Bio-Rad Laboratories, Inc.

Report azionario NYSE:BIO.B

Capitalizzazione di mercato: US$7.6b

Bio-Rad Laboratories Gestione

Criteri Gestione verificati 4/4

Bio-Rad Laboratories Il CEO è Norman Schwartz, nominato in Jan2003, e ha un mandato di 23.33 anni. la retribuzione annua totale è $ 8.00M, composta da 13.6% di stipendio e 86.4% di bonus, comprese azioni e opzioni aziendali. possiede direttamente 6.36% delle azioni della società, per un valore di $ 481.62M. La durata media del mandato del team dirigenziale e del consiglio di amministrazione è rispettivamente 2.2 anni e 9.1 anni.

Informazioni chiave

Norman Schwartz

Amministratore delegato

US$8.0m

Compenso totale

Percentuale dello stipendio del CEO13.63%
Mandato del CEO23.3yrs
Proprietà del CEO6.4%
Durata media del management2.2yrs
Durata media del Consiglio di amministrazione9.1yrs

Aggiornamenti recenti sulla gestione

Recent updates

Seeking Alpha • Jul 12

Bio-Rad: Sartorius Arb Trade Has Fully Unwound, For Now

The investment case for Bio-Rad hinges almost entirely on performance of its key equity holding, Sartorius AG. Findings show the deep causal relationship between the pair and how a breakdown of this has contributed to heavy losses in FY22. Technical momentum is weak and investors should wait on entry in order to confirm a reversal out of the long-term downtrend. We've priced BIO at $515 per share and rate BIO hold. Investment Summary From the Portfolio Manager's Desk It must be said that the Bio-Rad Laboratories, Inc. (BIO) share price has caused some pain for our portfolios in 2022. Longs of BIO are down 23% in the last 12 months as the Sartorius AG/Bio-Rad arbitrage opportunity looks to have completely unwound for now. Whilst BIO continues to reside onwards, fundamentally sound, a key fulcrum to its value proposition has been quashed with the breakdown of this trade. Here we'll demonstrate the relationship between BIO's and Sartorius' equity, the tightness of the fit – and how it's unravelled in FY22 – leading to heavy losses for BIO investors playing it from this angle. Exhibit 1. BIO 12-month price action Price action looks to be long-term bearish Image: HB Insights. Data: Updata Investment Thesis Summary After the stock nudged a 52-week high of $832.70, BIO has since pulled back to a low of $518 on last check, in range with June–Oct 2020 levels. With the Sartorius differentiator removed from the equation, the premium attached to BIO is gone, meaning it now has to stand up on its own two feet against the wider macroeconomic backdrop. We'd argued this back in 2020 here and here and now and now is the time for it to sink or swim. Those investors buying it for the Sartorius arbitrage will have to price additional risk into that trade, and take a contrarian view. Whereas those buying BIO on its quality factor should look to scale in on the upside in share price, waiting for a reversal out of trend. Here we illustrate these points, plus the macroeconomic backdrop as it relates to BIO. Rate hold PT $515 on blend of inputs. BIO to be bottom-heavy against macro-backdrop A quick discussion about the macro-drivers that are set to impact equity returns from FY22 it warranted first. This is imperative to illustrate BIO's challenges looking ahead. Firstly, whilst the valuation spread enjoyed by value strategies has returned in 2022, growth names have outperformed in July and now offer price-premium over lagging value-stocks, seen below. Exhibit 2. S&P 500 Growth (red) vs. S&P 500 Value (blue), price premium Growth enjoying a bid over value late into H2 FY22 Image: HB Insights. Data: Updata The long-end of the treasury curve has also caught a bid in July and is testing support, as investors balance the prospect of near-term recession or long-term inflation. Yields on the 10-year to 30-year with crept up following US jobs data with nonfarm payrolls outpacing estimates by ~21%. The belly and tail of the curve has held ~3% and raises interesting questions. Strong US jobs data (alongside other economic indicators) points to strength in the US economy, meaning inflation risk is likely to be a downside