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 ...

Financial Performance - Fourth-quarter 2025 total net sales were $693.2 million, a 3.9% increase from $667.5 million in Q4 2024[4] - Full-year 2025 net sales increased 0.7% to $2,583.2 million compared to $2,566.5 million in 2024[10] - Life Science segment net sales for 2025 were $1,021.1 million, a decrease of 1.3% on a currency neutral basis due to constrained funding[11] - Clinical Diagnostics segment net sales for 2025 were $1,562.1 million, an increase of 0.8% on a currency neutral basis, driven by quality control and blood typing products[12] - The company recognized a net income of $720.0 million in Q4 2025, compared to a net loss of $715.8 million in Q4 2024[7] - Non-GAAP net income for 2025 was $270.5 million, or $9.92 per share, compared to $291.1 million, or $10.31 per share in 2024[14] Tax and Expenses - The effective tax rate for full-year 2025 was 23.7%, up from 21.3% in 2024, influenced by changes in fair market value of investments[14] - Research and development expenses for 2025 totaled $275.6 million, a decrease of 6.9% compared to $295.9 million in 2024[25] - GAAP research and development expense for Q4 2025 was $70.3 million, down from $79.6 million in Q4 2024[32] - Non-GAAP research and development expense for Q4 2025 was $65.7 million, compared to $67.8 million in Q4 2024[32] - GAAP selling, general and administrative expense for Q4 2025 was $221.0 million, compared to $204.0 million in Q4 2024[32] - Non-GAAP selling, general and administrative expense for Q4 2025 was $214.9 million, compared to $199.7 million in Q4 2024[32] Cash Flow and Assets - The company generated $532 million in cash from operations and delivered free cash flow of $375 million in 2025[22] - Cash flows from operating activities for the year ended December 31, 2025, were $532.2 million, an increase from $455.2 million in 2024[29] - Cash and cash equivalents at the end of 2025 were $529.8 million, up from $488.1 million at the end of 2024[27] - Total assets increased to $10,576.5 million as of December 31, 2025, up from $9,364.1 million in 2024, representing a growth of 12.9%[27] - Total stockholders' equity rose to $7,453.6 million in 2025, compared to $6,569.3 million in 2024, indicating a growth of 13.4%[27] Impairments and Restructuring - The company incurred an impairment of purchased intangibles of $172.8 million in Q4 2025, with no such expense recorded in Q4 2024[25] - The company incurred $172.8 million in impairment charges related to purchased intangibles, impacting net income significantly[34] - Restructuring costs amounted to $46.1 million, reflecting ongoing adjustments to operational efficiency[34] Future Outlook - Bio-Rad expects non-GAAP, currency neutral revenue growth of approximately 0.5% to 1.5% for full-year 2026[16] - The forecasted non-GAAP operating margin for 2026 excludes 88 basis points related to amortization of purchased intangibles, indicating a focus on core operational performance[48] - The company anticipates future gains and charges that are difficult to predict, including those related to acquisitions and restructuring activities[48] Market Performance - Life Science Group revenue reported a decline of 2.6%, while Clinical Diagnostics Group revenue grew by 8.4% in the latest quarter[35] - Currency neutral revenue growth for the total revenue was 1.7%, while the Life Science Group excluding process chromatography reported a decline of 0.7%[35]

Financial Performance - Consolidated net sales for Q3 2025 were $653.0 million, a 0.5% increase from $649.7 million in Q3 2024; on a currency neutral basis, sales decreased by approximately 1.7%[131] - Life Science segment sales for Q3 2025 were $261.8 million, flat compared to Q3 2024; on a currency neutral basis, sales decreased by 1.5% due to constrained academic research funding[132] - Clinical Diagnostics segment sales for Q3 2025 were $391.2 million, a 0.6% increase from Q3 2024; on a currency neutral basis, sales decreased by 1.8% primarily due to lower reimbursement rates for diabetes testing in China[133] - For the first nine months of 2025, sales were $1.89 billion, a decrease of 0.5% from $1.90 billion in the same period of 2024; on a currency neutral basis, sales decreased by 0.7%[143] Profitability and Margins - Consolidated gross margin for Q3 2025 was 52.6%, down from 54.8% in Q3 2024, driven by higher material costs and reduced fixed manufacturing absorption[134] - Consolidated gross margins for the first nine months of 2025 were 52.6%, down from 54.6% in the same period of 2024, with decreases in both Life Science and Clinical Diagnostics segments[146] Expenses - SG&A expenses for Q3 2025 were $206.8 million, or 31.7% of sales, compared to $200.4 million, or 30.8% of sales in Q3 2024, due to higher employee-related and restructuring costs[135] - R&D expenses for Q3 2025 were $71.3 million, or 10.9% of sales, down from $91.0 million, or 14.0% of sales in Q3 2024, primarily due to higher in-process R&D charges in the prior year[136] Cash Flow and Investments - Net cash provided by operations increased to $367.3 million for the nine months ended September 30, 2025, compared to $331.0 million for the same period in 2024, primarily due to improved working capital[160] - Net cash used in investing activities rose to $155.5 million for the nine months ended September 30, 2025, from $129.7 million in 2024, driven by cash outflows for the acquisition of Stilla[161] - Net cash used in financing activities increased to $286.5 million for the nine months ended September 30, 2025, compared to $192.6 million in 2024, mainly due to higher share repurchase payments[162] Share Repurchase and Financing - The company repurchased 1,205,381 shares of Class A common stock for $295.5 million during the nine months ended September 30, 2025, compared to 690,857 shares for $203.6 million in 2024[162] - As of September 30, 2025, $284.6 million remained available for repurchases under the 2023 Share Repurchase Program[162] - The company received $1.2 billion in cash proceeds from the issuance of Senior Notes in March 2022, with maturities in March 2027 and March 2032, and interest rates of 3.3% and 3.7% per annum, respectively[158] - The company has access to a $200.0 million unsecured Revolving Credit Agreement, available through February 2029, with no outstanding borrowings as of September 30, 2025[157] Tax and Market Risk - The effective income tax rate for Q3 2025 was 20.7%, down from 24.2% in Q3 2024, primarily driven by the geographical mix of earnings and unrealized gains/losses in equity securities[141] - There have been no material changes in market risk disclosures from the previous annual report[164] Management Outlook - Management believes that cash, cash equivalents, and short-term investments, along with cash flow from operations, will be adequate for operations, R&D, and acquisitions for the next twelve months and beyond[159]

