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Bio-Rad Laboratories: A Company in Transition, Priced Without a Margin of Safety

Bio-Rad is a diversified life-science tools and clinical-diagnostics supplier whose core operations generated 2.58 billion USD of 2025 sales, complicated by an unusually large Sartorius AG stake that dominates its GAAP earnings. Q1 2026 brought a 527.1 million USD net loss driven by a 727.7 million USD fair-value drop on the Sartorius stake, even as the operating business still produced 108.1 million USD of operating cash flow, and management cut full-year currency-neutral revenue guidance to a range of -3.0% to +0.5%. Rating Hold: durable niche assets and real asset backing, but at 297.09 USD the price already assumes the 2026 slowdown is manageable and leaves no margin of safety.