Jack Meehan

I wanted to focus on the specialty CDMO business. So strong growth, nearly 30% in the quarter.

I was just wondering if you could elaborate on that? That's number one. And then number two is just from a product area. I was curious your take on diagnostic assets.

I think I heard double-digit growth in the second half. Or LCLS CMS instruments. What was the fourth-quarter number?

Do you mind just reminding us what your exposure is to China Diagnostics and what, if any, you're seeing in regard to those topics?

Last quarter, you talked about the $15 million of consumable pull forward, dollars 15 million instrument push out. Did that play out as expected?

The $15 million of consumables that got pulled forward, what were you hearing from customers as to just the reason for why that happened?

can you boil it all down now on the margin side for the year, kind of what the guide implies for operating margin?

It looks like that M&A added $26 million of sales in the quarter. Has your target for the year changed at all? I think I heard $145 million in the model.

you mentioned, I think early in the script, some changes in the management layers within Agilent. Is there any additional color you can share on what you're doing?

Any color would be great. And maybe just off of that, any comments you can share around GLP one contribution I think that might be a factor

I was wondering if you could just walk us through for the 2025 guide what this assumes for each of the segments.

I wanted to get your latest thoughts on the policy outlook with PAMA and outlook for the RESULTS Act

So the survey kicks off in 10 days or so. How is your prep work in terms of participating in that?

wanted to ask you about how you see PAMA playing out this year

are there any one-timers you would call out this year besides kind of the CARES Act payment?

Is it possible you could call out within the $240 million or so of M&A contribution in the quarter, how much from LifeLabs?

just what was the final impact from weather when you take what you experienced in January and February

can you talk about expectations for clinical data updates we might be able to expect this year and just progress in terms of getting Medicare payment

You're guiding to 3%-4% in the third quarter. Maybe just talk about why that might soften sequentially.

is there any color you can give on the relative growth for semi versus the remaining customer classes?

as you look across the business segments, how do you think AI is influencing customer spending behavior?

are you seeing any tangible signs of productivity benefits from AI in the business?

You talked about the $250 million cost actions. You also have the biotechnology segment, your highest margin segment, growing the fastest

Is it possible there were some pushouts from earlier in the year that might have come in around year-end

How do you think this is going to play out over the next few years

it just wasn't obvious to me what might have fallen short at least versus what the Street was thinking

digging more into the guide for Life Sciences in 2025, that's where I'm getting most of the questions

Obviously, had the change in administration, and U.S. academic government funding has been a hot topic

I was curious what your thoughts are around M&A. Are there any larger things in the funnel that you were considering?

how you feel about the reception around the new product launch and also just durability of gantry replacement continuing to progress in the next year?

just would love to get your thoughts on the utilization environment, like just your feel for how that is at the moment

I was curious like what you're seeing there in the market today and the revenue that's coming out of the guide. Just any color on like what segments that's coming out of?

did you build in -- you talked about disruption up to $30 million of sales. Is that in the guidance

any color around where we should be landing in 2Q for gross margins and op margins would be helpful?

Could you just give us a mark-to-market for the year, ballpark of what the sales were?

you also talked about the transition you saw this year to the respiratory panel

if you could just share latest thoughts on what you're seeing related to cancellation trends

the gross margins in the fourth quarter

any thoughts on, how just implications, for pharma, biotech customers

what do you think this means for Labcorp in the lab industry broadly speaking?

You mentioned investments in the central lab business within CapEx this year. I was wondering if you could just give us an update

Are you prepared to submit in the survey that's going to take place in a few months? And what do you think happens once the data reads out

Can you just talk about what the factors were you're seeing in the market that led you to make this decision?

we're almost at the 1-year anniversary, the Invitae deal, I wanted to hear just how you feel like revenue is tracking there, how competitive dynamics are in the market?

how would you characterize the environment right now? And you have leverage at two and a half times

I think the math you laid out implied between Invitae and weather, it was about a $30 million EBIT impact to the DX segment

Invitae was a headliner last year. Just how you feel like the integration is going with that?

Can you give us an update on how your pipeline deals look if you just -- how active you expect to be as you integrate everything you consummated last year?

if we did see incremental organic growth, what the flow-through would be on the margin line

I was just curious in that context, can you unpack the first quarter guide? I think you're assuming flat growth

In the service business, you talked about some timing dynamics in the quarter. Do you mind just elaborating on what that was

I was curious, as you look at the results in the quarter, whether you saw that in any of your businesses, how you went about assessing that

I was curious if you saw any evidence of pull forward in the first quarter or any of like the April trends that you've seen so far

within lab, I was curious just for some more color on the process analytics business

We're just curious what your latest take is on some of the macro factors. You saw the PMI go over 50 for the first time in a while on Monday for the US

The raise to the 2025 EPS forecast, is that just a function of 4Q coming in a little bit better? Or were there any other changes to the assumptions that drove that

what was the growth rate of that business? And what are the plans to expand manufacturing capacity for it?

I got a lot of questions this week about inventory levels, trade tariff, reshoring dynamics

can you talk about how adoption might be influencing your customer spending behavior? And I'm not sure if you're planning an Analyst Day

You called out higher inflation a few times in the script. I was wondering if you could just elaborate like what areas you might be seeing that in

do you see this competitive advantage as stable or expanding, weakening, entering this year

how are you feeling about industry supplied demand dynamics entering 2026

any additional color you can share on trends and new authorizations, how you feel like pharma customers are feeling about getting back to work

just great to get your latest thoughts on how you felt like you were tracking relative to that

just the organic growth decline this quarter. When you talk about some of the policy pressure, was this all academic

did you see any evidence customers could have been pausing purchasing at all? Just the idea being like if you're going to buy equipment

Curious what you're hearing from customers and then just talk about the risks and opportunities there for Thermo Fisher Scientific

what inning you think this business is now in kind of in the post-COVID recovery, confidence that continues

what does the guide assume for PPD clinical research? And can you give us an update, just color on what you're seeing in terms of new authorizations

what does the exit rate look like in the fourth quarter? And just more broadly, just like confidence about your ability to get back to the LRP targets

Is that $50 million in 4Q a good starting point for thinking about what 2027 could look like?

when I look at the acquired revenue, you did $817 million this quarter. You're guiding to $895 million next quarter.

on BD, you talked a couple of times about setting up a deal desk for pricing. Can you talk about which product areas are in focus and how you think that's been optimized in the past

can you give us an update on the pro forma leverage for Waters and how you expect that to evolve over the year

last week, there was an FDA update around biosimilars for analytical assessments with LC-MS. Just curious if you could help us understand what that might mean

I was curious on your latest thoughts on the revenue synergies and confidence to achieve that

the high single-digit growth in Waters segment instruments that you put up, could you unpack for us what you're seeing just an update in terms of the replacement cycle

the mass spec and MALDI has -- for microbiology has been getting a ton of attention. Can you just talk about like -- I don't know if there's any color you can share on rough time line

talk a little bit more about the replacement cycle dynamics that you're seeing called out in the script that it's still ramping

have you seen any change in behavior related to tariffs, like specifically from what you can tell? Was there any pull forward in the first quarter