Bio-Rad Reports Third-Quarter 2026 Financial Results
BIO-RAD LABORATORIES, INC. (BIO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Press Release Bio-Rad Reports Third -Quarter 2026 Financial Results HERCULES, Calif.—November 4, 2026 -- Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results fo
How this was made
The 30-second read
Why it matters
The earnings release provides the first public disclosure of Q3 numbers and full‑year outlook.
Market read
The modest earnings beat and reaffirmed guidance suggest limited immediate price movement.
What to watch
The large one-time gain from Sartorius investment masks underlying operating performance.
Clinical Diagnostics returned the company to currency-neutral revenue growth while restructuring and impairment charges drove a GAAP operating loss.
Revenue increased 0.5% and currency-neutral revenue increased 0.7%, supported by Clinical Diagnostics, while Life Science declined and GAAP operating results included restructuring costs and an impairment of purchased intangibles. Non-GAAP operating margin expanded to 12.8% from 11.8%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total net salesGAAP | $656.4M | – | 0.5% |
| Q3 2026 total net salesnon-GAAP | $656.4M | – | 0.5% |
| Q3 2026 total currency-neutral revenue growthother | 0.7 percent | – | 0.7 percent |
| Q3 2026 gross profitGAAP | $328.6M | – | – |
| Q3 2026 gross marginGAAP | 50.1 % | – | – |
| Q3 2026 gross profitnon-GAAP | $357.8M | – | – |
| Q3 2026 gross marginnon-GAAP | 54.5 % | – | – |
| Q3 2026 income (loss) from operationsGAAP | −$49.7M | – | – |
| Q3 2026 operating marginGAAP | (7.6) % | – | – |
| Q3 2026 income from operationsnon-GAAP | $83.7M | – | – |
| Q3 2026 operating marginnon-GAAP | 12.8 % | – | – |
| Q3 2026 impairment of purchased intangiblesGAAP | $49.8M | – | – |
| Q3 2026 income (loss) before income taxesGAAP | $538.7M | – | – |
| Q3 2026 net income (loss)GAAP | $458.6M | – | – |
| Q3 2026 net incomenon-GAAP | $71.5M | – | – |
| Q3 2026 diluted income (loss) per shareGAAP | $ 17.02 | – | – |
| Q3 2026 non-GAAP diluted income per sharenon-GAAP | $ 2.65 | – | – |
| Q3 2026 effective tax rateGAAP | 14.9 percent | – | – |
| Q3 2026 non-GAAP effective tax ratenon-GAAP | 21.4 percent | – | – |
| Q3 2026 net cash provided by operating activitiesGAAP | $96.4M | – | – |
| Q3 2026 free cash flownon-GAAP | $65.2M | – | – |
| Nine months ended September 30, 2026 net salesGAAP | $1.90B | – | 0.5 % |
| Nine months ended September 30, 2026 gross profitGAAP | $983.8M | – | – |
| Nine months ended September 30, 2026 gross marginGAAP | 51.8% | – | – |
| Nine months ended September 30, 2026 income from operationsGAAP | $57M | – | – |
| Nine months ended September 30, 2026 non-GAAP income from operationsnon-GAAP | $204.1M | – | – |
| Nine months ended September 30, 2026 non-GAAP operating marginnon-GAAP | 10.7% | – | – |
| Nine months ended September 30, 2026 net incomeGAAP | $302.9M | – | – |
| Nine months ended September 30, 2026 non-GAAP net incomenon-GAAP | $192.6M | – | – |
| Nine months ended September 30, 2026 diluted income per shareGAAP | $ 11.25 | – | – |
| Nine months ended September 30, 2026 non-GAAP diluted income per sharenon-GAAP | $ 7.15 | – | – |
| Nine months ended September 30, 2026 net cash provided by operating activitiesGAAP | $303.2M | – | – |
| Nine months ended September 30, 2026 free cash flownon-GAAP | $210M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Life Science segmentThe currency-neutral year-over-year sales decrease was primarily driven by lower process chromatography sales and ongoing challenges in the academic research market partially offset by increased Droplet Digital™ PCR sales. | $254.6M | – | decrease of 2.8 percent |
| Clinical Diagnostics segmentThe currency-neutral year-over-year sales increase was primarily driven by growth in quality systems and diabetes products. | $401.8M | – | increase of 2.7 percent |
Full-Year 2026 outlook
- Revenuenon-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent
- Noteestimated non-GAAP operating margin of approximately 10.0 to 12.0 percent
- NoteForecasted non-GAAP operating margin excludes 83 basis points related to amortization of purchased intangibles.
