Core Insights - Bio-Rad Laboratories, Inc. reported first-quarter 2025 adjusted EPS of $2.54, exceeding the Zacks Consensus Estimate of $1.73 by 46.8% and reflecting a 10.9% increase year-over-year [1][2] - The company experienced a revenue decline of 4.2% year-over-year, with Q1 revenues of $585.4 million missing the Zacks Consensus Estimate by 0.05% [3][10] - Bio-Rad lowered its financial guidance for full-year 2025, now expecting non-GAAP currency-neutral revenues to range from a 1.0% decline to 1.5% growth [7][9] Financial Performance - The GAAP EPS was reported at $2.29, a significant decrease from $13.45 a year ago [2] - Gross profit declined by 6.1% to $306 million, with gross margin contracting by 108 basis points to 52.3% [5] - Operating profit fell 46.9% to $23.7 million, with operating margin contracting by 325 basis points to 4% [5][11] Segment Analysis - Life Science segment sales totaled $228.6 million, down 5.4% year-over-year, primarily due to challenges in the academic research market [3][11] - Clinical Diagnostics segment net sales were $356.8 million, down 3.2% year-over-year, attributed to reduced reimbursements for diabetes testing in China [4][11] Cash Flow and Debt - Bio-Rad ended Q1 2025 with cash and cash equivalents of $1.66 billion, remaining flat sequentially [6] - Total debt at the end of 2024 was $1.20 billion, also flat on a sequential basis [6] - Net cash flow from operating activities increased to $129.9 million compared to $69.8 million a year ago [6] Market Reaction - Following the earnings announcement, Bio-Rad's stock rose by 0.2% in after-market trading [2]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 were approximately $585 million, representing a 4.2% decline compared to $611 million in Q1 2024. On a currency neutral basis, this reflects a 1.5% year-over-year decrease, primarily driven by lower sales in the Life Science Group [11][12] - GAAP gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024, attributed to increased restructuring costs [13] - Non-GAAP gross margin for Q1 2025 was 53.8%, lower than 54.2% in Q1 2024, while non-GAAP operating margin improved to 10.8% from 9.7% year-over-year [15][16] - GAAP net income for Q1 2025 was $71 million, or $2.54 diluted earnings per share [17] Business Line Data and Key Metrics Changes - Life Science Group sales in Q1 2025 were $229 million, down 5.4% on a reported basis and 3.5% on a currency neutral basis, reflecting ongoing softness in the biotech and academic research market [12] - Clinical Diagnostics Group sales were approximately $357 million, a decrease of 3.2% on a reported basis, but effectively flat on a currency neutral basis [13] - Process Chromatography business experienced mid-teens growth year-over-year, with expectations of high single-digit growth for 2025 [12][19] Market Data and Key Metrics Changes - In the Americas and Asia Pacific, currency neutral sales decreased, partially offset by increased sales in EMEA [12] - Demand for consumables remained strong, while instrument sales faced challenges, particularly in the academic and biotech sectors [41][71] Company Strategy and Development Direction - The company is focused on driving consistent top-line growth and operational efficiency to achieve substantial margin expansion over the coming years [27] - The acquisition of Stila Technology is on track for closing by the end of Q3 2025, which will enhance the company's digital PCR offerings [8][10] - The company is implementing mitigation strategies for tariff impacts, including surcharges and regionalizing supply chains [7][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment with academic market headwinds due to government funding and global trade disruptions [5] - The company expects total currency neutral revenue to decline by approximately 1% to 1.5% for 2025, reflecting softer academic research funding and reduced demand from biotech customers [20][21] - Management remains optimistic about the long-term growth potential in life sciences and diagnostics despite current challenges [28][29] Other Important Information - The company generated $130 million in net cash from operating activities in Q1 2025, compared to $70 million in Q1 2024 [18] - Free cash flow for Q1 2025 was $96 million, significantly higher than $30 million in Q1 2024, with a full-year target of approximately $310 million to $330 million for 2025 [18][19] Q&A Session Summary Question: Impact of tariffs on guidance - Management discussed the gross impact of tariffs and mitigation efforts, including potential surcharges and pre-positioning inventory [33][36] Question: Academic funding expectations - Management noted a 28% reduction in overall funding and challenges in instrument sales, while consumables remained strong [39][40] Question: Growth gap between consumables and equipment - Instrument sales saw a sequential decline of about 10%, while consumables held up well [46] Question: Tariff exposure specifics - Management clarified that the majority of revenue in China comes from U.S. products, with ongoing evaluations of tariff impacts [47][49] Question: Free cash flow maintenance despite lower operating margin - Management emphasized focus on working capital management and inventory control to sustain free cash flow [96]

