Norman schwartz bio rad8/1/2023 Will those products move the needle any time soon on your top line? You recently got approval from the FDA on your BioPlex 2200 platform, and for a rapid HIV test (see page 8). There is a tremendous capacity for producing these ELISA tests. That is one of the advantages that we have as a diagnostic and life sciences company. The control that we have over our destiny really has to do with the products and the support of our services. But, it really is hard to predict what will happen or how the government will respond. The American market starting up would have the most impact. Those are the areas that are not doing routine testing. Today if you look at it, growth will come from new countries doing routine testing - Canada, the US, or Latin America or Australia. It went from zero to $100 million almost overnight. This started four years ago as testing started up and got established in different countries, and the market grew very rapidly. Where is the growth in this specific market? Then, you have to run those to ground to then determine if they are positive or not. The test is designed so that you get initial reactives. The worst thing you can have is what you might call a false negative. What you really want in a test like this is something that picks up everything. The test is designed to be a screening test, and designed to be very sensitive. I don’t know if it was luck or skill, but we have the most sensitive and most specific test and, because of our manufacturing capabilities, we were able to deliver and support the test. That is the result of a little bit of luck and being in the right place at the right time. We have a 65 to 70 percent share of the BSE market. It seems that every time there is such a report, it moves Bio-Rad stock price. This week there are news reports that Canada has discovered another cow apparently testing positive for mad cow disease. Typically, we target the segments that are growing faster than 3 percent. We measure growth against the markets that we are serving. That’s our primary focus, not Wall Street. What we try to focus and concentrate on is our markets and our customers and growing faster than the competition. That is, investing and managing for the longer term, which we obviously feel is a better strategy. And, at the end of the day, the kinds of investors that invest in Bio-Rad seem to be those that have a similar view. It allows us to take a longer-term approach to the market. How does that control affect your strategies? Well, most of the shares are out there in public, but because we have this two-class stock system, it is well controlled. Today, Schwartz, 54, the son of Bio-Rad Laboratories founders David and Alice Schwartz, is the CEO and president of the 4,800-employee company, which was founded in 1957.īioCommerce Week spoke to Schwartz this week at the JPMorgan Healthcare Conference in San Francisco about his vision for Bio-Rad’s strategy for growth.īio-Rad is a public company, but it is very much your family’s business. He says he doesn’t remember, but there is a family story about his crib being in the back of the company’s offices. Norman Schwartz has literally grown up in the executive suite of Bio-Rad Laboratories. Advances in Clinical Genomics Profiling. ![]() Based in Hercules, California, Bio-Rad has a global network of operations with approximately 8,300 employees worldwide and $2.8 billion in revenues in 2022. Our customers are universities, research institutions, hospitals, biotechnology and pharmaceutical companies, as well as public health and commercial laboratories including food safety and environmental quality testing facilities. With 70 years of focus on quality and customer service, our products advance the scientific discovery process and improve healthcare. (NYSE: BIO and BIOb) is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostics markets. A link to a live webcast and a subsequent replay of the event will be available in the Investor Relations section of Bio-Rad’s website at .īio-Rad Laboratories, Inc.
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