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1. Company Snapshot

1.a. Company Description

bioMérieux S.A. develops and produces in vitro diagnostic solutions for the diagnosis of infectious diseases in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.The company offers systems, which use biological samples to diagnose infectious diseases, cardiovascular pathologies, and various cancers; and microbiological testing of manufacturing primarily for food, pharmaceutical, cosmetics, and veterinary sectors.It serves clinical and hospital laboratories, physicians, blood banks, and industrial control laboratories.


The company was formerly known as B-D Mérieux.bioMérieux S.A. was founded in 1963 and is headquartered in Marcy l'Etoile, France.bioMérieux S.A. is a subsidiary of Institut Mérieux SA.

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1.b. Last Insights on BIM

bioMérieux's recent performance has been positively driven by several factors. The company launched GENE-UP PRO HRM, a game-changing quality control solution for detecting heat-resistant molds at the molecular level. Additionally, the Saudi Arabia in-vitro diagnostics market, where bioMérieux is a key player, is expected to grow from $734.7M to $932.3M by 2030, driven by a rising elderly population and chronic disease prevalence. Furthermore, bioMérieux's partnership with OhioHealth as a Global Antimicrobial Stewardship Center of Excellence highlights its expertise in antimicrobial stewardship.

1.c. Company Highlights

2. bioMérieux Posts Strong H1 2025 Results Despite Challenges

bioMérieux reported a 9.4% sales growth in the first half of 2025, driven by double-digit growth in its key drivers, including BIOFIRE non-respiratory panels, SPOTFIRE, industrial applications, and respiratory panels. The company's like-for-like profitability increased by 24%, reaching 18.2%. Free cash flow more than tripled to EUR 170 million. Earnings per share (EPS) came in at EUR 1.36, below estimates of EUR 2.18, likely due to a one-off EUR 146 million impairment of the Reveal technology. Gross margin improved by 80 basis points due to pricing, mix, and operational efficiency.

Publication Date: Sep -09

📋 Highlights
  • Strong H1 Sales Growth: 9.4% sales growth driven by double-digit expansion in all four key growth drivers (BIOFIRE non-respiratory, SPOTFIRE, industrial, respiratory panels).
  • Profitability & Cash Flow Surge: Like-for-like profitability rose 24% to 18.2%, while free cash flow tripled to EUR 170 million (vs. EUR 50 million H1 2024).
  • Revised 2025 Guidance: Sales growth now forecast at 6–7.5% (down from 10%) due to China’s 10–25% decline in microbiology/immunoassays amid cost containment.
  • CEBIT Segment Outperformance: Organic growth raised to 12–18% (from 8–12%) from GO.Simple efficiency and a mix shift toward higher-margin molecular diagnostics.
  • Reveal Impairment & Net Income: EUR 146 million impairment offset by 45% YoY net income growth excluding Reveal, alongside 80 bps gross margin improvement.

Segment Performance

BIOFIRE non-respiratory panels expanded with two new panels and strong cross-selling performance. SPOTFIRE continued its strong growth with 1,600 additional instrument installations. Industrial applications exceeded expectations with 10% growth, driven by strong demand for BIOFIRE Mycoplasma, GENE-UP, and 3P ENTERPRISE solutions. Respiratory panels achieved 12% growth despite low epidemiology in Q2. Immunoassays faced challenges in China, but VIDAS KUBE saw strong adoption with 700 installations in H1 2025.

Guidance Revision

bioMérieux revised its guidance for 2025, driven by a stronger H1 performance. Sales growth is now forecast at 6% to 7.5% for the full year, down from the initial estimate of 10%. CEBIT is expected to grow between 12% and 18% organically, up from the previous guidance of 8% to 12%. The company is implementing mitigation strategies to minimize the impact of tariffs, estimated to be EUR 35 million in 2026.

Valuation and Outlook

With a P/E Ratio of 31.21, P/B Ratio of 3.21, and EV/EBITDA of 15.18, bioMérieux's valuation appears to be reflecting its strong growth prospects. The company's ROIC of 9.19% and ROE of 10.71% indicate a good return on investment. Despite challenges in China, bioMérieux remains confident in its long-term growth prospects, driven by strong performance in other markets and the success of its GO.Simple program. Analysts estimate next year's revenue growth at 6.6%.

