On this page of StockholderLetter.com we present the latest annual shareholder letter from BIO-RAD LABORATORIES, INC. — ticker symbol BIO. Reading current and past BIO letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2024 Letter Continued (Full PDF)
 •  3/29/2023 BIO Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  BIO Benford's Law Stock Score = 93

BIO Shareholder/Stockholder Letter Transcript:

We advance science
& save lives,
together.
Bio-Rad Laboratories
2023 A N N UA L R E P O R T

D                       Z                                             
NET REVENUE
GROSS PROFIT


















2023
$ 2,671
2023
$ 1,427
CASH FLOW FROM OPERATIONS
OPERATING INCOME


















2023
$ 375
2023
$ 338

Letter to Shareholders
As I reflect on the past year, we navigated difficult terrain that
called for resilience and adaptability in the face of rapidly
shifting market dynamics. The challenges we encountered
primarily impacted our biopharma-related business, including
biopharma production, biopharma research, and emerging
biotech. While we saw year-over-year declines in our sales
related to each of these markets, the drivers of those declines
varied across the segments.
During 2023, biopharma produc-
Looking at other drivers of our
tion began to adjust to post-
topline performance in 2023,
pandemic product demand. In
the continued softness in China,
biopharmaceutical research, we saw

resets in development programs
sales, as well as other geopolitical
and reallocations of resources. The

emerging biotech sector also hit a

rough patch in 2023, with a number
were approximately $2.7 billion, a
of biotech funding sources drying up
decline of 4.1% on a currency-neutral
and higher interest rates combining
basis when compared to the prior
to dampen investments in research.
year. At the same time, we performed
While navigating what we consider
to be transient challenges during the
past year, we continued to expand
well on operating expenses, which
2022.
our presence in these biopharma
The last four years have been
market subsegments and are still
challenging to navigate. For us,

it is useful to look back to 2019,
outlook.

pandemic, and 2023, the first year
post pandemic, to measure the
B i o - R a d L a b o r a to r i e s | 2 0 2 3 A n n u a l R e p o r t : 1

Letter to Shareholders
growth of our business excluding the
measured by the reduction in selling,

general and administrative expenses,
this period. This provides a clearer
which have dropped from 35.7% to
picture of our company   s underlying
31.5% of sales over the same period.
performance. Between 2019 and
2023, and adjusting for currency
translations, we grew our combined
life science and clinical diagnostics
revenue at a compound annual
growth rate of 4.6%.

has touched many parts of our
operations. Last year, we completed
our transition to a single enterprise
resource planning (ERP) system,
consolidated our manufacturing

and distribution sites, streamlined

our research and development
our operational transformation as
functions, and initiated several new
   23
PRODUCT HIGHLIGHTS
2 : B i o - R a d L a b o r a to r i e s | 2 0 2 3 A n n u a l R e p o r t
QX600    Droplet
Digital    PCR (ddPCR   )
StarBright    Dyes and
Antibody Libraries
Advanced minimal residual
Continued to expand libraries
disease (MRD) research
of StarBright dyes for flow
through several industry
cytometry in immunology
collaborations leveraging
research, and antibodies
Bio-Rad   s QX600 Droplet
for the development of
Digital PCR (ddPCR) system
bioanalytical assays used in
featuring a simple user
preclinical and clinical drug
workflow and robust data
development.
analysis.

Letter to Shareholders
platform developments. While we
markets that we operate in are stable
have accomplished a lot over the
and sustainable for the long term.
past several years, there are still more
We are particularly well-positioned
opportunities for improvement.
to capture existing and emerging
Looking forward, we expect 2024
to be a year where we begin the
return to    normal.    It will likely be
a slow, gradual recovery given the
ongoing challenging geopolitical
environment, above-average interest
rates, and inflationary pressures.
opportunities in the rapidly growing
biopharma, bioprocessing and
molecular diagnostics market
segments while making meaningful
contributions to advancing science
and saving lives.
I cannot think of a better place to be.
Z                _                                                    
life science and clinical diagnostics
Norman Schwartz
PRESIDENT AND CEO
CFX Opus Deepwell Dx
Real-Time PCR System
IH-500    NEXT
Introduced the CFX Opus
PTC Tempo 96 and
PTC Tempo Deepwell
Thermal Cyclers
fully automated blood typing
Introduced the ddPCR
Deepwell Dx Real-Time PCR
Launched the PTC Tempo 96
system with enhanced features
Microsatellite Instability (MSI)
System offering researchers
and PTC Tempo Deepwell
for routine blood testing.
Kit and supporting software
efficient, accurate, and
Thermal Cyclers with
Introduced the IH-500 NEXT
ddPCR    Microsatellite
Instability (MSI) Kit
for oncology applications
precise quantification to help
enhanced usability to support
including cancer tissue and
improve in vitro diagnostic
PCR applications in basic and
plasma samples.
assay development and
translational research, process
diagnostic testing.
development, and quality
control.
B i o - R a d L a b o r a to r i e s | 2 0 2 3 A n n u a l R e p o r t : 3



 3/27/2024 Letter Continued (Full PDF)