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 ...

Core Insights - Werewolf Therapeutics, Inc. is focused on developing conditionally activated therapeutics aimed at enhancing the immune system for cancer treatment and other immune-mediated conditions [1][3] - The company will participate in a panel discussion at the BIO International Convention, highlighting the potential of its biologics to redefine oncology treatment paradigms [2] Company Overview - Werewolf Therapeutics utilizes its proprietary PREDATOR® platform to create therapeutics that stimulate both adaptive and innate immunity, addressing limitations of traditional immune therapies [3] - The company's leading clinical candidates include WTX-124 and WTX-330, which are conditionally activated Interleukin-2 (IL-2) and Interleukin-12 (IL-12) molecules, respectively, targeting solid tumors and Non-Hodgkin Lymphoma [3] Clinical Trials and Initiatives - The "Full Moon Moment" initiative aims to raise awareness of ongoing clinical trials, including one for WTX-124, which has shown promising results, including a patient with cutaneous squamous cell carcinoma in remission for over a year [2] - WTX-124 is being evaluated as a single agent and in combination with immune checkpoint inhibitors across multiple tumor types [3]

Core Insights - Lexaria Bioscience Corp. will participate in the BIO International Convention in Boston from June 16-19, 2025, aiming to advance discussions with potential partners and investors [1][2] Company Overview - Lexaria is a global innovator in drug delivery platforms, specifically through its patented DehydraTECH® technology, which enhances drug absorption and reduces side effects [4] - The company holds 48 granted patents and has additional patents pending worldwide, showcasing a strong intellectual property portfolio [4] Event Participation - The BIO International Convention is the largest biotechnology convention globally, featuring over 1,500 exhibitors and 20,000 attendees, providing a platform for networking and collaboration [2] - Lexaria is arranging one-on-one meetings with corporate leaders in sectors such as weight loss, diabetes, and hypertension, with limited meeting slots still available [3]

Core Viewpoint - Bio-Rad is implementing a tariff surcharge due to the impact of the global trade environment on its manufacturing, particularly affecting its life sciences business, while its diagnostics business remains less impacted due to long-term contracts with clients [1][3][4]. Group 1: Company Strategy and Financial Performance - Bio-Rad's CEO and CFO discussed the company's operational strategies and future outlook at the RBC Capital Markets Global Healthcare Conference, emphasizing their commitment to steady growth through operational improvements and strategic acquisitions despite market challenges [2]. - The company is facing revenue pressure estimated at $40 million, primarily due to reduced research spending and challenges in the Chinese market, particularly affecting clients reliant on NIH funding [4]. - Bio-Rad plans to utilize cash and debt flexibly for acquisitions, focusing on products that align with its existing portfolio to enhance market competitiveness [4]. Group 2: Market Conditions and Future Outlook - The company anticipates continued market weakness from Q2 to Q4, affecting academia, biotechnology, and the Chinese market, although consumable usage remains stable, indicating ongoing laboratory activities [5]. - The negative impact of tariffs is estimated to be around 30 basis points, amounting to $30 million to $40 million, which has already been factored into the company's financial guidance [5]. - Based on historical seasonal trends, Bio-Rad expects that the second half of the year will account for 52% of its annual revenue, with a potential performance rebound anticipated in that period [5].

Core Insights - VERAXA Biotech AG is preparing for a NASDAQ listing and is showcasing its Bi-targeted Tumor-Associated Cytotoxicity (BiTAC) platform at major industry conferences [1][2][7] - The company is focused on developing dual-target oncology therapies with reduced off-tumor toxicity and is currently pursuing nine discovery and development programs [2][6] - Voyager Acquisition Corp. is acting as the special purpose acquisition company (SPAC) for VERAXA's business combination, with Cantor Fitzgerald providing capital markets advisory services [3][8] Conference Participation - VERAXA will attend the ASCO Annual Meeting from May 30 to June 3, 2025, in Chicago, IL, where key executives will be available for meetings [4] - The BIO International Convention will take place from June 16 to 19, 2025, in Boston, MA, with opportunities for stakeholders to connect with VERAXA's leadership [5] Business Combination Details - A definitive business combination agreement was signed on April 22, 2025, between VERAXA and Voyager Acquisition Corp., which will lead to VERAXA becoming publicly traded on NASDAQ [7] - The transaction is supported by Anne Martina Group as the M&A advisor [7] Company Overview - VERAXA is focused on next-generation antibody-based therapeutics, including bispecific antibody-drug conjugates (ADCs) and T-cell engagers (TCEs), leveraging transformative technologies [6] - The company was founded on scientific breakthroughs from the European Molecular Biology Laboratory, emphasizing its commitment to innovative life science research [6]

Summary of BioRad Conference Call Company Overview - **Company**: BioRad - **Industry**: Life Sciences Tools and Diagnostics Key Points Leadership and Culture - BioRad has introduced a new CFO, president, and two business heads, indicating a shift in leadership dynamics since pre-pandemic 2019 [2][3] - The company remains focused on customer engagement and innovation, with an emphasis on operational improvements due to limited top-line opportunities [3][4] Financial Performance and Guidance - BioRad incorporated approximately $40 million in revenue headwinds into guidance due to a slowdown in research-related spending, primarily influenced by US policy changes affecting NIH-funded customers [12][14] - The company reported a strong Q1 performance, exceeding guidance, but anticipates softness in Q2 through Q4, particularly in academia and biotech sectors [14][15] - The expectation of continued challenges in the China market has been factored into the revenue outlook [16] Market Conditions and Demand - There is a cautious approach among customers regarding budget allocations, leading to a slowdown in instrument purchases, although consumables sales remain steady [20][21] - The company does not expect significant stimulus uplift from China in the latter half of the year, as past stimulus efforts had minimal impact on BioRad's performance [35] Margin Expansion Strategy - BioRad is focused on margin expansion, targeting a long-term goal of reaching 20% margins through operational improvements and leveraging top-line growth [11] - The company is early in its margin expansion journey, with ongoing efforts in lean deployment and operational efficiencies [10][11] Tariff Impact - BioRad has accounted for a 30 basis point impact from tariffs, translating to approximately $30 to $40 million in net business impact, influenced by US and global supplier tariffs [22][23] - The tariff situation remains fluid, with some costs already incurred while others are still evolving [26][27] M&A and Capital Deployment - BioRad is actively pursuing M&A opportunities, focusing on assets with on-market products that can leverage BioRad's distribution and operational capabilities [50][51] - The company is prioritizing cash for acquisitions, followed by debt, and considers selling portions of its Sartorius holdings as a last resort [56][58] - BioRad's strong balance sheet positions it favorably in the M&A landscape, allowing for flexibility in negotiations [59][60] Potential Upsides - There is optimism regarding potential biotech M&A activity, which could stimulate investment in the sector and positively impact BioRad's performance [44][46] Conclusion - BioRad is navigating a challenging market environment with a focus on operational improvements, margin expansion, and strategic M&A, while remaining cautious about external factors such as US policy and global market conditions [40][41]