Bio-Rad's Mixed Year: Growth Amid Challenges

Bio-Rad, a big name in life science research and clinical diagnostics, just shared its financial results for 2025. The year was a bit of a rollercoaster. On one hand, they saw some growth in sales, especially in their Clinical Diagnostics segment. But on the other hand, their Life Science segment took a hit, mainly because of cuts in academic research and biotech funding. The company's CEO, Norman Schwartz, admitted that 2025 was tough. Geopolitical issues and funding pressures made things difficult. Even so, they managed to grow their revenue a bit and keep their cash flow strong. They also made a smart move by buying Stilla Technologies, which has helped boost their digital PCR products. Looking at the numbers, Bio-Rad's total sales for the fourth quarter of 2025 were up by 3. 9% compared to the same period in 2024. However, when you strip out currency effects, that growth drops to 1. 7%. The Life Science segment saw a decrease in sales, both in real terms and when adjusted for currency. The Clinical Diagnostics segment, though, did well, with an 8. 4% increase in sales.The company's net income for the fourth quarter was a whopping $720 million, thanks to a big change in the value of their investment in Sartorius AG. But they also had some losses due to the impairment of purchased intangibles. Overall, 2025 was a mixed bag for Bio-Rad. Looking ahead to 2026, Bio-Rad is expecting modest growth. They're forecasting non-GAAP, currency-neutral revenue growth of about 0. 5 to 1. 5%. Their operating margin is also expected to be around 12. 0 to 12. 5%. It's not a huge leap, but it's progress. Bio-Rad also made some big moves in 2025. They expanded their Droplet Digital PCR leadership by acquiring and integrating Stilla Technologies. They also advanced their clinical diagnostics strategy for oncology applications through partnerships with Gencurix and Biodesix. Plus, they got new product registrations in over 60 countries, which means more people can access their products. But it's not all smooth sailing. The company faces risks like global economic uncertainty, trade barriers, and changes in government funding. They also have to deal with competition, foreign currency fluctuations, and supply chain issues. Still, they're generating cash and making strategic moves to stay ahead.