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Here are 1-3 brief analogies to describe Bio-Rad Laboratories:

• A more focused Thermo Fisher Scientific.
• The Intel inside every biotech and clinical diagnostics lab.
• The Cisco for scientific and medical research labs.

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• Life Science Research Instruments and Reagents: Provides a comprehensive range of systems, consumables, and reagents for cell biology, genomics, proteomics, and drug discovery research, including PCR, electrophoresis, western blotting, and chromatography solutions.
• Clinical Diagnostics Systems and Reagents: Offers instruments, software, and reagents for disease screening, monitoring, and diagnosis in areas such as diabetes, autoimmune diseases, infectious diseases, and blood typing.

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Company: Bio-Rad Laboratories (BIO)

Bio-Rad Laboratories sells primarily to other companies and institutions, rather than directly to individuals. Due to the highly diversified nature of its customer base across the life science research and clinical diagnostics markets, Bio-Rad does not publicly disclose specific "major customer companies" that account for a significant portion of its revenue. Its sales are typically fragmented across thousands of laboratories and institutions globally.

Instead, Bio-Rad's customer base consists of a broad array of organizations within the following categories:

• Pharmaceutical Companies: These companies utilize Bio-Rad's tools and reagents for drug discovery, development, and quality control.
• Biotechnology Companies: Similar to pharmaceutical companies, biotech firms use Bio-Rad products for research, development, and manufacturing processes.
• Hospitals and Clinical Diagnostic Laboratories: These entities use Bio-Rad's diagnostic products for disease detection, monitoring, and patient management.
• University and Research Institutions: Academic and government-funded laboratories are significant customers, using Bio-Rad's life science products for fundamental and applied research.
• Public Health Laboratories: These labs use diagnostic solutions for public health surveillance and disease control.
• Food Safety Companies: Organizations involved in food production and safety testing use Bio-Rad products for detecting contaminants and ensuring quality.
• Environmental Quality Control Companies: These firms utilize Bio-Rad's solutions for environmental monitoring and testing.

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Norman Schwartz has served as Bio-Rad Laboratories' President and Chief Executive Officer since 2003 and as Chairman of the Board since 2012. He is the son of David and Alice Schwartz, who co-founded Bio-Rad in 1952. He was Vice President from 1989 to 2002, Group Manager, Life Science, from 1997 to 2002, and Group Manager, Clinical Diagnostics, from 1993 to 1997.

Roop K. Lakkaraju was appointed Executive Vice President and Chief Financial Officer of Bio-Rad Laboratories, effective April 15, 2024. Prior to joining Bio-Rad, he served as Executive Vice President and CFO at Benchmark Electronics since 2018. He has also held CFO and senior operational roles at other multinational companies including Support.com and Solectron. Mr. Lakkaraju began his career as an auditor with Grant Thornton and PricewaterhouseCoopers.

Jonathan DiVincenzo serves as the President and Chief Operating Officer of Bio-Rad Laboratories.

Rajat Mehta holds the position of Executive Vice President, Global Commercial Operations at Bio-Rad Laboratories.

Colleen Corey is the Executive Vice President, Global Human Resources at Bio-Rad Laboratories.

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The key risks to Bio-Rad Laboratories' business include its significant dependence on customer funding, the inherent challenges and exposures of its extensive international operations, and intense competition coupled with the ongoing necessity for new product innovation.

The most significant risk stems from Bio-Rad Laboratories' substantial reliance on government grants and research contracts for funding among many of its customers, particularly within its Life Science segment. Reductions in government funding or capital spending by customers directly impact the company's sales. This dependence was recently evidenced by a currency-neutral sales decrease in the Life Science segment due to a constrained academic research and biotech funding environment.

A second major risk involves the complexities and exposures associated with Bio-Rad's extensive international operations. A substantial portion of the company's sales are generated globally, making it vulnerable to various international risks such as fluctuations in foreign currency exchange rates, changes in governmental regulations, import restrictions, and broader global economic and geopolitical conditions.

Finally, the highly competitive markets in which Bio-Rad Laboratories operates, alongside the continuous need for developing and marketing new or improved products, represent a crucial ongoing risk. The company's ability to compete effectively and innovate is vital for sustained success, with reports also highlighting potential gross margin compression if sales volumes and pricing do not stabilize.