risk heading forward. However, to compress CPI prints the FED/ECB/RBA etc. must continue on their hiking trajectory, increasing recession risk in doing so. Should one believe we are to enter into a recessionary world in the next 12 months, long-dated bonds look very attractive right now, and will be priced to compensate any inflation risk. Hence, looking ahead for equities, if the 25–75bps hiking cycle continues, exposure to short-duration, low-beta looks to be the profitable trade as investors step up in quality and liquidity. Growth is the real wildcard (as yields dictate its trajectory), and the growth/bond correlation looks to have rolled down somewhat in July. BIO tick's the bill on 2/3 of these requisites. However, those familiar with the name will know its exposure to Sartorius has been the key differentiator to date. Exhibit 2. Long-end has caught a bid lately and growth/bond correlation may have rolled over in July It then becomes a rates story as central bank tightening dominates the market Image: HB Insights. Data: Updata If it is to become a rates story, then we need further corroboration of the inflationary narrative on a forward-looking basis. Spot inflation, i.e. today's print, is thankfully dislocated from the market's view of ~2.6% in the 5y5y breakevens. This may undershoot or overshoot that level, nevertheless, there's room for spot CPI rates to creep towards this mark. Moreover, Brent Crude and copper have retraced from highs with copper especially signalling a slowdown in producer pricing. Brent Crude has set lower highs and looks to be squeezed to the downside. Moreover, US TIPs have been repriced to the downside and now trade in-line with FY19 levels (Exhibit 3). With Brent and copper both leading indicators of industrial pricing activity, the data suggests the market is pricing a further run-down in inflation. That challenges the notion of rate hikes continuing for too much longer, providing a solid underweight for profitable medical technology ("medtech") names like BIO to re-rate and push back towards previous highs. These are factors to consider with equity positioning with names like BIO. Exhibit 3. Brent Crude and copper retracing back below previous lows and suggesting lower pricing pressure heading forward US TIPS providing supplementary data of this with investors pricing these back at FY19 levels Image: HB Insights. Data: Updata Moreover, US large-caps have regained strength relative to the commodity sector. Investors are rotating back out of commodities and repositioning in equities. As the benchmark heads sideways key commodity baskets are relatively weakening (Exhibit 4) offering investors relative upside premium in large-cap equities such as BIO. Exhibit 4. SPY strengthening against commodity basket lending investors relative upside premium in large-cap shares Image: HB Insights. Data: Updata Meanwhile, the US dollar index (DXY) continues to rally and outperform most assets classes in 2022. It broke from a key resistance level in early 2022 as investors looked to step up in quality and reduce equity exposure. This has created a macro-divergence which we estimate could help the SPX re-rate via mean-reversion to the upside. However, a strengthening USD also has potential to create Forex headwinds on company income statements in FY22/FY23, by estimate. It also has potential to hurt US exports. Exhibit 5. DXY has strengthened creating macro-divergence to SPX Potential to large-caps to re-rate to the upside via mean-reversion Image: HB Insights. Data: Updata As a result, low-beta, high-quality plays have and will continue to offer long-term upside in the current macro regime. Balanced portfolios with a weighting towards alternatives have outperformed in FY22, partly because of their low-beta nature. Investors who've retained an alternatives weighting have therefore gained an effective equity hedge. As shown below, managed futures strategies have strengthened relative to the benchmark, whilst reducing equity beta to basically 0 in doing so. Exhibit 6. Alternatives have offered investors reducing covariance structure whilst