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Bio-Rad (NYSE: BIO) posts Q1 loss and trims 2026 guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Bio-Rad Laboratories reported first-quarter 2026 net sales of $592.1 million, up 1.1% year over year, but down 4.2% on a currency-neutral basis as both Life Science and Clinical Diagnostics segments faced softer demand.

The company recorded a large GAAP net loss of $527.1 million, or $(19.55) per diluted share, mainly from a $738.2 million loss on the change in fair value of equity securities, including its Sartorius AG investment. On a non-GAAP basis, net income was $50.9 million, or $1.89 per diluted share, down from $2.54 a year earlier, reflecting lower margins and higher adjustments.

Operating cash flow was $108.1 million and free cash flow $78.1 million, both below the prior year, although management highlighted strong cash generation and share repurchases of about 176 thousand shares. Bio-Rad also lowered its full-year 2026 outlook, now expecting non-GAAP currency-neutral revenue between a 3.0% decline and 0.5% growth and a non-GAAP operating margin of roughly 10.0% to 12.0%, down from its prior 12.0% to 12.5% margin range.

Positive

  • Solid cash generation despite headwinds: Q1 2026 net cash from operations was $108.1 million and free cash flow was $78.1 million, supporting continued investment and share repurchases even as earnings softened.
  • Revenue growth on a reported basis: Net sales increased to $592.1 million, up 1.1% year over year, showing the business maintained top-line stability despite weaker currency-neutral performance.

Negative

  • Large GAAP net loss driven by investment mark-down: A $738.2 million loss from changes in the fair value of equity securities, including Sartorius AG, led to a Q1 2026 GAAP net loss of $527.1 million, or $(19.55) per diluted share, versus a $64.0 million profit a year earlier.
  • Deteriorating profitability on a non-GAAP basis: Non-GAAP income from operations fell to $39.3 million (6.6% margin) from $63.0 million (10.8%), and non-GAAP diluted EPS declined to $1.89 from $2.54, reflecting margin compression.
  • Reduced full-year 2026 outlook: Management now expects non-GAAP, currency-neutral revenue to range from a 3.0% decline to 0.5% growth and a non-GAAP operating margin of 10.0%–12.0%, down from prior targets of 0.5%–1.5% growth and 12.0%–12.5% margin.
  • Underlying currency-neutral revenue decline: Total currency-neutral revenue declined 4.2%, with Life Science segment revenue down 4.3% and Clinical Diagnostics down 4.1% on a currency-neutral basis, indicating weaker underlying demand.

Insights

Modest sales growth, a large investment-driven loss, and a reduced 2026 outlook create a clearly negative bias.

Bio-Rad delivered Q1 2026 revenue of $592.1 million, up 1.1% but down 4.2% on a currency-neutral basis, signaling underlying demand softness. Life Science revenue was essentially flat and Clinical Diagnostics grew 1.9% reported, yet both declined in currency-neutral terms, reflecting academic and geopolitical pressures.

The headline GAAP net loss of $527.1 million stems largely from a $738.2 million loss on equity securities, including Sartorius AG, rather than core operations. However, non-GAAP income of $50.9 million and EPS of $1.89 fell from $2.54, and free cash flow declined to $78.1 million, pointing to weaker profitability and cash generation.

