Financial Analysis

"2. ACQUISITIONS Stilla Technologies Acquisition On June 30, 2025 (the ""Acquisition Date""), we acquired all equity interests of Stilla Technologies (Stilla). Stilla is a commercial-stage life science company that develops and markets next-generation droplet digital Polymerase Chain Reaction (""PCR"") systems, which supports a broad range of genetic and molecular testing applications. The strategic rationale for the transaction was to strengthen our offering in droplet digital PCR and facilitate entry into new molecular testing markets. Because the acquired company met the definition of a business, the acquisition of Stilla was accounted for as a business combination, using the acquisition method of accounting. The Stilla acquisition purchase consideration consisted of (i) $166.5 million cash consideration paid to the sellers, (ii) $47.6 million cash payments to debtors on behalf of Stilla, (iii) $15.0 million of cash paid to escrow accounts for representations and warranties of the sellers, and (iv) the fair value of the contingent consideration of $28.6 million. The contingent consideration of up to $50.0 million is payable upon the achievement of certain technological development and sales-related milestones. The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions) with information available as of December 31, 2025: Fair Value As …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"14. COMMITMENTS AND CONTINGENT LIABILITIES Deferred Profit Sharing Retirement Plan We have a profit sharing plan covering substantially all U.S. employees. Contributions are made at the discretion of management. As of December 31, 2025, the Company had no liability related to the U.S. profit sharing plan, compared to $1.9 million as of December 31, 2024. The contribution expense was $19.1 million, $20.4 million and $20.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. Purchase Obligations As of December 31, 2025, we had purchase obligations that have not been recognized on our balance sheet of $105.8 million, which include agreements to purchase goods or services that are enforceable and legally binding to Bio-Rad and that specify all significant terms and exclude agreements that are cancelable without penalty. Recognition of purchase obligations occurs when products or services are delivered to Bio-Rad, generally within Accounts payable or Other current liabilities. The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2025 were as follows (in millions): 2026 $ 90.2 2027 15.2 2028 0.4 2029 2030 2031 and thereafter Long-Term Liabilities As of December 31, 2025, we had obligations that have been recognized on our balance sheet of $123.7 million, which primarily represent long-term deferred revenue and other post-employment benefits. Excluded are tax liabili …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"11. SHARE-BASED COMPENSATION/EQUITY AWARDS AND PURCHASE PLANS Equity Award Plan The 2017 Incentive Award Plan, as amended (""2017 Plan"") authorizes the grant of stock options, restricted stock, restricted stock units, performance-based stock units and other types of equity awards to officers and certain other employees. Stock options are granted at exercise prices not less than the fair market value of the underlying common stock on the date of grant and have a maximum term of 10 years. We may issue stock options for either Class A or Class B common stock. Prior to September 2020, equity awards granted vest in increments of 20% per year on the yearly anniversary date of the grant. Starting in September 2020, equity awards granted vest in increments of 25% per year on the yearly anniversary date of the grant. A total of 2,108,724 shares have been reserved for issuance of equity awards under the 2017 Plan and may be of either Class A or Class B common stock. At December 31, 2025, there were 701,495 shares available to be granted. Employee Stock Purchase Plan Our 2011 Employee Stock Purchase Plan (""2011 ESPP"" or ""ESPP"") provides that eligible employees may contribute up to the greater of 10% of their compensation or $25,000 annually towards the quarterly purchase of our Class A common stock. The employees purchase price is 85% of the lesser of the fair market value of the stock on the first business day or the last business day of each calendar quarter. The Board of Direct …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"3. FAIR VALUE MEASUREMENTS AND INVESTMENTS We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1: Quoted prices in active markets for identical instruments Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Corporate debt securities $ $ 1.6 $ $ 1.6 Time deposits 39.4 39.4 U.S. government sponsored agencies securities 59.9 59.9 Money market funds 209.7 209.7 Total cash equivalents (a) 209.7 100.9 310.6 Restricted investments (b) 1.1 1.1 Equity Securities (c) 5,740.5 5,740.5 Loan under …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

4. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS Changes to goodwill by segment were as follows (in millions): 2025 2024 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balances as of December 31: Goodwill $ 333.3 $ 412.4 $ 745.7 $ 333.3 $ 415.5 $ 748.8 Accumulated impairment losses and write-offs (41.8) (293.4) (335.2) (41.8) (293.4) (335.2) Goodwill, net 291.5 119.0 410.5 291.5 122.1 413.6 Acquisitions 160.5 160.5 Foreign currency adjustments (0.6) 9.4 8.8 (3.1) (3.1) Period change, net 159.9 9.4 169.3 (3.1) (3.1) Balances as of December 31: Goodwill 493.2 421.8 915.0 333.3 412.4 745.7 Accumulated impairment losses and write-offs (41.8) (293.4) (335.2) (41.8) (293.4) (335.2) Goodwill, net $ 451.4 $ 128.4 $ 579.8 $ 291.5 $ 119.0 $ 410.5 Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): December 31, 2025 Weighted-Average Amortization Period (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 4.4 $ 115.6 $ (107.7) $ 7.9 Know how 0.0 174.6 (174.6) Developed product technology 10.7 315.8 (160.0) 155.8 Licenses 3.1 59.8 (50.3) 9.5 Tradenames 3.6 6.0 (5.1) 0.9 Covenants not to compete 0.5 6.5 (6.3) 0.2 Total purchased intangible assets $ 678.3 $ (504.0) $ 174.3 December 31, 2024 Weighted-Average Amortization Period (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 4.6 $ 102.9 $ (9 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"8. INCOME TAXES The U.S. and foreign components of income (loss) before taxes are as follows (in millions): Year Ended December 31, 2025 2024 2023 U.S. $ 801.4 $ (1,117.0) $ (31.0) Foreign 194.1 (1,225.5) (819.1) Income (loss) before taxes $ 995.5 $ (2,342.5) $ (850.1) The provision for (benefit from) income taxes consists of the following (in millions): Year Ended December 31, 2025 2024 2023 Current tax expense: U.S. Federal $ 38.4 $ 81.0 $ 73.8 U.S. State 6.9 14.0 12.0 Foreign 17.7 28.5 17.4 Current tax expense 63.0 123.5 103.2 Deferred tax expense (benefit): U.S. Federal 182.7 (571.6) (291.7) U.S. State 10.1 (34.7) (15.7) Foreign (22.3) (20.5) (15.2) Deferred tax expense (benefit) 170.5 (626.8) (322.6) Non-current tax expense 2.1 5.0 6.6 Provision for (benefit from) income taxes $ 235.6 $ (498.3) $ (212.8) The reconciliation between our effective tax rate on income (loss) before taxes and the statutory tax rate is as follows (in millions): Year Ended December 31, 2025 Amount Percent U.S. federal statutory tax rate $ 209.1 21.0 % State and local income taxes, net of federal effect (a) 13.5 1.4 % Effect of cross border tax laws Basis difference in investments 35.0 3.5 % Other 3.1 0.3 % Tax credits (5.3) (0.5) % Valuation allowances 16.8 1.7 % Nontaxable or nondeductible items 5.5 0.6 % Other adjustments 1.9 0.2 % Foreign tax effects Germany Investment revaluation (53.5) (5.4) % Other (7.4) (0.7) % Other foreign jurisdictions 15.5 1.5 % Changes in unrecognized tax benefits 1 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

15. LEGAL PROCEEDINGS We are a party to various claims, legal actions and complaints arising in the ordinary course of business. We record a reserve when we believe a loss arising from these matters is probable and can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. As additional information becomes available, any potential liability related to these matters is assessed and the estimates revised. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, financial position or liquidity, we cannot give any assurance regarding the ultimate outcome of these matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period.

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"7. NOTES PAYABLE AND LONG-TERM DEBT The principal components of long-term debt are as follows (in millions): December 31, 2025 December 31, 2024 3.3%, Senior Notes due 2027 $ 400.0 $ 400.0 3.7%, Senior Notes due 2032 800.0 800.0 Less unamortized discounts and debt issuance costs (7.0) (8.8) Long-term debt less unamortized discounts and debt issuance costs 1,193.0 1,191.2 Finance leases and other debt 10.0 10.4 Less current maturities (1.3) (1.2) Long-term debt $ 1,201.7 $ 1,200.4 Under domestic and international lines of credit, standby letters of credit and guarantee arrangements, we had $207.9 million available for borrowing and usage as of December 31, 2025, which was reduced by $16.6 million that was utilized for standby letters of credit and guarantee arrangements issued by our banks to support our obligations. Senior Notes due 2027 and 2032 In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the 2027 Notes) and $800.0 million in principal amount of Senior Notes due March 2032 (the 2032 Notes and, together with the 2027 Notes, the Notes). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.53% and the issuance of the 2032 Notes yielded net cash proceeds of $790.5 million at an effective rate of 3.84%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semiannually in arrea …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements Adopted In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. We adopted ASU 2023-09 effective January 1, 2025. This update has been adopted prospectively in the financial statements. See Note 8, Income Taxes for our updated presentation. Recent Accounting Pronouncements to be Adopted In November 2024, the FASB issued ASU 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40)"". This ASU requires entities to disclose additional information about specific expense categories in the notes to financial statements. As clarified in ASU 2025-01, the guidance set forth in ASU 2024-03 is required to be adopted in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures. In July 2025, the FASB issued ASU 2025-05, ""Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets"". The ASU allows a practical expedient election to simplify the expected credit loss estimati …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

