Short answer

Bio-rad Laboratories Inc (BIO) filed its fiscal 2011 10-K annual report with the SEC on Feb 29, 2012.

Top risk flagged: FCPA investigations: DOJ and SEC probes could impose fines, disgorgement, monitors or business-practice restrictions

Bio-rad Laboratories Inc FY2011 10-K analysis

AI summary of each section, grounded in the filing text

Core model: Global supplier of integrated life science research and clinical diagnostics products, systems and consumables
Two-segment mix: Life Science 33% and Clinical Diagnostics 66% of 2011 net sales
Competitive positioning: Focus on higher-margin, higher-growth clinical diagnostics niches with recurring installed-base revenue
R&D investment reached $186.4 million, up from $172.3 million in 2010
Workforce totaled approximately 7,030 employees, including approximately 1,000 global sales and service personnel

Revenue $2.07B, up 7.6% YoY, with currency-neutral growth of 3.1%
Clinical Diagnostics strongest segment: $1.36B sales, up 7.8%; Life Science $694.7M, up 7.2%
Gross margin 56.8% vs 56.6%; net income margin 8.6% vs 9.6%; effective tax rate 24% vs 15%
Operating cash flow $259.8M; capex $102.9M; QuantaLife acquisition consideration $179.4M
Key risks: government spending constraints, sovereign receivables of $81.3M, foreign exchange losses of $13.8M

FCPA investigations: DOJ and SEC probes could impose fines, disgorgement, monitors or business-practice restrictions
Sovereign-credit exposure: $81.3 million receivables in Spain, Italy, Greece and Portugal
International concentration: Foreign subsidiaries generated 70% of 2011 net sales, exposing results to euro weakness
Competitive pressure: Larger, less-leveraged rivals can outspend Bio-Rad on R&D, manufacturing and marketing
Debt burden: $732.5 million outstanding indebtedness, including 8.0% Senior Subordinated Notes due 2016

Generated from the filing text; verify against the original. How to read a 10-K

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