The company cut its 2026 non-GAAP, currency-neutral revenue outlook to a 3.0% decline to 0.5% growth range and trimmed its expected non-GAAP operating margin to 10.0%–12.0% from 12.0%–12.5%. This guidance reset indicates a more challenging operating environment than previously anticipated and is likely to be interpreted as a negative development.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 net sales $592.1 million Total revenue, up 1.1% year over year
Q1 2026 GAAP net income (loss) $(527.1) million Includes $738.2 million loss on equity securities and loan receivable
Q1 2026 GAAP diluted EPS $(19.55) per share Versus $2.29 per diluted share in Q1 2025
Q1 2026 non-GAAP diluted EPS $1.89 per share Down from $2.54 per share in Q1 2025
Q1 2026 free cash flow $78.1 million GAAP operating cash flow of $108.1 million minus $30.0 million capex
Equity securities fair value loss $738.2 million Change in fair market value of equity securities and loan receivable in Q1 2026
2026 revenue outlook (non-GAAP, CN) -3.0% to +0.5% Expected full-year 2026 currency-neutral revenue growth range
2026 non-GAAP operating margin outlook 10.0%–12.0% Updated full-year 2026 non-GAAP operating margin expectation
currency-neutral revenue financial
"On a currency-neutral basis, sales decreased 4.2 percent compared to the same period in 2025"
non-GAAP financial
"The non-GAAP financial measures shown in the table above and discussed below exclude certain items"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
free cash flow financial
"Free cash flow (millions) | $ | 78.1 | | $ | 95.5"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
equity-method investments financial
"Gains (losses) on equity-method investments | (12.2) | | | | | 1.5"
An accounting approach for when a company owns a significant but non-controlling stake in another business, recording its share of that business's profits and losses on its own financial statements. Think of it like owning a meaningful slice of a pie: you don’t run the bakery, but you report your share of its daily sales and setbacks. It matters to investors because it changes reported earnings and asset values and signals meaningful influence over the other company’s performance.
In Vitro Diagnostics Regulation ("IVDR") regulatory
"European Union's In Vitro Diagnostics Regulation ("IVDR") for previously approved products"
effective tax rate financial
"The effective tax rate for the first quarter of 2026 was 23.6 percent"
The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.
Revenue $592.1 million +1.1% reported, -4.2% currency-neutral year over year
GAAP net income (loss) $(527.1) million vs. $64.0 million net income in Q1 2025
Non-GAAP net income $50.9 million vs. $71.0 million in Q1 2025
Non-GAAP diluted EPS $1.89 vs. $2.54 in Q1 2025
Free cash flow $78.1 million vs. $95.5 million in Q1 2025
Guidance

For full-year 2026, Bio-Rad expects non-GAAP, currency-neutral revenue to range from a decline of approximately 3.0% to growth of about 0.5%, and a non-GAAP operating margin of roughly 10.0% to 12.0%, down from its prior 12.0% to 12.5% margin outlook.

Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report:   April 30, 2026
(Date of earliest event reported)

BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)

Commission File Number: 001-07928
 
Delaware 94-1381833
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
 
1000 Alfred Nobel Dr.
Hercules, California 94547
(Address of principal executive offices, including zip code)
 
(510)724-7000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, Par Value $0.0001 per share BIO New York Stock Exchange
Class B Common Stock, Par Value $0.0001 per share 
BIO.B
 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐




ITEM 2.02    Results of Operations and Financial Condition

On April 30, 2026, Bio-Rad Laboratories, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information set forth under Item 7.01, Regulation FD Disclosure, concerning the Supplemental Earnings Presentation (as defined therein) is incorporated herein by reference.


ITEM 7.01    Regulation FD Disclosure

Also on April 30, 2026, the Company posted supplemental earnings materials with respect to its financial results for the quarter ended March 31, 2026 to its website (the “Supplemental Earnings Presentation”), which can be accessed at www.bio-rad.com in the Investor Relations section under the subheading "Events & Presentations". A copy of the Supplemental Earnings Presentation is furnished as Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.



ITEM 9.01    Financial Statements and Exhibits
Exhibit
Number 		 Description
99.1 
Press release of Bio-Rad Laboratories, Inc. dated April 30, 2026
99.2
Supplemental Earnings Presentation dated April 30, 2026
104.1Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  
  BIO-RAD LABORATORIES, INC.
   
Date:April 30, 2026By:/s/ Roop K. Lakkaraju
   Roop K. Lakkaraju
   Executive Vice President and Chief Financial Officer




Exhibit 99.1

Press Release

Bio-Rad Reports First-Quarter 2026 Financial Results

HERCULES, Calif.—April 30, 2026 -- Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results for the first quarter ended March 31, 2026.

Norman Schwartz, Bio-Rad’s Chairman and Chief Executive Officer, stated: "Our first-quarter results reflected our resolve in navigating a dynamic environment. Despite external headwinds including challenging academic end markets and conflict escalation in the Middle East, reported sales grew 1.1% year-over-year. Against this backdrop, we generated strong operating cash flow, $78 million in free cash flow, and repurchased approximately 176 thousand shares, highlighting the quality and long-term durability of our business. We continue to evaluate and optimize our organization to create more value for customers, and ultimately, shareholders."

