BIO-RAD LABORATORIES, INC.
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
BIO-B$379.50+4.2%Stored close · as of Oct 27, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0000012208-25-000052
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0000012208-25-000077
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 55 previous paragraphs and 57 current paragraphs.
21 unchanged; 31 reworded; 3 added; 2 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Nine Months Ended September 30, 2025 Compared to
Current report
Nine Months Ended September 30, 2024
Current report
In March 2022, we received $1.2 billion in cash proceeds from the issuance of Senior Notes. The $400 million and $800 million Senior Notes mature in March 2027 and March 2032, respectively and interest on the Senior Notes is 3.3% and 3.7% per annum, respectively. Interest is payable semiannually in arrears on March 15 and September 15 of each year.
Removed paragraphs (2)
Previous report
Six Months Ended June 30, 2025 Compared to
Previous report
Six Months Ended June 30, 2024
Reworded paragraphs (31)
Previous wording
This discussion should be read in conjunction with the information contained in both our consolidated financial statements for the year ended December 31, 2024 and the condensed consolidated financial statements for the three and six months ended June 30, 2025.
Current wording
This discussion should be read in conjunction with the information contained in both our consolidated financial statements for the year ended December 31, 2024 and the condensed consolidated financial statements for the three and nine months ended September 30, 2025.
Previous wording
An accounting policy is deemed to be critical if it affects our financial statements materially and requires subjective or complex judgments by management. An accounting estimate is deemed to be critical if it requires assumptions about matters that are highly uncertain at the time the estimate is made, if different estimates reasonably could have been used, or if changes in the estimate that are reasonably likely to occur could materially impact the financial statements. Management believes that there have been no significant changes during the three and six months ended June 30, 2025 to the items that we disclosed as our critical accounting policies and estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Current wording
An accounting policy is deemed to be critical if it affects our financial statements materially and requires subjective or complex judgments by management. An accounting estimate is deemed to be critical if it requires assumptions about matters that are highly uncertain at the time the estimate is made, if different estimates reasonably could have been used, or if changes in the estimate that are reasonably likely to occur could materially impact the financial statements. Management believes that there have been no significant changes during the three and nine months ended September 30, 2025 to the items that we disclosed as our critical accounting policies and estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Previous wording
There have been no substantial changes in our significant accounting policies during the three and six months ended June 30, 2025, compared with the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
There have been no substantial changes in our significant accounting policies during the three and nine months ended September 30, 2025, compared with the significant accounting policies described in Note 1 to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Net sales ("sales") for the second quarter of 2025 were $651.6 million compared to $638.5 million in the second quarter of 2024, an increase of 2.1%. On a currency neutral basis, second quarter 2025 sales increased by approximately 1.0% compared to the same period in 2024. The increase in sales was primarily driven by higher sales of process chromatography products.
Current wording
Net sales ("sales") for the third quarter of 2025 were $653.0 million compared to $649.7 million in the third quarter of 2024, an increase of 0.5%. On a currency neutral basis, third quarter 2025 sales decreased by approximately 1.7%, compared to the same period in 2024. The decrease in sales was primarily driven by lower sales in both Life Science and Clinical Diagnostics segments.
Previous wording
The Life Science segment sales for the second quarter of 2025 were $262.8 million, an increase of 4.9% compared to the same period last year. On a currency neutral basis, sales increased 3.8% compared to the second quarter in 2024, driven by the increase in process chromatography and food safety product sales. Currency neutral sales increased in the Americas and EMEA, partially offset by decreased sales in Asia Pacific.
Current wording
The Life Science segment sales for the third quarter of 2025 were $261.8 million, essentially flat compared to the same period last year. On a currency neutral basis, sales decreased 1.5% compared to the third quarter in 2024, driven by the constrained academic research and biotech funding environment. Currency neutral sales decreased in the Americas, partially offset by increased sales in Asia Pacific and EMEA.
Previous wording
The Clinical Diagnostics segment sales for the second quarter of 2025 were $388.8 million, essentially flat compared to the same period last year. On a currency neutral basis, sales decreased 0.7% compared to the second quarter in 2024. The currency neutral sales decrease was primarily driven by lowered reimbursements for diabetes testing in China, partially offset by increased demand for our quality control and immunology products. Currency neutral sales decreased in Asia Pacific, partially offset by increased sales in EMEA and the Americas.
