stockrowWhat it does
Bio-Rad Laboratories develops, manufactures and sells tools used in biological research and clinical testing. Headquartered in Hercules, the company is led by Chief Executive Officer Norman Schwartz.
Its Life Science business supplies instruments, reagents and consumables that laboratories use to separate, purify, characterize and measure biological materials such as cells, proteins and nucleic acids. Customers use those tools in research and drug development, as well as in biopharmaceutical manufacturing, quality control, food testing and science education. Reagents are substances used in laboratory procedures, while consumables are supplies that need replacing as work is performed.
The Clinical Diagnostics business supplies test systems, software, kits and quality controls to laboratories. Its products support tests performed outside the body on samples such as blood, tissue and urine. Diagnostic laboratories use these systems to identify or measure substances in patient samples and to check the quality of their test results.
Bio-Rad sells through its own commercial teams and uses distributors and agents in some markets. Its customers include universities, government agencies, biotechnology and pharmaceutical companies, hospitals and independent diagnostic laboratories. Both businesses operate worldwide. The company also holds an investment in Sartorius AG, a laboratory and process technology provider.
How it makes money
Bio-Rad earns revenue from product and service sales, intellectual property licenses and instrument rentals. Its products range from research instruments and laboratory supplies to integrated clinical testing systems. The company sells thousands of products and services, and does not disclose a numerical revenue breakdown for individual products and services.
In Life Science, laboratories buy tools to analyze biological materials, while biopharmaceutical customers also use the products in manufacturing and quality control. In Clinical Diagnostics, Bio-Rad supplies instruments, reagents and software as integrated systems for laboratory testing. Quality controls are its largest diagnostics franchise.
The diagnostics model includes ongoing sales after a system is installed. Laboratories generally standardize on testing platforms, and each sample processed can require additional test kits and consumables. Bio-Rad says much of its overall revenue is recurring because customers need consistent procedures for experiments and test results. It does not disclose a numerical recurring-revenue share.
Products compete on different attributes: some compete largely on performance, while others compete on price. In diagnostics, government reimbursement constrains many products; changes in laboratory reimbursement can also affect customers’ economics and purchasing decisions.
In the third quarter of 2026, Life Science sales decreased while Clinical Diagnostics sales increased. The Life Science decrease was primarily driven by lower process chromatography sales and academic research market challenges, partly offset by increased digital PCR instrument sales. Diagnostics growth was driven by the timing of orders in quality systems and diabetes products.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Clinical Diagnostics | $1.6 billion | 60.5% | 1.57% |
| Life Science | $1.0 billion | 39.5% | −0.68% |
| All Other Segments | $0.00 | 0.00% | −100.0% |
Customers and how it sells
Life Science customers include universities and medical schools, government agencies, industrial research organizations, pharmaceutical manufacturers, biotechnology companies and food producers and testing laboratories. Clinical Diagnostics customers include hospital, reference, transfusion and physician office laboratories. Some research customers depend substantially on government grants and contracts for funding.
Bio-Rad describes its customer base as broad and diversified. It has direct operations in countries outside the United States through subsidiaries focused on sales, service and distribution. Its direct commercial organization works alongside distributors, agents, brokers and resellers in international markets.
In 2025, the United States accounted for 39.6% of revenue and Europe for 34.1%. Asia contributed 19.9%, while other regions, primarily Canada and Latin America, accounted for 6.40%. Europe was the company’s largest international region.
Bio-Rad says its manufacturing capability in China for the local market is operational and has allowed it to participate in a broader range of tenders. It also says the operating environment there remains challenging because of preferences for domestic suppliers and pricing pressure. International sales are largely denominated in local currencies, so movements against the U.S. dollar affect reported sales.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| UNITED STATES | $1.0 billion | 39.6% | −1.81% |
| Europe | $881.8 million | 34.1% | 5.72% |
| Asia | $513.3 million | 19.9% | −1.59% |
| Other (primarily Canada and Latin America) | $165.4 million | 6.40% | −2.30% |
Suppliers and costs
Bio-Rad uses chemicals, biological materials, electronic components, metal and optical parts, and computing equipment in its products. Most materials and components are available from numerous sources, and the company generally had no difficulty securing adequate supplies in 2025. Some materials and components, however, come from a sole supplier; Bio-Rad does not name those suppliers.
The company manufactures goods in a small number of locations and ships them to local distribution facilities around the world. Its expenses include materials and manufacturing, sales and administration, and research and development. In 2025, higher material costs and reduced absorption of fixed manufacturing costs contributed to lower gross margins in both segments. Life Science margin was also affected by inventory write-offs following portfolio evaluations.
Consolidated gross margin declined in 2025 compared with 2024. Bio-Rad says elevated logistics costs persist and its planning assumes Middle East disruption will continue into 2027. In the third quarter of 2026, restructuring charges contributed to a decline in reported gross margin and higher selling, general and administrative expense.
- Revenue$2.6B
- Cost of revenue−$1.2B
- Selling, general and administrative−$844.3M
- Other operating costs−$448.4M
- Operating income$47.2M
Competitive position
Bio-Rad competes with companies ranging from early-stage businesses to multinational suppliers. In Life Science, its major competitors include Becton Dickinson, Danaher, Merck KGaA, Qiagen and Thermo Fisher Scientific. The competitors differ across products because Bio-Rad’s portfolio covers specialized lines. The company competes on performance specifications, technical support and the range of solutions it offers.