Financial Results Highlights

GAAP Results
Q1 2026Q1 2025
Net sales (millions)
$592.1 $585.4 
Gross margin52.3 %52.3 %
Income from operations (millions)
$34.1 $23.7 
Net income (loss) (millions)$(527.1)$64.0 
Income (loss) per diluted share$(19.55)$2.29 
Net cash from operations (millions)
$108.1 $129.9 
Non-GAAP Results
Q1 2026Q1 2025
Net sales (millions)
$592.1 $585.4 
Gross margin53.1 %53.8 %
Income from operations (millions)
$39.3 $63.0 
Net income (millions)$50.9 $71.0 
Income per diluted share$1.89 $2.54 
Free cash flow (millions)
$78.1 $95.5 

The non-GAAP financial measures shown in the table above and discussed below exclude certain items detailed later in this press release under the heading “Use of Non-GAAP Reporting”. A reconciliation between historical GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release.

First-Quarter 2026 Results

First-quarter 2026 total net sales were $592.1 million, an increase of 1.1 percent compared to $585.4 million reported for the first quarter of 2025. On a currency-neutral basis, sales decreased 4.2 percent compared to the same period in 2025, driven by lower sales in both Life Science and Clinical Diagnostics segments.

Life Science segment net sales for the first quarter were $228.5 million, essentially flat compared to the same period in 2025. On a currency-neutral basis, Life Science segment sales decreased 4.3 percent compared to the same period in 2025. The currency-neutral year-over-year sales decrease was primarily driven by ongoing challenges in the academic research market, particularly in the Americas.

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Clinical Diagnostics segment net sales for the first quarter were $363.6 million, an increase of 1.9 percent compared to the same period in 2025. On a currency-neutral basis, Clinical Diagnostics segment sales decreased 4.1 percent compared to the same period in 2025. The currency-neutral year-over-year sales decrease was primarily driven by the recent escalation of regional conflicts in the Middle East.

During the first quarter of 2026, the company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net loss of $527.1 million, or $19.55 per share, on a diluted basis, compared to a net income of $64.0 million, or $2.29 per share, on a diluted basis, reported for the same period in 2025.

The effective tax rate for the first quarter of 2026 was 23.6 percent, compared to 23.3 percent for the same period in 2025. The effective tax rate reported in these periods was primarily affected by the change in fair market value of our equity securities as well as shifts in the geographical mix of earnings.

The non-GAAP effective tax rate for the first quarter of 2026 was 22.6 percent, compared to 20.6 percent for the same period in 2025. The higher rate in 2026 was driven by geographical mix of earnings.

Updated Full-Year 2026 Financial Outlook

Bio-Rad is updating its financial outlook for the full-year 2026. The Company currently expects non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, compared to its prior expectation of growth of approximately 0.5 to 1.5 percent. The Company also expects an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent compared to its prior estimate of approximately 12.0 to 12.5 percent.

Conference Call and Webcast

Management will discuss the company’s first quarter 2026 results and financial outlook in a conference call scheduled for 2:00 PM Pacific Time (5:00 PM Eastern Time) on April 30, 2026. To participate, dial (800) 715-9871 within the U.S., or (+1) (646) 307-1963 from outside the U.S., and provide access code: 9562470.

A live webcast of the conference call will also be available in the "Investor Relations" section of the company’s website under "Events & Presentations" at investors.bio-rad.com. A replay of the webcast will be available for up to a year.

BIO-RAD is a trademark of Bio-Rad Laboratories, Inc.

About Bio-Rad

Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 7,400 employees, and $2.6 billion in revenues in 2025. Our customers include universities, research institutions, hospitals, and biopharmaceutical companies, as well as clinical, food safety and environmental quality laboratories. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, visit bio-rad.com

Forward-Looking Statements

This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results; continuing to evaluate and optimize our organization to create more value for customers, and ultimately, shareholders; and for the full-year 2026: currently expecting non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, compared to our prior expectation of growth of approximately 0.5 to 1.5 percent; and expecting an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent compared
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to our prior estimate of approximately 12.0 to 12.5 percent. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "expect,” "estimate," "continue," “remain,” "believe," "anticipate," “target,” "will," "project," "assume," “plan,” "may," "intend," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include risks relating to our international operations; global economic and geopolitical conditions; tariffs or other trade barriers; reductions in government funding or capital spending of our customers; the uncertain pace of the biopharma sector’s recovery; international legal and regulatory risks; our ability to develop and market new or improved products; our ability to compete effectively; foreign currency exchange fluctuations; our ability to integrate acquired companies, products or technologies into our company successfully; supply chain issues; product quality and liability issues; changes in the healthcare industry; and natural disasters and other catastrophic events beyond our control. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.

