📈 Price History

Ratio Health

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📊 Sector Averages

About

Bio-Rad Laboratories, Inc. develops, manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, Latin America, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ↓ Deteriorating 4 quarters analysed

Q2 2025

Mixed

Executives used confident language such as 'pleased to share our second quarter 2025 results, which reflect solid execution across the business' and 'exceeded consensus expectations', but also acknowledged headwinds including 'challenging and rapidly evolving macroeconomic environment', 'headwinds in the academic market', and 'softness in the biotech and academic research markets'. The tone balanced optimism on execution and portfolio strength with caution on macro uncertainty.

Q3 2025

Cautious

Management expressed satisfaction with Q3 execution and margin performance ('we are pleased', 'solid execution'), but repeatedly highlighted macro headwinds ('challenging environment', 'continued softness in academic research and biotech funding') and refrained from signaling a robust recovery in the near term, using phrases like 'remain cautious' and 'uncertainties surrounding the final NIH budget.'

Q4 2025

Cautious

Management repeatedly acknowledged underperformance in gross margin, supply chain cost pressures, and persistent cautious spending in academic/biopharma end markets. While highlighting ddPCR success and free cash flow, guidance remains conservative with 0.5-1.5% revenue growth and downbeat process chromatography outlook. The language is measured with phrases like 'execution related rather than structural', 'modest recovery', and 'we remain appropriately cautious'.

Q1 2026 latest

Cautious

management repeatedly cited external headwinds from Middle East conflict and academic funding challenges, expressed uncertainty about timing of resolution, and adjusted guidance downward; language such as 'challenged and challenging', 'adverse impact', and 'continued effect' underscores a guarded stance.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is weaker after this call. Downward guidance and persistent headwinds (Middle East, academic funding) push out the timeline for operating margin recovery to mid-teens. While digital PCR instrument growth and operational initiatives are encouraging, they are not enough to offset macro drags. The Middle East uncertainty makes near-term visibility low. What to watch: resolution of the conflict, progress on cost-saving actions, and consumables pull-through from the installed base. If conditions stabilise, a recovery in H2 2026 could support the stock, but the risk/reward has tilted negative.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED Bio-Rad Q1 2026 net sales $592M, full-year revenue growth guided -3% to +0.5%.

Revenue & Profitability

Q1 2026 net sales were $592M, up 1.1% reported but down 4.2% on a currency-neutral basis. Non-GAAP net income was $51M, or $1.89 diluted EPS. Reported operating income was $34M, and non-GAAP operating margin was 6.6%. Free cash flow for the quarter was $78M. The company reported a net loss of $527M on a GAAP basis due to a $562M change in fair value of Sartorius shares.

Outlook

Management sees a measured recovery in life science led by biopharma, with early-stage biotech remaining cautious. Academic demand is constrained by NIH funding disruptions. The Middle East conflict is a significant headwind, expected to be transitory. Full-year 2026 currency-neutral revenue growth is guided between -3% and +0.5%, with a modest biopharma recovery assumed.

Growth Drivers

Key growth drivers include the ddPCR franchise, where instrument revenue grew 24% YoY in Q1, driven by the QX700 platform. The quality controls business is expected to grow mid-single digits. The 'In China for China' initiative improves local competitiveness. The Middle East, once stable, is expected to return to double-digit growth. Blood typing and immunohematology showed strength outside the conflict region.

Balance Sheet & CapEx

Net capital expenditures for Q1 2026 were approximately $30M. The company is investing in manufacturing flexibility, including producing life science instruments in China for China to reduce tariff exposure. Depreciation and amortization was $41M in Q1. Specific full-year CapEx guidance was not provided.

Margins

Non-GAAP gross margin in Q1 was 53.1%, down from 53.8% a year ago, pressured by Middle East impact (40 bps), instrument mix (30 bps), freight (20 bps), and FX (20 bps). Full-year 2026 non-GAAP gross margin is guided at 53%-54%, and operating margin at 10%-12%. Management is committed to reaching mid-teens operating margins in the near term through cost actions.

Key Risks

Key risks flagged include the ongoing Middle East conflict (transitory but significant headwind, $11M impact in Q1), continued academic funding disruptions (NIH), foreign exchange volatility, higher freight costs, and tariff exposure. Analysts also asked about China VBP risk, but management saw no current impact. A prolonged conflict could require more significant cost actions.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 2026 revenue was flat year-over-year but up 10% sequentially, with clinical diagnostics returning to growth and digital PCR showing strong instrument sales. The company reaffirmed full-year guidance, announced a restructuring for long-term savings, and continues to face headwinds in China and academic markets.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 revenue was within guidance despite a significant Middle East impact, with flat life science sales and modest diagnostics growth. Guidance was lowered for 2026, reflecting ongoing geopolitical and funding headwinds, but operational and innovation initiatives continue to drive long-term positioning.

Q4 2025 Q4 2025 2026-02-12

Q4 and full year 2025 results met revised revenue and operating margin guidance, but gross margin lagged due to higher supply chain costs. Diagnostics returned to growth, ddPCR saw strong QX700 sales, and Process Chromatography faces near-term declines. 2026 guidance calls for modest revenue growth and margin improvement.

Q3 2025 Q3 2025 2025-10-29

Q3 2025 saw stable revenue and margin outperformance despite macro headwinds, with strong process chromatography growth offsetting weakness in core Life Science and Clinical Diagnostics segments. Guidance for 2025 remains unchanged, with margin improvement and cautious optimism for 2026.

Q2 2025 Q2 2025 2025-07-31

Q2 2025 saw revenue and operating margin exceed expectations, led by process chromatography and resilient consumables demand, despite ongoing softness in academic and biotech markets. Guidance for 2025 was raised, reflecting improved outlooks for Life Science and ddPCR, while tariff headwinds eased and share repurchases continued.

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