Bio-Rad Laboratories reported first-quarter 2025 net sales of $585.4 million, a 4.2% decrease compared to $610.8 million in Q1 2024. On a currency-neutral basis, quarterly sales decreased by 1.5%, primarily due to lower sales in the Life Science segment, which saw a 3.5% currency-neutral decline driven by ongoing challenges in the academic research market.
The Clinical Diagnostics segment experienced a 0.1% currency-neutral sales decrease, mainly from lowered reimbursements for diabetes testing in China, partially offset by increased demand for quality control products. Non-GAAP net income for Q1 2025 was $71.0 million, or $2.54 per diluted share, an increase from $65.3 million, or $2.30 per diluted share, in Q1 2024.
Bio-Rad updated its full-year 2025 financial outlook, now expecting non-GAAP currency-neutral revenue to range from approximately a 1.0% decline to 1.5% growth, a reduction from its prior estimate of 1.5% to 3.5% growth. The estimated non-GAAP operating margin was also revised down to approximately 10.0% to 12.0% from 13.0% to 13.5%, reflecting the evolving macroeconomic environment.
The GAAP net income for the first quarter of 2025 was $64.0 million, or $2.29 per share, significantly lower than $383.9 million, or $13.45 per share, reported for the same period in 2024. This substantial difference was primarily due to a change in the fair market value of the company's investment in Sartorius AG.
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