Investor Contact:
Ruben Argueta, Investor Relations
510-741-6104
ir@bio-rad.com

Media Contact:
Anna Gralinska, Corporate Communications
510-741-6643
cc@bio-rad.com
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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income (Loss)
(In millions, except number of shares, which are reflected in thousands, and per share data)
(Unaudited)

Three Months Ended
March 31,
 20262025
Net sales$592.1 $585.4 
Cost of goods sold282.7 279.4 
Gross profit309.4 306.0 
Selling, general and administrative expense212.4 208.8 
Research and development expense62.9 73.5 
Income from operations34.1 23.7 
Interest expense12.3 12.0 
Foreign currency exchange gains, net(2.4)(2.7)
(Gains) losses from change in fair market value of equity securities and loan receivable738.2 (31.8)
Other income, net(24.2)(37.2)
Income (loss) before income taxes(689.8)83.4 
(Provision for) benefit from income taxes162.7 (19.4)
Net income (loss)$(527.1)$64.0 
Basic earnings (loss) per share:
Net income (loss) per basic share$(19.55)$2.29 
Weighted average common shares - basic26,958 27,941 
Diluted earnings (loss) per share:
Net income (loss) per diluted share$(19.55)$2.29 
Weighted average common shares - diluted26,958 27,955 

Note: As a result of the net loss for the three months ended March 31, 2026, all potentially issuable common shares have been excluded from the diluted shares used in the computation of earnings per share as their effect was anti-dilutive.


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BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In millions)

March 31,
2026		December 31,
2025
 (Unaudited)
Current assets: 
Cash and cash equivalents$507.2 $529.8 
Short-term investments1,057.5 1,010.9 
Accounts receivable, net426.2 460.6 
Inventories, net770.5 740.7 
Other current assets180.7 164.2 
        Total current assets2,942.1 2,906.2 
Property, plant and equipment, net527.5 539.9 
Operating lease right-of-use assets161.9 170.0 
Goodwill, net577.1 579.8 
Purchased intangibles, net166.8 174.3 
Other investments5,311.8 6,103.6 
Other assets102.8 102.7 
Total assets$9,790.0 $10,576.5 
Current liabilities:  
Accounts payable, accrued payroll and employee benefits$281.5 $301.3 
Current maturities of long-term debt and notes payable400.5 1.3 
Income and other taxes payable44.9 36.6 
Other current liabilities190.1 177.8 
        Total current liabilities917.0 517.0 
Long-term debt, net of current maturities802.9 1,201.7 
Other long-term liabilities1,218.8 1,404.2 
Total liabilities2,938.7 3,122.9 
Total stockholders’ equity6,851.3 7,453.6 
Total liabilities and stockholders’ equity$9,790.0 $10,576.5 

5

BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)

 Three Months Ended
 March 31,
 20262025
Cash flows from operating activities:  
Cash received from customers$614.1 $640.0 
Cash paid to suppliers and employees(515.8)(488.0)
Interest paid, net(22.4)(22.2)
Income tax payments, net(11.0)(7.9)
Other operating activities43.2 8.0 
Net cash provided by operating activities108.1 129.9 
Cash flows from investing activities:
Payments for purchases of marketable securities and investments(226.1)(153.4)
Proceeds from sales and maturities of marketable securities and investments162.8 190.7 
Other investing activities(29.9)(34.4)
Net cash provided by (used in) investing activities(93.2)2.9 
Cash flows from financing activities:  
Payments on long-term debt
(0.1)(0.1)
Payments for purchases of treasury stock(47.8)(101.9)
Other financing activities3.9 4.3 
Net cash used in financing activities(44.0)(97.7)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
5.9 (1.8)
Net increase (decrease) in cash, cash equivalents and restricted cash(23.2)33.3 
Cash, cash equivalents and restricted cash at beginning of period532.2 489.8 
Cash, cash equivalents and restricted cash at end of period$509.0 $523.1 
Reconciliation of net income (loss) to net cash provided by operating activities:  
Net income (loss)$(527.1)$64.0 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization40.9 38.1 
Reduction in the carrying amount of right-of-use assets9.7 10.1 
Share-based compensation15.0 15.3 
(Gains) losses from change in fair market value of equity securities and loan receivable738.2 (31.8)
Changes in working capital(15.1)38.2 
Changes in deferred income taxes(166.0)(0.8)
Other12.5 (3.2)
Net cash provided by operating activities$108.1 $129.9 
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Use of Non-GAAP Reporting

