Bio-Rad Laboratories Inc

Latest Results (03.08.2026):

Bio-Rad Laboratories, Inc. reported results for the first quarter of 2026 (quarter ended March 31, 2026). Reported net sales were $592.1 million (up 1.1% year-over-year), but currency-neutral sales fell 4.2%. GAAP results showed a large net loss of $527.1 million (−$19.55 per diluted share) driven primarily by a change in the fair market value of an investment, while non-GAAP results showed net income of $50.9 million ($1.89 per diluted share). The company generated $78.1 million of free cash flow and updated its full-year 2026 non-GAAP revenue and margin guidance downward.

Revenue and trends

Total net sales: $592.1M (+1.1% reported, −4.2% currency‑neutral). Life Science sales: $228.5M (essentially flat; −4.3% currency‑neutral) with academic research weakness in the Americas. Clinical Diagnostics: $363.6M (+1.9% reported; −4.1% currency‑neutral) with regional headwinds from Middle East conflict.

GAAP vs. non‑GAAP profit

GAAP: net loss $(527.1)M, $(19.55) per diluted share, largely from a $738.2M charge for change in fair market value of equity securities/loan receivable (Sartorius AG investment). Non‑GAAP: net income $50.9M, $1.89 per diluted share; non‑GAAP income from operations $39.3M (6.6% margin) vs GAAP income from operations $34.1M (5.8% margin).

Margins

GAAP gross margin 52.3%; non‑GAAP gross margin 53.1%. Management excludes certain one‑time and non‑operational items (amortization, restructuring, fair‑value changes) to present non‑GAAP margins.

Cash flow and capital allocation

Net cash from operations $108.1M; free cash flow $78.1M (capex $30.0M). The company repurchased ~176,000 shares in Q1 and spent $47.8M on treasury stock.

Balance sheet highlights

Cash and cash equivalents $507.2M; short‑term investments $1,057.5M; other investments $5,311.8M (exposure that can drive fair‑value volatility). Total assets $9,790.0M and stockholders’ equity $6,851.3M. Current maturities of long‑term debt increased ($400.5M).

Updated full‑year 2026 outlook

Management now expects non‑GAAP, currency‑neutral revenue to be down ~3.0% to up ~0.5% (previously +0.5% to +1.5%). Estimated non‑GAAP operating margin is now ~10.0% to 12.0% (previously ~12.0% to 12.5%).

Drivers and risks mentioned

Management cited challenging academic end markets, escalation of regional conflicts in the Middle East, and fair‑value movements in equity investments as key near‑term headwinds. They continue organizational optimization efforts.