HERCULES, Calif.--(BUSINESS WIRE)--August 04, 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 for the second quarter ended June 30, 2026.
Norman Schwartz, Bio-Rad's Chairman and Chief Executive Officer, stated: "Second-quarter reported revenue was flat year-over-year, with growth in Clinical Diagnostics offset by continued softness in Life Science. Despite Life Science headwinds, our digital PCR instrument revenue grew more than 20%. EMEA returned to growth, aided by Middle East channel restocking amid continued volatility in the region. During the quarter, we generated $99 million in operating cash flow, and repurchased approximately $32 million of shares. We are reaffirming our full-year outlook, and remain focused on the discipline we believe will drive growth, durable margin expansion, and long-term shareholder value creation."
Financial Results Highlights
GAAP Results
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Q2 2026 Q2 2025
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Net sales (millions) $651.0 $651.6
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Gross margin 53.1% 53.0%
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Income from operations (millions) $ 72.6 $ 77.1
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Net income (millions) $371.4 $317.8
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Income per diluted share $13.85 $11.67
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Net cash from operations (millions) $ 98.7 $116.5
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Non-GAAP Results
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Q2 2026 Q2 2025
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Net sales (millions) $651.0 $651.6
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Gross margin 53.9% 53.7%
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Income from operations (millions) $ 81.1 $ 88.6
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Net income (millions) $ 70.2 $ 71.0
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Income per diluted share $ 2.62 $ 2.61
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Free cash flow (millions) $ 66.7 $ 70.8
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The non-GAAP financial measures shown in the table above and discussed below exclude certain items detailed later in this press release under the heading "Use of Non-GAAP Reporting". A reconciliation between historical GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release.
Second-Quarter 2026 Results
Second-quarter 2026 total net sales were $651.0 million compared to $651.6 million reported for the second quarter of 2025, essentially flat. On a currency-neutral basis, sales decreased 1.9 percent compared to the same period in 2025, driven by lower sales in Life Science segment.
Life Science segment net sales for the second quarter were $252.0 million, a decrease of 4.1 percent compared to the same period in 2025. On a currency-neutral basis, Life Science segment sales decreased 5.1 percent compared to the same period in 2025. The currency-neutral year-over-year sales decrease was primarily driven by ongoing challenges in the academic research market.
Clinical Diagnostics segment net sales for the second quarter were $399.0 million, an increase of 2.6 percent compared to the same period in 2025. On a currency-neutral basis, Clinical Diagnostics segment sales increased 0.3 percent compared to the same period in 2025. The currency-neutral year-over-year sales increase was primarily driven by growth in quality systems, diabetes and blood typing products, partially offset by lower sales of infectious disease products.
During the second quarter of 2026, the Company recognized a change in the fair market value of its investment in Sartorius AG, which substantially contributed to a net income of $371.4 million, or $13.85 per share, on a diluted basis, compared to a net income of $317.8 million, or $11.67 per share, on a diluted basis, reported for the same period in 2025.
The effective tax rate for the second quarter of 2026 was 31.5 percent, compared to 23.2 percent for the same period in 2025. The effective tax rate reported in these periods was primarily affected by the change in fair market value of our equity securities, shifts in the geographical mix of earnings and enactment of new tax legislation during the period.
The non-GAAP effective tax rate for the second quarter of 2026 was 18.3 percent, compared to 22.7 percent for the same period in 2025. The lower rate in 2026 was driven by geographical mix of earnings.
Full-Year 2026 Financial Outlook
For the full-year 2026, the Company continues to expect non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, and an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent.
Conference Call and Webcast
Management will discuss the Company's second quarter 2026 results and financial outlook in a conference call scheduled for 2:00 PM Pacific Time (5:00 PM Eastern Time) on August 4, 2026. To participate, dial (800) 715-9871 within the U.S., or (+1) (646) 307-1963 from outside the U.S., and provide access code: 9562470.
A live webcast of the conference call will also be available in the "Investor Relations" section of the Company's website under "Events & Presentations" at investors.bio-rad.com. A replay of the webcast will be available for up to a year.
BIO-RAD is a trademark of Bio-Rad Laboratories, Inc.
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 7,400 employees and $2.6 billion in revenues in 2025. Our customers include universities, research institutions, hospitals, and biopharmaceutical companies, as well as clinical, food safety and environmental quality laboratories. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, visit bio-rad.com
Forward-Looking Statements
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results; remaining focused on the discipline we believe will drive growth, durable margin expansion, and long-term shareholder value creation; and for the full-year 2026: currently continuing to expect non-GAAP, currency-neutral revenue to be in the range of a decline of approximately 3.0 percent to growth of approximately 0.5 percent, and an estimated non-GAAP operating margin of approximately 10.0 to 12.0 percent. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "expect," "estimate," "continue," "remain," "believe," "anticipate," "target," "will," "project," "assume," "plan," "may," "intend," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include risks relating to our international operations; global economic and geopolitical conditions; tariffs or other trade barriers; reductions in government funding or capital spending of our customers; the uncertain pace of the biopharma sector's recovery; international legal and regulatory risks; our ability to develop and market new or improved products; our ability to compete effectively; foreign currency exchange fluctuations; our ability to integrate acquired companies, products or technologies into our company successfully; supply chain issues; product quality and liability issues; changes in the healthcare industry; and natural disasters and other catastrophic events beyond our control. For further information regarding the Company's risks and uncertainties, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income (Loss)
(In millions, except number of shares, which are reflected in
thousands, and per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,