This press release includes GAAP financial measures as well as non-GAAP financial measures, which are not meant to be considered in isolation or as a substitute for comparable GAAP measures. We present certain non-GAAP financial measures to evaluate business performance, guide operating decisions, support forecasting and planning, and determine compensation. These measures exclude items outside normal operations, those difficult to forecast, isolated gains and losses not expected to recur predictably, related tax provisions or benefits, and significant discrete tax events. We believe these disclosures provide useful supplemental information that, while not a substitute for GAAP, enhance transparency, assist in evaluating operating results and future prospects in the same manner as management, and facilitate comparisons across periods and with peer companies.
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BIO-RAD LABORATORIES, INC.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In millions, except number of shares, which are reflected in thousands, and per share data)
(Unaudited)


Three Months EndedThree Months Ended
March 31, 2026% of revenueMarch 31, 2025% of revenue
GAAP cost of goods sold$282.7 $279.4 
Amortization of purchased intangibles(5.3)(4.4)
Restructuring benefits (costs) 0.1 (4.6)
Non-GAAP cost of goods sold$277.5 $270.4 

GAAP gross profit$309.4 52.3%$306.0 52.3%
Amortization of purchased intangibles5.3 4.4 
Restructuring (benefits) costs(0.1)4.6 
Non-GAAP gross profit$314.6 53.1%$315.0 53.8%

GAAP selling, general and administrative expense$212.4 $208.8 
Amortization of purchased intangibles(0.6)(0.6)
Restructuring benefits (costs) (0.1)(15.3)
European Union's IVDR(1.1)(1.1)
Non-GAAP selling, general and administrative expense$210.6 $191.8 

GAAP research and development expense$62.9 $73.5 
Acquisition related benefits (costs)(0.1)— 
Restructuring benefits (costs) 1.9 (13.3)
Non-GAAP research and development expense$64.7 $60.2 

GAAP income from operations$34.1 5.8%$23.7 4.0%
Amortization of purchased intangibles5.9 5.0 
Acquisition related (benefits) costs 0.1 — 
Restructuring (benefits) costs(1.9)33.2 
European Union's IVDR1.1 1.1 
Non-GAAP income from operations$39.3 6.6%$63.0 10.8%

GAAP (gains) losses from change in fair market value of equity securities and loan receivable$738.2 $(31.8)
Gains (losses) from change in fair market value of equity securities and loan receivable(738.2)31.8 
Non-GAAP (gains) losses from change in fair market value of equity securities and loan receivable$— $— 

GAAP other income, net$(24.2)$(37.2)
Gains (losses) on equity-method investments (12.2)1.5 
Non-GAAP other income, net$(36.4)$(35.7)

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GAAP income (loss) before income taxes$(689.8)$83.4 
Amortization of purchased intangibles5.9 5.0 
Acquisition related (benefits) costs 0.1 — 
Restructuring (benefits) costs(1.9)33.2 
European Union's IVDR1.1 1.1 
(Gains) losses from change in fair market value of equity securities and loan receivable738.2 (31.8)
(Gains) losses on equity-method investments 12.2 (1.5)
Non-GAAP income before income taxes$65.8 $89.4 

GAAP (provision for) benefit from income taxes$162.7 $(19.4)
Income tax effect of non-GAAP adjustments (177.6)1.0 
Non-GAAP provision for income taxes$(14.9)$(18.4)
GAAP net income (loss)$(527.1)(89.0)%$64.0 10.9%
Amortization of purchased intangibles5.9 5.0 
Acquisition related (benefits) costs0.1 — 
Restructuring (benefits) costs(1.9)33.2 
European Union's IVDR1.1 1.1 
(Gains) losses from change in fair market value of equity securities and loan receivable738.2 (31.8)
(Gains) losses on equity-method investments 12.2 (1.5)
Income tax effect of non-GAAP adjustments (177.6)1.0 
Non-GAAP net income$50.9 8.6%$71.0 12.1%

