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2 024 ANNUAL REPORT Bio-Rad Laboratories We advance science and save lives, together.
2024 F IN AN C IAL HI GHL I GHT S FINANCIAL HIGHLIGHTS Net Revenue (in millions) 2020 $ 2,546 2021 $ 2,923 2022 $ 2,802 2023 $ 2,671 2024 $ 2,566 Gross Profit (in millions) 2020 $ 1,438 2021 $ 1,638 2022 $ 1,567 2023 $ 1,427 2024 $ 1,379 Operating Income (in millions) 2020 $ 421 2021 $ 500 2022 $ 483 2023 $ 338 2024 $ 269 Cash Flow From Operations (in millions) 2020 $ 585 2021 $ 669 2022 $ 194 2023 $ 375 2024 $ 455
LE TTE R TO SHA REHOLD ERS Looking back over the last several years and all the changes we have seen, both internally and externally, I We entered the year anticipating a gradual improvement, especially in biopharma, but the pace of market recovery was slower than expected. While this created headwinds for our Life Science segment, we returned to a more normalized growth rate in our Clinical Diagnostics am reminded how important business. Even with the slower market recovery, resilience is to an organization. helped us effectively navigate the changing our broad-based, multi-year transformation In fact, looking back to the beginning of Bio-Rad conditions around us. and thinking how we have continuously adapted For the full-year 2024, we reported sales of to changing markets, new technology, and $2.6 billion compared to $2.7 billion in 2023. On new ways to operate over the last 70 plus a currency-neutral basis, 2024 sales decreased years, resilience and adaptability have played 3.6% year-over-year, driven by lower Life Science a big part in our success. At the same time, sales, and offset by stronger demand for our our commitment to quality and innovation, Clinical Diagnostics products. and a collective mindset of staying one step ahead, have enabled us to bring new and useful products to our customers. Compared to 2023, we saw a 30-basis point improvement in our gross margin. The gross margin expansion was possible because of 2024 was a year of change for Bio-Rad with initiatives including the consolidation of several the addition of several new senior leaders. The European manufacturing sites into our Singapore seasoned executives we have appointed to manufacturing hub and the opening of a new lead our operations, finance, supply chain, legal, distribution center in Singapore. Collectively, Life Science, and Clinical Diagnostics segments, these projects simplify our logistics network collectively bring decades of experience and and inventory management to better serve fresh ideas to the organization. Together, we are our customers in the Asia Pacific region. dedicated to enhancing customer satisfaction, Both initiatives will also help us improve operational excellence, and driving efficiency product margins going forward. And as while fostering a culture of innovation and we implement these and other operational continuous improvement. improvements, we continue to carefully manage our operating expenses. 1
L ETTER TO SHA R E HOL D E R S c o n t i n u e d On the product front, in 2024 we introduced In Life Science, we acquired Saber Bio, a two new Life Science research platforms development-stage platform using our core the ChemiDoc Go Imaging System for droplet technology for high-throughput discovery analyzing gels and western blots, and the of novel antibodies and T-cell receptors, which ddSEQ Single Cell Kit, a cost-effective play a critical role in helping researchers identify sample prep solution for researchers to easily potential therapeutic drug candidates. conduct single cell gene expression and regulation analyses. We also expanded our library of assays for use with Droplet Digital PCR to advance early diagnosis and monitoring of various cancers, cell and gene therapy manufacturing, and food safety monitoring. In addition, we made investments and formed partnerships to drive the penetration of our Droplet Digital PCR platform into life science research and advanced clinical OFFICERS Clockwise from top center: Norman Schwartz Chairman of the Board, Chief Executive Officer Jonathan P. DiVincenzo President, Chief Operating Officer Roop K. Lakkaraju Executive Vice President, Chief Financial Officer 2
LE TTE R TO SHAR E HO LD ER S conti nued diagnostics. We partnered with the Allegheny investing in supporting their growth while Health Network of hospitals to generate clinical building positions in new molecular diagnostic evidence across various cancer types using applications. In Life Science, we will continue to Bio-Rad s Droplet Digital PCR technology focus on the biopharma sector, especially with for minimal residual disease monitoring of our digital PCR and process chromatography solid tumor cancer patients after treatment. products, and new product development around We made an investment in Oncocyte to cell biology. support the commercialization of transplant monitoring assays deploying Bio-Rad s QX600 Droplet Digital PCR System, offering laboratory customers a highly sensitive alternative to centralized sequencing test providers. We also invested in Geneoscopy to support the The operational improvements made over the last several years put us in a position to continue to expand our margin profile. As the markets get back on a solid growth trajectory, this will further support our margin expansion. launch of their FDA-approved, non-invasive We have an incredibly talented team, several new colorectal cancer screening test utilizing our products in development, and we enter 2025 digital PCR platform. with renewed focus on our mission to collaborate Bio-Rad begins 2025 in a strong position. Our long-term strategy remains intact, and we believe with our customers in advancing science and improving healthcare outcomes to save lives. in our ability to deliver value to our customers. In Thank you for your support and interest in Clinical Diagnostics, we have leading positions Bio-Rad. globally for our core platforms. We are actively Norman Schwartz CHAIRMAN AND CHIEF EXECUTIVE OFFICER 3
 • shareholder letter icon 3/26/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/29/2023 BIO Stockholder Letter
 • stockholder letter icon 3/27/2024 BIO Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon BIO Benford's Law Stock Score = 62


BIO Shareholder/Stockholder Letter Transcript:

2 024 ANNUAL REPORT
Bio-Rad Laboratories
We advance science and save lives, together.

