Bio-rad Laboratories Stock Earnings Reports

Bio‑Rad reported Q3 2025 revenue of $653M, essentially flat year‑over‑year (1.7% FX‑neutral decline). Life Science sales were roughly flat ($262M) with process chromatography delivering strong double‑digit growth (timing‑driven) while core Life Science (ex‑process chrome) declined ~6% YoY due to weak academic/biotech demand. Clinical Diagnostics was roughly flat ($391M) but impacted by lower diabetes reimbursement rates in China (expected to annualize in Q4). GAAP gross margin compressed; non‑GAAP gross margin was 53.5% and non‑GAAP operating margin improved to 11.8%. Non‑GAAP net income was $61M ($2.26/share); reported results were depressed by a $398M fair‑value swing in Sartorius shares driving a reported net loss. Operating cash flow was $121M in Q3, free cash flow $89M; full‑year FCF guide remains $310M–$330M. The company repurchased $53M of stock in Q3 and has ~$285M remaining authorization. Management maintained full‑year 2025 guidance: currency‑neutral revenue growth flat to +1%, non‑GAAP gross margin 53.5%–54.5%, and non‑GAAP operating margin 12%–13%. Near term: expect sequential improvement in Q4 (margins up ~80 bps), process chromatography to moderate sequentially, ddPCR commercialization gaining traction (training complete, growing funnel), and China reimbursement headwind to annualize out in Q4 though macro softness in the region remains a risk. Management reiterated caution on academic funding recovery into 2026 and framed process chromatography longer‑term growth as high single digits.