In Clinical Diagnostics, major competitors include Abbott Laboratories, Danaher, Roche, Siemens Healthineers and Thermo Fisher Scientific. Bio-Rad competes on attributes including quality, service and product portfolio. Laboratories generally standardize on testing platforms that combine instruments, reagents and consumables.
Our reading: Installed diagnostic systems provide a meaningful source of customer retention because laboratories standardize their workflows and continue buying supplies for each sample. This does not eliminate competition for laboratories or new system placements.
Bio-Rad owns U.S. and international patents, holds licenses from others and receives royalties from licensing its own intellectual property. It says its ability to develop and manufacture products depends primarily on its knowledge, technology and special skills rather than its patent, trademark and licensing positions.
Our reading: Technical knowledge and product breadth support differentiation across specialized applications, but the evidence does not establish a uniform advantage across all product lines. Patents contribute to its position, although the company places greater weight on its capabilities.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Becton Dickinson | Life science tools and clinical diagnostics | High |
| Danaher | Life science tools and clinical diagnostics | High |
| Merck KGaA | Life science products | Medium |
| Qiagen N.V. | Life science products | Medium |
| Thermo Fisher Scientific | Life science tools and clinical diagnostics | High |
| Abbott Laboratories | Clinical diagnostics | Medium |
| bioMérieux | Clinical diagnostics | Medium |
| DiaSorin | Clinical diagnostics | Medium |
Growth opportunities
Bio-Rad develops new products and applications for existing products, working with scientific and medical professionals across research and healthcare. The company estimates worldwide annual sales in the Life Science and targeted diagnostics markets it serves. These are Bio-Rad’s estimates of the markets served, not its own sales.
Its development priorities include clinical applications using digital PCR, a next-generation digital PCR system, oncology assays and AI capabilities. In the third quarter of 2026, the company launched the Chemidot Pro Western blot imaging system and expanded its Foresight Pro chromatography column portfolio to include Renuvia resins. Its digital PCR portfolio grew in the quarter, with instrument sales increasing while academic research conditions remained challenging.
Bio-Rad also invests in companies developing technologies that complement or expand its portfolio. It is interested in acquisitions of companies with revenue from $100.0 million to $500.0 million in diagnostics or life science tools, provided they offer customer differentiation and help it grow and improve margins.
The company expects the full realization of its restructuring savings starting in 2028. It says actions under the plan will take hold through the latter part of 2026 and throughout 2027. Bio-Rad also says it is focused on returning to positive growth in 2027, with guidance to follow at its year-end results.
- $2.9BFY2021
- $2.8BFY2022
- $2.7BFY2023
- $2.6BFY2024
- $2.6BFY2025
Structural risks
- Research and biopharma funding: Many Life Science customers depend on government grants and contracts. Reduced government spending and challenges among biopharma and small biotech customers have negatively affected Bio-Rad’s business. The company says U.S. academic and government funding conditions remain challenging.
- Reimbursement and pricing: Changes in healthcare reimbursement and cost-containment measures can reduce demand or put pressure on prices. Bio-Rad says updated Chinese healthcare guidelines are creating pricing pressure across the in vitro diagnostics market.
- Regulation: Diagnostic products require clearances and ongoing compliance. Regulatory action can include delayed approvals, operating restrictions, recalls or production shutdowns. The European Union’s diagnostic regulation imposes requirements for clinical evaluation, quality systems and post-market surveillance.
- Supply and disruption: Some components and materials come from sole suppliers. Bio-Rad also says logistics costs remain elevated and plans for Middle East disruption to continue into 2027. Natural disasters, conflict and other events can disrupt facilities, vendors and customers.
- Investment and currency exposure: International sales are largely denominated in local currencies and reported dollar sales suffer when the dollar strengthens. Changes in the fair market value of the Sartorius investment have also produced holding gains and losses in Bio-Rad’s results.
- Control: A significant majority of Bio-Rad’s voting stock is held by the Schwartz family, which could lead to conflicts of interest.
Leadership
The Schwartz family holds a significant majority of Bio-Rad’s voting stock.
| Name | Role | Since | Total pay, FY2025 |
|---|---|---|---|
| Norman SchwartzChief Executive Officer and | Chairman | — | $8.0 million |
| Roop K. LakkarajuExecutive | Vice President, Chief Financial Officer | — | $3.0 million |
| Jonathan P. DiVincenzoPresident and | Chief Operating Officer | — | $3.7 million |
| Rajat MehtaExecutive | Vice President, Global Commercial Operations | — | $2.7 million |
| James BarryExecutive | Vice President, President, Life Science Group | — | $2.6 million |
Bottom line
Our reading
Our reading: Bio-Rad combines research tools with a diagnostics business whose installed systems support repeat sales of kits and consumables. Its prospects depend on both laboratory adoption and spending by research and healthcare customers, while reimbursement pressure, funding constraints and supply disruptions can affect demand or costs. The Sartorius investment also makes reported results sensitive to changes beyond Bio-Rad’s operating businesses.