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• Spatial Biology and Advanced Single-Cell Analysis Platforms: Companies like 10x Genomics, NanoString Technologies, and Resolve Biosciences are rapidly advancing and commercializing platforms that allow researchers to analyze gene expression and protein levels with spatial resolution within tissues or at unprecedented single-cell depth. These integrated systems provide richer and more comprehensive biological insights compared to traditional bulk analysis methods (such as qPCR and Western blotting) and basic cell analysis tools that constitute a significant portion of Bio-Rad's life science research segment. As these sophisticated platforms gain wider adoption and become more integrated into standard research workflows, they could shift research funding and experimental design preferences away from Bio-Rad's core offerings, potentially diminishing demand for their instruments and reagents in these areas.
• CRISPR-based Molecular Diagnostics: Emerging companies, including Sherlock Biosciences and Mammoth Biosciences, are developing diagnostic tests that leverage CRISPR technology for highly sensitive, specific, and rapid detection of pathogens, genetic mutations, and various biomarkers. These innovative platforms offer the potential for simplified workflows, lower costs, and faster turnaround times compared to traditional molecular diagnostic methods (e.g., PCR-based tests) and some immunoassay formats that are central to Bio-Rad's clinical diagnostics portfolio. If these CRISPR-based solutions achieve widespread adoption in clinical settings, they could disrupt Bio-Rad's market share in molecular diagnostics and infectious disease testing by offering more efficient and potentially decentralized alternatives.

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Bio-Rad Laboratories operates in two primary segments: Life Science and Clinical Diagnostics.

Life Science Segment

Bio-Rad's Life Science segment provides instruments, software, consumables, and reagents for areas such as cell biology, gene expression, protein purification, protein quantitation, drug discovery, food safety, and science education. These products are based on technologies for separating, purifying, identifying, analyzing, and amplifying biological materials. Bio-Rad estimates the worldwide sales for products in the markets they serve within the Life Science segment to be approximately $19 billion.

• Electrophoresis Products: The global market for electrophoresis products (equipment and supplies) was valued at approximately $2.0 billion in 2024 and is projected to reach $3.0 billion by 2033. Other estimates place the global electrophoresis market at $3.29 billion in 2024, projected to reach $4.49 billion by 2030.
• Polymerase Chain Reaction (PCR) Technologies: The global PCR technologies market size was valued at approximately $15.69 billion in 2023 and is expected to rise to $31.37 billion by 2032. Another source estimated the global polymerase chain reaction market size at $18.04 billion in 2025, forecasted to reach approximately $31.65 billion by 2034.
• Chromatography Products: The global chromatography market, including instruments and consumables, was valued at $11.53 billion in 2024 and is projected to reach $22.35 billion by 2035. Specifically, the global chromatography instruments market size was estimated at $9.82 billion in 2023 and is projected to reach $13.80 billion by 2030. The global chromatography accessories & consumables market was valued at $6.10 billion in 2025 and is projected to reach $8.74 billion by 2030. The global chromatography columns market size was valued at $13.16 billion in 2024 and is projected to reach $21.46 billion by 2032.
• Immunoassays (Life Science applications): While Bio-Rad offers immunoassays across both segments, the global immunoassay market was valued at $35.0 billion in 2023 and is projected to reach $61.6 billion by 2033.

Clinical Diagnostics Segment

Bio-Rad's Clinical Diagnostics segment designs, manufactures, markets, and supports test systems, informatics systems, test kits, and specialized quality controls for clinical laboratories in the global diagnostics market. This includes products for blood transfusion, diabetes monitoring, autoimmune, and infectious disease testing. Bio-Rad estimates the worldwide sales for products in the markets they serve within the Clinical Diagnostics segment to be approximately $16 billion.

• Quality Controls: The global In Vitro Diagnostics (IVD) quality control market was valued at $1.58 billion in 2024 and is projected to reach $2.15 billion by 2030. Another report indicates the global IVD quality control market size was $1.3 billion in 2023 and is set to register growth to $1.9 billion by 2032.
• Immunohematology / Blood Typing Products: Specific global market size for immunohematology or blood typing products was not explicitly found. However, it falls under the broader Clinical Diagnostics market.
• Infectious Disease Testing: This is a significant application area for immunoassays and PCR technologies. The infectious disease application in the immunoassay industry alone held a 66.10% share of the immunoassay market in 2024.
• Diabetes Monitoring/Testing: The global diabetes care devices market size was valued at $34.28 billion in 2024 and is expected to reach $66.82 billion by 2032. The global blood glucose monitoring system market size was valued at $17.20 billion in 2024 and is projected to grow to $27.73 billion by 2032.
• Immunoassays (Clinical Diagnostics applications): The global immunoassay market size was valued at $35.0 billion in 2023 and is projected to reach $61.6 billion by 2033.

