BIO US Russell 1000 Earnings call
Bio-Rad Laboratories (BIO) · Q2 2026 results and valuation
Share price: $386.00 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 1 May 2026
Net income turned to a profit from a loss last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 371.4M vs -527.1M
Revenue +9.9%
2 · How management spoke
Typical
Less upbeat than 63% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Non-GAAP gross margin improved from 53.1% in the first quarter because favorable manufacturing absorption partially offset an unfavorable product mix.
Valuation
Is Bio-Rad Laboratories undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −2.7% growth a year (3-year revenue growth), the model's fair value is $159.48 a share — the stock trades 142% above it. Today's price assumes 11.2% growth a year.
Current price
$386.00
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.2% for 10 yrs
Fair value / share
$159.48
Buy below
$119.61
Price vs fair value
Overvalued 142%
Price vs buy-below price
Overvalued >200%
Management expects
Revenue +3% · from the Q2 2026 report: “The Life Science segment's year-over-year currency-neutral revenue growth is expected to be between minus 3% and minus 1% due to continued challenges.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
The Life Science segment's year-over-year currency-neutral revenue growth is expected to be between minus 3% and minus 1% due to continued challenges.
Source quote
“The Life Science segment year-over-year currency-neutral revenue growth is expected to be between minus 3% and minus 1% due to continued challenges... ...is currency-neutral revenue growth for the full year to be between minus 3% and plus 0.5%. We are still modeling a modest biopharma recovery.”
-
Key theme
Life Science revenue was approximately flat on a currency-neutral basis as the segment's underlying trend improved despite softness in the academic research market.
Source quote
“In Life Science, results continue to be affected by softness in the academic research market. Clinical Diagnostics returned to modest currency-neutral growth, led by quality controls in our blood typing portfolio. Excluding process chromatography, Life Science revenue was approximately flat on a currency-neutral basis, representing an improvement in the segment's underlying trend.”
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Guidance
Operating expenses are expected to increase in Q3 due to higher SG&A and R&D costs to support investments in product innovation.
Source quote
“In OpEx, we expect a modest sequential step-up in SG&A and R&D in Q3 to support investments in product innovation.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“All of this is intended to accelerate revenue growth and improve profitability.”
“So the growth will be driven by the current portfolio we have and some strength there in taking share by expanding the marketplace and competitive wins, but also products that...”
“And we do believe the capabilities we're building will underpin our path to robust growth and profitability.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 651.0M | 592.1M | +9.9% | 651.6M | −0.1% |
| Gross profit | 345.8M | 309.4M | +11.8% | 345.3M | +0.1% |
| Operating income | 72.6M | 34.1M | +112.9% | 77.1M | −5.8% |
| Net income | 371.4M | -527.1M | Turned profit | 317.8M | +16.9% |
| EPS | 13.85 | -19.55 | Turned profit | 11.67 | +18.7% |
| P/E today 46.3 | 35.8 | 46.4 | −10.6 | 21.8 | +14.0 |
Topics
Most discussed now
- NIH funding outlays have begun to increase year-over-year, but purchasing activity typically lags funding.
- Sequentially, revenue was up 10%, reflecting improved performance as Bio-Rad Laboratories' teams overcame challenging end market dynamics…
- In biopharma, Bio-Rad Laboratories is seeing early signs of stabilization, consistent with broader industry commentary.
- Consolidated gross margin was 53.1% for the second quarter of 2026 compared to 53% in Q2 2025.
- Between the success Bio-Rad Laboratories has with the customers it has in commercial phase and those that it sees advancing through...
Faded since Q1 2026
- Dropped Whether it was through COVID or some pretty large bets Bio-Rad Laboratories was making in diagnostics side, it has reset the bar...
- Fading The year-over-year instrument growth that John noted, Bio-Rad Laboratories believes is a strong indicator of its market share gains…
- Fading You see it in its M&A with a focus on disciplined strategic opportunities where Bio-Rad Laboratories can create value for its...
- Fading To me, this is a team with deep operational experience.
Latest announcements
Official filings, newest first.
- Results of operations; Restructuring costs; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K