Financial Performance - Third-quarter 2025 total net sales were $653.0 million, a 0.5% increase from $649.7 million in Q3 2024[5] - The company reported a net loss of $(341.9) million, or $(12.70) per diluted share, compared to net income of $653.2 million, or $23.34 per diluted share in Q3 2024[8] - Non-GAAP net income for Q3 2025 was $60.8 million, or $2.26 per diluted share, compared to $56.3 million, or $2.02 per diluted share in Q3 2024[9] - GAAP net loss for the three months ended September 30, 2025, was $341.9 million, representing a 52.4% decrease compared to a net income of $653.2 million for the same period in 2024[27] - Non-GAAP net income for the three months ended September 30, 2025, was $60.8 million, accounting for 9.3% of revenue, compared to $56.3 million or 8.7% of revenue in the same period of 2024[27] Revenue Breakdown - Life Science Group net sales were $261.8 million, a 0.3% increase compared to Q3 2024, but a 1.5% decrease on a currency-neutral basis[6] - Clinical Diagnostics Group net sales were $391.2 million, a 0.6% increase compared to Q3 2024, with a 1.8% decrease on a currency-neutral basis[7] - Life Science Group revenue reported a growth of 0.3% for the three months ended September 30, 2025, while the Clinical Diagnostics Group reported a growth of 0.6%[28] - Total revenue growth reported a slight increase of 0.5% for the three months ended September 30, 2025, compared to a 2.8% increase in the same period of 2024[28] - The company reported a total revenue decline of 0.5% for the nine months ended September 30, 2025, compared to a decline of 4.6% for the same period in 2024[28] Cash Flow and Investments - Cash received from customers for the nine months ended September 30, 2025, was $1,958.7 million, an increase from $1,921.0 million in the same period of 2024[22] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $367.3 million, compared to $331.0 million in 2024, reflecting a 10.5% increase[22] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $91.6 million for the nine months ended September 30, 2025[22] - Cash, cash equivalents, and restricted cash at the end of the period were $398.2 million, down from $412.2 million at the end of the same period in 2024[22] - Cash flows used in investing activities for the nine months ended September 30, 2025, totaled $155.5 million, compared to $129.7 million in 2024, indicating increased investment activity[22] Equity and Assets - Total assets as of September 30, 2025, were $9,696.4 million, an increase from $9,364.1 million at the end of 2024[20] - Total stockholders' equity increased to $6,736.8 million as of September 30, 2025, compared to $6,569.3 million at the end of 2024[20] Operating Margins and Tax Rates - The effective tax rate for Q3 2025 was 20.7%, down from 24.2% in Q3 2024[9] - The company maintains a non-GAAP operating margin outlook of approximately 12.0 to 13.0% for 2025[11] - Non-GAAP gross profit for the nine months ended September 30, 2025, was $1,014.3 million, representing 53.7% of revenue, compared to $1,052.1 million or 55.4% in 2024[25] - Non-GAAP income from operations for the nine months ended September 30, 2025, was $228.6 million, which is 12.1% of revenue, compared to $239.3 million or 12.6% in 2024[25] Future Outlook - Bio-Rad expects non-GAAP, currency-neutral revenue growth of approximately 0 to 1.0% for the full year 2025[11] - The forecasted non-GAAP operating margin for 2025 excludes 103 basis points related to amortization of purchased intangibles[40] - The company anticipates that future gains and charges will be difficult to predict due to their unknown timing and significance, impacting financial expectations[40] Restructuring and Acquisitions - The company incurred restructuring costs of $38.1 million for the nine months ended September 30, 2025, compared to $7.1 million in the same period of 2024[27] - The company made payments for acquisitions amounting to $218.5 million during the nine months ended September 30, 2025[22] - The company reported acquisition-related costs of $3.8 million for the nine months ended September 30, 2025, compared to $0.8 million in the same period of 2024[27] Market Value Changes - The company experienced a loss from changes in the fair market value of equity securities and loan receivable amounting to $129.1 million for the nine months ended September 30, 2025[22] - The company reported gains from changes in the fair market value of equity securities and loan receivable of $495.3 million for the three months ended September 30, 2025, compared to losses of $(792.9) million in the same period of 2024[27] Free Cash Flow - Free cash flow for the three months ended September 30, 2025, was $89.2 million, compared to $123.4 million for the same period in 2024, reflecting a decline of 27.7%[28] - The company emphasizes the importance of free cash flow as an indicator of its ability to generate cash for acquisitions and other activities[38]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 2 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 001-07928 BIO-RAD LABORATORIES, INC. | (Exact name of registrant as specified in its charter) | | | --- | ...

