BIOHIGH SIGNALFINANCIAL10-K

Bio-Rad experienced a substantial decline in operating income while maintaining strong cash generation and balance sheet growth.

The dramatic drop in operating profitability represents a significant deterioration in the company's core operational performance, raising questions about cost management, competitive pressures, or one-time charges. However, the company's ability to grow operating cash flow despite weak profitability suggests underlying business resilience and potential timing differences between earnings and cash generation.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

Bio-Rad's financial profile shows a stark contrast between profitability and cash performance, with operating income falling substantially while operating cash flow grew meaningfully to $532.2M. The company maintained an aggressive capital return strategy with share buybacks increasing to $295.5M, supported by a strengthening balance sheet that saw total assets grow to $10.6B and stockholders' equity expand to $7.5B. This divergence between weak earnings and strong cash flow, combined with continued share repurchases, suggests either significant non-cash charges impacting profitability or potential operational challenges being offset by working capital benefits.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-82.5%
$269.0M→$47.2M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Share Buybacks
Cash Flow
+45.1%
$203.6M→$295.5M

Share repurchases increased 45.1% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+16.9%
$455.2M→$532.2M

Operating cash flow grew 16.9% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+13.5%
$6.6B→$7.5B

Equity base grew 13.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+12.9%
$9.4B→$10.6B

Asset base grew 12.9% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+11.7%
$2.8B→$3.1B

Liabilities increased 11.7% — monitor debt-to-equity ratio and interest coverage.

Current Liabilities
Balance Sheet
+10.5%
$467.8M→$517.0M

Current liabilities rose 10.5% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
As of February 9, 2026, there were 21,924,284 shares of Class A Common Stock and 5,066,110 shares of Class B Common Stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.
(referred to in this report as Bio-Rad, we, us, the Company, and our ) is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables.
We have direct operations in over 36 countries outside the United States through subsidiaries focused on sales, customer service, and product distribution.
In certain locations outside and within these countries, our sales efforts are supplemented by distributors and agents.
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REMOVED
As of February 11, 2025, there were 22,940,805 shares of Class A Common Stock and 5,070,337 shares of Class B Common Stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.
(referred to in this report as Bio-Rad, we, us, the Company and our ) is a multinational developer, manufacturer, and worldwide distributor of our own life science research and clinical diagnostics products.
Bio-Rad develops, manufactures, and supplies life science research, healthcare, analytical chemistry and other markets with a broad range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
We have direct distribution channels in over 36 countries outside the United States through subsidiaries whose focus is sales, customer service and product distribution.
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