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]
Bio-Rad(BIO_B) - 2025 Q4 - Annual Results