Brandon Couillard

Jack Meehan

Tycho Peterson

Conor Noel McNamara

Daniel Leonard

Patrick Donnelly

Dan Leonard

David Carter

Matt Taylor

- Bio-Rad Laboratories reported **Q3 2025 net sales of $653 million**, a **0.5% increase** on a reported basis but a **1.7% decrease** currency-neutral, with **non-GAAP diluted earnings per share of $2.26**.  **[0000012208_2212890_2]** **[0000012208_2212890_3]** 
- The **Life Science segment sales were flat** on a reported basis, impacted by continued softness in academic research and biotech funding, while the **Clinical Diagnostics segment sales increased 0.6%** on a reported basis, despite lower reimbursement rates for diabetes testing in China.  **[0000012208_2212890_2]** 
- The company **maintained its full-year 2025 outlook**, projecting total currency-neutral revenue growth in the range of **flat to 1%** and a non-GAAP operating margin between **12% and 13%**.  **[0000012208_2212890_3]** 
- In Q3 2025, Bio-Rad generated **$89 million in free cash flow** and repurchased **212,578 shares** for **$53 million**.  **[0000012208_2212890_3]**  Management expects a modest revenue improvement in life sciences and a return to growth in diagnostics for Q4 2025.  **[0000012208_2212890_3]**

Bio-Rad Laboratories Reports Q3 2025 Results and Maintains Full-Year Guidance

- For Q3 2025, **BIO reported GAAP revenue of $653 million**, a **0.5% year-over-year increase**, with a GAAP operating margin of **10.0%**.  **[0000012208_2212656:3]**  Non-GAAP revenue was also **$653 million**, with a non-GAAP operating margin of **11.8%**.  **[0000012208_2212656:3]** 
- Currency neutral revenue for Q3 2025 saw a **1.7% year-over-year decline**, with both the Life Science Group and Clinical Diagnostics Group experiencing currency neutral revenue declines of **1.5%** and **1.8%** respectively.  **[0000012208_2212656:3]** 
- Net cash from operations for Q3 2025 was **$121 million**, and free cash flow was **$89 million**.  **[0000012208_2212656:3]**  Cash and short-term investments decreased to **$1,419 million** as of September 30, 2025, from **$1,665 million** on December 31, 2024.  **[0000012208_2212656:4]** 
- BIO is **maintaining its Full-Year 2025 outlook**, projecting currency neutral revenue growth of **0.0% to +1.0%** and non-GAAP free cash flow between **$310 million and $330 million**.  **[0000012208_2212656:4]**

BIO Reports Q3 2025 Financial Results and Reaffirms Full-Year Outlook

- Bio-Rad Laboratories, Inc. reported **Q3 2025 GAAP revenue of $653.0 million**, a **0.5% increase** compared to Q3 2024, but a **1.7% decrease on a currency-neutral basis**.  **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:0]** **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:1]** 
- The company experienced a **GAAP net loss of $(341.9) million**, or **$(12.70) per diluted share**, in Q3 2025, primarily due to a change in the fair market value of its investment in Sartorius AG.  **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:0]** **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:1]**  In contrast, **non-GAAP net income was $60.8 million**, or **$2.26 per diluted share**, for the same period.  **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:0]** **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:1]** 
- Both the **Life Science Group ($261.8 million)** and **Clinical Diagnostics Group ($391.2 million)** saw slight reported sales increases but experienced **currency-neutral declines of 1.5% and 1.8%** respectively, driven by challenges in academic research, biotech funding, and lower reimbursement rates for diabetes testing in China.  **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:1]** 
- Bio-Rad is **maintaining its full-year 2025 financial outlook**, projecting **non-GAAP, currency-neutral revenue growth of approximately 0 to 1.0 percent** and a **non-GAAP operating margin of approximately 12.0 to 13.0 percent**.  **[12208_0000012208-25-000076_bio-8k10292025xex991.htm:1]**