[Executive Summary & Company Overview](index=1&type=section&id=Executive%20Summary%20%26%20Company%20Overview) [Executive Summary](index=1&type=section&id=Executive%20Summary) Bio-Rad Laboratories delivered solid Q2 2025 financial results and expanded its Droplet Digital™ PCR portfolio - Bio-Rad achieved **solid quarterly performance** in the second quarter of 2025, with growth in both revenue and operating margin[3](index=3&type=chunk) - Completed the acquisition of Stilla Technologies, a developer of Droplet Digital PCR, effectively expanding its Droplet Digital™ PCR product line with the QX Continuum™ and QX700™ series systems[3](index=3&type=chunk) [About Bio-Rad](index=4&type=section&id=About%20Bio-Rad) Bio-Rad is a global leader in life science and clinical diagnostics with over 7,500 employees and $2.6 billion in 2024 revenue - Bio-Rad Laboratories, Inc, is a leader in developing, manufacturing, and marketing products for the life science research and clinical diagnostics markets[28](index=28&type=chunk) - The company has a global network of **over 7,500 employees**[28](index=28&type=chunk) Bio-Rad 2024 Revenues | Metric | Amount | | :--- | :--- | | 2024 Revenues | $2.6 billion | [Second-Quarter 2025 Financial Performance](index=1&type=section&id=Second-Quarter%202025%20Financial%20Performance) [Overall Financial Highlights (GAAP & Non-GAAP)](index=1&type=section&id=Overall%20Financial%20Highlights%20(GAAP%20%26%20Non-GAAP)) Q2 2025 net sales grew 2.1% to $651.6 million, with GAAP net income swinging to a profit of $317.8 million Q2 2025 vs Q2 2024 GAAP Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue (millions) | $651.6 | $638.5 | +2.1% | | Gross margin | 53.0% | 55.6% | -2.6 pp | | Income from operations (millions) | $77.1 | $101.5 | -24.0% | | Net income (loss) (millions) | $317.8 | $(2,165.5) | N/A (swing to profit) | | Income (loss) per diluted share | $11.67 | $(76.26) | N/A (swing to profit) | Q2 2025 vs Q2 2024 Non-GAAP Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue (millions) | $651.6 | $638.5 | +2.1% | | Gross margin | 53.7% | 56.4% | -2.7 pp | | Income from operations (millions) | $88.6 | $106.9 | -17.1% | | Net income (millions) | $71.0 | $88.3 | -19.6% | | Income per diluted share | $2.61 | $3.11 | -16.1% | - Total net sales for the second quarter of 2025 were **$651.6 million**, an increase of 2.1% compared to the second quarter of 2024; on a currency-neutral basis, quarterly sales grew 1.0%[6](index=6&type=chunk) Segment Performance [Life Science Segment](index=1&type=section&id=Life%20Science%20Segment) The Life Science segment's net sales grew 4.9% to $262.8 million, driven by process chromatography and food safety products Q2 2025 Life Science Segment Net Sales | Metric | Q2 2025 Sales (millions) | YoY Growth | Currency-Neutral YoY Growth | | :--- | :--- | :--- | :--- | | Life Science Sales | $262.8 | +4.9% | +3.8% | - The currency-neutral sales increase was primarily driven by higher sales of **process chromatography and food safety products**[8](index=8&type=chunk) [Clinical Diagnostics Segment](index=2&type=section&id=Clinical%20Diagnostics%20Segment) The Clinical Diagnostics segment's net sales were flat at $388.8 million, impacted by lower China reimbursement Q2 2025 Clinical Diagnostics Segment Net Sales | Metric | Q2 2025 Sales (millions) | YoY Growth | Currency-Neutral YoY Growth | | :--- | :--- | :--- | :--- | | Clinical Diagnostics Sales | $388.8 | Flat | -0.7% | - The currency-neutral sales decline was mainly driven by **lower diabetes testing reimbursement in China**, partially offset by increased demand for quality control and immunology products[9](index=9&type=chunk) [Other Financial Details](index=2&type=section&id=Other%20Financial%20Details) Q2 2025 GAAP net income of $317.8 million was driven by favorable changes in the Sartorius AG investment's fair value - The Q2 2025 net income of **$317.8 million** (versus a net loss of $2,165.5 million in Q2 2024) was primarily attributable to changes in the fair value of the Sartorius AG investment[10](index=10&type=chunk) Q2 2025 Effective Tax Rates | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP Effective Tax Rate | 23.2% | 22.3% | | Non-GAAP Effective Tax Rate | 22.7% | 23.5% | - The increase in the 2025 GAAP tax rate was due to the accounting treatment of equity securities and the geographical mix of earnings; the decrease in the 2025 non-GAAP tax rate was due to the geographical mix of earnings[11](index=11&type=chunk)[12](index=12&type=chunk) [Full-Year 2025 Financial Outlook](index=2&type=section&id=Full-Year%202025%20Financial%20Outlook) Bio-Rad updated its full-year 2025 outlook, raising its non-GAAP operating margin guidance to 12.0% to 13.0% Updated Full-Year 2025 Financial Outlook (Non-GAAP, Currency-Neutral) | Metric | Updated Expectation | Prior Expectation | | :--- | :--- | :--- | | Revenue Growth | 0% to 1.0% | -1.0% to 1.5% | | Operating Margin | 12.0% to 