Bio-Rad Laboratories, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bio-Rad Laboratories, Inc. has submitted its 2023 annual report detailing its financial performance and business operations.</b>

AI Summary

BIO-RAD LABORATORIES, INC. (BIO-B) filed a Annual Report (10-K) with the SEC on February 16, 2024. Bio-Rad Laboratories, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 1000 Alfred Nobel Drive, Hercules, CA 94547. Bio-Rad Laboratories, Inc. is classified under the SIC code 3826 for Laboratory Analytical Instruments. The report was filed on February 16, 2024.

Why It Matters

For investors and stakeholders tracking BIO-RAD LABORATORIES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bio-Rad's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factor disclosures within the report are essential for stakeholders to understand the company's financial stability, market risks, and potential challenges in the laboratory analytical instruments sector.

Risk Assessment

Risk Level: medium — BIO-RAD LABORATORIES, INC. shows moderate risk based on this filing. The company operates in the laboratory analytical instruments sector, which can be subject to market fluctuations, technological advancements, and regulatory changes, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Bio-Rad's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)
• 3826 — SIC Code (Industry classification)
• 1000 Alfred Nobel Drive — Business Address (Company headquarters)

Key Players & Entities

• BIO-RAD LABORATORIES, INC. (company) — Filer name
• 1000 ALFRED NOBEL DRIVE (location) — Business address
• HERCULES (location) — Business address city
• CA (location) — Business address state
• 94547 (location) — Business address zip
• 3826 (industry_code) — Standard Industrial Classification
• 20231231 (date) — Fiscal year end
• 20240216 (date) — Filing date

FAQ

Industry Context

Bio-Rad Laboratories operates within the laboratory analytical instruments industry, providing a range of products for life science research, clinical diagnostics, and food safety.

Regulatory Implications

As a publicly traded company, Bio-Rad Laboratories is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Bio-Rad Laboratories.
3. Compare Bio-Rad's reported performance against industry benchmarks and competitors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — istered Class A Common Stock Par Value $0.0001 per share BIO New York Stock Exchange
• $19 billion — n the markets we serve is approximately $19 billion. Our principal life science customers i
• $16 billion — n the markets we serve is approximately $16 billion. IVD tests are conducted outside the hu
• $7,331.9 million — alue of the investment in Sartorius was $7,331.9 million . We account for our investment in Sart

Filing Documents

• bio-20231231.htm (10-K) — 2260KB
• ex211123123.htm (EX-21.1) — 51KB
• ex231123123.htm (EX-23.1) — 2KB
• ex311123123.htm (EX-31.1) — 12KB
• ex321123123.htm (EX-32.1) — 7KB
• ex97123123.htm (EX-97) — 34KB
• bio-20231231_g1.jpg (GRAPHIC) — 79KB
• bio-20231231_g2.jpg (GRAPHIC) — 79KB
• image_0.jpg (GRAPHIC) — 26KB
• 0000012208-24-000013.txt (&nbsp;) — 15096KB
• bio-20231231.xsd (EX-101.SCH) — 55KB
• bio-20231231_cal.xml (EX-101.CAL) — 84KB
• bio-20231231_def.xml (EX-101.DEF) — 587KB
• bio-20231231_lab.xml (EX-101.LAB) — 1185KB
• bio-20231231_pre.xml (EX-101.PRE) — 807KB
• bio-20231231_htm.xml (XML) — 2833KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

C ybersecurity

Item 1C. C ybersecurity 22

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 Part II . 24

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

Reserved

Item 6. Reserved 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 35

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83

Controls and Procedures

Item 9A. Controls and Procedures 83

Other Information

Item 9B. Other Information 84

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 Part III. 85

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 85

Executive Compensation

Item 11. Executive Compensation 85

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 86

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 86 Part IV. 86

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 86

Form 10-K Summary

Item 16. Form 10-K Summary 90

Signatures

Signatures 90 2 INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS Other than statements of historical fact, statements made in this report include 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 our future financial performance, operating results, plans and objectives. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "believe," "expect," "anticipate," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. 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. We have based these forward-looking statements on our current expectations and projections about future events. However, actual results may differ materially from those currently anticipated depending on a variety of risk factors including, but not limited to, the risks relating to our international operations, supply chain issues, global economic and geopolitical conditions, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, reductions in government funding or capital spending of our customers, international legal and regulatory risks, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, changes in the healthcare industry, natural disasters and other catastrophic events beyond our control, and other risks and uncertainties identified under "Part 1, Item 1A, Risk Factors" of this Annual Report. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We undertake no obliga

BUSINESS

ITEM 1. BUSINESS General Bio-Rad Laboratories, Inc. (referred to in this report as "Bio-Rad," "we," "us," and "our") is a multinational manufacturer and worldwide distributor of our own life science research and clinical diagnostics products. Bio-Rad manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a broad range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components. We have direct distribution channels in over 35 countries outside the United States through subsidiaries whose focus is sales, customer service and product distribution. In some locations outside and inside these 35 countries, sales efforts are supplemented by distributors and agents. Description of Business Business Segments Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. Our Life Science segment and our Clinical Diagnostics segment generated 44% and 56%, respectively, of our consolidated net sales for the year ended December 31, 2023. We generated approximately 42% of our consolidated net sales for the year ended December 31, 2023 from the U.S. and approximately 58% from our international locations, with Europe being our largest international region . Life Science Segment Our Life Science segment is at the forefront of discovery, creating advanced tools to answer complex biological questions. These instruments, systems, reagents, and consumables are typically used to separate, purify, characterize, or quantitate biological materials such as cells, proteins, and nucleic acids in the research laboratory or the biopharmaceutical manufacturing and quality control process, for food safety and science education and literacy. Many of our products are used in established research techniques, biopharmaceutical production processes and food 3 testing regimes. We are focused o

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