Mike Ryskin

Maybe I will start on China. You kind of called out the strength there, and you bumped the guide on that.

I think you called out a 9 decline in the quarter. Maybe first half is in line, but anything specific to call out

you kind of talking about US academic. Stabilizing, if I understood correctly, as 1 of the areas of upside

Is this something new that's developed recently? Or is this just sort of the same global tax codes we've been talking about for a while?

Could you just talk about what the deal funnel looks like now, appetite for deploying cash next year

Could you just talk a little bit more about, you know, where you saw it geographically? Sort of what gives you confidence that there was no pull forward

Could you remind us what the tariff hit is on the margin line for all of fiscal year 'twenty five?

are we going to expect like a nice gross margin jump in '26 because those offsets and that mitigation kicks in for next year?

the implied OpEx step up in 3Q and 4Q especially, it seems like it's coming off from the SG&A side. Could you just talk through how much of that is

Is that just another area where you have overlap where it's concentrated in a handful of different parts of the portfolio?

is this things you started seeing back in November, December? I'm just trying to think of the timing of what was happening in the quarter

How much of that can you attribute to Ignite and sort of, you know, maybe some of the transformation or one-time cost savings, how much is just the underlying strength of the business

how China's stimulus could play out next year? And I'm asking this from a perspective of, you know, gradual ramp as you go through the year. Is it gonna be a trickle?

Is that still in the guide? I think it is, but I just want to confirm you didn't call out the full year ASP dynamic.

There's a lot of thoughts of maybe indirectly, China will try to punish American companies by sort of pushing people towards local brands

What about on margins? I mean, it's just a pretty big swing in terms of how rates have gone. Is there any impact on margins?

How should we think of it as a percent of your COGS? I think if you just go through the P&L with something like $375 COGS per case roughly?

I would love to hear you talk -- comment on what you view as your capacity to support this

on pricing, both on NHPs and just more broadly, what you see in 2Q, what are your expectations for the second half?

You had a pretty strong start to the year, then a little bit of a lull over summer months in terms of demand, and then a pickup again in the recent months

is this a final update? Or are there more discussions in progress?

Do you feel like conversations with customers are becoming more stable?

what level of book-to-bill you think is sufficient to get positive or at least flat revenue growth?

could you expand on that? What do you think exactly drove that? And then just a question on, could that be sustainable for the rest of the year?

could you lay out what are the directions you will be looking at, whether -- what are you considering?

I'm getting, you know, pretty close to down a hundred bps, something in that ballpark. Is that right

Do you feel like in general for your business and maybe for the market overall, prices are at a healthy level?

I want to go back to Corewell and Fresenius contribution in 2026

Is that the biggest swing factor?

If you could just provide an update on the integration and how that's going

especially anything on PAMA, SALSA, just what your latest thoughts are on that. And then sort of tying into that, some concern about potential cuts to Medicare

is there anything that's changed with visibility in the business?

You're not catching it back in 3Q, 4Q. Is this a multi-quarter rebase?

Can you just talk to what's driving that across the segments?

Should that inform how we think about equipment growth next year?

how much conservatism is embedded in that, or maybe what are the levers or what are the drivers you could see getting you closer to that six

what the orders look like exiting the year and how that supports next year's outlook

there's concern of another wave down the road, maybe oncology and thyroid was called out by another player

what the world looks like for a 3% versus a 6%, where do you need to see more improvement relative to this year

what the book to bill was, whether you saw orders accelerate from the first quarter

what regions geographically and also what customer segments, whether it's pharma, or some of the more industrial or applied

what you've seen over the last three months that gives you a little bit more confidence in bioprocess

between those various levers, you talked about supply chain, the pricing surcharges, the manufacturing footprint

Is the delta there really just the instrumentation part of it?

what changed in the VBP? Sound like it changed a little bit in the fourth quarter

if you could talk about the bandwidth and the capacity to launch 2 platforms, to ramp 2 platforms

Is this just sort of normal lumpiness that we should expect in the business

modestly [indiscernible] the industry outlook -- just would be great to drive into that a little bit more. Is that U.S. or OUS?

Any way you could quantify what CancerDx was or what sort of total innovation contribution in '25 was

Are you having more conversation with vets on that? Is there any pushback

whether you're seeing sort of the ability to leverage that for the rest of the business, the uplift you're seeing in consumables that will add consumables in the Reference Lab

Could you expand on that a little bit, between incremental R&D on future platforms and maybe to continue to work on Multi-Q Dx

Of the remaining $20 million, $10 million is inVue placements because you're saying $60 million instead of $50 million

when you place the instrument in the vet clinic, is there an initial bolus of consumables that goes with that

you did 302 in the quarter, but then you talked about, I think, 900 cumulative through the end of April

you saw pretty meaningful swings between wellness and non-wellness. It looks like non-wellness deteriorated, wellness kind of snapped back

you guys are assuming a little bit more share buyback. I think you said 2% to 3% reduction in shares

just the dispersion here between wellness and non-wellness, is what really struck me

Could you just talk about how you see the development of those solutions over time?