13.0% | 10.0% to 12.0% | [Non-GAAP Financial Measures Explanation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) [Purpose and Rationale](index=2&type=section&id=Purpose%20and%20Rationale) Non-GAAP measures are used to provide supplemental data for evaluating ongoing operational performance and making decisions - Non-GAAP measures are used to analyze overall business performance, make operating decisions, forecast and plan for future periods, and determine payments under compensation plans[17](index=17&type=chunk)[38](index=38&type=chunk) - Disclosure of non-GAAP financial measures provides useful supplemental data to enhance transparency in reviewing financial and operational performance and helps investors understand and evaluate operating results and compare them to peer companies[17](index=17&type=chunk)[18](index=18&type=chunk)[38](index=38&type=chunk) [Specific Adjustments](index=3&type=section&id=Specific%20Adjustments) Non-GAAP adjustments exclude items like amortization of intangibles, restructuring costs, and fair value changes of securities - Items excluded from non-GAAP measures include: amortization of acquisition-related intangible assets; certain acquisition-related expenses and benefits; restructuring charges; asset impairment charges; gains and losses from changes in fair value of equity securities and loan receivables; gains and losses on equity-method investments; and significant legal-related charges or benefits and associated legal costs[16](index=16&type=chunk)[37](index=37&type=chunk) - These items are excluded because they are outside of normal operations and/or, in certain cases, are difficult to forecast accurately, or their uniqueness may limit the comparability of ongoing operational performance[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)[37](index=37&type=chunk) [Limitations](index=3&type=section&id=Limitations) Non-GAAP measures are not prepared in accordance with GAAP and should not be considered a substitute for GAAP results - Non-GAAP financial measures are not prepared in accordance with Generally Accepted Accounting Principles (GAAP) and may differ from non-GAAP financial measures used by other companies[24](index=24&type=chunk) - These non-GAAP financial measures are of limited value because they exclude certain items that may have a material impact on reported financial results[24](index=24&type=chunk) - The presentation of this additional information is not intended to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP[24](index=24&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) This statement presents GAAP results for the three and six months ended June 30, 2025, compared to the prior year Condensed Consolidated Statements of Income (GAAP) | Metric (millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $651.6 | $638.5 | $1,237.0 | $1,249.3 | | Cost of goods sold | $306.3 | $283.4 | $585.7 | $568.2 | | Gross profit | $345.3 | $355.1 | $651.3 | $681.1 | | Selling, general and administrative expense | $207.7 | $194.7 | $416.5 | $409.6 | | Research and development expense | $60.5 | $58.9 | $134.0 | $125.3 | | Income from operations | $77.1 | $101.5 | $100.8 | $146.2 | | Interest expense | $12.6 | $12.3 | $24.6 | $24.5 | | Foreign currency exchange (gains) losses, net | $1.1 | $(1.7) | $(1.6) | $(3.7) | | (Gains) losses from change in fair market value of equity securities and loan receivable | $(334.4) | $2,895.4 | $(366.2) | $2,473.2 | | Other income, net | $(16.2) | $(18.2) | $(53.4) | $(52.6) | | Income (loss) before income taxes | $414.0 | $(2,786.3) | $497.4 | $(2,295.2) | | (Provision for) benefit from income taxes | $(96.2) | $620.8 | $(115.6) | $513.6 | | Net income (loss) | $317.8 | $(2,165.5) | $381.8 | $(1,781.6) | | Basic earnings (loss) per share | $11.67 | $(76.26) | $13.84 | $(62.61) | | Diluted earnings (losses) per share | $11.67 | $(76.26) | $13.84 | $(62.61) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement presents the company's financial position as of June 30, 2025, compared to December 31, 2024 Condensed Consolidated Balance Sheets (GAAP) | Metric (millions) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Current assets:** | | | | Cash and cash equivalents | $369.3 | $488.1 | | Short-term investments | $1,004.5 | $1,176.4 | | Accounts receivable, net | $469.9 | $452.5 | | Inventories, net | $798.8 | $760.0 | | Other current assets | $168.6 | $153.3 | | **Total current assets** | **$2,811.1** | **$3,030.3** | | Property, plant and equipment, net | $549.7 | $528.1 | | Operating lease right-of-use assets | $190.4 | $160.5 | | Goodwill, net | $581.6 | $410.5 | | Purchased intangibles, net | $396.9 | $293.6 | | Other investments | $5,576.5 | $4,839.2 | | Other assets | $107.9 | $101.9 | | **Total assets** | **$10,214.1** | **$9,364.1** | | **Current liabilities:** | | | | Accounts payable, accrued payroll and employee benefits | $297.1 | $246.5 | | Current maturities of long-term debt | $1.3 | $1.2 | | Income and other taxes payable | $36.2 | $31.2 | | Other current liabilities | $214.3 | $188.9 | | **Total current liabilities** | **$548.9** | **$467.8** | | Long-term debt, net of current maturities | $1,201.1 | $1,200.4 | | Other long-term liabilities | $1,335.4 | $1,126.6 | | **Total liabilities** | **$3,085.4** | **$2,794.8** | | **Total stockholders' equity** | **$7,128.7** | **$6,569.3** | | **Total liabilities and stockholders' equity** | **$10,214.1** | **$9,364.1** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement details cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 Condensed Consolidated Statements of Cash Flows (GAAP) | Metric (millions) | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | | **Cash flows from operating activities:** | | | | Net cash provided by operating activities | $246.4 | $167.4 | | **Cash flows from investing activities:** | | | | Payments for acquisitions | $(216.7) | — | | Payments for purchases of marketable securities and investments | $(306.6) | $(654.5) | | Proceeds from sales and maturities of marketable securities and investments | $490.8 | $662.9 | | Other investing activities | $(80.0) | $(82.4) | | Net cash used in investing activities | $(112.5) | $(74.0) | | **Cash flows from financing activities:** | | | | Payments on long-term debt | $(0.3) | $(0.3) | | Payments for purchases of treasury stock | $(242.1) | $(105.7) | | Other financing activities | $8.4 | $9.4 | | Net cash used in financing activities | $(234.0) | $(96.6) | | Effect of foreign exchange rate changes on cash | $(18.0) | $6.5 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(118.1) | $3.3 | | Cash, cash equivalents and restricted cash at beginning of period | $489.8 | $404.4 | | Cash, cash equivalents and restricted cash at end of period | $371.7 | $407.7 | Reconciliation of GAAP to Non-GAAP Measures [Income Statement Adjustments](index=8&type=section&id=Income%20Statement%20Adjustments) This section reconciles GAAP to non-GAAP income statement items for Q2 and YTD 2025 and 2024 Reconciliation of GAAP to Non-GAAP Gross Profit | Metric (millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | GAAP gross profit | $345.3 | $355.1 | $651.3 | $681.1 | | Amortization of purchased intangibles | $4.5 | $4.4 | $8.9 | $8.9 | | Restructuring (benefits) costs | $0.1 | $0.6 | $4.7 | $1.1 | | **Non-GAAP gross profit** | **$349.9** | **$360.1** | **$664.9** | **$691.1** | | GAAP gross margin | 53.0% | 55.6% | 52.7% | 54.5% | | **Non-GAAP gross margin** | **53.7%** | **56.4%** | **53.8%** | **55.3%** | Reconciliation of GAAP to Non-GAAP Income from Operations | Metric (millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | GAAP income from operations | $77.1 | $101.5 | $100.8 | $146.2 | | Amortization of purchased intangibles | $5.2 | $5.2 | $10.2 | $10.8 | | Acquisition related (benefits) costs | $2.8 | $0.2 | $2.8 | $0.4 | | Restructuring (benefits) costs | $2.4 | $(1.5) | $35.6 | $5.6 | | Other non-recurring items (2) | $1.1 | $1.5 | $2.2 | $3.0 | | **Non-GAAP income from operations** | **$88.6** | **$106.9** | **$151.6** | **$166.0** | | GAAP operating margin | 11.8% | 15.9% | 8.1% | 11.7% | | **Non-GAAP operating margin** | **13.6%** | **16.7%** | **12.3%** | **13.3%** | Reconciliation of GAAP to Non-GAAP Net Income (Loss) | Metric (millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | GAAP net income (loss) | $317.8 | $(2,165.5) | $381.8 | $(1,781.6) | | Amortization of purchased intangibles | $5.2 | $5.2 | $10.2 | $10.8 | | Acquisition related (benefits) costs | $2.8 | $0.2 | $2.8 | $0.4 | | Restructuring (benefits) costs | $2.4 | $(1.5) | $35.6 | $5.6 | | (Gains) losses from change in fair market value of equity securities and loan receivable | $(334.4) | $2,895.4 | $(366.2) | $2,473.2 | | (Gains) losses on equity-method investments | $0.7 | $0.9 | $(0.8) | $1.7 | | Other non-recurring items (2) | $1.1 | $1.5 | $2.2 | $3.0 | | Income tax effect of non-GAAP adjustments (1) | $75.4 | $(647.9) | $76.4 | $(559.5) | | **Non-GAAP net income** | **$71.0** | **$88.3** | **$142.0** | **$153.6** | | GAAP diluted income (loss) per share | $11.67 | $(76.26) | $13.84 | $(62.61) | | **Non-GAAP diluted income per share** | **$2.61** | **$3.11** | **$5.15** | **$5.39** | [Adjusted EBITDA](index=10&type=section&id=Adjusted%20EBITDA) This section reconciles GAAP net income (loss) to Adjusted EBITDA for Q2 and YTD 2025 and 2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA | Metric (millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | GAAP net income (loss) | $317.8 | $(2,165.5) | $381.8 | $(1,781.6) | | Interest expense | $12.6 | $12.3 | $24.6 | $24.5 | | (Provision for) benefit from income taxes | $96.2 | $(620.8) | $115.6 | $(513.6) | | Depreciation and amortization | $40.6 | $36.4 | $78.7 | $73.5 | | Foreign currency exchange (gains) losses, net | $1.1 | $(1.7) | $(1.6) | $(3.7) | | Other income, net | $(16.2) | $(18.2) | $(53.4) | $(52.6) | | (Gains) losses