Bio Rad Laboratories Inc
NYSE:BIO
Bio Rad Laboratories Inc
Bio-Rad Laboratories Inc. began its journey in 1952 and has since positioned itself as a formidable player in the life sciences and clinical diagnostics sectors. Founded by David and Alice Schwartz, the company thrived on the burgeoning interest in biological research, carving a niche by supplying essential products to scientists and healthcare professionals. With its headquarters in Hercules, California, Bio-Rad has continually developed a suite of innovative solutions that cater to both academic research and the intricate needs of clinical diagnostics, paving its way to becoming a global leader. Their operations are distinctly bifurcated: Life Science, which focuses on products for gene expression, protein purification, and food safety, and Clinical Diagnostics, offering tools for blood testing and diabetes monitoring.
The core of Bio-Rad’s business model lies in its ability to design and manufacture advanced technological products that streamline laboratory processes, making research and diagnostics more efficient and reliable. The Life Science segment generates revenue by selling reagents, lab instruments, and software that facilitate various laboratory protocols and experiments, assisting scientists in their pursuit of breakthroughs in biotechnology and pharmaceutical development. Meanwhile, the Clinical Diagnostics segment garners earnings through the provision of innovative testing and analysis tools that enable accurate disease diagnosis, blood analysis, and quality control. Guided by a robust infrastructure of research and development, the company continuously adapts to the evolving demands of science and healthcare, maintaining its fiscal health while reinforcing its reputation as a trusted provider in the global market.
Bio-Rad Laboratories Inc. began its journey in 1952 and has since positioned itself as a formidable player in the life sciences and clinical diagnostics sectors. Founded by David and Alice Schwartz, the company thrived on the burgeoning interest in biological research, carving a niche by supplying essential products to scientists and healthcare professionals. With its headquarters in Hercules, California, Bio-Rad has continually developed a suite of innovative solutions that cater to both academic research and the intricate needs of clinical diagnostics, paving its way to becoming a global leader. Their operations are distinctly bifurcated: Life Science, which focuses on products for gene expression, protein purification, and food safety, and Clinical Diagnostics, offering tools for blood testing and diabetes monitoring.
The core of Bio-Rad’s business model lies in its ability to design and manufacture advanced technological products that streamline laboratory processes, making research and diagnostics more efficient and reliable. The Life Science segment generates revenue by selling reagents, lab instruments, and software that facilitate various laboratory protocols and experiments, assisting scientists in their pursuit of breakthroughs in biotechnology and pharmaceutical development. Meanwhile, the Clinical Diagnostics segment garners earnings through the provision of innovative testing and analysis tools that enable accurate disease diagnosis, blood analysis, and quality control. Guided by a robust infrastructure of research and development, the company continuously adapts to the evolving demands of science and healthcare, maintaining its fiscal health while reinforcing its reputation as a trusted provider in the global market.
Revenue: Bio-Rad reported Q3 2025 net sales of $653 million, a 0.5% increase on a reported basis versus last year, and in line with the company’s outlook.
Margins: Operating margin exceeded consensus and improved sequentially, reflecting strong cost control and operational discipline.
Process Chromatography: This business delivered strong double-digit year-over-year growth in Q3, but is expected to decline in Q4 due to order timing. Full-year growth outlook for this segment was raised to "high teens".
Guidance Maintained: Bio-Rad maintained its full-year 2025 guidance for flat to 1% currency-neutral revenue growth, as well as gross and operating margin targets.
China Headwinds: Lower reimbursement rates for diabetes testing in China weighed on Clinical Diagnostics; these headwinds are expected to annualize in Q4.
ddPCR Progress: The company reported positive momentum in its Droplet Digital PCR (ddPCR) strategy, with encouraging customer feedback and partnerships in oncology testing.
Cash Flow: Free cash flow for Q3 was $89 million, down from $123 million last year but on track for the full-year target of $310–$330 million.
Share Buybacks: Bio-Rad repurchased $53 million of stock in Q3 and has $285 million remaining under its buyback authorization.
