伯乐（Bio-Rad）2025Q1财报公布：营收同比下降4.2%，生命科学领域持续承压

Core Viewpoint - Bio-Rad reported a decline in Q1 2025 revenue to $585.4 million, a 4.2% decrease compared to Q1 2024, primarily due to lower sales in the life sciences segment [2][3]. Financial Performance - Q1 2025 total net sales were $585.4 million, down from $610.8 million in Q1 2024, reflecting a 4.2% year-over-year decline. On a currency-neutral basis, sales decreased by 1.5% [5]. - Life sciences segment net sales for Q1 2025 were $228.6 million, a 5.4% decrease from the same period in 2024. In currency-neutral terms, sales fell by 3.5% [5]. - Clinical diagnostics segment net sales for Q1 2025 were $356.8 million, down 3.2% year-over-year. On a currency-neutral basis, net sales were nearly flat, decreasing by 0.1% [5]. Profitability Metrics - The gross margin for Q1 2025 was 52.3%, compared to 53.4% in Q1 2024 [6]. - Non-GAAP gross margin for Q1 2025 was 53.8%, down from 54.2% in Q1 2024 [9]. - Q1 2025 operating income was $23.7 million, significantly lower than $44.6 million in Q1 2024 [7]. Net Income and Earnings Per Share - Net income for Q1 2025 was $64.0 million, a sharp decline from $383.9 million in Q1 2024. Diluted earnings per share were $2.29, down from $13.45 [4][7]. - Non-GAAP net income for Q1 2025 was $71.0 million, with diluted earnings per share of $2.54, compared to $65.3 million and $2.30 in Q1 2024 [10]. Tax Rate - The effective tax rate for Q1 2025 was 23.3%, compared to 21.8% in Q1 2024, influenced by the geographic mix of earnings [8]. Full-Year Outlook - Bio-Rad is updating its full-year 2025 financial outlook, now expecting non-GAAP, currency-neutral revenue growth between 1.0% and 1.5%, down from a previous forecast of 1.5% to 3.5%. The non-GAAP operating margin is now projected to be around 10.0% to 12.0%, reduced from an earlier estimate of 13.0% to 13.5% [11].