# Bio-Rad Laboratories Inc. (BIO) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BIO/thesis · /stocks/BIO/memo

## Financial Snapshot

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source: coverage-next-full | ticker: BIO | step: "04" | created: 2026-05-29
---

### Step 04 — Financial Snapshot: Bio-Rad Laboratories Inc. (BIO)

#### GAAP P&L Summary (FY2021–FY2024E)

*All figures in USD millions except per-share*

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| **Revenue** | $3,025 | $2,802 | $2,580 | ~$2,380 |
| Life Science | $1,358 | $1,281 | $1,081 | ~$960 |
| Clinical Diagnostics | $1,667 | $1,521 | $1,499 | ~$1,420 |
| **Gross Profit** | ~$1,682 | ~$1,539 | ~$1,392 | ~$1,270 |
| **Gross Margin** | 55.6% | 54.9% | 54.0% | ~53.5% |
| **R&D Expense** | ~$304 | ~$274 | ~$253 | ~$225 |
| R&D / Revenue | 10.0% | 9.8% | 9.8% | ~9.5% |
| **SG&A Expense** | ~$804 | ~$719 | ~$666 | ~$610 |
| **Operating Income** | ~$575 | ~$546 | ~$474 | ~$435 |
| **Operating Margin** | 19.0% | 19.5% | 18.4% | ~18.3% |
| **Adjusted Operating Margin** | ~14–17% | ~13–15% | ~10–12% | ~9–11% |
| **Interest Income (Expense), net** | ~$15 | ~$35 | ~$55 | ~$65 |
| **Other income (expense) — Sartorius MTM** | +$4,211 | -$4,543 | -$2,100 | ~-$500 to +$500 |
| **Pre-tax Income** | ~$4,802 | -$3,963 | -$1,571 | ~varies |
| **Net Income (GAAP)** | ~$3,745 | -$3,246 | -$1,401 | ~varies |
| **Diluted EPS (GAAP)** | ~$124 | -$108 | -$47 | ~varies |
| **Adj. EPS (ex-Sartorius MTM)** | ~$15–20 | ~$12–18 | ~$8–12 | ~$7–12 |

**Critical Note on Sartorius Mark-to-Market:**
- Bio-Rad holds ~37.8M Sartorius AG ordinary shares, accounted for at fair value through P&L
- FY2021: Sartorius AG stock surged ~200%+ → ~$4.2B unrealized gain
- FY2022: Sartorius AG fell ~60%+ → ~$4.5B unrealized loss
- FY2023: Sartorius continued declining → ~$2.1B additional unrealized loss
- These swings make GAAP EPS effectively meaningless for fundamental analysis
- **Analysts and investors universally focus on Adjusted EPS (ex-Sartorius MTM)**

---

#### Segment Financial Performance

##### Life Science Segment

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Revenue | $1,358M | $1,281M | $1,081M | ~$960M |
| YoY Growth | +18.4% | -5.7% | -15.6% | ~-11% |
| Organic Growth | +15–17% | +4–7% | ~-16% | ~-9 to -12% |
| Segment Op. Income | ~$215M | ~$185M | ~$115M | ~$85M |
| Segment Op. Margin | ~15.8% | ~14.4% | ~10.6% | ~8.8% |

##### Clinical Diagnostics Segment

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Revenue | $1,667M | $1,521M | $1,499M | ~$1,420M |
| YoY Growth | +8.3% | -8.8% | -1.4% | ~-5% |
| Organic Growth | +5–8% | +0–3% | ~0–2% | ~0–2% |
| Segment Op. Income | ~$360M | ~$361M | ~$358M | ~$350M |
| Segment Op. Margin | ~21.6% | ~23.7% | ~23.9% | ~24.6% |

*Note: Segment operating income includes segment-allocated overhead; corporate unallocated costs excluded from segment margins*

---

#### Key Financial Metrics Timeline

##### Revenue & Profitability

| Period | Revenue | Op. Margin | Adj. EPS | FCF Margin |
|--------|---------|-----------|---------|-----------|
| FY2019 | $2,313M | ~12.5% | ~$8–10 | ~7–9% |
| FY2020 | $2,779M | ~16.5% | ~$12–15 | ~10–12% |
| FY2021 | $3,025M | ~19.0% | ~$15–20 | ~12–14% |
| FY2022 | $2,802M | ~19.5% | ~$12–18 | ~10–12% |
| FY2023 | $2,580M | ~18.4% | ~$8–12 | ~7–10% |
| FY2024E | ~$2,380M | ~18.3% | ~$7–12 | ~6–9% |