Current wording
The Clinical Diagnostics segment sales for the third quarter of 2025 were $391.2 million, an increase of 0.6% compared to the same period last year. On a currency neutral basis, sales decreased 1.8% compared to the third quarter in 2024. The currency neutral sales decrease was primarily driven by the lower reimbursement rates for diabetes testing in China. Currency neutral sales decreased in Asia Pacific, partially offset by increased sales in the Americas and EMEA.
Previous wording
Consolidated gross margin was 53.0% for the second quarter of 2025 compared to 55.6% for the second quarter of 2024. Gross margin for the Life Science segment and Clinical Diagnostics segment for the second quarter of 2025 decreased by approximately 1.3 percentage points and 3.6 percentage points, respectively, as compared to the same period last year. The decrease in gross margin was primarily driven by higher material costs and reduced fixed manufacturing absorption.
Current wording
Consolidated gross margin was 52.6% for the third quarter of 2025 compared to 54.8% for the third quarter of 2024. Gross margin for the Life Science segment and Clinical Diagnostics segment for the third quarter of 2025 decreased by approximately 1.7 percentage points and 2.5 percentage points, respectively, as compared to the same period last year. The decrease in gross margin was primarily driven by higher material costs and reduced fixed manufacturing absorption.
Previous wording
Selling, general and administrative ("SG&A") expense for the second quarter of 2025 was $207.7 million or 31.9% of sales, compared to $194.7 million, or 30.5% of sales for the second quarter of 2024. The increase in SG&A expense was primarily due to higher employee-related costs.
Current wording
Selling, general and administrative ("SG&A") expense for the third quarter of 2025 was $206.8 million or 31.7% of sales, compared to $200.4 million, or 30.8% of sales for the third quarter of 2024. The increase in SG&A expense was due to higher employee-related and restructuring costs.
Previous wording
Research and development ("R&D") expense for the second quarter of 2025 was $60.5 million or 9.3% of sales, compared to $58.9 million or 9.2% of sales in the second quarter of 2024. The increase in R&D expense was primarily due to higher project related spending.
Current wording
Research and development ("R&D") expense for the third quarter of 2025 was $71.3 million or 10.9% of sales, compared to $91.0 million or 14.0% of sales in the third quarter of 2024. The decrease in R&D expense was primarily due to higher in-process R&D charges associated with an acquisition in the third quarter of 2024, compared to the third quarter of 2025.
Previous wording
Interest expense for the second quarter of 2025 and 2024 was $12.6 million and $12.3 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Current wording
Interest expense for the third quarter of 2025 and 2024 was $12.3 million and $12.1 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Previous wording
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange losses, net were $1.1 million for the second quarter of 2025 compared to foreign currency exchange gains, net of $1.7 million for the second quarter of 2024. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
Current wording
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange gains, net were $2.9 million for the third quarter of 2025 compared to foreign currency exchange losses, net of $1.6 million for the third quarter of 2024. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
Previous wording
(Gains) losses from change in fair market value of equity securities and loan receivable amounted to a gain of $334.4 million for the second quarter of 2025, compared to a loss of $2.9 billion for the second quarter of 2024. The change in the fair market value primarily resulted from the recognition of holding gains of $326.6 million in the second quarter of 2025 compared to holding losses of $2.9 billion in the second quarter of 2024 on our position in Sartorius AG. In addition, holding losses from the change in fair market value of our loan receivable of $2.4 million in the second quarter of 2025 compared to a loss of $22.7 million in the second quarter of 2024 contributed to the change.
Current wording
(Gains) losses from change in fair market value of equity securities and loan receivable amounted to a loss of $495.3 million for the third quarter of 2025, compared to a gain of $792.9 million for the third quarter of 2024. The change in the fair market value primarily resulted from the recognition of holding losses of $505.1 million in the third quarter of 2025 compared to holding gains of $761.1 million in the third quarter of 2024 on our position in Sartorius AG. In addition, holding gains from the change in fair market value of our loan receivable of $1.8 million in the third quarter of 2025 compared to holding gains of $25.2 million in the third quarter of 2024 contributed to the change.
Previous wording
Other income, net for the second quarter of 2025 was $16.2 million compared to $18.2 million for the second quarter of 2024. The difference in Other income, net of $2.0 million was primarily attributable to lower interest and investment income in the second quarter of 2025 compared to the second quarter of 2024.
Current wording
Other income, net for the third quarter of 2025 was $8.3 million compared to $17.9 million for the third quarter of 2024. The difference in Other income, net of $9.6 million was primarily attributable to realized losses on equity investments in the third quarter of 2025 compared to the third quarter of 2024.
