Bio-Rad Laboratories, Inc.

bio-rad.com

What Do They Do?

Sells diagnostic test systems, test kits, and quality controls to clinical laboratories, along with instruments and reagents for research and biopharmaceutical manufacturing.

How Do They Make Money?

Customers buy products and services, rent instruments, or license intellectual property. Product sales generally occur when delivered, installation when completed, extended-warranty services over their term, and some royalties when customers sell or use licensed products.

revenue

Segment	Share	How money arrives
Life Science Sold outright	40% FY2022: 48%	Sold outright
Clinical Diagnostics Recurring	60% FY2022: 52%	Recurring
All Other Segments	0.0% FY2022: 0.1%

Who Are Their Customers?

Research institutions, pharmaceutical and biotechnology companies, food producers and testing labs, and hospitals and diagnostic labs buy Bio-Rad's research tools and diagnostic products. It sells through direct sales teams and, in some markets, distributors, agents, brokers and resellers.

Do Revenues Turn Into Profits?

Yes. It kept 29 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.

Operating income, FY2025

2% of revenue

▼ −82% vs FY2024 ($269M, 10%)

Net income, FY2025

29% of revenue

▲ Now profitable vs FY2024 (−$1.8B, −72%)

Free cash flow, FY2025

15% of revenue

▲ +29% vs FY2024 ($289.6M, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ 0%; vs $651.6M in Q2 FY2025
Net income: ▲ +17%; vs $317.8M in Q2 FY2025

Clinical Diagnostics share of revenue vs 59.7% in Q2 FY2025

Apr 30, 2026 Bio-Rad lowered its full-year revenue and operating margin outlook Expected currency-neutral revenue shifted from growth of approximately 0.5 to 1.5 percent to a range from a 3.0 percent decline to growth of approximately 0.5 percent.

Shrinking. Revenue fell 12% in 4 years, from $2.9B in FY2021 to $2.6B in FY2025, about 3% a year.

Broader research-market description The earlier report emphasized translational research and speeding discovery toward clinical use; the latest describes serving research from early discovery through clinical and applied uses.

Revenue over time

Life Science Clinical Diagnostics All Other Segments

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Becton Dickinson, Danaher, Merck, Qiagen, Thermo Fisher Scientific, Abbott Laboratories, bioMérieux, DiaSorin, Werfen, QuidelOrtho, Roche, Siemens Healthineers, and Tosoh

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