2024 F IN AN C IAL HI GHL I GHT S
FINANCIAL
HIGHLIGHTS
Net Revenue (in millions)
2020
$ 2,546
2021
$ 2,923
2022
$ 2,802
2023
$ 2,671
2024
$ 2,566
Gross Profit (in millions)
2020
$ 1,438
2021
$ 1,638
2022
$ 1,567
2023
$ 1,427
2024
$ 1,379
Operating Income (in millions)
2020
$ 421
2021
$ 500
2022
$ 483
2023
$ 338
2024
$ 269
Cash Flow From Operations (in millions)
2020
$ 585
2021
$ 669
2022
$ 194
2023
$ 375
2024
$ 455

LE TTE R TO SHA REHOLD ERS
Looking back over the last
several years and all the
changes we have seen, both
internally and externally, I
We entered the year anticipating a gradual
improvement, especially in biopharma, but
the pace of market recovery was slower than
expected. While this created headwinds for our
Life Science segment, we returned to a more
normalized growth rate in our Clinical Diagnostics
am reminded how important
business. Even with the slower market recovery,
resilience is to an organization.
helped us effectively navigate the changing
our broad-based, multi-year transformation
In fact, looking back to the beginning of Bio-Rad
conditions around us.
and thinking how we have continuously adapted
For the full-year 2024, we reported sales of
to changing markets, new technology, and
$2.6 billion compared to $2.7 billion in 2023. On
new ways to operate over the last 70 plus
a currency-neutral basis, 2024 sales decreased
years, resilience and adaptability have played
3.6% year-over-year, driven by lower Life Science
a big part in our success. At the same time,
sales, and offset by stronger demand for our
our commitment to quality and innovation,
Clinical Diagnostics products.
and a collective mindset of staying one step
ahead, have enabled us to bring new and
useful products to our customers.
Compared to 2023, we saw a 30-basis point
improvement in our gross margin. The gross
margin expansion was possible because of
2024 was a year of change for Bio-Rad with
initiatives including the consolidation of several
the addition of several new senior leaders. The
European manufacturing sites into our Singapore
seasoned executives we have appointed to
manufacturing hub and the opening of a new
lead our operations, finance, supply chain, legal,
distribution center in Singapore. Collectively,
Life Science, and Clinical Diagnostics segments,
these projects simplify our logistics network
collectively bring decades of experience and
and inventory management to better serve
fresh ideas to the organization. Together, we are
our customers in the Asia Pacific region.
dedicated to enhancing customer satisfaction,
Both initiatives will also help us improve
operational excellence, and driving efficiency
product margins going forward. And as
while fostering a culture of innovation and
we implement these and other operational
continuous improvement.
improvements, we continue to carefully
manage our operating expenses.
1

L ETTER TO SHA R E HOL D E R S c o n t i n u e d
On the product front, in 2024 we introduced
In Life Science, we acquired Saber Bio, a
two new Life Science research platforms
development-stage platform using our core
    the ChemiDoc    Go Imaging System for
droplet technology for high-throughput discovery
analyzing gels and western blots, and the
of novel antibodies and T-cell receptors, which
ddSEQ    Single   Cell Kit, a cost-effective
play a critical role in helping researchers identify
sample prep solution for researchers to easily
potential therapeutic drug candidates.
conduct single   cell gene expression and
regulation analyses.
We also expanded our library of assays for
use with Droplet Digital    PCR to advance early
diagnosis and monitoring of various cancers,
cell and gene therapy manufacturing, and food
safety monitoring.
In addition, we made investments and
formed partnerships to drive the
penetration of our Droplet Digital
PCR platform into life science
research and advanced clinical
OFFICERS
Clockwise from top center:
Norman Schwartz
Chairman of the Board,
Chief Executive Officer
Jonathan P. DiVincenzo
President,
Chief Operating Officer
Roop K. Lakkaraju
Executive Vice President,
Chief Financial Officer
2

LE TTE R TO SHAR E HO LD ER S conti nued
diagnostics. We partnered with the Allegheny
investing in supporting their growth while
Health Network of hospitals to generate clinical
building positions in new molecular diagnostic
evidence across various cancer types using
applications. In Life Science, we will continue to
Bio-Rad   s Droplet Digital PCR technology
focus on the biopharma sector, especially with
for minimal residual disease monitoring of
our digital PCR and process chromatography
solid tumor cancer patients after treatment.
products, and new product development around
We made an investment in Oncocyte to
cell biology.
support the commercialization of transplant
monitoring assays deploying Bio-Rad   s QX600   
Droplet Digital PCR System, offering laboratory
customers a highly sensitive alternative to
centralized sequencing test providers. We
also invested in Geneoscopy to support the
The operational improvements made over the
last several years put us in a position to continue
to expand our margin profile. As the markets get
back on a solid growth trajectory, this will further
support our margin expansion.
launch of their FDA-approved, non-invasive
We have an incredibly talented team, several new
colorectal cancer screening test utilizing our
products in development, and we enter 2025
digital PCR platform.
with renewed focus on our mission to collaborate
Bio-Rad begins 2025 in a strong position. Our
long-term strategy remains intact, and we believe
with our customers in advancing science and
improving healthcare outcomes to save lives.
in our ability to deliver value to our customers. In
Thank you for your support and interest in
Clinical Diagnostics, we have leading positions
Bio-Rad.
globally for our core platforms. We are actively
Norman Schwartz
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
3



shareholder letter icon 3/26/2025 Letter Continued (Full PDF)
 

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