Previous wording
Our effective income tax rate was 23.2% and 22.3% for the second quarter of 2025 and 2024, respectively. The effective tax rate reported in the second quarter of 2025 was primarily driven by the unrealized gain/loss in equity securities and the geographical mix of earnings, and 2024 was primarily driven by the unrealized gain/loss in equity securities.
Current wording
Our effective income tax rate was 20.7% and 24.2% for the third quarter of 2025 and 2024, respectively. The effective tax rate reported in the third quarter of 2025 and 2024 was primarily driven by the unrealized gain/loss in equity securities and the geographical mix of earnings.
Previous wording
Sales for the first six months of 2025 were $1.24 billion compared to $1.25 billion in the first six months of 2024, a decrease of 1.0%. On a currency neutral basis, the first six months of 2025 sales were essentially flat compared to the same period in 2024.
Current wording
Sales for the first nine months of 2025 were $1.89 billion compared to $1.90 billion in the first nine months of 2024, a decrease of 0.5%. On a currency neutral basis, the first nine months of 2025 sales decreased by 0.7% compared to the same period in 2024.
Previous wording
The Life Science segment sales for the first six months of 2025 were $491.4 million, essentially flat compared to the same period last year. On a currency neutral basis, sales increased 0.3% compared to the first six months of 2024, driven by the increase in process chromatography and food safety product sales. Currency neutral sales increased in EMEA and the Americas, partially offset by decreased sales in Asia Pacific.
Current wording
The Life Science segment sales for the first nine months of 2025 were $753.2 million, essentially flat compared to the same period last year. On a currency neutral basis, sales decreased 0.3% compared to the first nine months of 2024 which was essentially flat. Currency neutral sales decreased in the Americas and Asia Pacific, partially offset by increased sales in EMEA.
Previous wording
The Clinical Diagnostics segment sales for the first six months of 2025 were $745.6 million, a decrease of 1.5% compared to the same period last year. On a currency neutral basis, sales decreased 0.5% compared to the first six months of 2024. The currency neutral sales decrease was primarily driven by lowered reimbursements for diabetes testing in China, partially offset by increased demand for our quality control products. Currency neutral sales decreased in Asia Pacific, partially offset by increased sales in EMEA and the Americas.
Current wording
The Clinical Diagnostics segment sales for the first nine months of 2025 were $1.14 billion, a decrease of 0.8% compared to the same period last year. On a currency neutral basis, sales decreased 0.9% compared to the first nine months of 2024. The currency neutral sales decrease was primarily driven by the lower reimbursement rates for diabetes testing in China. Currency neutral sales decreased in Asia Pacific, partially offset by increased sales in the Americas and EMEA.
Previous wording
Consolidated gross margins were 52.7% for the first six months of 2025 compared to 54.5% for the first six months of 2024. Gross margins for the Life Science segment increased by approximately 0.2 percentage points, essentially flat as compared to the same period last year. Gross margin for the Clinical Diagnostics segment for the first six months of 2025 decreased by approximately 3.3 percentage points from the same period last year. The decrease in gross margin was primarily driven by higher material costs, reduced fixed manufacturing absorption and higher restructuring costs.
Current wording
Consolidated gross margins were 52.6% for the first nine months of 2025 compared to 54.6% for the first nine months of 2024. Gross margin for the Life Science segment and Clinical Diagnostics segment for the first nine months of 2025 decreased by approximately 0.5 percentage points and 3.0 percentage points, respectively, as compared to the same period last year. The decrease in gross margin was primarily driven by higher material costs and reduced fixed manufacturing absorption.
Previous wording
SG&A expenses increased to $416.5 million or 33.7% of sales for the first six months of 2025 compared to $409.6 million or 32.8% of sales for the first six months of 2024. The increase in SG&A expense was primarily due to higher restructuring costs.
Current wording
SG&A expenses increased to $623.3 million or 33.0% of sales for the first nine months of 2025 compared to $610.0 million or 32.1% of sales for the first nine months of 2024. The increase in SG&A expense was primarily due to higher restructuring costs.
Previous wording
R&D expenses increased to $134.0 million or 10.8% of sales in the first six months of 2025 compared to $125.3 million or 10.0% of sales in the first six months of 2024. The increase in R&D expenses in the first six months of 2025 compared to the prior year period was primarily due to higher restructuring costs.
