Bio-Rad Laboratories, USA

Total revenue: $2.67 billion

APAC revenue: $563.0 million

Bio-Rad operates in two industry segments: Life Science and Clinical Diagnostics. For the year ended December 31, 2023, the Life Science segment accounted for 44 per cent of consolidated net sales, while the Clinical Diagnostics segment contributed 56 per cent. Approximately 42 per cent of total net sales came from the US, with 58 per cent from international locations, where Europe represented the largest region. The Asia-Pacific region generated 21 per cent of total revenue, totaling nearly $563 million.

The Life Science segment sales for the year ended December 31, 2023 were $1.18 billion, a decrease of 12.5 per cent compared to the year ended December 31, 2022. On a currency neutral basis, sales decreased 12 per cent compared to the year ended December 31, 2022. The currency neutral sales decrease was mainly in Asia Pacific and EMEA. COVID-related sales were $2.9 million in the year ended December 31, 2023 compared to approximately $105.2 million in the year ended December 31, 2022. Excluding COVID-related sales, sales decreased 4.9 per cent on a currency neutral basis driven primarily by lower process chromatography, qPCR and Western blotting products, as a result of demand constraints from biopharma and small biotech customers, the economic environment in China, and Russia sanctions.

The Clinical Diagnostics segment sales for the year ended December 31, 2023 were $1.49 billion, an increase of 2.6 per cent compared to the year ended December 31, 2022. On a currency neutral basis, sales increased 3.2 per cent compared to the year ended December 31, 2022. COVID-related sales were $0.7 million in the year ended December 31, 2023 compared to approximately $4.0 million in the year ended December 31, 2022. Excluding COVID-related sales, sales increased 3.4 per cent on a currency neutral basis. The currency neutral sales increase was primarily driven by an increased demand for its diagnostic testing systems, primarily diabetes, blood typing, and quality control products, especially in Asia Pacific and EMEA, partially offset by a decline in its infectious disease products and lower sales due to Russia sanctions.

“During 2023, biopharma production began to adjust to post- COVID-19 product demand. In biopharmaceutical research, we saw resets in development programmes and reallocations of resources. The emerging biotech sector also hit a rough patch in 2023, with a number of biotech funding sources drying up and higher interest rates combining to dampen investments in research. Looking forward, we expect 2024 to be a year where we begin the return to “normal.” It will likely be a slow, gradual recovery given the ongoing challenging geopolitical environment, above-average interest rates, and inflationary pressures. life science and clinical diagnostics markets that we operate in are stable and sustainable for the long term” 

• Norman Schwartz, President and Chief Executive Officer, Bio-Rad Laboratories