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Bio-Rad Laboratories (BIO) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, the expansion and innovation of its Droplet Digital PCR (ddPCR) platforms, continued growth in its process chromatography and food safety businesses, and geographical market expansion.

1. Expansion and Innovation in Droplet Digital PCR (ddPCR)

Bio-Rad's Droplet Digital PCR (ddPCR) technology is a significant growth driver. The company has recently expanded its ddPCR offering through the acquisition of Stilla Technologies and the launch of new platforms like the QX Continuum™ ddPCR system and the QX700™ series. These new instruments, along with an expanded portfolio of assays, reagents, and software, are designed to extend Bio-Rad's presence in genomics research and applied science markets, including oncology, infectious disease, genetic research, environmental testing, cell and gene therapy, and biopharma quality control workflows. Continued investment in refining operations, including lean initiatives and proactive cost management, also supports the growth potential of these advanced ddPCR products.

2. Growth in Process Chromatography Business

The process chromatography business has shown strong growth, with increased sales contributing to Bio-Rad's performance in recent quarters. This segment is expected to normalize to high single-digit growth in 2026, indicating continued positive contributions to revenue. The company is actively launching new products within this area, such as Nuvia wPrime 2A Media and Foresight Pro Prepacked Chromatography Columns, aimed at biomolecule purification and biotherapeutic production.

3. Strategic Acquisitions and Partnerships

Mergers and acquisitions play a vital role in Bio-Rad's expansion strategy, allowing the company to acquire complementary businesses or technologies to accelerate growth, gain specialized expertise, and consolidate market share. The recent acquisition of Stilla Technologies, which expanded Bio-Rad's ddPCR offering, exemplifies this strategy. Additionally, strategic partnerships, such as the extended agreement with Gencurix for ddPCR IVD oncology kits in Europe, are expected to expand market availability and contribute to revenue.

4. Geographical Market Expansion

Bio-Rad is actively pursuing geographical expansion, particularly in rapidly developing economies such as Asia-Pacific and Latin America, to capitalize on the increasing demand for life science research tools and clinical diagnostic products. This strategy includes establishing stronger distribution networks and direct sales operations to reach a broader customer base.

5. New Product Launches and Diversification in Clinical Diagnostics and Food Safety

Beyond ddPCR, Bio-Rad continues to diversify its revenue streams through new product launches across its Life Science and Clinical Diagnostics segments. In 2024, the company introduced numerous products, including oncology assay updates, new gene therapy kits, expanded tools for flow cytometry and cell research, and advancements in single-cell and digital PCR technology. The company is also strengthening its position in food safety with products like the dd-Check STEC Solution and EZ-Check Salmonella spp. Kit. While the Clinical Diagnostics segment has experienced some flatness due to factors like lower reimbursement rates in China, it is projected to return to growth in the fourth quarter of 2025, driven by the annualization of the China reimbursement headwind and expected revenues from its quality controls portfolio.

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Share Repurchases

• Bio-Rad's board of directors approved a new share repurchase program in July 2023, authorizing the company to repurchase up to $500 million of its outstanding common stock. This followed the completion of a prior share repurchase program.
• In July 2024, the available amount under the 2023 Share Repurchase Program was increased by an additional $500 million, making approximately $578 million available for repurchases as of July 31, 2024.
• By the third quarter of 2025, Bio-Rad completed a significant share repurchase totaling over $715 million under its ongoing buyback program.

Share Issuance

• Bio-Rad Laboratories' shares outstanding have shown a decline over the last few years, with 2024 shares outstanding at 0.028 billion, a 3.41% decrease from 2023. This trend continued into Q3 2025, with shares outstanding at 0.027 billion, representing a 3.79% year-over-year decline.

Outbound Investments

• In August 2022, Bio-Rad acquired Curiosity Diagnostics, a developer of technology solutions for rapid, automated detection of infections using PCR assays.
• In February 2025, Bio-Rad announced its intent to acquire Stilla Technologies, a developer of digital PCR solutions, to enhance its digital PCR product portfolio. This acquisition was expected to close by the end of the third quarter of 2025.
• During 2024, Bio-Rad made strategic investments to expand its Droplet Digital PCR platform, including investments in Geneoscopy for colorectal cancer screening and Oncocyte for transplant monitoring assays. The company also acquired Saber Bio as part of its cell biology product development strategy.