Current wording
R&D expenses decreased to $205.3 million or 10.9% of sales in the first nine months of 2025 compared to $216.3 million or 11.4% of sales in the first nine months of 2024. The decrease in R&D expenses in the first nine months of 2025 compared to the prior year period was primarily due to higher in-process R&D charges associated with an acquisition in the first nine months of 2024, compared to the first nine months of 2025.
Previous wording
Interest expense for the first six months of 2025 and 2024 was $24.6 million and $24.5 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Current wording
Interest expense for the first nine months of 2025 and 2024 was $36.9 million and $36.7 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Previous wording
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange gains, net were $1.6 million and $3.7 million for the first six months of 2025 and 2024, respectively. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
Current wording
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange gains, net were $4.5 million and $2.0 million for the first nine months of 2025 and 2024, respectively. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
Previous wording
(Gains) losses from change in fair market value of equity securities and loan receivable amounted to a gain of $366.2 million for the first six months of 2025, compared to a loss of $2.5 billion for the first six months of 2024. The change in the fair market value primarily resulted from the recognition of holding gains of $355.7 million in the first six months of 2025 compared to holding losses of $2.5 billion in the first six months of 2024 on our position in Sartorius AG. In addition, gains from the change in fair value of our loan receivable of $2.2 million in the first six months of 2025 compared to holding losses of $10.4 million in the first six months of 2024 contributed to the change.
Current wording
(Gains) losses from change in fair market value of equity securities and loan receivable amounted to a loss of $129.1 million for the first nine months of 2025, compared to a loss of $1.68 billion for the first nine months of 2024. The change in the fair market value primarily resulted from the recognition of holding losses of $149.5 million in the first nine months of 2025 compared to holding losses of $1.71 billion in the first nine months of 2024 on our position in Sartorius AG. In addition, gains from the change in fair value of our loan receivable of $4.0 million in the first nine months of 2025 compared to holding gains of $14.7 million in the first nine months of 2024 contributed to the change.
Previous wording
Other income, net for the first six months of 2025 was $53.4 million compared to $52.6 million for the first six months of 2024. The difference in Other income, net of $0.8 million was primarily attributable to net realized gain on investments in the first six months of 2025 compared to net realized loss on investments in the first six months of 2024.
Current wording
Other income, net for the first nine months of 2025 was $61.7 million compared to $70.7 million for the first nine months of 2024. The difference in Other income, net of $9.0 million was primarily attributable to realized losses on equity investments in the first nine months of 2025.
Previous wording
Our effective income tax rate was 23.2% and 22.4% for the first six months of 2025 and 2024, respectively. The effective tax rate reported in the first six months of both 2025 and 2024 was primarily affected by the unrealized gain/loss in equity securities.
Current wording
Our effective income tax rate was 39.8% and 21.3% for the first nine months of 2025 and 2024, respectively. The effective tax rate reported in the first nine months of 2025 was primarily affected by the unrealized gain/loss in equity securities, acquisitions, valuation of our deferred tax assets, stock-based compensation, and geographic mix of earnings. The tax rate for the first nine months of 2024 was primarily affected by the unrealized gain/loss in equity securities.
Previous wording
Bio-Rad operates and conducts business globally, primarily through subsidiary companies established in the markets in which we trade. Goods are manufactured in a small number of locations, and are then shipped to local distribution facilities around the world. Our product mix is diversified, and certain products compete largely on product efficacy, while others compete on price. Gross margins are generally sufficient to exceed normal operating costs, and funding for research and development of new products, as well as routine outflows for capital expenditures, interest and taxes. In addition to the annual positive cash flow from operating activities, additional liquidity is readily available via the sale of short-term investments and access to our $200.0 million unsecured Revolving Credit Agreement that we entered into in February 2024, and to a lesser extent international lines of credit. Borrowings under the Revolving Credit Agreement are available on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Revolving Credit Agreement as of June 30, 2025, however, $5.7 million was utilized for domestic standby letters of credit that reduced our borrowing availability. As of June 30, 2025, our short-term investments include the net cash proceeds from the sale of Senior Notes of $1.2 billion. Interest is payable semiannually in arrears on March 15 and September 15 of each year. Management believes that this availability, together with cash flow from operations, will be adequate to meet our current objectives for operations, research and development, capital additions for manufacturing and distribution, plant and equipment, information technology systems and acquisitions of reasonable proportion to our existing total available capital for the next twelve months and beyond.
