NYSE:BIO
BIO-RAD LABORATORIES, INC.
A resilient diagnostic equipment and reagent manufacturer that recently returned to profitability after years of operational challenges.
Key Metrics
Investment Thesis
Bull Case
Investors may buy this stock due to the sudden restoration of profitability, a robust free cash flow generation capability allowing for shareholder returns, and the potential for value accretion as the company renews its growth trajectory in the expanding global diagnostics market.
Bear Case
Concerns persist regarding the high level of accumulated retained earnings deficits at $8.18B which may indicate historical burn, the continued pressure on margins from operating expenses near revenue levels, and the risk that recent profit recovery could be a one-time anomaly rather than a sustainable trend.
About BIO-RAD LABORATORIES, INC.
BIO-RAD LABORATORIES, INC. is a global diagnostics leader specializing in life sciences research tools, clinical laboratory instruments, and point-of-care testing solutions serving hospitals, academic institutions, and pharmaceutical companies.
Analysis
Management Discussion
The company demonstrated a remarkable turnaround in 2025, generating $759.9M in net profit compared to significant losses in previous years, supported by strong operating cash flow of $532.2M and strategic balance sheet management including $295.5M in share repurchases.
Industry Overview
The global diagnostics industry is characterized by rapid technological innovation in genomics and AI-driven analytics, yet faces headwinds from macroeconomic pressures forcing healthcare systems to prioritize cost efficiency over volume growth.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.80B | $2.67B | $2.57B | $2.58B |
| Cost of Revenue | $1.23B | $1.24B | $1.19B | $1.24B |
| Gross Profit | $1.57B | $1.43B | $1.38B | $1.34B |
| Operating Expenses | $1.08B | $1.09B | $1.11B | $1.29B |
| Operating Income | $482.6M | $337.8M | $269.0M | $47.2M |
| R&D | $256.9M | $247.4M | $295.9M | $275.6M |
| G&A | $827.8M | $841.7M | $814.0M | $844.3M |
| Stock-Based Comp | $60.9M | $61.3M | $62.3M | $58.0M |
| D&A | $137.3M | $145.9M | $151.6M | $165.4M |
| Depreciation | — | — | — | $141.4M |
| Amortization | $24.9M | $23.8M | $21.2M | $23.8M |
| Other OpEx | $0 | $0 | $0 | $172.8M |
| Non-Operating Income | $-5.19B | $-1.19B | $-2.61B | $948.3M |
| Interest Expense | $38.1M | $49.4M | $48.9M | $49.0M |
| Pre-Tax Income | $-4.70B | $-850.1M | $-2.34B | $995.5M |
| Income Tax | $-1.08B | $-212.8M | $-498.3M | $235.6M |
| Continuing Ops | $-3.63B | $-637.3M | $-1.84B | $759.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-3.63B | $-637.3M | $-1.84B | $759.9M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-3.63B | $-637.3M | $-1.84B | $759.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $3.16B | $3.05B | $3.03B | $2.91B |
| Cash & Equivalents | $434.2M | $403.8M | $488.1M | $529.8M |
| Marketable Securities | $1.36B | $1.20B | $1.18B | $1.01B |
| Accounts Receivable | $494.6M | $489.0M | $452.5M | $460.6M |
| Inventory | $719.3M | $780.5M | $760.0M | $740.7M |
| Other Current Assets | $153.3M | $171.7M | $153.3M | $164.2M |
| Long-Term Assets | $10.34B | $9.25B | $6.33B | $7.67B |
| PP&E (Net) | $498.6M | $529.0M | $528.1M | $539.9M |
| Intangibles | $332.1M | $320.5M | $293.6M | $174.3M |
| Goodwill | $406.5M | $413.6M | $410.5M | $579.8M |
| Operating Leases | $181.0M | $194.7M | $160.5M | $170.0M |
| LT Investments | $8.83B | $7.70B | $4.84B | $6.10B |
| Other LT Assets | $67.9M | $62.5M | $74.0M | $65.8M |
| Total Assets | $13.50B | $12.30B | $9.36B | $10.58B |
| Current Liabilities | $568.7M | $522.8M | $467.8M | $517.0M |
| Accounts Payable | $135.0M | $144.6M | $122.3M | $129.0M |
| Current Leases | $36.3M | $40.4M | $41.7M | $36.1M |
| Taxes Payable | $11.9M | $35.8M | $31.2M | $36.6M |
| Other Current Liab | $385.4M | $302.0M | $272.6M | $315.3M |
| Long-Term Liabilities | $3.32B | $3.04B | $2.33B | $2.61B |
| Long-Term Debt | — | $1.20B | $1.20B | $1.20B |
| LT Operating Leases | $153.6M | $165.5M | $131.4M | $145.7M |
| Other LT Liab | $3.16B | $1.67B | $995.2M | $1.26B |
| Total Liabilities | $3.89B | $3.56B | $2.79B | $3.12B |
| Shareholders' Equity | $9.62B | $8.74B | $6.57B | $7.45B |
| Paid-In Capital | $447.5M | $449.1M | $463.2M | $476.0M |
| Retained Earnings | $9.90B | $9.26B | $7.42B | $8.18B |
| AOCI | $-466.8M | $-336.0M | $-538.2M | $-189.1M |
| Treasury Stock | — | $632.5M | $772.1M | $1.01B |
| Total L&E | $13.50B | $12.30B | $9.36B | $10.58B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-3.63B | $-637.3M | $-1.84B | $759.9M |
| Non-Cash Adjustments | $2.45B | $775.5M | $1.75B | $86.4M |
| Working Capital Changes | $1.37B | $236.8M | $546.5M | $-314.1M |
| Cash from Operations | $194.4M | $374.9M | $455.2M | $532.2M |
| Capital Expenditures | $112.8M | $156.7M | $165.6M | $157.6M |
| Cash from Investing | $-1.21B | $20.2M | $-160.2M | $-189.7M |
| Debt Repayments | $510.0K | $467.0K | $400.0K | $500.0K |
| Share Buybacks | $215.7M | $428.7M | $203.6M | $295.5M |
| Cash from Financing | $973.6M | $-425.6M | $-218.8M | $-283.2M |
| FX Effect | $3.0M | $321.0K | $9.2M | $-16.9M |
| Net Change in Cash | $-36.6M | $-30.2M | $85.4M | $42.4M |
| Beginning Cash | $471.1M | $434.5M | $404.4M | $489.8M |
| Ending Cash | $434.5M | $404.4M | $489.8M | $532.2M |
Frequently Asked Questions
How does BIO-RAD LABORATORIES, INC. make money?
The company generates revenue through three primary streams: Life Science Research (instruments for R&D), Clinical Diagnostics (laboratory automation and testing systems), and Point-of-Care Testing (rapid diagnostics for emergency care).
What are the main risks for BIO?
Intense price competition in the generic reagent market eroding margins, regulatory approval delays for new diagnostic tests, supply chain disruptions affecting component availability, and potential shifts in healthcare spending impacting capital expenditure cycles.
What is BIO's competitive advantage?
Strong proprietary instrument platforms creating high switching costs, a global distribution network ensuring rapid market penetration, and a diversified product portfolio that reduces reliance on any single therapeutic area.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.