Bio-Rad Laboratories Files 2024 Annual Report

TL;DR

Bio-Rad's 2024 10-K is in. Full financials and biz details for the lab instrument giant.

AI Summary

Bio-Rad Laboratories, Inc. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Hercules, California, operates in the laboratory analytical instruments sector. Key financial details and operational segments are outlined in this comprehensive annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Bio-Rad's financial performance, strategic initiatives, and risk factors for the fiscal year 2024, crucial for understanding the company's current standing and future outlook.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Players & Entities

• BIO-RAD LABORATORIES, INC. (company) — Filer
• 1000 ALFRED NOBEL DRIVE, HERCULES, CA 94547 (location) — Business and Mail Address
• 20241231 (date) — Fiscal Year End
• 20250214 (date) — Filing Date

FAQ

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
• $4,469.2 million — alue of the investment in Sartorius was $4,469.2 million . We account for our investment in Sart

Filing Documents

• bio-20241231.htm (10-K) — 2138KB
• ex191-insidertradingcompli.htm (EX-19.1) — 91KB
• ex211123124.htm (EX-21.1) — 51KB
• ex231123124.htm (EX-23.1) — 2KB
• ex311123124.htm (EX-31.1) — 12KB
• ex312123124.htm (EX-31.2) — 12KB
• ex321123124.htm (EX-32.1) — 6KB
• ex322123124.htm (EX-32.2) — 7KB
• bio-20241231_g1.jpg (GRAPHIC) — 79KB
• bio-20241231_g2.jpg (GRAPHIC) — 89KB
• 0000012208-25-000007.txt ( ) — 14697KB
• bio-20241231.xsd (EX-101.SCH) — 54KB
• bio-20241231_cal.xml (EX-101.CAL) — 88KB
• bio-20241231_def.xml (EX-101.DEF) — 562KB
• bio-20241231_lab.xml (EX-101.LAB) — 1085KB
• bio-20241231_pre.xml (EX-101.PRE) — 788KB
• bio-20241231_htm.xml (XML) — 2656KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

Cybersecurity

Item 1C. Cybersecurity 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 25

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80

Controls and Procedures

Item 9A. Controls and Procedures 80

Other Information

Item 9B. Other Information 81

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 Part III. 81

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 81

Executive Compensation

Item 11. Executive Compensation 82

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 82

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 83

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 83 Part IV. 84

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 84

Form 10-K Summary

Item 16. Form 10-K Summary 88

Signatures

Signatures 88 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," "seek," "future," 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, global economic and geopolitical conditions, tariffs or other trade barriers, 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, supply chain issues, risks associated with our position in Sartorius AG, risks to our information technology systems, intellectual property risks, our ability to attract and retain key personnel, 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 u

BUSINESS

ITEM 1. BUSINESS General Bio-Rad Laboratories, Inc. (referred to in this report as "Bio-Rad," "we," "us," "the Company" and "our") is a multinational developer, manufacturer, and worldwide distributor of our own life science research and clinical diagnostics products. Bio-Rad develops, manufactures, and supplies 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 36 countries outside the United States through subsidiaries whose focus is sales, customer service and product distribution. In some locations outside and inside these 36 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 40% and 60%, respectively, of our consolidated net sales for the year ended December 31, 2024. We generated approximately 41% of our consolidated net sales for the year ended December 31, 2024 from the U.S. and approximately 59% 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 quantify biological materials such as cells, proteins, and nucleic acids in the research laboratory or 3 biopharmaceutical laboratory. They are also used in biopharmaceutical manufacturing, quality control process, food safety, and science education applications. We are focused on the translational research market segment where our prod

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View this 10-K filing on SEC EDGAR