905722070 Filings — Bio-Rad Laboratories, Inc. - FilingSpy
905722070
Bio-Rad Laboratories, Inc.
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A maker of instruments, reagents, and consumables for life-science research and clinical diagnostics, Bio-Rad's products help labs separate and analyze biological materials and run diagnostic tests. Founded in 1952 by UC Berkeley graduates David and Alice Schwartz, the company began in a Quonset hut in Berkeley, California. Its name is a portmanteau of its first product lines: biochemicals and radiochemicals.
Bio-Rad Q2 2026 revenue flat at $651M as Life Science declines offset Clinical Diagnostics growth; net income swung to $371.4M on a non-cash Sartorius gain.
Life Science sales fell again, erasing the brief recovery seen a year ago. was flat at $651.0 million and edged up 0.1 points to 53.1%, while a $458.0 million non-cash gain on the Sartorius AG stake lifted to $371.4 million. The core business is treading water, and reported profits remain at the mercy of an investment the company does not control.
Key takeaways
Life Science sales fell 4.1% to $252.0 million, driven by ongoing academic research market challenges, reversing the 4.9% growth posted in Q2 2025.
Clinical Diagnostics sales rose 2.6% to $399.0 million, led by quality systems, diabetes, and blood typing products, partially offsetting the Life Science decline.
A $458.0 million non-cash gain from the change in of the Sartorius AG equity investment drove of $371.4 million, compared to a $334.4 million gain in the prior-year quarter.
Section summaries
Management's Discussion and Analysis
Q2 2026 sales were flat at $651M as Life Science declines offset Clinical Diagnostics growth; net income swung on Sartorius fair-value changes.
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Consolidated Q2 2026 were $651.0M, essentially flat vs. $651.6M in Q2 2025, while sales decreased 1.9%.
fell 5.8% to $72.6 million, as higher SG&A expenses on employee costs and increased R&D project spending weighed on the result.
for the first half of 2026 fell to $206.8 million from $246.4 million a year earlier, though the company held $1.62 billion in cash and short-term investments at quarter-end.
What changed
The Q2 2025 Life Science recovery to 4.9% growth proved short-lived: the returned to a 4.1% decline in Q2 2026, with down 5.1% as academic headwinds persisted.
Clinical Diagnostics growth accelerated to 2.6% from flat in Q2 2025, though currency-neutral growth was a slim 0.3%, suggesting the reported improvement was partly currency-driven.
The Sartorius AG fair-value gain of $458.0 million in Q2 2026 was larger than the $334.4 million gain a year ago, continuing the pattern of non-cash swings that dominate reported .
of 53.1% was essentially unchanged from 53.0% a year ago, indicating that cost controls and mix are offsetting the higher material costs and reduced that pressured margins in FY 2025.
What to watch
Q3 2026 Life Science growth to see if the 5.1% decline narrows as academic funding constraints persist.
Next Sartorius AG fair-value movement and its effect on reported versus of $72.6 million.
Q3 2026 Clinical Diagnostics currency-neutral growth after the 0.3% Q2 result and ongoing China diabetes reimbursement cuts.
Remaining balance of the authorization after $47.8 million spent in Q1 2026 and its effect on cash of $517.0 million.
Life Science Q2 sales fell 4.1% ( -5.1%) to $252.0M, driven by ongoing academic research market challenges.
Clinical Diagnostics Q2 sales rose 2.6% ( +0.3%) to $399.0M, led by quality systems, diabetes, and blood typing products.
Q2 edged up to 53.1% from 53.0%, while SG&A rose to 32.6% of sales on higher employee costs and R&D increased slightly on project spending.
A $458.0M gain from the Sartorius equity investment fair-value change drove Q2 , compared to a $334.4M gain a year ago.
fell to $206.8M in H1 2026 from $246.4M; liquidity remains strong with $1.62B in cash and investments and an undrawn $200M .
Quantitative and Qualitative Disclosures About Market Risk
During the six months ended June 30, 2026, there have been no material changes from the disclosures about market risk provided in our Annual Report on Form 10-K for the year ended December 31, 2025.
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During the six months ended June 30, 2026, there have been no material changes from the disclosures about market risk provided in our Annual Report on Form 10-K for the year ended December 31, 2025.
We are a party to various claims, legal actions and complaints arising in the ordinary course of business. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, fin…
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We are a party to various claims, legal actions and complaints arising in the ordinary course of business. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, financial position or liquidity, we cannot give any assurance regarding the ultimate outcome of these matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period.
International operations, competition, supply chain, and Sartorius AG investment concentration pose material risks to the business.
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International operations generated 61% of and expose the company to complex, sometimes conflicting foreign and U.S. laws, including anti-corruption statutes like the FCPA and UK Bribery Act.
Intense competition in life science and clinical diagnostics markets, including aggressive pricing on multi-year public tenders, pressures margins and limits the ability to recover inflationary cost increases.
Supply chain disruptions, sole-source dependencies, and raw material cost inflation have adversely affected manufacturing and product sales, with Middle East conflicts further increasing logistics and fuel costs.
The company's large equity position in Sartorius AG creates material financial statement volatility and raises the risk of being deemed an unregistered investment company under the Investment Company Act of 1940.
A $400 million loan to a Sartorius-related entity is secured by trust interests that are not tradable and may be insufficient to cover repayment if Sartorius ordinary shares continue to decline.
Reductions in U.S. government funding and by biopharma and academic customers are negatively impacting , a risk newly emphasized for 2025.