from change in fair market value of equity securities and loan receivable | $(334.4) | $2,895.4 | $(366.2) | $2,473.2 | | Dividend from Sartorius AG | — | — | $17.6 | $17.9 | | Acquisition related (benefits) costs | $2.8 | $0.2 | $2.8 | $0.4 | | Restructuring (benefits) costs | $2.4 | $(1.5) | $35.6 | $5.6 | | Other non-recurring items (2) | $1.1 | $1.5 | $2.2 | $3.0 | | **Adjusted EBITDA** | **$124.0** | **$138.1** | **$237.7** | **$246.6** | | Adjusted EBITDA Margin | 19.0% | 21.6% | 19.2% | 19.7% | [Free Cash Flow](index=11&type=section&id=Free%20Cash%20Flow) This section reconciles GAAP net cash from operating activities to free cash flow for Q2 and YTD 2025 and 2024 Reconciliation of Free Cash Flow | Metric (millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | GAAP net cash provided by operating activities | $116.5 | $97.7 | $246.4 | $167.4 | | Payments for property, plant, and equipment | $(45.7) | $(42.3) | $(80.1) | $(82.5) | | **Free cash flow** | **$70.8** | **$55.4** | **$166.3** | **$84.9** | [Additional Information](index=2&type=section&id=Additional%20Information) [Conference Call and Webcast](index=2&type=section&id=Conference%20Call%20and%20Webcast) Bio-Rad will host a conference call and webcast on July 31, 2025, to discuss Q2 2025 results and outlook - The conference call is scheduled for **July 31, 2025, at 2:00 PM Pacific Time (5:00 PM Eastern Time)**[14](index=14&type=chunk) - Dial-in numbers are (800) 715-9871 within the U.S. or (+1) (646) 307-1963 outside the U.S., with access code 9562470[14](index=14&type=chunk) - A live webcast and supplemental earnings presentation slides will be available in the "Events & Presentations" section of the company's website's Investor Relations area[15](index=15&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines risks and uncertainties related to forward-looking statements and disclaims any update obligation - Statements concerning future financial performance or results are forward-looking and involve risks and uncertainties[29](index=29&type=chunk) - Risks include international operations, global economic and geopolitical conditions, tariffs or other trade barriers, reductions in customer government funding or capital expenditures, uncertainty of a biopharma recovery, international legal and regulatory risks, ability to develop and market new or improved products, ability to compete effectively, foreign currency fluctuations, ability to successfully integrate acquired companies, products or technologies, supply chain issues, product quality and liability issues, changes in the healthcare industry, and natural disasters and other catastrophic events beyond the company's control[29](index=29&type=chunk) - Bio-Rad Laboratories, Inc, assumes no obligation to update these forward-looking statements[29](index=29&type=chunk) [Contact Information](index=4&type=section&id=Contact%20Information) This section provides contact details for investor relations and corporate communications - Investor Contact: Edward Chung, Investor Relations, 510-741-6104, ir@bio-rad.com[30](index=30&type=chunk) - Media Contact: Anna Gralinska, Corporate Communications, 510-741-6643, cc@bio-rad.com[30](index=30&type=chunk)

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, while Clinical Diagnostics segment sales decreased by 3.2% to $356.8 million[118][119] - Consolidated gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024, with Life Science segment gross margin increasing by 1.7 percentage points and Clinical Diagnostics segment gross margin decreasing by 2.9 percentage points[120] Research and Development - Research and development expense increased to $73.5 million, or 12.6% of sales, compared to $66.4 million, or 10.9% of sales in Q1 2024[122] Cash Flow and Investments - Net cash provided by operations was $129.9 million for Q1 2025, up 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] Taxation - The effective income tax rate increased to 23.3% in Q1 2025 from 21.8% in Q1 2024, primarily due to the geographical mix of earnings[127] Share Repurchase - The company repurchased 399,295 shares of Class A common stock for $100.9 million under the 2023 Share Repurchase Program[135] Foreign Currency Impact - Foreign currency exchange gains for Q1 2025 were $2.7 million, compared to $2.0 million in Q1 2024[124] Market Outlook - The company expects ongoing challenges in the biopharma market and reduced government spending to continue impacting business through the rest of 2025[111]

