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Bio-Rad Laboratories (BIO) investor relations material
Bio-Rad Laboratories Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue was $653 million, up 0.5% year-over-year, but down 1.7% currency-neutral, reflecting ongoing market headwinds in both Life Science and Clinical Diagnostics segments.
Operating margin exceeded consensus due to disciplined cost management, despite a challenging macro environment and continued softness in academic research and biotech funding.
Net loss of $341.9 million was driven by a significant non-cash loss from the change in fair market value of Sartorius AG shares; non-GAAP net income was $60.8 million, up from $56.3 million in Q3 2024.
Free cash flow for Q3 was $89 million, with year-to-date free cash flow to non-GAAP net income conversion at 126%.
Net cash from operations was $121 million, down $43 million year-over-year.
Financial highlights
Life Science segment sales were $262 million, flat year-over-year on a reported basis, but down 1.5% currency-neutral; process chromatography saw strong double-digit growth, while core Life Science revenue declined 6% year-over-year.
Clinical Diagnostics segment sales were $391 million, up 0.6% reported, but down 1.8% currency-neutral, mainly due to lower diabetes testing reimbursement rates in China.
GAAP gross margin was 52.6% (down from 54.8%); non-GAAP gross margin was 53.5% (down from 55.6%), reflecting higher material costs and lower fixed manufacturing absorption.
Non-GAAP operating margin improved to 11.8% from 11.3% year-over-year.
Cash and short-term investments stood at $1.4 billion as of September 30, 2025.
Outlook and guidance
Full-year 2025 currency-neutral revenue growth expected to be flat to 1%; non-GAAP gross margin outlook at 53.5%-54.5% and operating margin at 12%-13%.
Q4 2025 expected to see modest revenue improvement in Life Science and a return to growth in Clinical Diagnostics as China reimbursement headwinds annualize.
Margin improvement anticipated in Q4, with operating margin expected to rise by at least 80 basis points sequentially.
Free cash flow guidance for 2025: $310-$330 million.
For 2026, gradual improvement expected in biotech and academic markets, with process chromatography growth normalizing to high single digits.
Mitigate China macro impact on Diagnostics 2026?
Accelerate ddPCR sales funnel conversion?
Key drivers for 2026 margin expansion?
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Next Bio-Rad Laboratories earnings date
Q4 202513 Feb, 2026
Next Bio-Rad Laboratories earnings date
Q4 202513 Feb, 2026
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Bio-Rad Laboratories Inc develops, manufactures, and markets products for the life science research and clinical diagnostics markets. The company provides instruments, reagents, software, and services used in scientific discovery, biotechnology research, and medical diagnostics. Its products support laboratories, universities, hospitals, and research institutions worldwide. The company is headquartered in Hercules, California, and its shares are listed on the NYSE.
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