capturing upside in doing so Low-beta, high-quality are the factors that look to be key in this regime Image: HB Insights. Data: Updata As we note with BIO, it doesn't adhere to the premia that are driving equity returns on a forward-looking basis. As shown in Exhibit 7., it has lost relative strength to the SPX and this has occurred whilst the benchmark itself has been declining. This trend has been in situ since FY21, although stepped up in magnitude February this year, whilst the BIO share price rated lower. Meanwhile, the stock's return correlation to the benchmark has increased markedly in the same time. This is a trend we've observed in countless stocks facing losses in 2022. This supports the point that high-beta is a negative factor and that BIO fits the bill here. Exhibit 7. High-beta continues to de-rate in FY22 and offers little forward-looking upside as market losses compound BIO's shifting covariance structure opposes the premia driving equity returns this year Image: HB Insights. Data: Updata Which leads us into the most integral part of the BIO investment debate, its equity holding in Sartorius AG ("Sartorius"). It laid $10.4 million into Sartorius initially back in 2003, with the position now growing to 38% ownership of ordinary shares as of FY21, and 28% of preferred equity. It's been an enormous compounder for BIO and fed substantial retained earnings to equity holders. This creates substantial operating leverage by ratcheting up earnings faster than the average ~6% top-line growth since FY18. Herein lies the big dilemma for BIO. Firstly, it recognised a $31 million ($1.03 per BIO share) dividend from Sartorius in Q1 FY22. It recognized a $4.868 billion ($162/BIO share) gain on this position in FY21. However, markets turned against Sartorius in FY22. It reported a diluted loss per share of $112 in Q1 due to its loss on the Sartorius position. In total, it booked a loss of more than $4.5 billion ($150/BIO share) on the position, offsetting prior year's gains (net $16/share). This has compressed earnings substantially, as unrealized gains on the Sartorius stake are accretive to BIO's EPS. Exhibit 8. BIO's Sartorius position outlined Booked extensive losses on the position last quarter Image: Sartorius Aktiengesellschaft Q1 FY22 Chief to the mark down in BIO's equity value was the performance of the Sartorius share price. It has been rocked in FY22 alongside the German DAX as Europe faces a plethora of geopolitical problems. Amid the global market selloff in January, both the DAX and Sartorius notched down at pace. Then, around the same time the European conflict started, both the DAX and the Sartorius share price jumped lower and continued in this trajectory. Exhibit 9. Both the DAX and Sartorius have trebled lower since January-February Sartorius (shown in green) set 3 x new 52-week lows in the last 3 months Image: HB Insights. Data: Updata Adding further pressure to the situation is the Covid-19 situation in Germany. Cases have ticked up substantially in 2022 and have shown a resurgence in July, despite some recovery. The impact has been similar to any nation incurring a wave of the virus. Nevertheless, with Germany's position as a medtech hub of Europe and the world, pressures have transposed over to the sector. Germany's Covid-19 is said to have recovered to pre-pandemic levels according to management, whilst Covid-19 related sales continue to diminish, it said last earnings call. Nevertheless, it's the economic pressure faced to the sector by an uptick in cases. Exhibit 10. Germany's Covid-19 situation continues to plague Sartorius' share price, and therefore BIO's Image: Our World In Data Image: Our World In Data All of this information is incredibly important for our thesis on BIO. The stock has an undeniably tight causal relationship with Sartorius, with changes in the Sartorius share price responsible for ~71% of the changes in BIO's share price over the past 3 years to date (Exhibit 11). Correlations have remained above 80–85% for that time as well and plotting the two's price on time series reveals the minimal variance in dispersion.

