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Arphra AIPlain-English read on Bio-Rad Laboratories, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.92B | $2.8B | $2.67B | $2.57B | $2.58B | $2.58B | $2.66B | $2.76B | $2.81B |
| Cost of revenue | $1.28B | $1.23B | $1.24B | $1.19B | $1.24B | $1.21B | $1.25B | $1.32B | $1.35B |
| Gross profit | $1.64B | $1.57B | $1.43B | $1.38B | $1.34B | $1.33B | $1.42B | $1.49B | $1.51B |
| Gross margin | +56.05% | +55.93% | +53.42% | +53.73% | +52.01% | +51.73% | +53.25% | +53.92% | +53.86% |
| Operating | |||||||||
| Research & development | $260.64M | $256.89M | $247.43M | $295.9M | $256.9M | $266.94M | $272.8M | $282.36M | $295M |
| Selling, general & administrative | $877.12M | $827.83M | $841.7M | $814M | $819.9M | $822.51M | $835.62M | $860.38M | $913.04M |
| Total operating expenses | $1.14B | $1.08B | $1.09B | $1.11B | $1.08B | $1.06B | $1.11B | $1.14B | $1.18B |
| Operating income | $500.34M | $482.62M | $337.8M | $269M | $270.5M | $281.32M | $289.2M | $307.44M | $322.66M |
| Operating margin | +17.12% | +17.22% | +12.65% | +10.48% | +10.47% | +10.92% | +10.87% | +11.14% | +11.49% |
| EBITDA | $5.59B | -$4.49B | -$654.8M | -$2.14B | $475.9M | $285.04M | $303.08M | $310.46M | $323.74M |
| EBIT | $5.45B | -$4.67B | -$800.67M | -$2.29B | $270.5M | -$952.22M | -$972.26M | -$999.88M | -$1.02B |
| Below the line | |||||||||
| Interest expense | $1.55M | $38.11M | $49.44M | $48.9M | $49M | $49.86M | $49.21M | $53.26M | $53.62M |
| Interest income | $18.9M | $58M | $100.9M | $82M | $95.5M | $92.53M | $94.36M | $98.17M | $98.96M |
| Other income / expense | $4.95B | -$5.19B | -$1.19B | -$2.61B | $725M | — | — | — | — |
| Pre-tax income | $5.45B | -$4.7B | -$850.1M | -$2.34B | $995.5M | -$707.77M | -$732.05M | -$786.38M | -$770.56M |
| Income tax expense | $1.19B | -$1.08B | -$212.78M | -$498.3M | $235.6M | -$167.26M | -$178.18M | -$181.45M | -$189.88M |
| Earnings | |||||||||
| Net income | $4.25B | -$3.63B | -$637.32M | -$1.84B | $759.9M | -$553.1M | -$577.79M | -$595.82M | -$633.31M |
| Net income · continuing ops | $4.25B | -$3.63B | -$637.32M | -$1.84B | $759.9M | -$573.02M | -$578.24M | -$620.15M | -$621.14M |
| Net margin | +145.57% | -129.45% | -23.86% | -71.86% | +29.42% | -21.47% | -21.72% | -21.60% | -22.56% |
| EPS · basic | $142.61 | $-121.79 | $-21.82 | $-65.36 | $27.87 | $9.16 | $9.83 | $11.23 | $12.25 |
| EPS · diluted | $140.83 | $-121.79 | $-21.82 | $-65.36 | $27.87 | $9.04 | $9.96 | $11.15 | $12.17 |
| EPS · low estimate | — | — | — | — | — | $8.81 | $9.71 | $10.86 | $11.85 |
| EPS · high estimate | — | — | — | — | — | $9.22 | $10.16 | $11.36 | $12.41 |
| Shares · basic | 29.83M | 29.79M | 29.21M | 28.21M | 27.26M | 27.22M | 27.23M | 27.13M | 27.02M |
| Shares · diluted | 30.21M | 29.79M | 29.21M | 28.21M | 27.28M | 27.06M | 27.49M | 27.46M | 27.22M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 4 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 2 | 2 | 1 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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