Financial Performance - Net sales for Q1 2025 were $585.4 million, a decrease of 4.2% from $610.8 million in Q1 2024[117] - Life Science segment sales decreased by 5.4% to $228.6 million in Q1 2025, with a currency neutral decrease of 3.5%[118] - Clinical Diagnostics segment sales decreased by 3.2% to $356.8 million in Q1 2025, with a currency neutral decrease of 0.1%[119] - Consolidated gross margin for Q1 2025 was 52.3%, down from 53.4% in Q1 2024[120] Expenses - SG&A expenses for Q1 2025 were $208.8 million, or 35.7% of sales, compared to $214.9 million, or 35.2% of sales in Q1 2024[121] - R&D expenses for Q1 2025 were $73.5 million, or 12.6% of sales, up from $66.4 million, or 10.9% of sales in Q1 2024[122] Cash Flow and Investments - Net cash provided by operations increased to $129.9 million in Q1 2025 from $69.8 million in Q1 2024[131] - The company had $1.66 billion in cash, cash equivalents, and short-term investments as of March 31, 2025[129] Tax and Shareholder Returns - The effective income tax rate was 23.3% for Q1 2025, compared to 21.8% for Q1 2024[127] - The company repurchased 399,295 shares of Class A common stock for $100.9 million under the 2023 Share Repurchase Program[135]

Exhibit 99.1 Press Release Bio-Rad Reports First-Quarter 2025 Financial Results HERCULES, Calif.—May 1, 2025 -- Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced financial results for the first quarter ended March 31, 2025. Norman Schwartz, Bio-Rad's Chairman and Chief Executive Officer, stated: "We navigated a highly dynamic first quarter that became progressively more challenging, yet we delivered solid margins thr ...

HOLMDEL, N.J. , April 24, 2025 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced today that on April 17, 2025, it received a notification letter from The Nasdaq Stock Market, LLC informing the Company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed compa ...

Core Insights - Bio-Rad Laboratories (BIO) reported total revenue of $667.5 million for the quarter ending December 2024, reflecting a 2% decline year over year [4] - The analysis of international revenue trends is crucial for assessing the company's financial strength and future growth potential [2][9] International Revenue Breakdown - Asia generated $146.4 million in revenues, accounting for 21.93% of total revenue, which was a 4.96% shortfall compared to Wall Street's expectation of $154.04 million [5] - EMEA contributed $221.7 million, representing 33.21% of total revenue, exceeding expectations by 6.78% as analysts had projected $207.63 million [6] Future Revenue Projections - For the current fiscal quarter, total revenue is anticipated to be $598.88 million, a 2% decline from the same quarter last year, with expected contributions of 22.3% from Asia ($133.44 million) and 33.5% from EMEA ($200.43 million) [7] - The full-year revenue forecast is $2.61 billion, indicating a 1.7% improvement from the previous year, with Asia expected to contribute 22.4% ($584.15 million) and EMEA 31.9% ($831.63 million) [8] Stock Performance - Bio-Rad's stock has decreased by 24.4% over the past month, contrasting with a 2.3% decline in the Zacks S&P 500 composite [13] - Over the past three months, the company's shares fell by 16.5%, while the S&P 500 declined by only 0.2% [13]

Company Overview - Bio-Rad Laboratories, Inc. has entered into a binding agreement to acquire Stilla Technologies, enhancing its digital PCR portfolio and expanding into applied research and clinical diagnostics [1][6] - The acquisition is expected to close by the end of the third quarter of 2025, pending regulatory approvals and consultations [2] Financial Performance - Bio-Rad has a market capitalization of $7.94 billion, with a Zacks Consensus Estimate indicating a 12.2% year-over-year increase in fiscal 2025 earnings and a 3.4% revenue improvement [5] Product and Technology Development - Stilla develops next-generation digital PCR instruments and consumables, which will allow Bio-Rad to address a wide range of applications, including oncology diagnostics and infectious diseases [6][7] - Bio-Rad plans to launch its QX Continuum system to further enhance its digital PCR capabilities [7] Market Trends - The global digital PCR market was valued at $584.5 million in 2023 and is projected to grow to $3.68 billion by 2032, with a CAGR of 22.9%, driven by the rise in infectious diseases, cancer, and technological advancements [8] Stock Performance - Following the acquisition announcement, Bio-Rad's stock has decreased by 9.5% to $277.16 [3] - Over the past year, Bio-Rad's shares have declined by 18.6%, contrasting with the industry's growth of 13.9% [9]