*Adj. EPS excludes Sartorius MTM, acquisition-related amortization, restructuring charges*

##### Revenue Decline Trajectory

```
FY2021 Peak: $3,025M
     ↓  -7.4%
FY2022: $2,802M
     ↓  -7.9%
FY2023: $2,580M
     ↓  ~-8%
FY2024E: ~$2,380M
```

**Total revenue decline from FY2021 peak to FY2024E trough:** ~-21%
**Revenue recovery scenario to FY2021 peak:** Would require ~+27% growth; likely 4–6 years at normalized growth

---

#### Balance Sheet Snapshot

*As of most recent reporting (FY2023/Q3 2024 approximate)*

| Metric | Value |
|--------|-------|
| Cash & Equivalents | ~$620–650M |
| Sartorius Stake (Fair Value) | ~$2,500–4,000M (market-dependent) |
| Total Assets | ~$6,500–8,500M (Sartorius-dependent) |
| Total Debt (Long-term) | ~$1,050–1,100M |
| Net Debt (ex-Sartorius) | ~$420–480M |
| Net Debt (inc. Sartorius at FV) | Net cash position by significant margin |
| Total Equity (GAAP) | ~$3,500–5,500M (Sartorius-dependent) |
| Book Value / Share | ~$115–185 (heavily Sartorius-influenced) |

**Balance Sheet Interpretation:**
- Excluding Sartorius, Bio-Rad has modest net debt (~$400–500M) relative to EBITDA
- Including the Sartorius stake, the company has significant net asset value
- Leverage is manageable; interest coverage remains comfortable even in trough conditions

---

#### Per-Share Metrics

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Diluted shares outstanding | ~30.2M | ~30.1M | ~29.9M | ~29.8M |
| GAAP EPS | +$124 | -$108 | -$47 | N/A |
| Adj. EPS (ex-MTM) | ~$17 | ~$14 | ~$10 | ~$8–12 |
| FCF per share | ~$12–16 | ~$10–14 | ~$7–10 | ~$6–9 |
| Book value per share | ~$150+ | ~$55 | ~$65 | ~$85–100 |

*Book value per share heavily influenced by Sartorius MTM fair value changes*

---

#### Important Accounting Notes

##### 1. Sartorius Mark-to-Market Treatment
- Bio-Rad adopted ASU 2016-01 (fair value through P&L for equity investments)
- Sartorius AG ordinary shares marked to market every quarter
- Unrealized gains/losses flow through the "Other income (expense)" line in the income statement
- This is a **non-cash item** — but it impacts GAAP EPS dramatically
- **For analysis purposes, always use Adjusted EPS or Operating Income (ex-Sartorius)**

##### 2. Restructuring Charges
- Bio-Rad announced restructuring programs in 2023–2024 targeting ~$60–100M annualized savings
- Restructuring charges (~$50–150M over 2023–2025) are one-time costs but occur regularly
- Targeted headcount reduction and real estate footprint rationalization

##### 3. Amortization of Acquired Intangibles
- Historical acquisitions (RainDance Technologies, etc.) generate amortization
- ~$50–80M annual intangible amortization runs through COGS and operating expenses
- Adjusted metrics typically add back acquisition-related amortization

##### 4. Revenue Recognition
- ASC 606 compliant; instruments recognized at point of delivery
- Reagent/consumable revenue recognized at shipment/delivery
- Service contract revenue recognized ratably over contract term
- No significant multiple-element arrangement complexity

---

#### Key Financial Ratios (FY2023, Approximate)

| Ratio | Value | Context |
|-------|-------|---------|
| P/E (GAAP) | N/M (loss year) | Not meaningful due to Sartorius MTM |
| P/E (Adjusted) | ~35–45x | Premium multiple for life science tools |
| EV/EBITDA | ~20–30x | Varies significantly with Sartorius stake backing |
| EV/Revenue | ~3.0–4.5x | Life science tools sector typical |
| Price/Book | ~2–3x | Distorted by Sartorius MTM |
| Gross Margin | 54.0% | Solid for diversified instruments/diagnostics |
| Adj. Operating Margin | ~10–12% | Depressed from FY2021 peak of ~17% |
| Net Debt / EBITDA | ~1.0–1.5x | Ex-Sartorius; manageable |
| FCF Conversion | ~60–75% of net income | Solid capital discipline |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BIO/fundamental

## Navigation

- Overview: /stocks/BIO
- Financials (this page): /stocks/BIO/financials
- Thesis: /stocks/BIO/thesis
- Investment Memo: /stocks/BIO/memo
- Coverage universe: /stocks