XML 39 R23.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
15. 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 operation from a prior acquisition, which was sold during 2023 with no material impact on the consolidated statements of income (loss).

The accounting policies of the segments are the same as those described in Significant Accounting Policies (see Note 1). During the year ended December 31, 2024, the segment measure of profit and loss used by our chief operating decision maker ("CODM") was changed from Operating Income to Gross Profit, which represents Net sales reduced by Cost of goods sold. As a result, our disclosed measure of segment profit and loss has been updated consistent with the revised manner in which our CODM evaluates segment performance and allocates resources. The change aligns with our renewed focus on operating performance and Gross Profit as the key driver in management's performance optimization strategy and was informed by recent appointments to our senior leadership team during the year ended December 31, 2024. Prior period segment information has been retrospectively adjusted to reflect this change. We identify our CODM to be our Chairman of the Board and Chief Executive Officer.

Information regarding industry segments at December 31, 2024, 2023, and 2022 and for the years then ended is as follows (in millions):
Life
Science		Clinical
Diagnostics		Other
Operations
Net sales 2024$1,028.1 $1,537.9 $0.5 
 20231,178.4 1,489.3 3.5 
20221,347.2 1,451.0 4.0 
Cost of goods sold
2024$445.7 $741.3 $0.6 
2023514.4 725.8 4.1 
2022532.7 696.5 5.7 
Depreciation and amortization
2024$67.3 $84.3 $— 
202362.8 83.1 — 
202257.9 79.4 — 
Segment profit
2024$582.4 $796.6 $(0.1)
 2023664.0 763.5 (0.6)
2022814.5 754.5 (1.7)
Segment assets2024$286.7 $473.3 $— 
2023287.1 493.1 0.3 
2022269.9 448.8 0.6 

The following reconciles total segment gross profit to consolidated income (loss) before income taxes (in millions):
Year Ended December 31,
 202420232022
Total segment profit$1,378.9 $1,426.9 $1,567.3 
Selling, general and administrative expense
(814.0)(841.7)(827.8)
Research and development expense
(295.9)(247.4)(256.9)
Interest expense(48.9)(49.4)(38.1)
Foreign currency exchange gains, net3.9 7.3 0.2 
Losses from change in fair market value of equity securities and loan receivable
(2,656.8)(1,252.3)(5,193.6)
Other income, net90.3 106.5 44.7 
Consolidated income (loss) before income taxes$(2,342.5)$(850.1)$(4,704.2)

The following reconciles total segment assets to consolidated total assets (in millions):
 December 31,
 20242023
Total segment assets$760.0 $780.5 
Cash, short-term investments and other current assets2,270.3 2,267.8 
Property, plant and equipment, net, and operating lease right-of-use assets688.6 723.7 
Goodwill, net410.5 413.6 
Other long-term assets5,234.7 8,113.5 
Total assets$9,364.1 $12,299.1 
The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions):
 Year Ended December 31,
 202420232022
United States$1,041.5 $1,121.9 $1,155.5 
Europe834.1 819.8 851.9 
Asia521.6 563.0 639.4 
Other (primarily Canada and Latin America)169.3 166.5 155.4 
Total net sales$2,566.5 $2,671.2 $2,802.2 

The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions):
 December 31,
 20242023
United States$461.4 $477.3 
Europe171.3 197.0 
Asia97.1 82.7 
Other (primarily Canada and Latin America)14.1 19.1 
Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes$743.9 $776.1