BIO-RAD LABORATORIES, INC.BIO
BIO-RAD LABORATORIES, INC. Goodwill & Intangibles Disclosure
4. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS
Changes to goodwill by segment were as follows (in millions):
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| Life Science | Clinical Diagnostics | Total | Life Science | Clinical Diagnostics | Total | ||||||||||||||||||||||||||||||||||||
Balances as of December 31: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | $ | 333.3 | $ | 412.4 | $ | 745.7 | $ | 333.3 | $ | 415.5 | $ | 748.8 | |||||||||||||||||||||||||||||
| Accumulated impairment losses and write-offs | (41.8) | (293.4) | (335.2) | (41.8) | (293.4) | (335.2) | |||||||||||||||||||||||||||||||||||
| Goodwill, net | 291.5 | 119.0 | 410.5 | 291.5 | 122.1 | 413.6 | |||||||||||||||||||||||||||||||||||
Acquisitions | 160.5 | — | 160.5 | — | — | — | |||||||||||||||||||||||||||||||||||
| Foreign currency adjustments | (0.6) | 9.4 | 8.8 | — | (3.1) | (3.1) | |||||||||||||||||||||||||||||||||||
| Period change, net | 159.9 | 9.4 | 169.3 | — | (3.1) | (3.1) | |||||||||||||||||||||||||||||||||||
| Balances as of December 31: | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | 493.2 | 421.8 | 915.0 | 333.3 | 412.4 | 745.7 | |||||||||||||||||||||||||||||||||||
| Accumulated impairment losses and write-offs | (41.8) | (293.4) | (335.2) | (41.8) | (293.4) | (335.2) | |||||||||||||||||||||||||||||||||||
| Goodwill, net | $ | 451.4 | $ | 128.4 | $ | 579.8 | $ | 291.5 | $ | 119.0 | $ | 410.5 | |||||||||||||||||||||||||||||
Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):
| December 31, 2025 | |||||||||||||||||||||||
| Weighted-Average Amortization Period (years) | Purchase Price | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
| Customer relationships/lists | 4.4 | $ | 115.6 | $ | (107.7) | $ | 7.9 | ||||||||||||||||
| Know how | 0.0 | 174.6 | (174.6) | — | |||||||||||||||||||
| Developed product technology | 10.7 | 315.8 | (160.0) | 155.8 | |||||||||||||||||||
| Licenses | 3.1 | 59.8 | (50.3) | 9.5 | |||||||||||||||||||
| Tradenames | 3.6 | 6.0 | (5.1) | 0.9 | |||||||||||||||||||
| Covenants not to compete | 0.5 | 6.5 | (6.3) | 0.2 | |||||||||||||||||||
Total purchased intangible assets | $ | 678.3 | $ | (504.0) | $ | 174.3 | |||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Weighted-Average Amortization Period (years) | Purchase Price | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
| Customer relationships/lists | 4.6 | $ | 102.9 | $ | (95.6) | $ | 7.3 | ||||||||||||||||
| Know how | 0.8 | 163.4 | (160.0) | 3.4 | |||||||||||||||||||
| Developed product technology | 11.5 | 215.5 | (140.4) | 75.1 | |||||||||||||||||||
| Licenses | 4.0 | 58.7 | (45.6) | 13.1 | |||||||||||||||||||
| Tradenames | 4.6 | 5.9 | (4.8) | 1.1 | |||||||||||||||||||
| Covenants not to compete | 1.3 | 6.4 | (5.5) | 0.9 | |||||||||||||||||||
| Total finite-lived intangible assets | 552.8 | (451.9) | 100.9 | ||||||||||||||||||||
| In-process research and development | 192.7 | — | 192.7 | ||||||||||||||||||||
| Total purchased intangible assets | $ | 745.5 | $ | (451.9) | $ | 293.6 | |||||||||||||||||
Amortization expense related to purchased intangible assets for the years ended December 31, 2025, 2024 and 2023 was $23.8 million, $21.2 million and $23.8 million, respectively. Estimated future amortization expense related to existing purchased intangible assets for the years ending December 31, 2026, 2027, 2028, 2029, 2030 and thereafter is $23.4 million, $21.0 million, $21.0 million, $15.3 million, $13.8 million, and $79.8 million, respectively.
In 2022, the Company acquired Curiosity Diagnostics, Sp. Z. o. o. (“Curiosity”). At the time of the acquisition, Curiosity was developing a sample-to-answer, rapid diagnostics system for the molecular diagnostics market and the in-process research and development (“IPR&D”) asset was valued at $99.0 million. The IPR&D was recorded in one of our foreign subsidiaries and has been translated at each reporting period based on current exchange rates. In December 2025, the Company made a decision to focus on its core diagnostic business within the Clinical Diagnostics segment and to discontinue development of the IPR&D. The IPR&D has no defensive or marketable value and was determined to be abandoned. At the time of impairment, the carrying amount of the IPR&D was $127.7 million. The expense is reflected in Impairment of purchased intangibles and related items, net in the consolidated statements of income (loss) for the year ended December 31, 2025, within the Clinical Diagnostics segment. For accounting purposes, the abandonment triggered a substantial liquidation of the business of the foreign subsidiary (see Note 10).
In 2021, the Company acquired Dropworks, Inc. (“Dropworks”). At the time of the acquisition, Dropworks was developing a droplet digital PCR device with a lower cost one-step workflow and the IPR&D was valued at $81.7 million. The completion of the technology had been delayed and the Company has revised its revenue forecast associated with Dropworks in December 2025. The IPR&D was measured for impairment using a discounted cash flow model based on a revision of our Level 3 valuation inputs and was determined to be fully impaired. The IPR&D has no defensive or marketable value. The expense is reflected in Impairment of purchased intangibles and related items, net in the consolidated statements of income (loss) for the year ended December 31, 2025, within the Life Science segment.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Apr 1, 2019 | |
| 2017 | Apr 16, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.