Total Revenue

+4% (Q3 2025: $316.2M vs. Q3 2024: $303.4M)

Revenue increased modestly by 4% as ongoing organic initiatives and a +6% rise in Protein Sciences revenue helped drive the top line, although broader margin pressures and cost challenges continued to temper overall growth. " " "

Protein Sciences

+6% (Q3 2025: $227.7M vs. Q3 2024: $214.6M)

Protein Sciences revenue grew by 6%, driven by robust demand in its core segment and strong order activity, indicating positive market response to its product portfolio and operational execution. " " " "

Operating Income

-42% (Q3 2025: $38.7M vs. Q3 2024: $67.0M)

Operating income dropped sharply by 42% due to rising operating costs, increased SG&A expenses, and possibly integration-related costs, which outweighed the revenue gains, thereby compressing margins significantly. " "

Net Earnings

-44% (Q3 2025: $22.6M vs. Q3 2024: $40.6M)

Net earnings declined by 44% as the severe drop in operating income directly impacted the bottom line, highlighting challenges in cost efficiency and margin management despite modest top‐line growth. " "

Basic EPS

-~46% (Q3 2025: $0.14 vs. Q3 2024: $0.26)

Basic EPS fell by approximately 46%, reflecting lower net earnings on a per-share basis, which underscores the compounded effect of declining operating profitability and increased expense pressures. " "

Cash & Cash Equivalents

-7% (Q3 2025: $140.67M vs. Q3 2024: $151.79M)

Cash balances decreased by 7%, likely due to increased financing outflows such as share repurchases and dividend payments, which may constrain short-term liquidity while the company continues to invest in operational activities. " "

Inventories

+6% (Q3 2025: $191.08M vs. Q3 2024: $179.73M)

Inventories rose by about 6%, potentially reflecting a build‐up in stock either to meet anticipated future demand or as a result of slower inventory turnover, which could impact working capital dynamics moving forward. " "

Operating Lease Liabilities

-9% (Q3 2025: $79.45M vs. Q3 2024: $87.62M)

Operating lease liabilities decreased by 9%, suggesting that lease expirations, repayments, or favorable adjustments have reduced future off–balance sheet obligations, thereby easing the company's leverage on lease contracts. " "

Large Pharma Demand

Q2 2025: Mentioned as showing notable improvement with mid-teens growth and early recovery. " " " Q4 2024: Described as being constrained by budget realignments and recalibrations. " " "

Q3 2025: Reported strong double-digit growth and robust momentum across the portfolio, especially in the Protein Sciences segment. " " " "

Improved sentiment – From constrained performance in Q4 2024 to robust growth in Q3 2025 reflecting a recovery in large pharma demand.

Tariff Mitigation Strategies

Q2 2025 & Q4 2024: No mentions of this topic.

Q3 2025: Discussed in detail with strategies including global footprint optimization, regional manufacturing, and pricing adjustments to mitigate tariff impacts. " " "

New topic – Emerged in Q3 2025 as a key area of focus to counter rising tariff and geopolitical challenges.

Diversified Portfolio

Q4 2024: Highlighted the performance of Cell & Gene Therapies, Diagnostics, and Spatial Biology with steady growth and strategic importance. " " " Q2 2025: Detailed discussion on diversified segments with emphasis on multiomic capabilities and market leadership. " "

Q3 2025: Continued emphasis on diversified portfolio with robust performance across Cell & Gene Therapies, Diagnostics, and Spatial Biology; upgrades and product innovations drive sustained growth. " " "

Consistent focus with evolution – Sustained commitment and growing emphasis on innovation and multiomics capabilities, creating a positive outlook.

U.S. Academic Funding Uncertainty

Q4 2024: Described as stable with low to mid-single-digit growth and outlook that funding environment would remain in a similar range. " Q2 2025: Addressed with reassurance over run rate performance and minimal immediate negative impact. "

Q3 2025: Detailed discussion on NIH funding changes, potential cap proposals, and overall uncertainty affecting purchasing; while concerns remain, long-term impact is described as immaterial. " " " "

Evolving caution – Persistent concerns with nuanced mitigation; sentiment remains cautiously optimistic amid adjustments in funding trends.

Biotech/Biopharma Revenue & Growth

Q4 2024: Characterized by low single-digit expansion with challenges from recalibrated R&D budgets and competitive pressures. " " " Q2 2025: Reported mid-teens growth overall with large pharma leading and smaller biotech customers lagging, indicating mixed performance. " " " "

Q3 2025: Large pharma continued strong performance with mid-single digit growth, though the biotech segment remained flat due to frugal spending and economic uncertainties. " " " "

Mixed performance – Large pharma has rebounded while biotech remains challenged, keeping overall sentiment cautious despite some robust segments.