GAAP diluted income (loss) per share$(19.55)$2.29 
Amortization of purchased intangibles0.22 0.18 
Restructuring (benefits) costs(0.07)1.19 
European Union's IVDR0.04 0.04 
(Gains) losses from change in fair market value of equity securities and loan receivable27.35 (1.14)
(Gains) losses on equity-method investments 0.45 (0.05)
Income tax effect of non-GAAP adjustments (6.57)0.03 
Add back anti-dilutive shares0.02 — 
Non-GAAP diluted income per share$1.89 $2.54 

GAAP diluted weighted average shares used in per share calculation26,958 27,955 
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive33 — 
Non-GAAP diluted weighted average shares used in per share calculation26,991 27,955 

9



Three Months EndedThree Months Ended
March 31, 2026March 31, 2025
Reconciliation of free cash flow:
GAAP net cash provided by operating activities$108.1 $129.9 
Payments for property, plant, and equipment(30.0)(34.4)
Free cash flow$78.1 $95.5 

Currency-Neutral Revenue
Life Science segment revenue
Revenue growth (decline), reported— %(5.4)%
Change due to foreign exchange(4.3)%1.9 %
Currency-neutral revenue growth (decline)(4.3)%(3.5)%

Clinical Diagnostics segment revenue
Revenue growth (decline), reported1.9 %(3.2)%
Change due to foreign exchange(6.0)%3.1 %
Currency-neutral revenue growth (decline)(4.1)%(0.1)%

Total revenue
Revenue growth (decline), reported1.1 %(4.2)%
Change due to foreign exchange(5.3)%2.7 %
Currency-neutral revenue growth (decline)(4.2)%(1.5)%

Life Science segment revenue excluding process chromatography
Revenue growth (decline), reported1.0 %(7.5)%
Change due to foreign exchange(4.1)%2.0 %
Currency-neutral revenue growth (decline)(3.1)%(5.5)%


10



Explanations of Non-GAAP Adjustments

Amortization of purchased intangible assets: we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the terms of amortization can vary significantly and are unique to each acquisition. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations.

Acquisition-related amounts: we incur expenses or benefits with respect to certain items associated with our acquisitions, including professional fees for assistance with the transaction; valuation costs, integration costs, changes in the fair value of contingent consideration, and gains and losses on the settlement of pre-existing relationships with the acquired entity. We exclude such acquisition-related amounts because they have no direct correlation to the operation of our on-going business.

Restructuring charges: we incur costs associated with our restructuring actions, including termination benefits related to reductions in employee headcount and the closure or exit of facilities. We exclude the costs associated with these unique restructuring actions in order to provide comparability of our on-going operations with prior and future periods.

Impairment charges: we incur non-cash expenses associated primarily with impairment of long-lived assets including, but not limited to, goodwill, intangible assets and property, plant and equipment. By excluding these impairment charges, we believe this assists investors with evaluating our cash spending and analyzing our core operating performance period-over-period.

Gains and losses from change in fair market value of equity securities and loan receivable, and gains and losses on equity-method investments: Our net income (loss) is impacted by gains and losses from change in fair market value of equity securities and loan receivable, and gain and losses associated with our equity-method investments included in Other income, net. These gains and losses arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. By excluding these gains and losses, we believe this assists investors in evaluating our core operating performance period-over-period.

Significant litigation amounts and legal costs: we may incur charges or benefits, in connection with litigation and other contingencies and legal costs unrelated to our core operations. We exclude these litigation amounts, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of our on-going business and operating results.

European Union's IVDR: we incur incremental costs to comply with the European Union's In Vitro Diagnostics Regulation ("IVDR") for previously approved products.

Product portfolio rationalization related costs: we may incur charges associated with our product portfolio rationalization actions, including inventory write-downs, impairment of long-lived assets and accruals for contract termination or other exit-related costs. By excluding these one-time costs we believe this assists investors in evaluating our core operating performance period-over-period.

Income tax expense: we estimate the tax effect of the excluded items identified above to determine a non-GAAP annual effective tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and/or tax jurisdiction requires the application of a specific tax rate or treatment.

