SHERIDAN, WYOMING – May 8, 2025 – Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, has announced its financial results for the first quarter of 2025. Despite navigating a challenging macroeconomic landscape, the company demonstrated solid operational performance, underscoring its commitment to driving growth and margin expansion amidst market volatility.
Financial Performance Overview
For the first quarter of 2025, Bio-Rad reported total net sales of $585.4 million, reflecting a 4.2% decrease from the $610.8 million recorded in Q1 2024. On a currency-neutral basis, the decrease was moderated to 1.5%. This decline was primarily attributed to softer sales in the Life Science segment, compounded by a decrease in academic research funding, particularly in the Americas.
Key Financial Highlights:
- Net Income: $64.0 million, or $2.29 per diluted share, compared to $383.9 million, or $13.45 per diluted share, in Q1 2024.
- Non-GAAP Net Income: $71.0 million, or $2.54 per diluted share, up from $65.3 million, or $2.30 per diluted share, in the previous year.
- Gross Margin: 52.3%, a slight decrease from 53.4% in the same period last year.
Norman Schwartz, Bio-Rad’s Chairman and CEO, commented, “The first quarter presented a progressively more challenging environment, but we remained resilient with solid margins due to focused execution and careful expense management. Despite uncertainties, we are positioning ourselves for growth in the long term.”
Segment Performance Breakdown
Bio-Rad’s Life Science and Clinical Diagnostics segments both saw declines in net sales, although the Clinical Diagnostics segment showed a relatively moderate decrease when adjusted for currency.
Life Science Segment:
- Net Sales: $228.6 million, down 5.4% from Q1 2024.
- The decline was driven by continued challenges in the academic research market, particularly in North America.
Clinical Diagnostics Segment:
- Net Sales: $356.8 million, a decrease of 3.2%.
- The segment experienced a small offset from increased demand for quality control products, though the impact of reduced reimbursements for diabetes testing in China was a notable challenge.
Non-GAAP Adjustments and Profitability
Despite a dip in overall revenue, Bio-Rad reported an increase in non-GAAP income from operations, which rose to $63.0 million from $59.0 million in the same period last year. This performance was attributed to strong expense management and strategic investments in key product areas.
Non-GAAP Financial Highlights:
- Operating Margin: 10.8% for Q1 2025, compared to 9.7% in Q1 2024.
- Adjusted EBITDA: $113.7 million, reflecting a 19.4% increase from $108.4 million last year.
Updated Full-Year 2025 Outlook
In light of ongoing market uncertainty, Bio-Rad has updated its financial outlook for the full year 2025. The company now anticipates non-GAAP, currency-neutral revenue to range from a 1.0% decline to 1.5% growth, a downward revision from the previous estimate of 1.5% to 3.5% growth. Additionally, the company expects an operating margin of 10.0% to 12.0%, compared to its previous expectation of 13.0% to 13.5%.
Strategic Focus Going Forward
Looking ahead, Bio-Rad is committed to advancing its growth and margin expansion initiatives, despite the evolving macroeconomic challenges. The company continues to focus on operational efficiencies, enhancing its product offerings in the life sciences and diagnostics sectors, and positioning itself for sustainable long-term growth.
For more detailed financial results and to listen to the live webcast, visit Bio-Rad’s Investor Relations page at Bio-Rad Investor Relations.