Casey Woodring

Girshick declined to quantify market share but pointed to an uptick in capture rate and NHP supply security as a growing competitive differentiator.

Girshick said academic and government demand (about 10% of the company) is stable but not growing on flat NIH budgets and grant uncertainty; CRADL is also stable, held back by slow new-company formation.

Jim said NHP sourcing is secured via NovoPrim and KF with no further acquisitions needed. Balance sheet strong at high-two-times leverage. M&A focus on bioanalysis and potentially China. Buybacks dependent on alternative uses and share price.

Knell explained higher NHP costs are due to needing third-party sourcing to meet demand that exceeded initial plans; not expected to continue in 2026 if demand levels can be planned for consistently.

Foster said guidance accommodates rougher conditions; minimal impact from tariffs, drug pricing, or NIH cuts so far. Any material impact more likely in 2026 than remainder of 2025.

Foster said no significant margin difference between canceled work and other studies; cancellations reflect client portfolio prioritization and what they have ready, not a concerning trend. Does not expect it to continue.

Pease said tariffs have not impacted pharma R&D dollars; direct tariff impact to CRL is very modest. Foster said biotech funding situation is not improving so no dramatic demand change expected but quality-focused clients will continue using CRL.

James acknowledged tariffs could support US drug development but declined to speculate. Said clients are not yet sharing concerns about RFK or tariff impacts.

Karleen clarified 3D gantry line was up sequentially while other imaging components declined. Expects another sequential uptick in Q4 gantry shipments with better visibility than Q3.

Karleen expects diagnostics within mid-single-digit range for FY2026, with H1 headwinds from China and HIV pressuring growth. BV/CV has lots of runway. Steve highlighted Fusion menu expansion and Genius digital cytology as additional growth layers.

Karleen noted Biotheranostics is accretive to molecular growth but Q2 benefited from cash-basis revenue lumpiness and a lighter prior-year comp, so growth rate may moderate.

Karleen attributed strong service growth to improved attach rates, optimized pricing, and growing installed base, performing in line with expectations.

Karleen confirmed mid-single-digit declines in both US and international Breast Health, with international slightly worse due to budget constraints.

Karleen noted facility savings and higher ASP on new gantry offset by higher component costs, resulting in roughly neutral margin profile.

Karleen noted 19.5% already represents a 25bps reduction from FY24 via reducing non-deductible foreign losses. Not ready to commit lower.

Karleen gave directional guidance only: diagnostics mid-single-digit growth, other segments below. Essex confirmed international expected to grow faster than domestic.

Patrick pointed to RFQ activity but characterized larger factory investments as still early innings, so no firm near-term order commitment.

Shawn described two dynamics: a lower-rate tariff benefit assumed to revert midyear, offset by inflationary pressures with mitigation upside.

Shawn noted current stimulus program not very relevant to MTD portfolio and customer base. Broader fiscal stimulus packages would benefit more as in past. Teams highly agile and effective in dynamic China market.

Shawn confirmed product introduction cadence continuing into 2026 providing confidence in sustained PI momentum. Some synergy opportunities with acquisitions including new service capabilities not previously offered.

Patrick said 2026 is when onshoring benefits start with more momentum in following years. Currently in discussion phase with customers about portfolio capabilities.

Shawn explained Europe shortfall was lab (flattish vs expected growth) due to uncertainty. Industrial up slightly. Full year flattish, up low single digit ex-shipping delays.

Simon attributed the diagnostics shortfall to backlog timing while noting strong order entry, double-digit pathology growth, and Omnis adoption.

Management quantified $5M of $9M TSA contract recognized in Q2 and highlighted strong positioning for larger aviation security tenders. Chemical CapEx strength confirmed across all regions, not limited to US.

Padraig described enterprise services as flywheel: higher consumables and services attach, early warning on replacement cycles. Angelica elaborated on embedding service experts, competitive displacement visibility, and compounding growth insights.

Simon confirmed LC high single digits with particular strength in China/APAC. Infinity III still early-to-mid replacement cycle. LC/MS in line with expectations off tough compare. Pro iQ 40% growth with notable share gains per industry data.

Padraig confirmed roughly 50/50 split with both large and small molecule growing about 10%. Expected to continue into FY2026. Direct but brief.

Rainer clarified the pushed orders were in backlog, not book-and-turn, and reaffirmed broad-based mid-teens order growth; direct.

Rainer said Radiometer and Leica Biosystems keep growing high single digits, aided by StatLab; direct.

Blair cited Cepheid share gains in core molecular (GI panel, MVP panel performing well), Beckman Coulter mid-single-digit ex-China growth with new DxI 9000 placements, and China VBP headwinds tracking to the $75-$100M full-year assumption with better patient volumes.

Blair acknowledged Q1 orders were down sequentially (normal seasonality) but emphasized the YoY inflection as the key marker. Described two vectors driving equipment orders: underinvestment-driven capacity expansion and reshoring dynamics. Did not provide book-to-bill.

Jim said EBITDA phases up through the year, back-half weighted by higher-margin data.

Eric said 2026 data visibility is the strongest ever given $1.1 billion-plus of backlog.

Eric saw strong growth in both solid and liquid but no fundamental shift from solid to liquid.

Eric confirmed the split, framing Ambry high-teens against 2024 accelerants and core Tempus near 30%.