From time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.

Other Key Metrics

Free Cash Flow: we report free cash flow, which is operating cash flow excluding net capital expenditures, to provide a view of the continuing operations’ ability to generate cash for acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

11

Currency-Neutral Revenue: we report percentage sales growth/decline in currency-neutral amounts by calculating translated prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales.
12



2026 Financial Outlook

Forecasted non-GAAP operating margin excludes 89 basis points related to amortization of purchased intangibles. Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as foreign currency fluctuations, future gains or losses associated with certain legal matters, acquisitions and restructuring activities. We do not provide a reconciliation of our non-GAAP financial expectations to expectations for the most comparable GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquisition-related intangible assets, future acquisition-related expenses and benefits, future restructuring charges, future asset impairment charges, future valuation changes of equity-owned securities, future gains and losses on equity-method investments, future legal charges or benefits or future product portfolio rationalization related costs), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all.
13
Supplemental Earnings Results Presentation April 30, 2026 First Quarter 2026 Financial Results

 

2 Safe Harbor Some statements in this presentation may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding management’s goals, plans, and expectations, our future financial performance, our future financial projections, our growth strategy, and other matters. Forward looking statements generally can be identified by the use of forward-looking terminology such as, “anticipate,” “believe,” “expect,” “assume,” “continue,” “may,” “will,” “intend,” “estimate,” or similar expressions or the negative of those terms or expressions, although not all forward- looking statements contain these words. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Our actual results may differ materially from these plans and expectations. Undue reliance should not be placed on these forward-looking statements, and it is encouraged to review our SEC filings, where the risk factors in our business are discussed in detail. The forward-looking statements contained in this presentation reflect our views and assumptions only as of the date of this presentation. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change, so you should not rely on these forward-looking statements as representing our views as of any date other than the date of this presentation. In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this presentation also contains non-GAAP financial measures. Calculations of these measures, explanations of what these measures represent, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures can be found in the Appendix at the end of this presentation. In addressing various financial metrics, the presentation describes some of the factors that impacted year-over-year performance. For additional factors that impacted year-over-year performance, please refer to our earnings release and our SEC filings, which are available in the “Investor Relations” section of our web site under the subheadings “Financials/Financial Results” and “Quarterly Results."

 

Our Mission is to advance science and save lives, together

 

Q1 2026 GAAP Financial Results Revenue Gross Margin Operating Margin Net Cash From Operations $592M +1.1% -4.2% CN* 52.3% Flat 5.8% +180 bps $108M -$22M * Currency-Neutral Revenue: We report percentage sales growth/decline in currency-neutral amounts by calculating translated prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales.4 Change YoY

 

Q1 2026 Non-GAAP* Financial Results Revenue Gross Margin* Operating Margin* Free Cash Flow* $592M +1.1% -4.2% CN** 53.1% -70 bps 6.6% -420 bps $78M -$17M * Reconciliations to the comparable GAAP measure for the non-GAAP items shown above are detailed in the reconciliation table in Bio-Rad’s first quarter 2026 earnings release, and in the Appendix to this presentation. * * Currency-Neutral Revenue: We report percentage sales growth/decline in currency-neutral amounts by calculating translated prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales.5 Change YoY

 

6 Q1 2026 Business Segment Revenue and Geographic Mix $592M $592M Revenue by Business Segment Life Science 39% Clinical Diagnostics 61% Revenue by Region Americas 46% EMEA 35% APAC 19%

 

7 Life Science Segment Q1 2026 Revenue $229M Flat YoY -4.3% YoY CN* • Segment CN* results primarily driven by ongoing challenges in the academic research market, particularly in the Americas • CN* revenue decline in the Americas and EMEA partially offset by increased sales in Asia Pacific Life Science excluding Process Chrom +1.0% YoY -3.1% YoY CN Process Chrom Double Digit YoY CN Decline * Currency-Neutral Revenue: We report percentage sales growth/decline in currency-neutral amounts by calculating translated prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales. Geographic Revenue Mix Americas 46% EMEA 33% APAC 21% Product Revenue Mix

 

