Bio-Rad Laboratories, Inc. (BIO)

Bio-Rad makes instruments for biological laboratories and clinical diagnostics.

The first half is equipment and consumables for research: instruments that separate proteins, count DNA molecules precisely and analyse cells. An instrument lasts years while reagents are bought continuously, which gives a steady half of revenue. Demand depends on the budgets of science and biotech companies.

The second is clinical diagnostics: kits for hospital laboratories, including quality control of other people's assays. A distinctive feature is a large stake in a European diagnostics maker: its revaluation moves reported profit more than the operating result does. Risks: research funding and demand in China. The company pays no dividend.