Analisi delle retribuzioni degli amministratori delegati

Come è cambiata la remunerazione di Norman Schwartz rispetto agli utili di Bio-Rad Laboratories?
DataCompenso totaleStipendioUtili della società
Mar 31 2026n/an/a

US$169m

Dec 31 2025US$8mUS$1m

US$760m

Sep 30 2025n/an/a

-US$676m

Jun 30 2025n/an/a

US$319m

Mar 31 2025n/an/a

-US$2b

Dec 31 2024US$8mUS$1m

-US$2b

Sep 30 2024n/an/a

-US$779m

Jun 30 2024n/an/a

-US$1b

Mar 31 2024n/an/a

-US$322m

Dec 31 2023US$7mUS$1m

-US$637m

Sep 30 2023n/an/a

-US$159m

Jun 30 2023n/an/a

-US$428m

Mar 31 2023n/an/a

-US$191m

Dec 31 2022US$8mUS$1m

-US$4b

Sep 30 2022n/an/a

-US$6b

Jun 30 2022n/an/a

-US$2b

Mar 31 2022n/an/a

-US$91m

Dec 31 2021US$9mUS$988k

US$4b

Sep 30 2021n/an/a

US$7b

Jun 30 2021n/an/a

US$4b

Mar 31 2021n/an/a

US$4b

Dec 31 2020US$8mUS$987k

US$4b

Sep 30 2020n/an/a

US$4b

Jun 30 2020n/an/a

US$2b

Mar 31 2020n/an/a

US$2b

Dec 31 2019US$7mUS$950k

US$2b

Compensazione vs Mercato: La retribuzione totale di Norman ($USD 8.00M ) è circa la media per le aziende di dimensioni simili nel mercato US ($USD 8.43M ).

Compensazione vs guadagni: La retribuzione di Norman è stata coerente con le performance aziendali dell'ultimo anno.

AMMINISTRATORE DELEGATO

Norman Schwartz (75 yo)

23.3yrs
Mandato
US$7,995,841
Compensazione

Mr. Norman D. Schwartz has been the Chief Executive Officer of Bio-Rad Laboratories, Inc. since January 1, 2003 and has been its Chairman since 2012. Mr. Schwartz was Principal Financial Officer of Bio-Rad...

Gruppo dirigente

NomePosizioneMandatoCompensazioneProprietà
Norman Schwartz
Chairman & CEO23.3yrsUS$8.00m6.36%
$ 481.6m
Jonathan DiVincenzo
President & COO1.7yrsUS$3.68m0.0034%
$ 259.9k
Roop Lakkaraju
Executive VP & CFO2.1yrsUS$2.99m0.0096%
$ 725.8k
James Barry
Executive VP & President of Life Science Groupno dataUS$2.61m0.0019%
$ 144.7k
Rajat Mehta
Executive Vice President of Global Commercial Operationsless than a yearUS$2.99mNessun dato
Ruben Argueta
Vice President of Investor Relationsno dataNessun datoNessun dato
Matthew Werner
Senior VP and Chief Compliance & Privacy Officerno dataNessun datoNessun dato
Courtney Enloe
Executive VP2.3yrsNessun dato0.0028%
$ 212.1k
Nanditha Yelamanchi
Executive Vice President of Global Human Resourcesno dataNessun datoNessun dato
Michael Crowley
Executive Vice President of Global Commercial Operations11.4yrsUS$2.24m0.031%
$ 2.3m
Erik Molitor
Senior Vice President of Global Technology & Systemsno dataNessun datoNessun dato
Morgan Norris
Senior Vice President of Marketing at Life Science Groupno dataNessun datoNessun dato
2.2yrs
Durata media
54yo
Età media

Gestione esperta: Il team dirigenziale di BIO.B è considerato esperto (durata media dell'incarico 2.2 anni).

Membri del Consiglio di amministrazione

NomePosizioneMandatoCompensazioneProprietà
Norman Schwartz
Chairman & CEO31.3yrsUS$8.00m6.36%
$ 481.6m
Gregory Hinckley
Lead Independent Director9.1yrsUS$337.71k0.0045%
$ 343.9k
Jeffrey Edwards
Independent Director9.1yrsUS$324.71k0.0027%
$ 202.3k
Arnold Pinkston
Independent Director9.1yrsUS$309.71k0.0027%
$ 202.3k
Melinda Pei
Independent Director9.1yrsUS$329.71k0.0027%
$ 202.3k
Allison Schwartz
Director4.1yrsNessun dato0.020%
$ 1.5m
9.1yrs
Durata media
66.5yo
Età media

Consiglio di amministrazione esperto: I membri del consiglio di amministrazione di BIO.B sono considerati esperti (durata media dell'incarico 9.1 anni).

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/05/22 21:44
Prezzo dell'azione a fine giornata2026/05/18 00:00
Utili2026/03/31
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Bio-Rad Laboratories, Inc. è coperta da 19 analisti. 5 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Jon WoodBofA Global Research
Yuan ZhiB. Riley Securities, Inc.
Patrick DonnellyCitigroup Inc