Clinical Diagnostics Segment Q1 2026 Revenue $364M +1.9% YoY -4.1% YoY CN* • Segment CN* results driven by the recent escalation of regional conflicts in the Middle East • CN* revenue decreased primarily in EMEA * Currency-Neutral Revenue: We report percentage sales growth/decline in currency-neutral amounts by calculating translated prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales. 8 Geographic Revenue Mix Americas 47% EMEA 36% APAC 17%

 

Balance Sheet Highlights March 31, 2026 December 31, 2025 Cash & Short-Term Investments Long-Term Debt, including current maturities Inventories, net Investment in Sartorius AG $1,565 $1,203 $771 $4,901 $1,541 $1,203 $741 $5,669 9 (In $ millions)

 

Updating Full-Year 2026 Outlook Non-GAAP Gross Margin** Non-GAAP Operating Margin** +1.0% to +2.0% $375M to $395M Clinical Diagnostics Revenue CN* YoY Revenue CN* YoY Growth Life Science Revenue CN* YoY Free Cash Flow** +0.5% to +1.5% 0.0% to +0.5% * Currency Neutral-Revenue: We report percentage sales growth/decline in currency-neutral amounts by calculating translated prior period sales in each local currency using the current period’s monthly average foreign exchange rates for that currency and comparing that to current period sales. **We do not provide a reconciliation of our non-GAAP financial expectations to expectations for the most comparable GAAP measure because the amount and timing of many future charges that impact these measures (such as amortization of future acquisition-related intangible assets, future acquisition-related expenses and benefits, future restructuring charges, future asset impairment charges, future valuation changes of equity-owned securities, future gains and losses on equity-method investments or future legal charges or benefits, or future product portfolio rationalization related costs), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. 54.0% to 54.5% 12.0% to 12.5% 10 Current Prior $290M to $340M -3.0% to +1.0% -3.0% to +0.5% -3.0% to -1.0% 53.0% to 54.0% 10.0% to 12.0%

 

Appendix

 

12 Use of Non-GAAP Financial Measures

 

13 Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

 

14 Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (continued)

 

15 Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (continued)

 

16 Explanations of Non-GAAP Adjustments

 

17 Other Key Metrics

 

18 2026 Financial Outlook

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Bio-Rad Laboratories (BIO) perform in Q1 2026?

Bio-Rad reported Q1 2026 net sales of $592.1 million, up 1.1% year over year, but down 4.2% on a currency-neutral basis. It posted a GAAP net loss of $527.1 million, mainly from investment fair value changes, while non-GAAP net income was $50.9 million.

What caused Bio-Rad’s large GAAP net loss in Q1 2026?

The Q1 2026 GAAP net loss of $527.1 million was primarily driven by a $738.2 million loss from changes in fair market value of equity securities and a loan receivable, including the company’s investment in Sartorius AG, rather than a collapse in core operating performance.

How did Bio-Rad’s non-GAAP earnings change versus Q1 2025?

Non-GAAP net income decreased to $50.9 million in Q1 2026 from $71.0 million a year earlier. Non-GAAP diluted EPS fell to $1.89 from $2.54, and the non-GAAP operating margin declined to 6.6% from 10.8%, reflecting weaker profitability.

What is Bio-Rad’s updated full-year 2026 revenue outlook?

For full-year 2026, Bio-Rad now expects non-GAAP, currency-neutral revenue to range from a decline of approximately 3.0% to growth of about 0.5%. This is lower than its prior outlook of roughly 0.5% to 1.5% growth, signaling a more cautious demand view.

What operating margin does Bio-Rad forecast for 2026?

Bio-Rad projects a non-GAAP operating margin of about 10.0% to 12.0% for 2026. This compares to its earlier estimate of approximately 12.0% to 12.5%, indicating expectations for lower profitability than previously anticipated amid current business conditions.

How strong was Bio-Rad’s cash flow in Q1 2026?

Operating cash flow in Q1 2026 was $108.1 million, down from $129.9 million in Q1 2025. Free cash flow totaled $78.1 million versus $95.5 million a year earlier, still providing meaningful cash generation to support operations and capital allocation.

How did Bio-Rad’s Life Science and Clinical Diagnostics segments perform?

In Q1 2026, Life Science revenue was $228.5 million, essentially flat reported but down 4.3% currency-neutral, pressured by academic markets. Clinical Diagnostics revenue reached $363.6 million, up 1.9% reported but down 4.1% currency-neutral, impacted mainly by conflict escalation in the Middle East.

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