GMP Reagent Order Variability

Q4 2024: Noted that large customer orders cause quarter-to-quarter lumpiness, but underlying market strength was present. " Q2 2025: Highlighted lumpy ordering with very high growth (90% pull-forward) on a trailing 12‐month basis reaching around 40% organic growth. " " "

Q3 2025: Emphasized that while orders remain lumpy due to clinical trial phases, evaluating on a trailing 12‐month basis shows steady growth of just over 13%. " "

Consistent challenge – The inherent variability remains, with management maintaining focus on long‐term TTM evaluations to smooth the impact.

China Market Dynamics

Q4 2024: Focus on a mix of government stimulus driving funding programs and economic constraints impacting instrument sales; expectation of stability with growth pickup later. " " " Q2 2025: Discussed increased government funding coupled with tough economic conditions. " "

Q3 2025: Reported a mid-single-digit revenue decline due to economic constraints and turbulence from tariffs; however, local manufacturing strategies (e.g. Shanghai facility) offer optimism. " " "

Ongoing duality – Consistent theme of balancing government stimulus against economic headwinds, with current sentiment slightly more cautious amid challenges.

COMET Platform & Spatial Biology

Q4 2024: Demonstrated strong demand with capacity constraints; RNAscope HiPlex capabilities allowed multiomic analysis, highlighting potential for doubling consumable pull-through. " " " Q2 2025: Emphasized unique multiomic capabilities and high throughput, with strong market acceptance. " "

Q3 2025: Continued double-digit growth with further enhancements like protein proximity detection, reinforcing its competitive advantage and driving consumable pull-through. " " "

Strong and positive – Consistent innovation and high market acceptance maintain robust growth and a positive outlook.

Instrumentation & Consumables

Q4 2024: Instrumentation growth under pressure in certain regions with robust consumables performance, noted by consecutive double-digit growth in consumables. " " Q2 2025: Reported modest instrument placement growth with strong consumable performance and notable product introductions boosting growth. " " "

Q3 2025: Instrumentation, highlighted by platforms like Maurice and COMET, achieved double-digit growth; consumables performed strongly with tariff mitigation advantages, reinforcing overall portfolio strength. " " "

Improving trajectory – Positive shift with robust instrument growth complementing persistent, strong consumable performance; mitigation strategies are effective.

Operating Margin & Cost Management

Q4 2024: Margins were under pressure with a notable decrease due to unfavorable volume and acquisitions; emphasis was placed on cost-cutting, productivity initiatives, and balancing investments. " " " " Q2 2025: Demonstrated sequential margin improvements with efforts on cost control and efficiency gains noted. " " " "

Q3 2025: Operating margins improved significantly (34.9% overall and 45.6% in Protein Sciences) due to volume leverage and cost management; however, potential headwinds from tariffs for Q4 were noted but expected to be mitigated. " " " "

Upward trend – Continuous emphasis on productivity and cost management is yielding better margins in Q3 after prior pressures, with cautious optimism for near-term challenges.

Core Run Rate Business Performance

Q4 2024: Delivered modest 1% organic growth amid challenging funding and recalibrated budgets; core business remained stable with growth verticals outperforming historical levels. " Q2 2025: Explained as lagging overall but expected to reach mid-single-digit growth in a normalized market, contributing to overall double-digit growth via other vectors. " " "

Q3 2025: Core run rate performance remains stable with organic growth driven by diverse segments; while pharma leads, academic and other end markets show mixed results reflecting overall market uncertainties. " "

Steady with potential – Fundamental stability exists with expectations of normalization and gradual improvement as market conditions stabilize.

New Product Launches & Innovation Initiatives

Q4 2024: Innovations included strategic investments (Sphere Bio), the Leo platform in automated Western blotting, enhancements in spatial biology, and new diagnostic pipelines. " " Q2 2025: Innovation spotlight on AI-engineered antibodies and proteins, emphasizing breakthrough technological differentiation. " "

Q3 2025: Continued momentum in product innovation with launches like the AmplideX Nanopore kit, COMET platform enhancements (multiomic and protein proximity detection), and emphasis on organoid solutions driven by regulatory changes. " "

Consistently innovative – Ongoing investments in new product launches and technological enhancements drive a highly positive and forward-looking sentiment.