Capital returns
- Payments for purchases of treasury stock for the nine months ended September 30, 2026: (79.3) (In millions), compared to (295.5) for the nine months ended September 30, 2025.
What drove it
- Total net sales increased 0.5%, or 0.7 percent on a currency-neutral basis, driven by higher sales in Clinical Diagnostics segment.
- Clinical Diagnostics currency-neutral sales increased 2.8 percent, primarily driven by growth in quality systems and diabetes products.
- Life Science currency-neutral sales decreased 2.4 percent, with increased Droplet Digital™ PCR sales partially offsetting lower process chromatography sales and ongoing challenges in the academic research market.
- Non-GAAP gross margin was 54.5 %, compared to 53.5 %, and non-GAAP operating margin was 12.8 %, compared to 11.8 %.
- The change in fair market value of the investment in Sartorius AG substantially contributed to GAAP net income of $458.6 million.
Concerns
- Life Science segment net sales decreased 2.8 percent and currency-neutral sales decreased 2.4 percent.
- GAAP gross margin was 50.1 %, compared to 52.6 %, and GAAP income (loss) from operations was $ (49.7) million, compared to $ 65.3 million.
- The quarter included $ 49.8 million of impairment of purchased intangibles and restructuring (benefits) costs of 77.2 in the reconciliation of GAAP income (loss) from operations to non-GAAP income from operations.
- Nine-month non-GAAP income from operations was $ 204.1 million, compared to $ 228.6 million, while non-GAAP operating margin was 10.7%, compared to 12.1%.
- Full-year 2026 outlook continues to permit a non-GAAP, currency-neutral revenue decline of approximately 3.0 percent.
What to watch
- Clinical Diagnostics growth in quality systems and diabetes products.
- Life Science demand trends, including process chromatography sales and the academic research market.
- Demand for Droplet Digital™ PCR instruments.
- Execution of transformation initiatives and the effect on non-GAAP operating margin.
- Delivery against the full-year 2026 non-GAAP, currency-neutral revenue range and non-GAAP operating-margin outlook.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $ 465.3 million; December 31, 2025: $ 529.8 million.
- Short-term investments at September 30, 2026: 1,199.0 (In millions); December 31, 2025: 1,010.9.
- Current maturities of long-term debt and notes payable at September 30, 2026: 400.9 (In millions); December 31, 2025: 1.3.
- Long-term debt, net of current maturities at September 30, 2026: 803.1 (In millions); December 31, 2025: 1,201.7.
- Total assets at September 30, 2026: $ 10,783.1 million; December 31, 2025: $ 10,576.5 million.
- Total liabilities at September 30, 2026: 3,180.1 (In millions); December 31, 2025: 3,122.9.
- Total stockholders’ equity at September 30, 2026: 7,603.0 (In millions); December 31, 2025: 7,453.6.
- Payments for purchases of property, plant and equipment, net of proceeds from dispositions for the nine months ended September 30, 2026: (93.2) (In millions), compared to (111.7) for the nine months ended September 30, 2025.
- Net cash used in investing activities for the nine months ended September 30, 2026: (305.8) (In millions), compared to (155.5) for the nine months ended September 30, 2025.
- Net cash used in financing activities for the nine months ended September 30, 2026: (73.2) (In millions), compared to (286.5) for the nine months ended September 30, 2025.