17. RESTRUCTURING COSTS In February 2025, management approved a new restructuring plan in furtherance of our ongoing program to improve operating performance. The restructuring plan primarily impacts our operations in the U.S. and includes the elimination of certain positions, the consolidation of certain functions, and the relocation of certain operations to lower cost locations. As of December 31, 2025, our February 2025 restructuring plan was substantially complete, with majority of planned actions implemented. The remaining activities relate primarily to administrative matters and the settlement of outstanding employee-related obligations, which are expected to be completed by the second quarter of 2026. In addition to the below restructuring plan reserve activity, management recorded $7.5 million of restructuring expense related to facility exit costs, primarily impacting the Clinical Diagnostics segment, and certain other costs. From February 2025 to December 31, 2025, total restructuring-related expenses for our February 2025 restructuring plan were $48.9 million, primarily representing estimated termination benefits to employees. The adjustments to expense recorded during the year ended December 31, 2025 were primarily due to changes in the estimates of employee termination benefits of our previously announced restructuring plans, and the timing of the remaining employee termination benefit payments in accordance with statutory requirements. The following table summar …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

16. SEGMENT INFORMATION Bio-Rad is a multinational developer, manufacturer and worldwide distributor of its own life science research products and clinical diagnostics products. We have two reportable segments: Life Science and Clinical Diagnostics. These reportable segments are strategic business lines that offer more than 12,000 different products and services and require different marketing strategies. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve. The Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used for biological research, biopharmaceutical production processes, food testing regimes, and science education. These products are sold to universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers and food testing laboratories. The 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. These products are primarily sold to hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories. Other Operations represent a small miscellaneous …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"9. STOCKHOLDERS' EQUITY Bio-Rads issued and outstanding stock consists of Class A and Class B common stock. Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited voting rights compared to Class B. Each share of Class A is entitled to one-tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rads voting stock. As a result, the Schwartz family is able to exercise control over Bio-Rad. Changes to Bio-Rad's issued common stock shares are as follows (in thousands): Class A Shares Class B Shares Balance at December 31, 2022 25,162 5,074 Class B to Class A conversions 8 (8) Issuance of common stock 30 Balance at December 31, 2023 25,170 5,096 Class B to Class A conversions 21 (21) Issuance of common stock Balance at December 31, 202 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Stilla Technologies Acquisition As previously disclosed in Footnote 2 in our Annual Report on Form 10-K for the year ended December 31, 2025, on June 30, 2025 (the ""Acquisition Date"") , we acquired all equity interests of Stilla Technologies (""Stilla"") for a total consideration of $257.7 million , including the estimated fair value of contingent consideration. The contingent consideration of up to $50.0 million is payable upon the achievement of certain technological development and sales-related milestones . No conditions triggering payment of the contingent consideration were met as of March 31, 2026. We may revise the preliminary estimates of the fair value of our assets acquired and liabilities assumed as additional information becomes available. In addition, the finalization of working capital adjustments may affect the total consideration transferred. These items are expected to be resolved prior to the end of the measurement period on June 30, 2026."

BusinessCombinationDisclosureTextBlock

"3. FAIR VALUE MEASUREMENTS AND INVESTMENTS We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1: Quoted prices in active markets for identical instruments Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2026 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Time deposits 35.5 35.5 Money market funds 114.6 114.6 Total cash equivalents (a) 114.6 35.5 150.1 Restricted investments (b) 1.1 1.1 Equity securities (c) 4,984.1 4,984.1 Loan under the fair value option (d) 359.1 359.1 Available-for-sale investments: Corporate debt securities 481.5 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

4. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS Changes to goodwill by segment were as follows (in millions): Life Science Clinical Diagnostics Total Balances as of December 31, 2025 Goodwill $ 493.2 $ 421.8 $ 915.0 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net 451.4 128.4 579.8 Foreign currency adjustments (2.7) (2.7) Period change, net (2.7) (2.7) Balances as of March 31, 2026 Goodwill 490.5 421.8 912.3 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net $ 448.7 $ 128.4 $ 577.1 Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): March 31, 2026 Weighted-Average Amortization Period (in years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 4.2 $ 114.7 $ (107.3) $ 7.4 Developed product technology 10.5 313.2 (163.4) 149.8 Licenses 2.9 59.6 (50.9) 8.7 Tradenames 3.3 6.0 (5.2) 0.8 Covenants not to compete 0.2 6.5 (6.4) 0.1 Total purchased intangible assets $ 500.0 $ (333.2) $ 166.8 December 31, 2025 Weighted-Average Amortization Period (in years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 4.4 $ 115.6 $ (107.7) $ 7.9 Developed product technology 10.7 315.8 (160.0) 155.8 Licenses 3.1 59.8 (50.3) 9.5 Tradenames 3.6 6.0 (5.1) 0.9 Covenants not to compete 0.5 6.5 (6.3) 0.2 Total purchased intangible assets $ 503.7 $ (329.4) $ 174.3 Amortization expense related to purchased intangible as …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

7. INCOME TAXES Our effective income tax rate was 23.6% and 23.3% for the three months ended March 31, 2026 and 2025, respectively. The realization of deferred tax assets are dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our federal, state and foreign deferred tax assets will not be realized as of March 31, 2026, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our federal, state and foreign deferred tax assets increased by $8.8 million for the period ended March 31, 2026 compared to the year ended December 31, 2025. Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are differing interpretations of tax laws and regulations, and as a result, significant d …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

12. LEGAL PROCEEDINGS We are a party to various claims, legal actions and complaints arising in the ordinary course of business. We record a reserve when we believe a loss arising from these matters is probable and can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. As additional information becomes available, any potential liability related to these matters is assessed and the estimates revised. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, financial position or liquidity, we cannot give any assurance regarding the ultimate outcome of these matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period.

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14. LEASES We have operating leases and to a lesser extent finance leases, for buildings, vehicles and equipment. Our leases have remaining lease terms of 1 year to 13 years, which includes our determination to exercise renewal options. We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (ROU) assets, Current operating lease liabilities, and Operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Operating lease ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of operating lease ROU assets and operating lease li …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

6. LONG-TERM DEBT The principal components of long-term debt are as follows (in millions): March 31, 2026 December 31, 2025 3.3%, Senior Notes due 2027 $ 400.0 $ 400.0 3.7%, Senior Notes due 2032 800.0 800.0 Less unamortized discounts and debt issuance costs (6.5) (7.0) Long-term debt less unamortized discounts and debt issuance costs 1,193.5 1,193.0 Finance leases and other debt 9.9 10.0 Less current maturities (400.5) (1.3) Long-term debt $ 802.9 $ 1,201.7

LongTermDebtTextBlock

"Recent Accounting Pronouncements Adopted In July 2025, the FASB issued ASU No. 2025-05, ""Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets"". The ASU allows a practical expedient election to simplify the expected credit loss estimation for accounts receivable and contract assets by assuming conditions as of the balance sheet date do not change for the remaining life of the asset. This ASU was effective for us beginning January 1, 2026 and its adoption did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements to be Adopted In November 2024, the FASB issued ASU 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40)"". This ASU requires entities to disclose additional information about specific expense categories in the notes to financial statements. As clarified in ASU 2025-01, the guidance set forth in ASU 2024-03 is required to be adopted in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these amendments on our condensed consolidated financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, ""IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"13. SEGMENT INFORMATION Information regarding industry segments at March 31, 2026 and 2025 and for the three months then ended are as follows (in millions): Life Science Clinical Diagnostics Net sales 2026 $ 228.5 $ 363.6 2025 $ 228.6 $ 356.8 Cost of goods sold 2026 $ 100.9 $ 181.8 2025 $ 100.2 $ 179.2 Segment gross profit 2026 $ 127.6 $ 181.8 2025 $ 128.4 $ 177.6 Depreciation and amortization 2026 $ 18.3 $ 22.6 2025 $ 17.0 $ 21.1 Segment assets 2026 $ 301.7 $ 468.8 2025 $ 308.1 $ 482.0 Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. The segment measure of profit and loss used by our chief operating decision maker (""CODM"") is Gross Profit, which represents Net sales reduced by Cost of goods sold, and is the primary measure used by the CODM to evaluate segment performance and allocate resources. The following reconciles total segment gross profit to net income (loss) before income taxes (in millions): Three Months Ended March 31, 2026 2025 Segment gross profit $ 309.4 $ 306.0 Selling, general and administrative expense (212.4) (208.8) Research and development expense (62.9) (73.5) Interest expense (12.3) (12.0) Foreign currency exchange gains, net 2.4 2.7 Gains (losses) from change in fair market value of equity securities and loan receivable (738.2) 31.8 Other income, net 24.2 37.2 Net income (loss) before income taxes $ (689.8) $ 83.4"

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