Bio-Rad Lab-B | 10-Q: FY2025 Q3 Revenue: USD 653 M

Revenue: As of FY2025 Q3, the actual value is USD 653 M.

EPS: As of FY2025 Q3, the actual value is USD -12.7.

EBIT: As of FY2025 Q3, the actual value is USD 63.9 M.

Life Science Segment

• Net Sales: $261.8 million for Q3 2025, flat compared to $260.9 million in Q3 2024. On a currency neutral basis, sales decreased by 1.5% due to constrained academic research and biotech funding environment.
• Cost of Goods Sold: $115.9 million for Q3 2025, compared to $111.0 million in Q3 2024.
• Segment Profit: $145.9 million for Q3 2025, compared to $149.9 million in Q3 2024.
• Gross Margin: Decreased by approximately 1.7 percentage points compared to the same period last year, primarily due to higher material costs and reduced fixed manufacturing absorption.

Clinical Diagnostics Segment

• Net Sales: $391.2 million for Q3 2025, an increase of 0.6% compared to $388.8 million in Q3 2024. On a currency neutral basis, sales decreased by 1.8% due to lower reimbursement rates for diabetes testing in China.
• Cost of Goods Sold: $193.7 million for Q3 2025, compared to $182.8 million in Q3 2024.
• Segment Profit: $197.5 million for Q3 2025, compared to $206.0 million in Q3 2024.
• Gross Margin: Decreased by approximately 2.5 percentage points compared to the same period last year, primarily due to higher material costs and reduced fixed manufacturing absorption.

Cash Flow

• Operating Cash Flow: Net cash provided by operating activities was $367.3 million for the nine months ended September 30, 2025, compared to $331.0 million for the same period in 2024, primarily due to improved working capital.
• Free Cash Flow: Not explicitly stated, but net cash used in investing activities was $155.5 million for the nine months ended September 30, 2025, compared to $129.7 million for the same period in 2024, primarily due to the acquisition of Stilla Technologies.

Future Outlook and Strategy

• Core Business Focus: The company is focused on improving operating performance through restructuring plans, which include the consolidation of certain functions and relocation of operations to lower-cost locations. The restructuring plan is expected to be substantially completed by the end of 2025.
• Non-Core Business: The acquisition of Stilla Technologies is aimed at strengthening the company’s offering in droplet digital PCR and facilitating entry into new molecular testing markets.
• Priority: The company is prioritizing cost management and efficiency improvements in response to global economic uncertainties and reduced government spending, which are expected to continue impacting the business through the rest of 2025.