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Sep 30
Bio-Rad Q3 2025 Earnings Report
Bio-Rad reported its third-quarter 2025 financial results, showing a slight revenue increase and improved non-GAAP operating margin despite challenges in academic research and biotech funding.
Key Takeaways
Bio-Rad Laboratories reported a modest revenue increase of 0.5% to $653.0 million in Q3 2025 compared to the previous year. The company experienced a GAAP net loss of $341.9 million, primarily due to a change in the fair market value of its investment in Sartorius AG, but achieved a non-GAAP net income of $60.8 million. Operating margin improved, reflecting disciplined cost management.
Total net sales for Q3 2025 were $653.0 million, a 0.5% increase year-over-year.
The company reported a GAAP net loss of $341.9 million, or $(12.70) per diluted share, largely due to a fair market value change in its Sartorius AG investment.
Non-GAAP net income was $60.8 million, or $2.26 per diluted share, an increase from $56.3 million in Q3 2024.
Both Life Science and Clinical Diagnostics segments experienced currency-neutral sales decreases, driven by constrained funding and lower reimbursement rates.
Bio-Rad
Bio-Rad
Bio-Rad Revenue by Segment
Revenue by Segment
Life Science Group Revenue
CapyFin.comClinical Diagnostics Group Revenue
CapyFin.com Forward Guidance
Bio-Rad is maintaining its full-year 2025 financial outlook, expecting non-GAAP currency-neutral revenue growth of approximately 0 to 1.0 percent and a non-GAAP operating margin of approximately 12.0 to 13.0 percent.
Positive Outlook
- Maintaining full-year 2025 financial outlook.
- Expected non-GAAP currency-neutral revenue growth of 0 to 1.0 percent.
- Anticipated non-GAAP operating margin of 12.0 to 13.0 percent.
- Continued focus on disciplined cost management.
- Commitment to evaluating business performance and guiding operating decisions.
Challenges Ahead
- Ongoing challenges in academic research and biotech funding.
- Reduced demand for instruments.
- Lower sales in both Life Science and Clinical Diagnostics segments on a currency-neutral basis.
- Lower reimbursement rates for diabetes testing in China impacting Clinical Diagnostics.
- Uncertainty regarding future gains and charges that are difficult to predict and estimate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income