Total Net Revenue

+6% YoY

Total Net Revenue increased by $95 million, from $1,573 million in Q2 2024 to $1,668 million in Q2 2025. This modest growth suggests that while market demand or pricing improvements helped boost sales, the increase was limited, setting a challenging baseline against rising cost pressures from previous periods. " "

Total Costs

+12% YoY

Total Costs jumped by $85 million, rising from $717 million in Q2 2024 to $802 million in Q2 2025. This steeper cost increase relative to revenue suggests increased production or material expenses and possibly inflationary pressures that have intensified since the previous period, further squeezing margins. " "

Income from Operations

-17% YoY

Income from Operations declined from $363 million in Q2 2024 to $300 million in Q2 2025, a drop of $63 million (–17%). Despite the revenue uptick, the higher costs and steep rise in operating expenses, particularly SG&A, eroded operational profitability compared to the previous period. " "

Net Income

-30% YoY

Net Income fell by $93 million, from $308 million in Q2 2024 to $215 million in Q2 2025, a sharp 30% decline. The impact of increased total costs and particularly the significant rise in SG&A expense contributed to further margin compression beyond operational income, reflecting challenges in converting incremental revenue into profit. " "

SG&A Expenses

+19% YoY

SG&A Expenses increased by $74 million, rising from $380 million in Q2 2024 to $454 million in Q2 2025. The escalation, which outpaced revenue growth, suggests higher corporate infrastructure and administrative costs that have intensified compared to the previous period, thereby contributing to narrowing profit margins. " "

Net Income per Share

-29% YoY

Net Income per Share decreased from $1.05 in Q2 2024 to $0.75 in Q2 2025. This decline (–29%) mirrors the fall in Net Income and indicates that the increased share of expenses, particularly the cost of sales and SG&A, has had a material negative impact on earnings available to shareholders compared to the prior period. " "

Revenue

Q3 2025

$1.61B to $1.65B "

$1.645B to $1.675B "

raised

Core Growth

Q3 2025

2.5% to 5% "

1.7% to 3.6% "

lowered

Reported Growth

Q3 2025

2.4% to 4.9% "

4.2% to 6.1% "

raised

Currency Impact

Q3 2025

2.1% headwind "

0.6% tailwind "

raised

M&A Revenue Impact

Q3 2025

2% benefit "

1.9% benefit "

lowered

Non-GAAP EPS

Q3 2025

$1.25 to $1.28 "

$1.35 to $1.37 "

raised

Currency Impact on EPS

Q3 2025

$0.02 headwind "

no current guidance

no current guidance

Core Growth Rate

FY 2025

2.5% to 3.5% "

2.5% to 3.5% " "

no change

Reported Revenue

FY 2025

$6.68B to $6.76B "

$6.73B to $6.81B "

raised

Currency Impact

FY 2025

1.9% headwind "

1.1 percentage point headwind "

raised

M&A Impact

FY 2025

+2% to 2.2% "

plus 2% to 2.2% "

no change

Non-GAAP EPS

FY 2025

$5.54 to $5.61 "

$5.54 to $5.61 "

no change

Tariff Costs

FY 2025

no prior guidance

Gross incremental tariff exposure of $50M, with an additional potential exposure of $40M "

no prior guidance

Other Income and Expenses

FY 2025

no prior guidance

$15M income "

no prior guidance

Tax Rate

FY 2025

12.5% "

12% "

lowered

Diluted Shares Outstanding

FY 2025

286 million "

285 million "

lowered

Order Momentum and Book-to-Bill Ratio

Mentioned in Q1, Q4, and Q3 with book-to-bill ratio >1, strong order momentum and signals of recovery. " " "

In Q2, the ratio remained greater than 1 with orders growing low single digits in the quarter and mid‐single digits for H1. "

Consistent positive sentiment with stable recovery and steady order momentum observed across periods.

Instrument Replacement Cycle

Q1, Q4, and Q3 highlighted the Infinity III launch, replacement cycles spanning 9–12 months, and an aging installed base driving opportunities. " " "

Q2 continued to show a strong Infinity III ramp with rising connect rates for services/consumables and robust replacement activity. "

Sustained momentum driven by successful Infinity III adoption and a maturing replacement cycle that remains a key long‐term growth driver.

