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BIO

Bio-Rad Laboratories, Inc.

BIO

Bio-Rad Laboratories, Inc. • NYSE
$324.86 ▼ -0.66% (-2.17)
Market Cap $8.76 B
52w High $373.69
52w Low $211.43
Dividend Yield 0%
P/E -13.53
Volume 86.31K
Outstanding Shares 26.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $653M ▲ $278.1M ▲ $-341.9M ▼ -52.358% ▼ $-12.7 ▼ $-384.6M ▼
Q2-2025 $651.6M ▲ $268.2M ▼ $317.8M ▲ 48.772% ▲ $11.67 ▲ $477.2M ▲
Q1-2025 $585.4M ▼ $282.3M ▼ $64M ▲ 10.933% ▲ $2.29 ▲ $133.5M ▲
Q4-2024 $667.475M ▲ $283.582M ▼ $-715.8M ▼ -107.24% ▼ $-25.57 ▼ $-847.4M ▼
Q3-2024 $649.729M $291.437M $653.172M 100.53% $23.37 $922.894M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.421B ▲ $9.696B ▼ $2.96B ▼ $6.737B ▼
Q2-2025 $1.374B ▼ $10.214B ▲ $3.085B ▲ $7.129B ▲
Q1-2025 $1.66B ▼ $9.527B ▲ $2.848B ▲ $6.679B ▲
Q4-2024 $1.665B ▲ $9.364B ▼ $2.795B ▼ $6.569B ▼
Q3-2024 $1.622B $10.603B $3.116B $7.488B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-341.9M ▼ $120.9M ▲ $-43M ▲ $-52.5M ▲ $26.5M ▲ $89.2M ▲
Q2-2025 $-120.1M ▼ $116.5M ▼ $-115.4M ▼ $-136.3M ▼ $-151.4M ▼ $70.8M ▼
Q1-2025 $64M ▲ $129.9M ▲ $2.9M ▲ $-97.7M ▼ $33.3M ▼ $95.5M ▲
Q4-2024 $-715.8M ▼ $124.152M ▼ $-30.544M ▲ $-26.248M ▲ $77.612M ▲ $81.248M ▼
Q3-2024 $653.2M $163.61M $-55.636M $-95.986M $4.473M $99.971M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Clinical Diagnostics
Clinical Diagnostics
 $390.00M ▲$360.00M ▼$390.00M ▲$390.00M ▲
Life Science
Life Science
 $280.00M ▲$230.00M ▼$260.00M ▲$260.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly stable over the past several years, with only a gentle drift downward since the pandemic peak. Gross margins remain healthy, showing the core products still carry good pricing power. Operating profit is positive but has been narrowing, which suggests higher costs, tougher pricing, or heavier investment in the business. The headline earnings figures are extremely volatile and recently negative, likely driven in large part by non-operational items and investment mark-to-market effects rather than a collapse in the core business. In plain terms, the underlying franchise looks steadier than the bottom-line swings suggest, but the earnings profile is lumpy and harder to forecast.

Balance Sheet

Balance Sheet The balance sheet is still equity-rich with a solid capital base, though both total assets and equity have come down from earlier highs. Debt has stepped up compared with a few years ago but remains moderate relative to equity, leaving the company with financial flexibility but less of a cushion than at its peak strength. Cash on hand is reasonable but not excessive, meaning liquidity looks adequate, not lavish. Overall, the company appears financially sound, yet more dependent on consistent cash generation and careful capital allocation than before.

Cash Flow

Cash Flow Despite noisy earnings, the business has continued to generate positive operating cash flow each year, which is a reassuring sign about the strength of the underlying operations. Free cash flow has also been consistently positive, even if it has trended lower from the unusually strong pandemic-era levels. Capital spending is measured and predictable, suggesting a disciplined approach to investing in facilities and equipment without stretching the balance sheet. In short, the company is funding itself from its own cash generation, but with less headroom than during its best years.

Competitive Edge

Competitive Edge Bio-Rad sits in attractive niches at the intersection of life science research and clinical diagnostics, with a particularly strong franchise in droplet digital PCR. Its installed base of instruments, recurring consumable sales, and long-standing reputation in labs and hospitals create meaningful customer stickiness and switching costs. The diagnostics portfolio in areas like diabetes monitoring and quality control adds a stable, mission-critical layer to the business. However, the company faces intense competition from much larger life science tool providers, and customer budgets can be cyclical, so maintaining share will require continued innovation and strong service rather than price competition alone.

Innovation and R&D

Innovation and R&D Innovation is a central strength: Bio-Rad has been a pioneer in droplet digital PCR and is extending that lead with newer systems and higher-multiplex platforms, recently reinforced by the acquisition of Stilla Technologies. The company is pushing into areas like oncology testing, biopharma and gene therapy support, single-cell analysis, and AI-enhanced data interpretation, all of which are long-term growth arenas. This strategy deepens its moat through proprietary technology, patents, and large libraries of validated assays, but also demands sustained R&D spending and careful integration of acquisitions. Regulatory approvals, clinical validation, and execution on new product launches are key uncertainties to watch.

Summary

Bio-Rad combines a solid, differentiated position in life science tools and clinical diagnostics with a more volatile financial profile than its stable revenues might imply. The core operations appear healthy, with good margins and steady cash generation, but reported earnings are highly sensitive to non-operational factors and investment valuations. The balance sheet remains robust, though somewhat less fortress-like than a few years ago, putting more focus on disciplined spending and thoughtful use of debt. The company’s long-term story leans heavily on its innovation engine and ddPCR leadership, which offer clear growth avenues but also expose it to technology, integration, and regulatory risks. Overall, this is a business with strong strategic assets and recurring revenue characteristics, offset by near-term margin pressure and noisy profitability that investors will need to interpret carefully.

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