Bio-rad Laboratories, Inc. · NYSE:BIO
Bio-rad Laboratories — Q4 2025 Earnings Presentation
26 slides from Bio-rad Laboratories's earnings presentation, Feb 12, 2026
Slide 1: Fourth-Quarter and Full-Year 2025 Results
Fourth-Quarter and Full-Year 2025 Results Supplemental Earnings Results Presentation February 12, 2026
Slide 2: Safe Harbor
Safe Harbor Some statements in this presentation may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding management’s goals, plans, and expectations, our future financial performance, our future
Slide 3: Our Mission is to advance science and save lives, together
Our Mission is to advance science and save lives, together
Slide 4: 2025 Highlights
2025 Highlights • Expanded Droplet Digital PCR leadership with acquisition and integration of Stilla Technologies • Advanced oncology diagnostics strategy through distribution and development partnerships with Gencurix and Biodesix for IVD oncology assays • Expanded global access to more than 1,200
Slide 5: Fourth-Quarter 2025 Results
Fourth-Quarter 2025 Results
Slide 6: Q4 2025 GAAP Financial Results
Q4 2025 GAAP Financial Results Gross Operating Net Cash From Revenue Margin Margin Operations $693M 49.8% -17.2% $165M 3.9% YoY -140bps YoY -2600bps YoY $41M YoY 1.7% YoY CN* Gross Margin of 49.8% includes one-time write-offs of approx. $13M associated with product portfolio rationalization. Operati
Slide 7: Q4 2025 Non-GAAP Financial Results
Q4 2025 Non-GAAP* Financial Results Gross Operating Free Cash Revenue Margin* Margin* Flow* $693M 52.5% 12.0% $119M 3.9% YoY -140bps YoY -180 YoY $38M YoY 1.7% YoY CN** * Reconciliations to the comparable GAAP measure for the non-GAAP items shown above are detailed in the reconciliation table in Bio
Slide 8: Q4 2025 Business Segment Revenue and Geographic Mix
Q4 2025 Business Segment Revenue and Geographic Mix Revenue by Business Segment Revenue by Region APAC 23% Americas 42% Clinical Life Science Diagnostics 39% 61% $693M $693M EMEA 35% 8
Slide 9: Life Science Group
Life Science Group Geographic Revenue Mix APAC Q4 2025 Revenue 18% Americas 52% $268M $268M EMEA 30% -2.6% YoY -4.0% YoY CN* Product Revenue Mix • Segment CN* results impacted by constrained Process Chrom academic research and biotech funding; ddPCR Double Digit YoY CN Decline revenue increased mid
Slide 10: Clinical Diagnostics Group
Clinical Diagnostics Group Geographic Revenue Mix Q4 2025 Revenue APAC 19% $425M Americas 44% 8.4% YoY 5.6% YoY CN * $425M • Segment CN* results driven by growth of quality controls, blood typing, and diabetes products, partially offset by lower sales of infectious disease products EMEA 37% • CN* re
Slide 11: Full-Year 2025 Results
Full-Year 2025 Results
Slide 12: Full-Year 2025 GAAP Financial Results
Full-Year 2025 GAAP Financial Results Gross Operating Net Cash From Revenue Margin Margin Operations $2,583M 51.9% 1.8% $532M 0.7% YoY -190bps YoY -870bps YoY $77M YoY -0.1% YoY CN* Gross Margin of 51.9% includes one-time write-offs of approx. $13M associated with product portfolio rationalization.
Slide 13: Full-Year 2025 Non-GAAP Financial Results
Full-Year 2025 Non-GAAP* Financial Results Gross Operating Free Cash Revenue Margin* Margin* Flow* $2,583M 53.3% 12.1% $375M 0.7% YoY -170bps YoY -80bps YoY $85M YoY -0.1% YoY CN** * Reconciliations to the comparable GAAP measure for the non-GAAP items shown above are detailed in the reconciliation
Slide 14: Full-Year 2025 Business Segment Revenue and Geographic Mix
Full-Year 2025 Business Segment Revenue and Geographic Mix Revenue by Business Segment Revenue by Region APAC 20% Americas Clinical Life Science 46% Diagnostics 40% 60% $2,583M $2,583M EMEA 34% 14
Slide 15: Life Science Group
Life Science Group Geographic Revenue Mix APAC Full Year 2025 Revenue 18% Americas 52% $1,021M $1,021M EMEA 30% -0.7% YoY -1.3% YoY CN* Product Revenue Mix • Segment CN* results impacted by constrained Process Chrom academic research and biotech funding Double Digit YoY CN Growth • CN* revenue decli
Slide 16: Clinical Diagnostics Group
Clinical Diagnostics Group Geographic Revenue Mix Full Year 2025 Revenue APAC 19% $1,562M Americas 1.6% YoY 44% $1,562M 0.8% YoY CN * • Segment CN* results driven by growth of quality controls and blood typing products, partially offset by lower sales of infectious disease products, and lower reimbu
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights December 31, December 31, 2025 2024 Cash & Short-Term Investments $1,541* $1,665 Long-Term Debt $1,202 $1,200 Inventories, net $741 $760 Investment in Sartorius AG $5,669 $4,469 17 * Cash balance change due to share repurchases, and the completion of Stilla Technologies acqu
Slide 18: Full-Year 2026 Outlook
Full-Year 2026 Outlook Revenue CN* YoY Growth 0.5% to +1.5% Life Science Revenue CN* YoY 0.0% to +0.5% Clinical Diagnostics Revenue CN* YoY +1.0% to +2.0% Non-GAAP Gross Margin** 54.0% to 54.5% Non-GAAP Operating Margin** 12.0% to 12.5% Free Cash Flow** $375M to $395M * Currency Neutral Revenue: We
Slide 19: Appendix
Appendix
Slide 20: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation includes GAAP financial measures as well as non-GAAP financial measures, which are not meant to be considered in isolation or as a substitute for comparable GAAP measures. We present certain non-GAAP financial measures to evaluate business perform
Slide 21: Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
Slide 22: Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (continued)
Slide 23: Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (continued)
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (continued)
Slide 24: Explanations of Non-GAAP Adjustments
Explanations of Non-GAAP Adjustments Amortization of purchased intangible assets: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the terms of amortization can vary significantly and are unique to each acquisit
Slide 25: Other Key Metrics
Other Key Metrics Free Cash Flow: we report free cash flow, which is operating cash flow excluding net capital expenditures, to provide a view of the continuing operations’ ability to generate cash for acquisitions and other investing and financing activities. The Company also uses this measure as a
Slide 26: 2026 Financial Outlook
2026 Financial Outlook Forecasted non-GAAP operating margin excludes 88 basis points related to amortization of purchased intangibles. Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, eff