BIO-RAD LABORATORIES, INC.BIO
BIO-RAD LABORATORIES, INC. Segments Disclosure
16. SEGMENT INFORMATION
Bio-Rad is a multinational developer, manufacturer and worldwide distributor of its own life science research products and clinical diagnostics products. We have two reportable segments: Life Science and Clinical Diagnostics. These reportable segments are strategic business lines that offer more than 12,000 different products and services and require different marketing strategies. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve.
The Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used for biological research, biopharmaceutical production processes, food testing regimes, and science education. These products are sold to universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers and food testing laboratories.
The Clinical Diagnostics segment designs, manufactures, markets and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. These products are primarily sold to hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories.
Other Operations represent a small miscellaneous operation from a prior acquisition, which was sold during 2023 with no material impact on the consolidated statements of income (loss).
The accounting policies of the segments are the same as those described in Significant Accounting Policies (see Note 1). The segment measure of profit and loss used by our chief operating decision maker (“CODM”) is Gross Profit, which represents Net sales reduced by Cost of goods sold. Gross Profit is the primary measure used by the CODM to evaluate segment performance and allocate resources. We identify our CODM as our Chairman of the Board and Chief Executive Officer.
Information regarding industry segments at December 31, 2025, 2024, and 2023 and for the years then ended is as follows (in millions):
| Life Science | Clinical Diagnostics | Other Operations | |||||||||||||||||||||
| Net sales | 2025 | $ | 1,021.1 | $ | 1,562.1 | $ | — | ||||||||||||||||
| 2024 | 1,028.1 | 1,537.9 | 0.5 | ||||||||||||||||||||
| 2023 | 1,178.4 | 1,489.3 | 3.5 | ||||||||||||||||||||
Cost of goods sold | 2025 | $ | 468.0 | $ | 775.3 | $ | — | ||||||||||||||||
| 2024 | 445.7 | 741.3 | 0.6 | ||||||||||||||||||||
| 2023 | 514.4 | 725.8 | 4.1 | ||||||||||||||||||||
Segment gross profit | 2025 | $ | 553.1 | $ | 786.8 | $ | — | ||||||||||||||||
| 2024 | 582.4 | 796.6 | (0.1) | ||||||||||||||||||||
| 2023 | 664.0 | 763.5 | (0.6) | ||||||||||||||||||||
Depreciation and amortization | 2025 | $ | 75.0 | $ | 90.4 | $ | — | ||||||||||||||||
| 2024 | 67.3 | 84.3 | — | ||||||||||||||||||||
| 2023 | 62.8 | 83.1 | — | ||||||||||||||||||||
| Segment assets | 2025 | $ | 289.3 | $ | 451.4 | $ | — | ||||||||||||||||
| 2024 | 286.7 | 473.3 | — | ||||||||||||||||||||
| 2023 | 287.1 | 493.1 | 0.3 | ||||||||||||||||||||
The following reconciles total segment gross profit to consolidated income (loss) before income taxes (in millions):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment gross profit | $ | 1,339.9 | $ | 1,378.9 | $ | 1,426.9 | |||||||||||
Selling, general and administrative expense | (844.3) | (814.0) | (841.7) | ||||||||||||||
Research and development expense | (275.6) | (295.9) | (247.4) | ||||||||||||||
Impairment of purchased intangibles and related items, net | (172.8) | — | — | ||||||||||||||
| Interest expense | (49.0) | (48.9) | (49.4) | ||||||||||||||
| Foreign currency exchange gains, net | 6.6 | 3.9 | 7.3 | ||||||||||||||
Gains (losses) from change in fair market value of equity securities and loan receivable | 900.4 | (2,656.8) | (1,252.3) | ||||||||||||||
| Other income, net | 90.3 | 90.3 | 106.5 | ||||||||||||||
Net income (loss) before income taxes | $ | 995.5 | $ | (2,342.5) | $ | (850.1) | |||||||||||
The following reconciles total segment assets to consolidated total assets (in millions):
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Total segment assets | $ | 740.7 | $ | 760.0 | ||||||||||
Cash and cash equivalents, short-term investments and other current assets | 2,165.5 | 2,270.3 | ||||||||||||
| Property, plant and equipment, net, and operating lease right-of-use assets | 709.9 | 688.6 | ||||||||||||
| Goodwill, net | 579.8 | 410.5 | ||||||||||||
| Other long-term assets | 6,380.6 | 5,234.7 | ||||||||||||
| Total assets | $ | 10,576.5 | $ | 9,364.1 | ||||||||||
The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| United States | $ | 1,022.7 | $ | 1,041.5 | $ | 1,121.9 | ||||||||||||||
| Europe | 881.8 | 834.1 | 819.8 | |||||||||||||||||
| Asia | 513.3 | 521.6 | 563.0 | |||||||||||||||||
| Other (primarily Canada and Latin America) | 165.4 | 169.3 | 166.5 | |||||||||||||||||
| Total net sales | $ | 2,583.2 | $ | 2,566.5 | $ | 2,671.2 | ||||||||||||||
The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions):
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| United States | $ | 470.2 | $ | 461.4 | ||||||||||
| Europe | 187.6 | 171.3 | ||||||||||||
| Asia | 93.3 | 97.1 | ||||||||||||
| Other (primarily Canada and Latin America) | 16.7 | 14.1 | ||||||||||||
| Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes | $ | 767.8 | $ | 743.9 | ||||||||||
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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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.