Bio‑Rad Laboratories reported third‑quarter 2025 revenue of $653.0 million, a 0.5 % increase from $649.7 million in the same quarter last year. Currency‑neutral sales fell 1.7 % year‑over‑year, reflecting softer demand in both the Life Science and Clinical Diagnostics segments.
Life Science net sales rose 0.3 % to $261.8 million, while Clinical Diagnostics net sales increased 0.6 % to $391.2 million. Both segments recorded currency‑neutral declines of 1.5 % and 1.8 % respectively, driven by constrained academic research funding and lower reimbursement rates for diabetes testing in China.
The quarter’s GAAP net loss of $341.9 million was largely attributable to a fair‑value adjustment of the company’s investment in Sartorius AG. Excluding this one‑time charge, Bio‑Rad’s non‑GAAP net income was $60.8 million, or $2.26 per diluted share, compared with $56.3 million ($2.02 per share) in the same period a year earlier.
Operating margin remained solid at 53.5 % on a non‑GAAP basis, supported by cost‑control initiatives and a favorable product mix that included strong double‑digit growth in process chromatography.
Management reiterated the full‑year 2025 outlook, projecting currency‑neutral revenue growth of 0‑1 % and a non‑GAAP operating margin of 12‑13 %. The company highlighted ongoing investments in digital PCR and process chromatography to drive future growth, while noting academic funding headwinds and tariff impacts as cautionary factors.
For context, Q2 2025 revenue was $651.6 million with a non‑GAAP net income of $71.0 million ($2.61 per share), and Q1 2025 non‑GAAP net income was $71.0 million ($2.54 per share). In addition, Bio‑Rad completed the acquisition of Stilla Technologies on June 30 2025 for $257.7 million, expanding its droplet digital PCR portfolio.
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