On this call, we will cover business highlights and financial performance for the three and 12-month periods ended December 31st, 2025, and we'll provide financial guidance for the full year 2026. During this call, we are providing non-GAAP financial results and guidance unless otherwise noted. We had a great finish to 2025 with $198 million of fourth quarter revenue, which translated to 14% organic growth in the quarter and $738 million of revenue for the full year. As a result, we exceeded the high hand of our October guidance for both revenue and adjusted operating income.
Once again, the diversity of our portfolio was on display in the fourth quarter as proteins and process analytics both grew over 30%, with chromatography not far behind, with more than 25% growth. The same was true for the full year, as protein grew greater than 30%, while analytics grew 37% on a reported basis or 21%, excluding M&A. This highlights our team's strong execution on the growth opportunities that exist across our portfolio. Capital equipment was essentially flat year-over-year due to a tough comparison, but up 10% versus the prior quarter as we saw capital equipment revenue grow sequentially throughout the year.
Outside of a couple of specific growth drivers, we saw relatively muted demand for equipment. In terms of end markets, biopharma led the way and revenue growth was strong across all geographies. In short, we had a great year with momentum across the portfolio, allowing us to significantly outpace market growth in 2025. Our initial 2026 guidance called for $810 million-$840 million of revenue or 9%-13% organic revenue growth.
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | FY2026 (initial) | $810M-$840M (10%-14% reported, 9%-13% organic) |
| Adjusted gross margin | FY2026 | 53.6%-54.1% (~125 bps expansion at midpoint) |
| Adjusted income from operations | FY2026 | $122M-$130M (150 bps margin expansion at midpoint) |
| Adjusted diluted EPS | FY2026 | $1.93-$2.01 (up 15% at midpoint) |
| Adjusted effective tax rate | FY2026 | 22%-23% |
| Analytics growth | FY2026 | greater than 20% |
| Metric | YoY | Note |
|---|---|---|
| Q4 revenue | +18% reported / +14% organic | Consumables drove growth with over 20%; acquisitions added ~1 point and FX 2 points; capital equipment essentially flat on a tough comp. |
| Full-year revenue | +16% reported and organic non-COVID / +14% organic | Momentum across the portfolio, customer base, and geographies, exceeding the high end of original guidance. |
| Q4 adjusted gross margin | +170 bps to 52.4% | Volume leverage and price offsetting inflation and slight headwinds from mix and tariffs. |
| Full-year adjusted operating margin | +90 bps to 13.8% | Volume leverage and price, mostly offset by dilution from recent M&A investments; 240 bps expansion excluding M&A and FX. |
| Q4 adjusted EPS | +$0.05 to $0.49 | Higher adjusted operating income partially offset by $2 million of lower interest income on declining rates. |
| Full-year filtration | +8% (11% non-COVID) | Below expectations due to timing of fluid management revenue and muted downstream-systems demand; ATF still accretive after a 50%+ 2024. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Margin expansion vs M&A | Expanded margin 240 bps ex-M&A in 2025 but below range including M&A | Margin expansion remains a top priority alongside above-market growth; guiding 150 bps expansion at midpoint for 2026, prioritizing more immediately accretive deals while keeping minority-interest options like Novasign | — |
| M&A strategy | Acquired 908 Devices bioprocessing portfolio; partnered with/invested in Novasign | M&A remains the top capital-allocation priority for 2026 with unchanged criteria; active pipeline and healthy balance sheet, aspiring to add new capabilities | — |
| China | China declined in 2025 but grew second straight quarter in Q4 off a low base | Optimistic China returns to growth in 2026, supported by strong Q4 orders; new leadership, new office opened in Q3, working on local partnerships | — |
| Analytics / SoloVPE PLUS | Launched SoloVPE PLUS in 2025; first wave of upgrades | Upgrade cycle is a multi-year opportunity (<100 of 1,500-2,000 install base upgraded); guiding analytics >20% growth in 2026 on a 37% comp | — |