Current wording
Bio-Rad operates and conducts business globally, primarily through subsidiary companies established in the markets in which we trade. Goods are manufactured in a small number of locations, and are then shipped to local distribution facilities around the world. Our product mix is diversified, and certain products compete largely on product efficacy, while others compete on price. Gross margins are generally sufficient to exceed normal operating costs, and funding for research and development of new products, as well as routine outflows for capital expenditures, interest and taxes.
Previous wording
At June 30, 2025, we had available $1.4 billion in cash, cash equivalents and short-term investments, of which approximately 21% was held in our foreign subsidiaries. The amount of funds held in the United States can fluctuate due to the timing of receipts and payments in the ordinary course of business and due to other reasons, such as acquisitions and borrowings. As part of our ongoing liquidity assessments, we regularly monitor the mix of domestic and foreign cash flows (both inflows and outflows).
Current wording
As of September 30, 2025, we had available $1.4 billion in cash, cash equivalents and short-term investments, of which approximately 18% was held in our foreign subsidiaries. The amount of funds held in the United States can fluctuate due to the timing of receipts and payments in the ordinary course of business and due to other reasons, such as acquisitions and borrowings. As part of our ongoing liquidity assessments, we regularly monitor the mix of domestic and foreign cash flows (both inflows and outflows). It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws, and there are no substantial incremental costs.
Previous wording
Net cash provided by operations was $246.4 million and $167.4 million for the six months ended June 30, 2025 and 2024, respectively. The increase in operating cash flows was primarily due to improved working capital.
Current wording
Net cash provided by operations was $367.3 million and $331.0 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in operating cash flows was primarily due to improved working capital.
Previous wording
Net cash used in investing activities was $112.5 million and $74.0 million for the six months ended June 30, 2025 and 2024, respectively. The increase was primarily due to net cash outflows for the acquisition of Stilla, partially offset by change in net outflows primarily due to the timing of our purchases, maturities and sales of marketable securities and investments.
Current wording
Net cash used in investing activities was $155.5 million and $129.7 million for the nine months ended September 30, 2025 and 2024, respectively. The increase was due to net cash outflows for the acquisition of Stilla, partially offset by change in net outflows primarily due to the timing of our purchases, maturities and sales of marketable securities and investments.
Previous wording
Net cash used in financing activities was $234.0 million and $96.6 million for the six months ended June 30, 2025, and 2024, respectively. The increase in net cash used in financing activities was primarily attributable to higher payments for share repurchases. During the six months ended June 30, 2025, we repurchased 992,803 shares of Class A common stock for $242.1 million and during the six months ended June 30, 2024, we repurchased 360,476 shares of Class A common stock for $105.7 million. We designated these repurchased shares as treasury stock. As of June 30, 2025, $337.4 million remained available for repurchases under the 2023 Share Repurchase Program. Repurchases under the 2023 Share Repurchase program may be made at management’s discretion from time to time on the open market.
Current wording
Net cash used in financing activities was $286.5 million and $192.6 million for the nine months ended September 30, 2025, and 2024, respectively. The increase in net cash used in financing activities was primarily attributable to higher payments for share repurchases. During the nine months ended September 30, 2025, we repurchased 1,205,381 shares of Class A common stock for $295.5 million and during the nine months ended September 30, 2024, we repurchased 690,857 shares of Class A common stock for $203.6 million. We designated these repurchased shares as treasury stock. As of September 30, 2025, $284.6 million remained available for repurchases under the 2023 Share Repurchase Program. Repurchases under the 2023 Share Repurchase program may be made at management’s discretion from time to time on the open market.
Previous wording
We did not adopt any new accounting pronouncements during the six months ended June 30, 2025.
Current wording
We did not adopt any new accounting pronouncements during the nine months ended September 30, 2025.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Additional liquidity is realized through positive cash flows from operating activities, and is readily available via the sale of short-term investments and access to our $200.0 million unsecured Revolving Credit Agreement, available through February 2029, and to a lesser extent international lines of credit. Borrowings under the Revolving Credit Agreement are available on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Revolving Credit Agreement as of September 30, 2025, however, $5.7 million was utilized for domestic standby letters of credit that reduced our borrowing availability.
Current report — wording carried from elsewhere
Management believes that our cash, cash equivalents and short-term investments , together with cash flow from operations and the Revolving Credit Agreement will be adequate to meet our current objectives for operations, research and development, capital additions for manufacturing and distribution, plant and equipment, information technology systems and acquisitions of reasonable proportion to our existing total available capital for the next twelve months and beyond.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws, and there are no substantial incremental costs.