Bio-Rad Reports Third-Quarter 2025 Financial Results

- Bio-Rad reported **Q3 2025 total net sales of $653.0 million**, a **0.5% increase** compared to Q3 2024, but a **1.7% decrease on a currency-neutral basis**.  **[12208_8b4e8dc1207742e094dcc23cd03b99f0_0]**  This decline was primarily due to challenges in academic research and biotech funding, and lower reimbursement rates for diabetes testing in China.  **[12208_8b4e8dc1207742e094dcc23cd03b99f0_0]** 
- The company reported a **GAAP net loss of $(341.9) million**, or **$(12.70) per diluted share**, for Q3 2025, largely due to a change in the fair market value of its investment in Sartorius AG.  **[12208_8b4e8dc1207742e094dcc23cd03b99f0_0]** **[12208_8b4e8dc1207742e094dcc23cd03b99f0_1]**  This contrasts with a net income of $653.2 million, or $23.34 per diluted share, in Q3 2024.  **[12208_8b4e8dc1207742e094dcc23cd03b99f0_0]** **[12208_8b4e8dc1207742e094dcc23cd03b99f0_1]** 
- **Non-GAAP net income for Q3 2025 was $60.8 million**, or **$2.26 per diluted share**, an increase from $56.3 million, or $2.02 per diluted share, in Q3 2024.  **[12208_8b4e8dc1207742e094dcc23cd03b99f0_0]** **[12208_8b4e8dc1207742e094dcc23cd03b99f0_1]** 
- Bio-Rad is **maintaining its full-year 2025 financial outlook**, projecting **non-GAAP, currency-neutral revenue growth of approximately 0 to 1.0 percent** and a **non-GAAP operating margin of approximately 12.0 to 13.0 percent**.  **[12208_8b4e8dc1207742e094dcc23cd03b99f0_1]**

- Biodesix, Inc. announced an **expanded partnership agreement** with Bio-Rad Laboratories to develop, clinically validate, and seek regulatory approval for *in vitro* diagnostic (IVD) assays focused on oncology applications.  **[12208_4ae95fb5ae7049fcace5386cfc67f253_0]** 
- This collaboration will leverage **Bio-Rad’s Droplet Digital™ PCR (ddPCR™) technology** on its QX600 platform for highly sensitive detection of multiple genomic markers.  **[12208_4ae95fb5ae7049fcace5386cfc67f253_0]** 
- The initial assays to be validated include Bio-Rad’s ddPLEX ESR1 Mutation Detection Assay, which is critical for HR+/HER2- advanced breast cancer.  **[12208_4ae95fb5ae7049fcace5386cfc67f253_0]** 
- Following regulatory clearance, Biodesix will **manufacture and distribute specimen collection kits** and offer the ESR1 assay as a test service through its CLIA-CAP laboratory, also pursuing reimbursement from Centers for Medicare & Medicaid Services (CMS).  **[12208_4ae95fb5ae7049fcace5386cfc67f253_0]**

Biodesix Expands Partnership with Bio-Rad for Oncology Diagnostic Assays

- Bio-Rad's digital PCR (dPCR) business, particularly its Droplet Digital PCR (ddPCR) technology, has evolved significantly since its commercialization in **2010** with the QX100 system, providing **absolute quantitation of nucleic acids** through droplet-based partitioning.  **[12208_tx_376151_1]** **[12208_tx_376151_2]** 
- The company estimates the digital PCR market at approximately **$600 million**, with Bio-Rad holding about **half of this market**.  **[12208_tx_376151_8]** **[12208_tx_376151_11]**  Bio-Rad has expanded its product portfolio with the new **QX Continuum** and **QX700 series** platforms, designed to accelerate dPCR adoption through accessible price points and simplified workflows.  **[12208_tx_376151_5]** **[12208_tx_376151_3]** 
- Bio-Rad has raised its **2025 growth guidance to mid-single digits** and projects **long-term growth rates potentially in the high single digits** for this segment.  **[12208_tx_376151_8]**  This growth is supported by an industry-leading catalog of over **490,000 validated assays**, with an additional **600,000 assays** validated for both qPCR and ddPCR to be released in **early 2026**.  **[12208_tx_376151_6]**

BIO-RAD LABORATORIES (BIO)