April 30th, 2026

The call presented a mix of operational and commercial progress (notably strong ddPCR instrument growth, strategic initiatives, solid liquidity and ongoing buybacks) but was dominated by near-term headwinds: meaningful currency‑neutral revenue declines, geopolitical disruption in the Middle East (an $11M Q1 impact and ongoing drag), margin pressure, weaker consumable pull‑through, and a material reported loss driven by the Sartorius mark‑to‑market adjustment. Management is pursuing cost and operational actions and adjusted full‑year guidance reflects a cautious near‑term outlook.

Company Guidance

Bio‑Rad updated 2026 non‑GAAP guidance to currency‑neutral revenue growth of −3% to +0.5% (Life Science −3% to −1%; Diagnostics −3% to +1%), with quality controls expected to grow mid‑single‑digits while Diagnostics ex‑quality controls is expected to decline mid‑ to low‑single‑digits; Life Science also bears a high‑single‑digit‑million adverse impact from the Middle East. Full‑year non‑GAAP gross margin is forecast at 53%–54%, non‑GAAP operating margin at 10%–12%, and the non‑GAAP tax rate at ~22%; free cash flow is now guided to ~$290M–$340M. The company noted an $11M Q1 hit from the Middle East, reported Q1 sales of about $592M (reported +1.1%, FX‑neutral −4.2%), Q1 non‑GAAP net income of $51M (diluted EPS $1.89), repurchased 176k shares for ~$48M in Q1 and has ≈$237M available under its buyback authorization.