$BIO · BIO-RAD LABORATORIES, INC.
Bio-Rad reported Q3 FY2026 (ended September 30, 2026) results on November 4, 2026. Net sales rose 0.5% to $656.4M from $653.0M. GAAP net income was $458.6M ($17.02 diluted EPS) versus a $341.9M loss a year ago, almost entirely from a $588.2M fair-value gain on its Sartorius AG investment. Non-GAAP EPS was $2.65 versus $2.26, with non-GAAP operating margin of 12.8% versus 11.8%.
- GAAP net income of $458.6M was driven by a $588.2M fair-value gain on the Sartorius AG stake.
- Non-GAAP EPS rose to $2.65 from $2.26; non-GAAP operating margin expanded to 12.8% from 11.8%.
- GAAP operating loss of $49.7M included a $49.8M impairment of purchased intangibles.
- Clinical Diagnostics sales rose 2.7% to $401.8M; Life Science fell 2.8% to $254.6M.
- Free cash flow fell to $65.2M from $89.2M a year earlier.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
The headline GAAP swing is an investment-mark-to-market artifact, while core non-GAAP results show modest margin expansion and a return to currency-neutral growth.
Life science tools peers face soft academic and biopharma demand; Bio-Rad's currency-neutral return to growth was led by Clinical Diagnostics and Droplet Digital PCR.
GAAP results remain highly volatile due to the Sartorius AG equity stake's fair-value swings, which swung net income by over $1B year-over-year. A $49.8M purchased-intangibles impairment also pressured operating results.