Financial Performance - First-quarter 2025 total net sales were $585.4 million, a decrease of 4.2% compared to $610.8 million in Q1 2024[5] - Life Science segment net sales for Q1 2025 were $228.6 million, down 5.4% year-over-year, primarily due to challenges in the academic research market[6] - Clinical Diagnostics segment net sales for Q1 2025 were $356.8 million, a decrease of 3.2% compared to the same period in 2024[7] - Net sales for Q1 2025 were $585.4 million, a decrease of 4.4% compared to $610.8 million in Q1 2024[30] - Gross profit for Q1 2025 was $306.0 million, representing a gross margin of 52.3%, down from 53.4% in Q1 2024[30] - Net income for Q1 2025 was $64.0 million, a significant decline of 83.3% from $383.9 million in Q1 2024[30] - Basic earnings per share for Q1 2025 were $2.29, compared to $13.46 in Q1 2024[30] Margins and Income - First-quarter gross margin was 52.3%, down from 53.4% in Q1 2024[8] - Non-GAAP net income for Q1 2025 was $71.0 million, or $2.54 per share, compared to $65.3 million, or $2.30 per share, in Q1 2024[11] - The estimated non-GAAP operating margin for 2025 is now expected to be approximately 10.0% to 12.0%, down from the previous expectation of 13.0% to 13.5%[12] - Non-GAAP gross profit for Q1 2025 was $315.0 million, with a margin of 53.8%, compared to $330.9 million and 54.2% in Q1 2024[37] - Adjusted EBITDA stands at $113.7 million, reflecting a 19.4% margin, compared to $108.4 million, which is a 17.7% margin in the previous period[39] - GAAP income from operations is $23.7 million, a 4.0% margin, compared to $44.6 million, which is a 7.3% margin in the prior period[38] Tax and Restructuring - The effective tax rate for Q1 2025 was 23.3%, compared to 21.8% in Q1 2024[10] - The company incurred restructuring costs of $33.2 million in the current period, compared to $7.1 million in the previous period[38] - The company reported a provision for income taxes of $(19.4) million, compared to $(107.2) million in the previous period[39] Cash Flow and Assets - Cash received from customers in Q1 2025 was $640.0 million, slightly up from $638.3 million in Q1 2024[34] - Net cash provided by operating activities in Q1 2025 was $129.9 million, an increase of 86.1% from $69.8 million in Q1 2024[34] - Total assets as of March 31, 2025, were $9,526.9 million, up from $9,364.1 million at the end of 2024[32] - Total stockholders' equity increased to $6,679.4 million as of March 31, 2025, compared to $6,569.3 million at the end of 2024[32] Market Outlook - Bio-Rad is moderating its full-year 2025 outlook, expecting non-GAAP, currency-neutral revenue to decline by approximately 1.0% to grow by 1.5%[12] - Bio-Rad remains committed to advancing growth and margin expansion initiatives despite current market uncertainties[3] Investment and Fair Market Value - The company recognized a change in the fair market value of its investment in Sartorius AG, contributing to a net income of $64.0 million in Q1 2025[9] - The company reported losses from changes in fair market value of equity securities and loan receivable amounting to $(31.8) million, compared to $(422.2) million in the previous period[38] GAAP and Non-GAAP Measures - GAAP net income for the current period is $64.0 million, representing a 10.9% increase, compared to $383.9 million, which is a 62.9% increase in the previous period[38] - Non-GAAP net income is reported at $71.0 million, a 12.1% increase, versus $65.3 million, which is a 10.7% increase from the prior period[38] - GAAP diluted income per share is $2.29, while non-GAAP diluted income per share is $2.54, compared to $13.45 and $2.30 respectively in the prior period[38] - The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the unpredictable nature of future charges[41]

Financial Performance - Life Science and Clinical Diagnostics segments generated 40% and 60% of consolidated net sales, respectively, for the year ended December 31, 2024[10]. - 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]. Revenue Sources - 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]. - 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 estimates that revenue in the Clinical Diagnostics segment is highly recurring due to standardization of test methodologies[14]. Employee and R&D 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]. Regulatory and Compliance - The company is subject to various regulatory requirements, including compliance with FDA regulations and international standards[27][30]. Investment and Assets - 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 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's investment in Sartorius is accounted for at fair market value and is not included in the consolidated financial statements[43]. Financial Risk Management - 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 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 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]. - A 10% depreciation/appreciation on 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 statement[182]. Distribution Channels - The company has direct distribution channels in over 36 countries outside the United States, supplemented by distributors and agents in various locations[9]. Intellectual Property - The company owns over 2,150 U.S. and international patents, viewing them as valuable assets for product development[16].