New Product Launches

Across Q1, Q4, and Q3, new launches like Infinity III, 8850 GC, GC/MS, and InfinityLab Pro were highlighted as drivers of innovation and customer engagement. " " " "

Q2 reiterated the broad new portfolio with products like InfinityLab Pro iQ Series, Seahorse XF Flex Analyzer, enhanced 8850 GC, and continuing Infinity III success. "

Consistent innovation remains central, with each period reinforcing a robust and diversified product pipeline.

Tariff Risks and Pricing Mitigation

Q1 and Q4 emphasized a diversified supply chain, strategic pricing adjustments, and modest tariff impacts while Q3 had no mention. " " " "

Q2 detailed a 55 basis point impact on gross margins from tariffs, with proactive pricing surcharges and strategies aimed to fully mitigate tariff effects by 2026. " " "

Ongoing challenge that is being met with increasingly proactive and effective mitigation strategies, ensuring resilience despite persistent risks.

Revenue Guidance and Order Timing Volatility

Q1, Q4, and Q3 provided detailed revenue guidance, adjusting for currency headwinds, stimulus impacts, and order timing challenges. " " "

Q2 set full‐year guidance at $6.73–6.81 billion, noting order timing shifts (e.g. pull-forward of orders in China) yet describing a stable business environment. " "

Consistent management of revenue and timing volatility, reflecting disciplined updates amid macro uncertainties.

Margin Pressure and Currency Headwinds

In Q1, Q4, and Q3, margin pressures from tariff costs, mix pressures and currency headwinds were discussed along with early mitigative actions. " " "

Q2 reported a 55 bp tariff cost and a currency headwind of 1.6%, with operating margins remaining flat at 25.1% while mitigation efforts continue. " "

Persistent pressures remain, but with evolving mitigation measures providing some stabilization in margins.

CDMO Business Growth

Q1, Q4, and Q3 focused on the integration and growth potential of BIOVECTRA and NASD, highlighting early-stage progress and promising strategic investments. " " "

Q2 showed high single-digit growth for NASD and high teens growth for BIOVECTRA, with clear visibility for double-digit growth in H2 2025. "

Accelerated growth and a stronger outlook as integration and market positioning in CDMO continue to improve.

PFAS Solutions Growth

Q1 reported strong demand with growth rates around 50–70%, Q4 noted over 40% growth, and Q3 observed a 4% contribution in environmental markets. " " "

Q2 reported a 75% year-over-year increase in PFAS solutions, with Europe and China more than doubling, contributing 80 basis points to growth and significant market potential. " " "

Accelerating growth trajectory with increasingly bullish sentiment driven by regulatory tailwinds and expanding market opportunities.

Genomics and Diagnostics Dynamics

Q1 had mixed results with genomics facing funding headwinds but diagnostics showing 7% growth; Q4 highlighted healthy pathology and modest genomics growth, while Q3 noted softness in genomics offset by pathology gains. " " "

Q2 indicated that the NGS business was declining mid-single digits while cell analysis grew modestly and overall diagnostics surged 8%, slightly exceeding expectations. " "

Diverging dynamics where diagnostics (especially pathology) are stronger, while genomics faces ongoing headwinds but retains long-term potential.

China Market Dynamics

Q1 saw strong stimulus wins offsetting a 4% decline; Q4 described sequential recoveries, stimulus orders, and modest declines; Q3 reported an 11% decline with early signs of recovery. " " "

In Q2, China posted 10% growth with stable business and rising enthusiasm for a broader second-phase stimulus, along with logistical normalization. " " "

Significant recovery with improved performance and stabilization, marking a turnaround from past declines.

Competitive Dynamics in LC Replacement Cycles

Q1 emphasized Infinity III’s role in jumpstarting a 9–12 month cycle and competitive advantage; Q4 was cautious amid market turbulence; Q3 noted aging instruments driving replacement needs. " " " "

Q2 further underlined robust Infinity III adoption, with rising connect rates and a strong order funnel reaffirming its competitive leadership. " "

Steady improvement in competitive positioning as Infinity III adoption deepens and the replacement cycle continues to mature.

Overall Market Recovery Outlook

Q1 was optimistic with early recovery signals (book-to-bill >1, healthy capital spending), Q3 described a slow but steady recovery across regions, and Q4 indicated sequential improvement with cautious full-year guidance. " " "

Q2 maintained a cautiously optimistic tone with stable business across regions, proactive tariff management, and a clear focus on long-term fundamentals. " "

Consistently improving outlook with gradual recovery observed across periods, reflecting enduring confidence tempered by external uncertainties.