- Cash, cash equivalents and restricted cash at end of period for the nine months ended September 30, 2026: $ 467.1 million, compared to $ 398.2 million for the nine months ended September 30, 2025.
Analysis
Bio-Rad reported Q3 2026 total net sales of $ 656.4 million, compared to $ 653.0 million in Q3 2025. Reported sales increased 0.5%, and currency-neutral revenue increased 0.7 percent. The return to currency-neutral growth was driven by Clinical Diagnostics, where net sales were $401.8 million and increased 2.7 percent, or 2.8 percent on a currency-neutral basis.
The segment mix remained uneven. Life Science net sales were $254.6 million, down 2.8 percent, or down 2.4 percent on a currency-neutral basis. Management attributed the decline primarily to lower process chromatography sales and ongoing challenges in the academic research market, partly offset by increased Droplet Digital™ PCR sales. Clinical Diagnostics growth was primarily driven by quality systems and diabetes products.
Margins diverged sharply between GAAP and non-GAAP reporting. GAAP gross margin was 50.1 %, compared with 52.6 %, and GAAP income (loss) from operations was $ (49.7) million, compared with $ 65.3 million. The GAAP operating result included $ 49.8 million of impairment of purchased intangibles. Excluding specified items, non-GAAP gross margin expanded to 54.5 % from 53.5 % and non-GAAP operating margin expanded to 12.8 % from 11.8 %, which management linked to transformation initiatives.
GAAP net income was $ 458.6 million, or $ 17.02 per diluted share, versus a net loss of $ (341.9) million, or $ (12.70) per diluted share. The company said a change in the fair market value of its investment in Sartorius AG substantially contributed to the GAAP result. Non-GAAP net income was $ 71.5 million, or $ 2.65 per diluted share, compared with $ 60.8 million, or $ 2.26 per diluted share. Q3 free cash flow was $ 65.2 million, compared with $ 89.2 million.
For full-year 2026, Bio-Rad continues to expect non-GAAP, currency-neutral revenue ranging from a decline of approximately 3.0 percent to growth of approximately 0.5 percent and non-GAAP operating margin of approximately 10.0 to 12.0 percent. The principal reported execution markers are whether Clinical Diagnostics sustains growth, whether Life Science demand stabilizes, and whether margin benefits persist while the company manages restructuring, impairment, and market-related pressures.
Management, verbatim
Our third-quarter results reflect the steady progress we have been driving. We returned to currency-neutral revenue growth, led by Clinical Diagnostics and strong demand for our Droplet Digital™ PCR instruments. Excluding restructuring and impairment items, margins expanded, reflecting benefits of our transformation initiatives. The reprioritization of our R&D efforts is yielding new, differentiated products for our customers, and our progress gives us confidence in our 2026 outlook.
Norman Schwartz, Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is available.
- Quarterly sequential comparisons were not reported for revenue, segments, margins, earnings, earnings per share, operating cash flow, or free cash flow.
- Quarterly prior-year segment revenue amounts were not separately printed for Life Science and Clinical Diagnostics.
- Dividend declarations or dividend payments were not reported.
- No full-year 2026 guidance was provided for gross margin, operating expenses, or tax rate.
- No GAAP reconciliation for the full-year 2026 non-GAAP, currency-neutral revenue outlook was provided because the company stated future charges could not be reasonably predicted without unreasonable effort, if at all.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Bio‑Rad Laboratories filed a Form 8‑K reporting its third‑quarter 2026 financial results.
Ticker impact
BIO reported Q3 2026 results with modest revenue growth and reaffirmed full-year outlook.
likely modest pressure as guidance is reaffirmed
New earnings numbers are the first disclosure; modest growth and unchanged outlook typically limit upside.
Market effects
Life sciences diagnostics sector sees stable outlook with modest growth.
US biotech market may see limited movement.
Limited global impact beyond sector.
Counterpoint
Investors could view the flat guidance as a buying opportunity if the market overreacts.
Key entities
- companyBio‑Rad Laboratories, Inc.
Life science research and clinical diagnostics firm.