3. NewsRoom

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Clinical Microbiology Market Set to Reach USD 7.4 Billion by 2032, Driven by Advancements in Diagnostics and Rising Infectious Disease Rates – SNS Insider

Oct -28

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bioMerieux Product Pipeline and Strategy Analysis Report, 2025

Oct -21

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Should Altesa BioSciences’ Use of SPOTFIRE Shift bioMérieux’s (ENXTPA:BIM) Diagnostic Market Position?

Sep -17

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OhioHealth Partners with bioMérieux as Newest Global Antimicrobial Stewardship Center of Excellence

Aug -26

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bioMérieux Develops Game Changing Quality Control Solution GENE-UP® PRO HRM

Aug -05

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Saudi Arabia In-Vitro Diagnostics Market Report 2025-2030 Featuring Abbott, BD, Bio-Rad Laboratories, Biomerieux, Danaher, Nihon Kohden, Roche, Siemens Healthineers, Sysmex, Thermo Fischer Scientific

Jul -16

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bioMérieux receives FDA 510(k) Clearance for its VITEK® COMPACT PRO, a new ID/AST system to fight against antimicrobial resistance

Mar -18

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BioMerieux SA (BMXMF) Full Year 2024 Earnings Call Highlights: Surpassing Growth Targets and ...

Mar -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.14%)

6. Segments

Clinical Applications

Expected Growth: 8.15%

Strong demand for microbiology and molecular diagnostics, increasing adoption of syndromic testing, and expansion in emerging markets drive bioMérieux's Clinical Applications segment growth. Additionally, the company's strategic acquisitions, innovative product launches, and partnerships with healthcare providers contribute to its 8.15% growth.

Industrial Applications

Expected Growth: 8.1%

Strong demand for industrial microbiology solutions, driven by increasing food safety regulations and growing need for quality control in pharmaceutical and cosmetic industries. bioMérieux's innovative product portfolio, including rapid testing solutions and automated systems, supports this growth. Additionally, strategic partnerships and acquisitions expand the company's presence in emerging markets, further fueling growth.

7. Detailed Products

FilmArray

A molecular diagnostics system that provides rapid and simultaneous detection of multiple pathogens from a single sample

VITEK 2

An automated microbiology system that identifies and provides antibiotic susceptibility testing for bacteria and yeast

VIDAS

A range of immunoassay systems that provide rapid and accurate detection of infectious diseases, such as HIV, HBV, and HCV

API

A range of manual and automated systems for identifying and characterizing microorganisms

INDICAAT

A range of molecular diagnostic tests for infectious diseases, such as tuberculosis and influenza

NucliSENS easyMAG

A molecular diagnostics system that extracts and purifies nucleic acids from clinical samples

8. bioMérieux S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

bioMérieux S.A. operates in the in vitro diagnostics industry, which is characterized by a moderate threat of substitutes. While there are alternative diagnostic methods, they are not yet widely adopted, and bioMérieux's products remain a preferred choice for many healthcare professionals.

Bargaining Power Of Customers

bioMérieux S.A.'s customers, primarily healthcare providers and laboratories, have limited bargaining power due to the company's strong brand reputation and the complexity of its products.

Bargaining Power Of Suppliers

bioMérieux S.A. relies on a diverse supplier base, which reduces the bargaining power of individual suppliers. However, the company's dependence on a few critical suppliers for certain components may give them some negotiating power.

Threat Of New Entrants

The in vitro diagnostics industry has high barriers to entry, including significant R&D investments, regulatory hurdles, and the need for established distribution networks, making it challenging for new entrants to compete with bioMérieux S.A.

Intensity Of Rivalry

The in vitro diagnostics industry is highly competitive, with several established players, including Siemens Healthineers, Roche Diagnostics, and Abbott Diagnostics, competing fiercely for market share, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.15%
Debt Cost 3.95%
Equity Weight 87.85%
Equity Cost 4.69%
WACC 4.60%
Leverage 13.83%

11. Quality Control: bioMérieux S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Qiagen

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bioMérieux

A-Score: 5.1/10

Value: 2.0

Growth: 5.3

Quality: 6.6

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A-Score: 4.1/10

Value: 5.7

Growth: 8.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

104.8$

Current Price

104.8$

Potential

-0.00%

Expected Cash-Flows