BIO · Bio-Rad Laboratories, Inc.

Bio-Rad Laboratories announced first-quarter 2026 results showing reported net sales growth of 1.1% to $592.1 million, though currency-neutral sales declined 4.2%, reflecting foreign exchange headwinds. Life Science segment sales were essentially flat at $228.5 million on a reported basis but down 4.3% currency-neutral, primarily due to persistent challenges in the academic research market, especially in the Americas, with declines in Americas and EMEA partially offset by Asia Pacific growth. Process Chromatography saw double-digit currency-neutral declines. Clinical Diagnostics grew 1.9% reported to $363.6 million but fell 4.1% currency-neutral, impacted by recent Middle East conflict escalation affecting EMEA. GAAP gross margin held steady at 52.3%, while non-GAAP dipped to 53.1% from 53.8%. Operating income rose modestly to $34.1 million GAAP and $39.3 million non-GAAP, but a $738.2 million loss from the change in fair market value of the Sartorius AG investment drove a GAAP net loss of $527.1 million or $(19.55) per diluted share, versus $64.0 million income last year. Non-GAAP net income was $50.9 million or $1.89 per share. CEO Norman Schwartz highlighted strong operating cash flow of $108.1 million and $78.1 million free cash flow, enabling repurchase of 176 thousand shares amid dynamic conditions. The company updated its full-year 2026 outlook, lowering non-GAAP currency-neutral revenue expectations to a 3.0% decline to 0.5% growth from prior 0.5%-1.5% growth, and non-GAAP operating margin to 10.0%-12.0% from 12.0%-12.5%, signaling caution on demand and margins. Balance sheet remains solid with $1.6 billion in cash and short-term investments as of March 31, 2026, though Sartorius investment value dropped to $4.9 billion from $5.7 billion at year-end.