Sales Performance - Fourth-quarter 2024 total net sales were $667.5 million, a decrease of 2.0% compared to $681.2 million in Q4 2023[4] - Life Science segment net sales for Q4 2024 were $275.0 million, a decline of 5.5% year-over-year, primarily due to weakness in the biotech and biopharma markets[5] - Clinical Diagnostics segment net sales for Q4 2024 were $392.5 million, an increase of 0.9% compared to the same period in 2023, driven by demand for quality control and blood typing products[6] - Full-year 2024 net sales decreased 3.9% to $2,566.5 million compared to $2,671.2 million in 2023[12] - Full-year 2024 reported net sales for the Life Science segment were $1,028.1 million, a decrease of 12.6% year-over-year[13] - Full-year 2024 reported net sales for the Clinical Diagnostics segment were $1,537.9 million, an increase of 3.7% compared to the prior year[13] Financial Results - The company experienced a net loss of $715.8 million in Q4 2024, compared to a net income of $349.7 million in Q4 2023, resulting in a basic loss per share of $25.57[37] - For the full year 2024, Bio-Rad's revenues totaled $2.566 billion, down from $2.671 billion in 2023, marking a decline of 3.9%[37] - Non-GAAP net income for 2024 was $291.1 million, or $10.31 per share, compared to $345.2 million, or $11.78 per share in 2023[18] - GAAP net income for the period was $(715.8) million, a decrease of 107.2% compared to the previous year[48] - The company reported a significant loss of $(1,844.2) million in GAAP net income for the year, a decrease of 71.9%[48] Margins and Expenses - Full-year 2024 gross margin was 53.7%, compared to 53.4% in 2023[14] - GAAP gross profit for Q4 2024 was $342.0 million, representing 51.2% of revenue, compared to $366.3 million and 53.8% in Q4 2023[45] - Non-GAAP gross profit for the year ended December 31, 2024, was $1,411.6 million, or 55.0% of revenue, up from $1,448.3 million and 54.2% in the previous year[45] - GAAP income from operations for Q4 2024 was $58.4 million, or 8.7% of revenue, down from $95.3 million and 14.0% in Q4 2023[46] - Non-GAAP income from operations for the year ended December 31, 2024, was $331.3 million, or 12.9% of revenue, compared to $378.9 million and 14.2% in the previous year[46] - GAAP research and development expense for Q4 2024 was $79.6 million, compared to $63.9 million in Q4 2023[46] - Non-GAAP research and development expense for the year ended December 31, 2024, was $281.8 million, up from $254.8 million in the previous year[46] - GAAP selling, general and administrative expense for Q4 2024 was $204.0 million, slightly down from $207.1 million in Q4 2023[45] - Non-GAAP selling, general and administrative expense for the year ended December 31, 2024, was $798.5 million, compared to $814.6 million in the previous year[45] Future Outlook - For full-year 2025, the company expects non-GAAP, currency-neutral revenue growth of approximately 1.5% to 3.5%[20] - The company expects a non-GAAP operating margin of approximately 13.0% to 13.5% for 2025[34] - The anticipated acquisition of Stilla Technologies is expected to close by the end of Q3 2025, enhancing Bio-Rad's digital PCR product portfolio[22] - The anticipated acquisition of Stilla Technologies is expected to further Bio-Rad's planned transformation and commercial excellence[34] - The company expects continued investment in new products and technologies to drive future growth and market expansion[46] - The company noted that future financial expectations are subject to significant uncertainty and cannot be reasonably predicted[51] Cash Flow and Assets - Cash and cash equivalents increased to $488.1 million as of December 31, 2024, compared to $403.8 million at the end of 2023[40] - The company reported a net cash provided by operating activities of $455.2 million for the year ended December 31, 2024, compared to $374.9 million in 2023[42] - Bio-Rad's total assets decreased to $9.364 billion in 2024 from $12.299 billion in 2023, a decline of 23.6%[40] Restructuring and Costs - The company incurred restructuring costs of $14.7 million in the current period, compared to $2.1 million in the previous year[48] - Forecasted non-GAAP operating margin for 2025 excludes 87 basis points related to amortization of purchased intangibles[51] Share Performance - The company reported a diluted non-GAAP income per share of $2.90, compared to $3.10 in the previous year[48] - The weighted average shares used in the non-GAAP diluted income per share calculation were 28,025 million[48] Other Financial Metrics - Adjusted EBITDA for the current period was $126.1 million, reflecting an 18.9% margin, compared to $136.8 million and a 20.1% margin in the prior year[48] - The company reported a GAAP loss before income taxes of $908.9 million for Q4 2024, compared to a profit of $428.4 million in Q4 2023[46] - The company experienced gains from changes in the fair market value of equity securities and loan receivables amounting to $976.5 million[48]