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Bio-Rad Laboratories
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Latest analysis
Updated Aug 4, 2026
Bio-Rad Q2 2026: Sequential recovery in diagnostics and ddPCR masks persistent Life Science softness; restructuring targets $30-35M net savings by end-2027.
Bio-Rad's Q2 2026 results reflect a company in early-stage operational recovery — Clinical Diagnostics returned to currency-neutral growth and digital PCR instrument revenue grew more than 20%, but Life Science remains pressured by academic market weakness and a tough process chromatography comparison. Management reaffirmed full-year guidance of negative 3% to positive 0.5% currency-neutral revenue growth and a 10%-12% non-GAAP operating margin, signaling no acceleration from current trajectories. A newly announced restructuring program targeting $30-35M in annualized net savings by end-2027, paired with active engagement from activist investor Elliott Management, positions the next 18 months as a pivotal execution window for the company.
Tone: cautiousRevenue
$2.6B
BIO 10-K · FY 2025
Employees
7,450
Revenue FY2024
$2.6B
Headquarters
Hercules, CA
Profile
BIO 10-K Item 1 · Feb 13, 2026Bio-Rad Laboratories is a multinational life science and clinical diagnostics company that develops, manufactures, and markets instruments, systems, reagents, and consumables. It operates through two segments — Life Science and Clinical Diagnostics — serving research institutions, hospitals, pharmaceutical companies, and government agencies worldwide. Approximately 40% of net sales are generated in the United States, with the remaining 60% from international markets.
Read filing description ↓ Collapse description ↑
Bio-Rad Laboratories, Inc. is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables. We have direct operations in over 36 countries outside the United States through subsidiaries focused on sales, customer service, and product distribution. In certain locations outside and within these countries, our sales efforts are supplemented by distributors and agents. Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. Our Life Science segment and our Clinical Diagnostics segment generated approximately 40% and 60%, respectively, of our consolidated net sales for the year ended December 31, 2025. We generated approximately 40% of our consolidated net sales for the year ended December 31, 2025 from the U.S. and approximately 60% from our international locations, with Europe being our largest international region. Our Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used to separate, purify, characterize, and quantify biological materials, including cells, proteins, and nucleic acids. Our Clinical Diagnostics segment designs, manufactures, markets, and supports diagnostic test systems, informatics solutions, test kits, and specialized quality controls for clinical laboratories in the global diagnostics market. Revenue in the Clinical Diagnostics business is largely recurring, as laboratories generally standardize on specific testing platforms that rely on a supplier's instruments, reagents, and consumables. We sell more than 12,000 products and services to a diverse client base comprised of scientific research, healthcare, education and government customers worldwide.
Primary products
- Instruments
- Systems
- Reagents
- Consumables
- Diagnostic test systems
- Informatics solutions
Business segments
End markets
Geographies
Named customers
Named competitors
“We focus our competitive efforts on market segments where the technology, performance, and application of our products provide customers with differentiated capabilities that offer specific advantages over the competition.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased modestly from $2,566.5 million in 2024 to $2,583.2 million in 2025, following a decline from $2,671.2 million in 2023.
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