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- **Q3 Revenue Stable**: $653 million (+0.5% YoY), with process chromatography up 17% but offset by softness in academic research.
- **Margins Improved**: Non-GAAP operating margin 11.8% (vs. 11.3% YoY), driven by cost control.
- **Strategic Growth**: ddPCR partnerships and QX platform adoption show early momentum, with Q4 instrument shipments expected to rise.
- **China Risks**: Reimbursement cuts and macro weakness weigh on diagnostics, but quality controls portfolio provides resilience.
- **2026 Outlook**: High single-digit growth for process chromatography; academic funding recovery uncertain.

**【Management Opening Remarks】**
- Yong Chung provided an overview of the call, emphasizing forward-looking statements and non-GAAP financial measures. The company highlighted the exclusion of Sartorius AG equity value to focus on operational performance.

**【CEO & COO Commentary】**
- **Q3 Performance**: Revenue growth was modest, with challenges in academic research and biotech funding. Clinical Diagnostics faced headwinds from China's reimbursement rate cuts.
- **Strategic Initiatives**: Progress in ddPCR, including global sales training on new QX platforms and partnerships with Gencurix and Biodesix, showed early customer receptivity.
- **Operational Efficiency**: Cost management and lean initiatives drove margin outperformance, with operating margin improving to 11.8% (non-GAAP).

**【CFO Financial Commentary】**
- **Revenue**: Q3 net sales of $653 million (+0.5% YoY, -1.7% currency-neutral) reflected flat Life Science and 0.6% Clinical Diagnostics growth. Process chromatography grew 17% YoY but expected to decline in Q4.
- **Margins**: GAAP gross margin 52.6% (-220bps YoY) due to material costs. Non-GAAP operating margin 11.8% (vs. 11.3% YoY), driven by cost control.
- **Cash Flow**: Free cash flow $89 million (Q3) and $256 million (YTD), with full-year guidance of $310-330 million.
- **Share Buybacks**: $53 million spent in Q3, with $285 million remaining under the program.

**【Q&A Highlights】**
- **Q4 Outlook**: Modest Life Science improvement, China reimbursement headwind annualizing, and ddPCR instrument demand expected to rebound.
- **China Risks**: Soft macro environment may persist, but quality controls portfolio growth offsets some pressure.
- **2026 Guidance**: High single-digit growth for process chromatography; academic funding cautious due to NIH budget uncertainty.
- **ddPCR Progress**: Strong pipeline and customer interest, with Q4 instrument shipments expected to accelerate.


Bio-Rad Laboratories, Inc. (BIO) Q3 2025 Earnings Call Transcript

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BIO.B

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