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Jun 30
Bio-Rad Q2 2025 Earnings Report
Bio-Rad reported solid second-quarter 2025 financial results, with revenue increasing by 2.1% and a significant improvement in net income due to a change in the fair market value of its investment in Sartorius AG.
Key Takeaways
Bio-Rad Laboratories delivered solid second-quarter 2025 results, with total net sales reaching $651.6 million, a 2.1% increase year-over-year. The company reported a net income of $317.8 million, a substantial turnaround from a net loss in the prior year, primarily driven by a favorable change in the fair market value of its investment in Sartorius AG. Non-GAAP diluted EPS was $2.61.
Total net sales for Q2 2025 increased by 2.1% to $651.6 million compared to Q2 2024.
GAAP net income was $317.8 million ($11.67 per diluted share), a significant improvement from a net loss of $(2,165.5) million in Q2 2024, largely due to the revaluation of the Sartorius AG investment.
Non-GAAP net income was $71.0 million, or $2.61 per diluted share, compared to $88.3 million, or $3.11 per diluted share, in Q2 2024.
The company updated its full-year 2025 financial outlook, expecting non-GAAP, currency-neutral revenue growth of 0% to 1.0% and non-GAAP operating margin of 12.0% to 13.0%.
Bio-Rad
Bio-Rad
Bio-Rad Revenue by Segment
Revenue by Segment
Life Science Revenue
CapyFin.comClinical Diagnostics Revenue
CapyFin.com Forward Guidance
Bio-Rad has updated its full-year 2025 financial outlook, showing an improved expectation for both revenue growth and operating margin.
Positive Outlook
- Non-GAAP, currency-neutral revenue growth is now expected to be approximately 0% to 1.0%, an improvement from the prior estimated range of a 1.0% decline to 1.5% growth.
- Non-GAAP operating margin is now estimated to be approximately 12.0% to 13.0%, an increase from the prior expectation of approximately 10.0% to 12.0%.
- The company's focused execution and careful expense management contributed to solid quarterly results.
- The acquisition of Stilla Technologies is expected to expand the Droplet Digital™ PCR offering.
- Increased sales of process chromatography and food safety products are driving Life Science segment growth.
Challenges Ahead
- The Clinical Diagnostics segment experienced a currency-neutral sales decrease of 0.7% year-over-year.
- Lowered reimbursements for diabetes testing in China negatively impacted Clinical Diagnostics sales.
- The non-GAAP net income and EPS for Q2 2025 decreased compared to the same period in 2024.
- The effective tax rate for Q2 2025 increased compared to Q2 2024, driven by accounting treatment of equity securities and geographical mix of earnings.
- The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the variability and uncertainty of future charges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income