扩大近四倍，并将 逐步实现全品类产线转移。这将进一步提升公司在中国市场的生产和运营规模，更好地服务中国客户。珀金埃尔默将持续关注中国市场与客户 需求的变化，不断推出适应中国市场的产品和解决方案，为中国客户提供创新技术和专业服务。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2 0 2 5年2月2 8日，胡润研究院发布《2 0 2 4在中国的美国企业特别报告》，报告共收集了7 0家标普5 0 0成分股美国企业的数据，这些企业均披露 了其在中国市场的营收数据。 样本企业在全球市场的收入总额超过2 . 5万亿美元，相当于美国2 0 2 3年GDP总和的9%。报告中不仅提及了苹 果、特斯拉、沃尔玛等知名企业，还特别关注了珀金埃尔默、r e v v it y等科学仪器领域的美国品牌。 回顾历史，自上世纪8 0年代前后，珀金埃 ...

Core Insights - Bio-Rad Laboratories (BIO) reported total revenue of $667.5 million for the quarter ending December 2024, reflecting a 2% decline year over year [4] - The analysis of international revenue trends is crucial for assessing the company's financial strength and future growth potential [2][9] International Revenue Breakdown - Asia generated $146.4 million in revenues, accounting for 21.93% of total revenue, which was a 4.96% shortfall compared to Wall Street's expectation of $154.04 million [5] - EMEA contributed $221.7 million, representing 33.21% of total revenue, exceeding expectations by 6.78% as analysts had projected $207.63 million [6] Future Revenue Projections - For the current fiscal quarter, total revenue is anticipated to be $598.88 million, a 2% decline from the same quarter last year, with expected contributions of 22.3% from Asia ($133.44 million) and 33.5% from EMEA ($200.43 million) [7] - The full-year revenue forecast is $2.61 billion, indicating a 1.7% improvement from the previous year, with Asia expected to contribute 22.4% ($584.15 million) and EMEA 31.9% ($831.63 million) [8] Stock Performance - Bio-Rad's stock has decreased by 24.4% over the past month, contrasting with a 2.3% decline in the Zacks S&P 500 composite [13] - Over the past three months, the company's shares fell by 16.5%, while the S&P 500 declined by only 0.2% [13]

Company Overview - Bio-Rad Laboratories, Inc. has entered into a binding agreement to acquire Stilla Technologies, enhancing its digital PCR portfolio and expanding into applied research and clinical diagnostics [1][6] - The acquisition is expected to close by the end of the third quarter of 2025, pending regulatory approvals and consultations [2] Financial Performance - Bio-Rad has a market capitalization of $7.94 billion, with a Zacks Consensus Estimate indicating a 12.2% year-over-year increase in fiscal 2025 earnings and a 3.4% revenue improvement [5] Product and Technology Development - Stilla develops next-generation digital PCR instruments and consumables, which will allow Bio-Rad to address a wide range of applications, including oncology diagnostics and infectious diseases [6][7] - Bio-Rad plans to launch its QX Continuum system to further enhance its digital PCR capabilities [7] Market Trends - The global digital PCR market was valued at $584.5 million in 2023 and is projected to grow to $3.68 billion by 2032, with a CAGR of 22.9%, driven by the rise in infectious diseases, cancer, and technological advancements [8] Stock Performance - Following the acquisition announcement, Bio-Rad's stock has decreased by 9.5% to $277.16 [3] - Over the past year, Bio-Rad's shares have declined by 18.6%, contrasting with the industry's growth of 13.9% [9]

Sales and Market Overview - Life Science and Clinical Diagnostics segments generated 40% and 60% of consolidated net sales, respectively, for the year ended December 31, 2024[10]. - Approximately 41% of consolidated net sales were generated from the U.S., while 59% came from international locations, with Europe being the largest region[10]. - The worldwide sales for products in the Life Science market are estimated at approximately $19 billion, while the Clinical Diagnostics market is estimated at approximately $16 billion[12][14]. Employee and Patent Information - The company employs around 950 employees focused on research and development, continuously developing new products and applications[26]. - Approximately 7,700 employees are employed globally, with 48% in the Americas, 35% in Europe, the Middle-East and Africa, and 17% in Asia Pacific[37]. - The company has over 2,150 U.S. and international patents, viewing them as valuable assets for product development[16]. Revenue Sources and Distribution - The installed base of diagnostic test systems creates a recurring revenue source through the sale of test kits for each sample analyzed[14]. - The company has direct distribution channels in over 36 countries outside the U.S., supplemented by distributors and agents[9]. Regulatory and Reimbursement Factors - The company is subject to various regulatory requirements, including FDA regulations for product development and marketing[27][30]. - The company’s sales are influenced by third-party payor reimbursements, which are increasingly adjusted for medical products and services[33]. Financial Performance and Investments - As of December 31, 2024, the fair value of the investment in Sartorius was $4,469.2 million, representing approximately 38% of the outstanding ordinary shares and 28% of the preference shares[43]. - Sartorius reported sales revenue of €3,395.7 million and a net profit of €290.0 million for the year ended December 31, 2023[45]. - Bio-Rad had $1.20 billion in principal amount of fixed-rate long-term debt outstanding as of December 31, 2024[181]. Foreign Exchange and Interest Rate Risks - A hypothetical 10% depreciation/appreciation of foreign currencies relative to the U.S. dollar would result in an unrealized gain/loss of $32.1 million on Bio-Rad's derivative position as of December 31, 2024[179]. - A 10% depreciation/appreciation in the quoted stock prices for ordinary and preference shares of Sartorius at December 31, 2024, would result in an approximate loss/gain of $0.45 billion reported in the financial statements[182]. - Bio-Rad's financial risk management program aims to reduce variance in expected cash flows arising from foreign exchange rate and interest rate changes[175]. - A hypothetical increase or decrease in interest rates by 50 and 100 basis points would have resulted in a decrease or increase in the fair value of Bio-Rad's net investment position of approximately $10.9 million and $21.7 million, respectively[180]. Asset Information - Sartorius had current assets of €1,956.9 million and non-current assets of €7,798.5 million as of December 31, 2023[45]. - Bio-Rad does not assume any responsibility for errors or omissions in the financial information publicly disclosed by Sartorius[45].