I want to come back to the win rates you called out in EBP, touched on it a couple of times

you said something about 70% to 75% of the rate prioritization is done

how impactful is that to the 3.6% organic growth that you've been talking about in the Dx business?

Can you just give us an update on progress there? And you saw 40 bps of margin expansion in the first quarter

I'm wondering if you could add a little bit of color on esoteric testing, what you saw in the fourth quarter

how are you guys prioritizing R&D investments into those more esoteric tests?

Could you just sort of quantify that? Help us think through the timing of that, when you'll implement those, how those will be implemented?

Any change in your expectations on pricing? Or have you had any early conversations on maybe customers being a little bit more price sensitive?

Sort of how did you approach that reset in guide? Is it anything that's come up in conversations with customers?

I want to dig a little bit more into biopharma. It sounds like that's one of the places you're feeling

Is this something that you saw in the first quarter? Is this just adding a little bit of caution given the macro?

It feels that that's been doing a little bit better than expected. I think it stands out a little bit more for us the last couple of quarters

Just curious if you could give us an update on that, any change in conversations or in tone

I want to follow just kind of what you were just touching on, on the 4Q moving pieces

walk us through exactly what that means. Is that fully set over the course of the year, fully offset as of Jan 1

Given the high Switzerland exposure for you, can you just sort of remind us what steps specifically you're going to be taking to mitigate that

in my notes, I had you guys having gross margin up a little bit previously. I think you said you expect gross margins up 30 to 40 bps

on the EPS bridge for '25, the $0.50 increase. You talked about [Technical Difficulty] and FX in terms of the Swiss franc have an impact

any high-level thoughts on how we should think about dilution in future years?

Did anything change ex-China, if maybe you could give us that bridge?

could you give us sort of a snapshot of what's left in the portfolio for China ImmunoDx and what the incremental risk in risk or downside in 2026 is?

could you interpret this as just another step to reduce cost and reduce spending?

if you could give us anything on the order trends book-to-bill

Anything you can say about what you're seeing in that terms of underlying end market maybe positioning, just sort of how that's trended through the quarter

could you pick out how much of the FX headwind you have on margins? Just will help us model underline a little bit better

you've made a series of major investments in partnerships with pharma over the last couple of years.

what are your assumptions that add up to the new revenue guide for the year, the $1.25 billion?

I just want to make sure I caught that correctly. Just how we flesh it out in our model in 2026 and beyond?

It seems like it was a pretty broad-based beat in the quarter, across segments, across end markets.

I think we were expecting 4Q to be a little bit higher previously because of the days tailwind.

is there just any moving pieces in terms of what came out worse than expected to offset some of the strength in pharma and biotech?

what would you say to sort of [indiscernible] some of those fears about the ramp needed to hit the full year guide

can you talk a little bit more about what's underpinning that

Just wanna make sure that entire framework is still intact, especially how we think about, next year about 2027

Is there any risk from government shutdown starting to hurt some of that? Potential recovery in A and G

Just wondering if anything has changed in your conversations with your major customers. Over the last couple of weeks and months

Can you talk about the levers you have there? How much of it is PPI versus some of the synergies from the business you brought on

Could you sort of break that 7% plus down a little bit, give us a little more clarity on that

upside downside sort of the world looks like for the lower end versus what the world looks like for the higher end

any thoughts on what your view is of the underlying tools market growth rate that, you know, four to six percent, is that still viable

Sort of what's the contribution from return to volume growth or maybe mix shift? Just any color on that 90 basis points

how much conservatism you built into the guide, just what are your assumptions on some of these factors

Any additional color you could provide on sort of what's drawing that?

I was wondering if you could talk through that, like whether it's price increases? I know you guys have a hedge on oil

did you notice anything unusual in terms of ordering patterns, or acceptance from customers

You have a solid cash balance. You also have the proceeds from the SmartDose sale coming midyear

Looking at what you talked about in terms of 10% at the midpoint of the guide for 2026, 10% growth, that seems relatively conservative given recent trends

could you talk about the sustainability of that being over double -- the double digits. You talked about hitting in the fourth quarter as well

You guys called out GLP a little bit more in the quarter. It seems like that drove some of the beat

Did you see any weird timing of maybe things pulling forward a little bit or customers moving around timing plans

I wanna make sure I heard that correctly because I think you did 3.4% price contribution in the quarter

What I want to get at is sort of, like, what's a one-time versus a reset to a new base?

aggressive job cut announcements. You've talked about cost controls. Just wondering how much that's already rolled in

I want to ask sort of explicitly on competition for 2026 and what you are factoring in. Just maybe you could, at a high level, frame the level of conservatism you have put in on some of the key bra...

Can you just sort of thought on that as you look to the fourth quarter and again into next year

I'm just wondering if you've had any change in your go-to-market strategy in terms of how you approach things as you've seen more and more entrants in both of those markets. Are competitors being m...

where are you seeing the most competitive pressure? How is it taking shape? Is it more in terms of price? Anything you are seeing in terms of pre-stocking, pre-selling?

are you taking on any incremental investments to support your major brands, derm, combo parasiticides, in terms of go-to-market strategy

explicitly, could you sort of walk us through what you're factoring into the guide? Whether it's in terms of color for growth for those products?