Bio-Rad Laboratories (BIO) FY2024 results: revenue $2.6 billion, down 3.9% on the year

Bio-Rad Laboratories, Inc. (BIO) reported revenue of $2.6 billion for fiscal 2024, the year ended 31 December 2024, down 3.9% on the year before. Net income was -$1.8 billion, and diluted earnings per share $-65.36. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$2.6 billion

-3.9% on the year

FY2017FY2024

Operating margin

10.5%

12.6% a year earlier

FY2017FY2024

Net income

-$1.8 billion

FY2017FY2024

Diluted EPS

-$65.36

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,566	2,671	2,802	-3.9%
Cost of revenue	1,188	1,244	1,235	-4.6%
Gross profit	1,379	1,427	1,567	-3.4%
Gross margin	53.7%	53.4%	55.9%
Research and development	296	247	257	+19.6%
Selling, general and administrative	814	842	828	-3.3%
Operating income	269	338	483	-20.4%
Operating margin	10.5%	12.6%	17.2%
Interest expense	48.9	49.4	38.1	-1.1%
Pre-tax income	-2,342	-850	-4,704
Income tax	-498	-213	-1,077
Net income	-1,844	-637	-3,628
Net margin	-71.9%	-23.9%	-129.5%
Diluted EPS	-$65.36	-$21.82	-$121.79

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	455	375	194	+21.4%
Capital expenditure	166	157	113	+5.7%
Free cash flow	290	218	81.7	+32.7%
Free cash flow margin	11.3%	8.2%	2.9%
Cash from investing	-160	20.2	-1,208
Cash from financing	-219	-426	974
Depreciation and amortisation	152	146	137	+3.9%
Share-based compensation	62.3	61.3	60.9	+1.6%
Buybacks	204	429	216	-52.5%
Diluted shares, weighted	28m	29m	30m	-3.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	6,569	8,741	9,615	-24.8%
Debt	1,200	1,210	1,198	-0.8%
Operating lease liabilities	131	165	154	-20.6%
Finance lease liabilities	9.2	9.6	10.1	-4.2%
Other liabilities	1,454	2,173	2,525	-33.1%
Total liabilities and equity	9,364	12,299	13,502	-23.9%
Fixed assets	528	529	499	-0.2%
Goodwill	410	414	406	-0.7%
Intangible assets	294	321	332	-8.4%
Investments	6,016	8,901	10,187	-32.4%
Trading assets	318	326	323	-2.5%
Cash and equivalents	488	404	434	+20.9%
Receivables	452	489	495	-7.5%
Inventory	760	781	719	-2.6%
Other assets	98.2	136	106	-27.5%
Total assets	9,364	12,299	13,502	-23.9%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.