About Bio-Rad Laboratories Inc

Bio-Rad Laboratories, Inc. (Bio-Rad) operates as a multinational manufacturer and worldwide distributor of its own life science research and clinical diagnostics products. Bio-Rad manufactures and supplies the 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. The company has direct distribution channels in over 35 countries outside the United States through subsidiaries whose focus is sales, customer service and product distribution. In some locations outside and inside these 35 countries, sales efforts are supplemented by distributors and agents. The company’s customers include universities, clinical diagnostics laboratories, government agencies, hospitals and pharmaceutical, biotechnology and chemical companies. Investment in Sartorius AG Sartorius AG (‘Sartorius’) is an international laboratory and process technology provider for the biotech, pharmaceutical, and food industries. It operates in two divisions – Bioprocess Solutions Division and Lab Products & Services Division. Segments Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. The company’s Life Science segment and the company’s Clinical Diagnostics segment generated 44% and 56%, respectively, of the company’s consolidated net sales for the year ended December 31, 2023. The company generated approximately 42% of its consolidated net sales for the year ended December 31, 2023 from the U.S. and approximately 58% from the company’s international locations, with Europe being the company’s largest international region. Life Science The company’s Life Science segment is at the forefront of discovery, creating advanced tools to answer complex biological questions. These instruments, systems, reagents, and consumables are typically used to separate, purify, characterize, or quantitate biological materials, such as cells, proteins, and nucleic acids in the research laboratory or the biopharmaceutical manufacturing and quality control process, for food safety and science education and literacy. Many of the company’s products are used in established research techniques, biopharmaceutical production processes, and food testing regimes. The company is focused on the translational research market segment where its products help accelerate the timelines from discovery in the lab to use in the clinic and with patients. The company is a leader in the life sciences market and develop, manufacture and market a broad portfolio of many thousands of products that serve a global customer base. The company focuses on specific segments of the life sciences market in proteomics (the study of proteins), genomics (the study of genes), biopharmaceutical production, cellular biology and food safety. The company’s principal life science customers include universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers and food testing laboratories. Clinical Diagnostics The company’s Clinical Diagnostics segment designs, manufactures, markets and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. The company’s products address specific niches within the in vitro diagnostics (IVD) test market, and the company seeks to focus on the higher margin, higher growth segments of this market. The company supplies several thousand products that cover more than 300 clinical diagnostic tests to the IVD test market. The company’s products consist of reagents, instruments and software, typically provided to the company’s customers as an integrated package to allow them to generate reproducible test results. The company’s principal clinical diagnostic customers include hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories. Patents, Trademarks and Licenses The company owns over 2,300 U.S. and international patents and numerous trademarks. The company also holds licenses under the U.S. and foreign patents owned by third parties. Seasonality The company’s business is not inherently seasonal. However, the European custom of concentrating vacation during the summer months usually tempers third quarter (year ended December 2023) sales volume and operating income. Sales and Marketing The company conducts its worldwide operations through an extensive direct sales force, employing approximately 810 direct sales and sales management personnel around the world. The company’s sales force typically consists of experienced industry professionals with scientific training, and the company maintains a separate specialized sales force for each of the company’s segments. This direct sales approach allows the company to sell a broader range of the company’s products that creates more brand awareness and long-term relationships with the company’s customers. The company also uses a range of sales and marketing intermediaries (SMIs) in the company’s international markets. The types of SMIs the company utilize are distributors, agents, brokers, and resellers. The company’s worldwide customer base includes prominent university and research institutions; hospital, public health and commercial laboratories; other leading diagnostic manufacturers; and leading companies in the biotechnology, pharmaceutical, chemical and food industries. Competition The company’s Life Science segment’s major competitors include Becton Dickinson, Danaher, Merck Millipore, and Thermo Fisher Scientific. Major competitors for the company’s products in the Clinical Diagnostics segment include Roche, Abbott Laboratories, Siemens, Danaher, Thermo Fisher Scientific, Becton Dickinson, bioMerieux, Ortho Clinical Diagnostics, Tosoh, Immucor, and DiaSorin. Research and Development The company’s consolidated research and development expenses were $247.4 million for the year ended December 31, 2023. Regulatory Matters The development, testing, manufacturing, marketing, post-market surveillance, distribution, advertising and labeling of certain of the company’s products (primarily diagnostic and donor screening products) are subject to regulation in the United States by the Center for Devices and Radiological Health (CDRH) and/or the Center for Biologics Evaluation and Research (CBER) of the U.S. Food and Drug Administration (FDA) and in other jurisdictions by state and foreign government authorities. Bio-Rad's IVD products meet the applicable requirements of the European Union in-vitro Diagnostics Regulation. The company’s manufacturing facilities, as well as those of certain suppliers, are subject to periodic inspections by the FDA and other regulatory bodies to verify compliance with regulatory requirements. Similar inspections are performed by Notified Bodies to verify compliance to applicable ISO standards (e.g. ISO 13485:2016), requirements under the Medical Device Single Audit Program (‘MDSAP’) applicable to regulatory requirements of Australia, Brazil, Canada, Japan and the U.S. and/or medical device regulations and requirements from the countries in which the company distributes product and other specified audits by regulatory authorities. History Bio-Rad Laboratories, Inc. was founded in 1952. The company was incorporated in 1957.

Country
Industry:
Laboratory Analytical Instruments
Founded:
1952
IPO Date:
02/27/1980
ISIN Number:
I_US0905722072
Address:
1000 Alfred Nobel Drive, Hercules, California, 94547, United States
Phone Number
510 724 7000

Key Executives

CEO:
Schwartz, Norman
CFO
Schwartz, Norman
COO:
Last, Andrew