Sales and Market Overview - Life Science and Clinical Diagnostics segments generated 40% and 60% of consolidated net sales, respectively, for the year ended December 31, 2024[10]. - Approximately 41% of consolidated net sales were generated from the U.S., while 59% came from international locations, with Europe being the largest region[10]. - The worldwide sales for products in the Life Science market are estimated at approximately $19 billion, while the Clinical Diagnostics market is estimated at approximately $16 billion[12][14]. Employee and Patent Information - The company employs around 950 employees focused on research and development, continuously developing new products and applications[26]. - Approximately 7,700 employees are employed globally, with 48% in the Americas, 35% in Europe, the Middle-East and Africa, and 17% in Asia Pacific[37]. - The company has over 2,150 U.S. and international patents, viewing them as valuable assets for product development[16]. Revenue Sources and Distribution - The installed base of diagnostic test systems creates a recurring revenue source through the sale of test kits for each sample analyzed[14]. - The company has direct distribution channels in over 36 countries outside the U.S., supplemented by distributors and agents[9]. Regulatory and Reimbursement Factors - The company is subject to various regulatory requirements, including FDA regulations for product development and marketing[27][30]. - The company’s sales are influenced by third-party payor reimbursements, which are increasingly adjusted for medical products and services[33]. Financial Performance and Investments - As of December 31, 2024, the fair value of the investment in Sartorius was $4,469.2 million, representing approximately 38% of the outstanding ordinary shares and 28% of the preference shares[43]. - Sartorius reported sales revenue of €3,395.7 million and a net profit of €290.0 million for the year ended December 31, 2023[45]. - Bio-Rad had $1.20 billion in principal amount of fixed-rate long-term debt outstanding as of December 31, 2024[181]. Foreign Exchange and Interest Rate Risks - A hypothetical 10% depreciation/appreciation of foreign currencies relative to the U.S. dollar would result in an unrealized gain/loss of $32.1 million on Bio-Rad's derivative position as of December 31, 2024[179]. - A 10% depreciation/appreciation in the quoted stock prices for ordinary and preference shares of Sartorius at December 31, 2024, would result in an approximate loss/gain of $0.45 billion reported in the financial statements[182]. - Bio-Rad's financial risk management program aims to reduce variance in expected cash flows arising from foreign exchange rate and interest rate changes[175]. - A hypothetical increase or decrease in interest rates by 50 and 100 basis points would have resulted in a decrease or increase in the fair value of Bio-Rad's net investment position of approximately $10.9 million and $21.7 million, respectively[180]. Asset Information - Sartorius had current assets of €1,956.9 million and non-current assets of €7,798.5 million as of December 31, 2023[45]. - Bio-Rad does not assume any responsibility for errors or omissions in the financial information publicly disclosed by Sartorius[45].

Core Insights - Bio-Rad Laboratories, Inc. reported fourth-quarter 2024 adjusted EPS of $2.90, missing the Zacks Consensus Estimate of $2.93 by 1.0% and reflecting a 6.4% decrease from the prior-year quarter [1][3] - The company’s full-year 2024 EPS was $10.31, down 12.5% year over year, and also slightly missed the Zacks Consensus Estimate by 0.2% [3] - Revenues for the fourth quarter were $667.5 million, missing estimates by 1.1% and decreasing 2.0% year over year [4] Financial Performance - The GAAP loss per share for the quarter was $25.57, compared to a GAAP EPS of $12.14 in the previous year [2] - Full-year 2024 revenues totaled $2.57 billion, a decrease of 3.9% from the prior year, but in line with the Zacks Consensus Estimate [4] - Cumulative net cash flow from operating activities was $455.2 million, up from $374.9 million year over year [9] Segment Analysis - Life Science segment sales were $275.0 million, down 5.5% year over year, primarily due to weakness in the biotech and biopharma markets [5] - Clinical Diagnostics segment net sales reached $392.5 million, reflecting a 0.9% year-over-year increase driven by demand for quality control and blood typing products [6] Margin and Expense Overview - Gross profit for the quarter declined 6.6% to $342 million, with gross margin contracting by 254 basis points to 51.2% [7] - Operating expenses increased by 4.6% year over year to $283.6 million, leading to an operating profit of $58.4 million, down 38.7% from the previous year [7] Financial Position - At the end of 2024, the company had cash and cash equivalents of $1.66 billion, up from $1.61 billion at the end of 2023, while total debt remained flat at $1.20 billion [8] Future Guidance - For full-year 2025, Bio-Rad anticipates non-GAAP currency-neutral revenue growth of 1.5-3.5%, with the Zacks Consensus Estimate for revenues at $2.65 billion, indicating a 3.1% increase from 2024 [11]

Financial Data and Key Metrics Changes - Net sales for Q4 2024 were approximately $668 million, a 2% decline from $681 million in Q4 2023, and a 2.3% decrease on a currency-neutral basis [23] - Full-year net sales for 2024 were $2.557 billion, representing a 3.9% decline from $2.671 billion in 2023, with a 3.6% decrease on a currency-neutral basis [30] - Q4 reported GAAP gross margin was 51.2%, down from 53.8% in Q4 2023, primarily due to restructuring expenses and reimbursement reductions [26] - Non-GAAP net income for Q4 2024 was $81 million, or $2.90 diluted earnings per share [30] Business Line Data and Key Metrics Changes - Life Science Group sales in Q4 2024 were $275 million, a decline of 5.5% from $291 million in Q4 2023, with a 6% decrease on a currency-neutral basis [23] - Clinical Diagnostics Group sales in Q4 2024 were approximately $393 million, an increase of 0.9% from $389 million in Q4 2023, driven by demand for quality control and blood typing products [25] - Full-year sales for the Life Science Group were approximately $1.028 billion, a decline of 12.8% from $1.178 billion in 2023, while Clinical Diagnostics Group sales increased by 3.3% to $1.538 billion [31][32] Market Data and Key Metrics Changes - The Asia Pacific region saw a decline in diagnostic performance due to a reimbursement change for diabetes testing in China [13] - In Europe, funding remains mixed, with modest increases in Germany and the UK, while France continues to be soft [18] - The US academic and government segment represents approximately a high single-digit percentage of total revenue, with federally funded research exposure estimated at about 4% [41] Company Strategy and Development Direction - The company aims to enhance its digital PCR portfolio through the acquisition of Stilla Technologies, expected to close by Q3 2025 [11] - Focus on operational and commercial excellence, increasing consumables attachment, and prioritizing e-commerce as part of the growth strategy [19] - Continued investment in innovation, including new product launches and acquisitions to broaden offerings in digital PCR and other focus areas [50] Management's Comments on Operating Environment and Future Outlook - Management expects a gradual recovery in the biopharma sector and anticipates growth in process chromatography in 2025 [15][20] - The company acknowledges a soft academic environment and does not expect significant changes in dynamics for 2025 [17] - Management views 2025 as a stepping stone towards stronger, profitable growth, with a focus on margin improvement and operational efficiency [20] Other Important Information - The company implemented a 5% workforce reduction, expected to yield savings of $50 to $55 million in 2025 [27] - Full-year free cash flow for 2024 was approximately $290 million, with a target of $310 million to $330 million for 2025 [38][47] Q&A Session Summary Question: Life sciences guidance and DDPCR growth - Management indicated that DDPCR growth is expected to be around 1% to 2%, with process chromatography projected to grow in the high single digits [56][57] Question: Process chromatography decline - Confirmation that the process chromatography product line declined more than 50% in Q4 and for the full year [65][66] Question: Operating margin bridge for 2025 - Management explained that the decline in operating margin is primarily due to China diagnostics and foreign currency effects, with additional impacts from R&D expenses [69][72] Question: Stilla acquisition rationale - The acquisition is seen as complementary, allowing the company to address both entry-level and high-end digital PCR markets [78][81] Question: First quarter sales forecast - Management expects Q1 sales to be down 5% to 7% year-over-year, with a gradual recovery anticipated throughout the year [91][93] Question: NIH funding impact - Management noted that researchers are in a wait-and-see mode regarding NIH funding changes, which may affect capital equipment spending [114] Question: DDPCR market growth and competition - The DDPCR market remains competitive, with the company focusing on maintaining market share through innovation and acquisitions [118][120]