Bio-Rad Laboratories' 2024 Annual Report highlighted net revenue of $2.6 billion, a decrease from $2.7 billion in 2023. On a currency-neutral basis, 2024 sales decreased 3.6% year-over-year, primarily driven by lower Life Science sales, which was partially offset by stronger demand for Clinical Diagnostics products.
The company achieved a 30-basis point improvement in its gross margin compared to 2023, attributed to operational initiatives. These included the consolidation of several European manufacturing sites into its Singapore hub and the opening of a new distribution center in Singapore, aimed at simplifying logistics and improving product margins.
In 2024, Bio-Rad introduced new Life Science research platforms, such as the ChemiDoc™ Go Imaging System and the ddSEQ™ Single-Cell Kit. The company also acquired Saber Bio, a development-stage platform utilizing droplet technology for high-throughput discovery of novel antibodies and T-cell receptors.
Strategic investments and partnerships were made to drive the penetration of its Droplet Digital™ PCR platform. This included collaborating with Allegheny Health Network for minimal residual disease monitoring in solid tumor cancer patients and investing in Oncocyte and Geneoscopy to support the commercialization of transplant monitoring assays and FDA-approved colorectal cancer screening tests, respectively.
The report emphasizes Bio-Rad's strong positions in Clinical Diagnostics and its continued focus on the biopharma sector with digital PCR and process chromatography products. New product development around cell biology and ongoing operational improvements are expected to support margin expansion as market conditions normalize.
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