Business Description

Bio-Rad Laboratories, Inc. (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. Description of Business Business Segments Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. Our Life Science segment and our Clinical Diagnostics segment generated approximately 40% and 60%, respectively, of our consolidated net sales for the year ended December 31, 2025. We generated approximately 40% of our consolidated net sales for the year ended December 31, 2025 from the U.S. and approximately 60% from our international locations, with Europe being our largest international region. 3 Life Science Segment Our Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used to separate, purify, characterize, and quantify biological materials, including cells, proteins, and nucleic acids. These products are utilized in research and biopharmaceutical laboratory environments, as well as in biopharmaceutical manufacturing, quality control processes, food safety testing, and science education applications. We serve the research market, where our products are applied to support the progression of scientific discovery from early research through clinical and applied use. We offer a broad portfolio comprising thousands of life science products distributed globally. We estimate the worldwide sales of products in the markets we serve to be approximately $19 billion. Our principal life science customers include universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology companies, and food producers and testing laboratories. Clinical Diagnostics Segment Our Clinical Diagnostics segment designs, manufactures, markets, and supports diagnostic test systems, informatics solutions, test kits, and specialized quality controls for clinical laboratories in the global diagnostics market. Our products address targeted segments within the in vitro diagnostics (“IVD”) market, with a focus on differentiated diagnostic applications. We supply several thousand products supporting more than 300 clinical diagnostic tests within the IVD market. We estimate the worldwide sales of products in the markets we serve to be approximately $16 billion. IVD tests are performed outside the human body and are used to identify and measure substances in patient tissue, blood, or urine samples. Our clinical diagnostics portfolio consists of reagents, instruments, and software, which are typically provided as integrated systems to support standardized laboratory workflows and reproducible test results. Revenue in this business is largely recurring, as laboratories generally standardize on specific testing platforms that rely on a supplier’s instruments, reagents, and consumables. As a result, an installed base of diagnostic systems typically generates recurring revenue through ongoing sales of test kits and consumables for each sample processed. Our principal clinical diagnostics customers include hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories.