BIO: Highlights from the RBC Healthcare Conference

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BIO: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Dan Leonard (Analyst)

May 19, 2026

Bio-Rad Laboratories, Inc.

Highlights from the RBC Healthcare Conference

NYSE: BIO | USD 281.82 | Outperform | Price Target USD 320.00

Sentiment: Positive

We hosted Bio-Rad's (BIO) Roop Lakkaraju (CFO) for a fireside chat at our Global Healthcare Conference. Highlights include: 1)

life science tools demand remains weak, but bright spots include digital PCR (dPCR), quality controls, and APAC (ex Middle East),

2) the second half weighting of Bio-Rad's guidance for 2H isn't overly inconsistent with prior years and underpinned by some

specific timing in diagnostics (quality controls, blood typing) and ramp in dPCR, not budget flush, and 3) the path to mid-teens EBIT

margins is underway, with multiple self-help levers available independent of end-market recovery. Overall, we continue to see

idiosyncratic upside in Bio-Rad's stock despite near-term headwinds, a view recently supported by activist interest. We reiterate

our Outperform rating on BIO.

dPCR Momentum Building, Stilla Accretion Ahead of Schedule: The QX700 product family (born from the Stilla acquisition

completed last year) drove 24% y/y instrument growth in Q1, and the team has already ported 400k+ assays onto the platform,

ahead of schedule. Further, mgmt. notes the entry level QX700 has eliminated the need to discount the legacy QX200 and QX600

platforms, a result of better market segmentation. The Stilla acquisition is now expected to be accretive within 12 months, vs

original 12 - 18 month target. dPCR consumables did decline (MSD) in Q1, a result of broader end market weakness, but mgmt.

views the growing installed base as a future tailwind as lab activity normalizes.