Rachel Vatnsdal

Padraig highlighted H2 momentum as positive foundation for FY2026, tariff mitigation as margin tailwind. Declined to frame specific growth rate. Rodney added Ignite savings continue but supplier cost increases a headwind.

Padraig noted larger-value quotes emerging but not yet orders. Early indications of standard year-end budget flush, first time in several years. Guiding based on current visibility.

Bob confirmed pricing ahead of plan with at least 100bps for the year, using balanced approach of surcharges, supply chain moves, and Ignite savings.

Padraig drew on 30 years of experience to frame 2-3 year timeline for reshoring impact. Highlighted method transfer visibility from installed base. Honest and detailed.

Bob quantified the wider guidance range and explained how beating Q1 without raising full-year guide provides a buffer. Direct with specifics.

Bob gave precise FX quantification: $0.09 full-year, $0.02-0.03 Q2, ~50bps margin headwind. Very detailed breakdown.

Equipment expected to be down for 2025, no step-up in guide. New plant builds take years. Small capacity expansions in existing footprints are more near-term. Will provide 2026 color in October.

Matt open to revisiting $1.7B endemic rate if another year of above-trend data supports it. Currently at $900M+ through H1. Mix approximately 75-80% four-in-one tests.

Matt declined to give specific order growth rate but confirmed sequential orders were in that range. Book-to-bill solidly over one supports the rest-of-year high-single-digit revenue guide.

Weakness in research instruments and lab consumables/reagents at government-funded labs. Academic down mid-single-digits in Q1 with orders worsening. Direct NIH less than 1% of revenue.

Rainer stated current controls are not meaningful for Danaher. Category has required export licenses for years; recent expansion to new technologies doesn't materially affect their portfolio.

Guide set at 6-7% quarterly throughout. Multi-year stacks consistent with high-single-digit long-term rate. Normal seasonality: Q1 lightest, step-up in Q2, down in Q3, big step-up in Q4.

Casper outlined academic going from headwind to stabilization, pharma improving on clinical research authorizations, and China flattening from current high single-digit decline.

Casper said bipartisan Congressional support remains strong, believes flat funding is reasonable, and expects improvement from current muted levels.

Casper detailed $200M from vaccine study cancellations (half government-funded, half innovator-funded) with the balance from muted US academic spending.

Casper said pricing is moving from just over 1% to close to 2% for the year, appropriate pass-through in an inflationary tariff environment, not aggressive.

Casper noted it was too early for real insight, said academic and government is assumed around company average in guidance, and highlighted strong global Q4 finish.

Casper attributed instruments strength to innovation-driven share gains and noted China stimulus orders were stronger than revenue, suggesting 2025 benefit.

Shawn removed prior expectation of second-half improvement. Volume now assumed flat first half to second half, with pricing providing the sequential lift in H2.

Shawn declined to fully bucket but noted pricing moving from 2% to 3%. Supply chain optimization mostly kicking in by year-end into 2026. Surcharges provide flexibility.

Shawn provided comprehensive segment-by-segment and geography-by-geography guidance for Q1 and full year 2025.

Patrick confirmed no stimulus benefit included in 2025 guidance. Prior stimulus targeted high-end research not matching MTD portfolio. Broader fiscal stimulus would help.

Jacob (answering for colleague Martha on for Rachel) described supply-chain and pricing actions already underway to mitigate about half the $85M tariff cost.

Jacob and Ankur confirmed approximately flat China assumed in the guide, with Q4 China +1% a positive read.

Prahlad declined to speculate on FY26 NIH budget, assuming current weakness persists through rest of FY25.

Max quantified EU tariff at $0.03-$0.05 gross H2 impact with mitigation actions already being implemented.