On this call, we will cover business highlights and financial performance for the three month period ended March 31st, 2026, 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. Great execution once again by our team enabled us to deliver 15% reported revenue growth or 11% organic and 160 basis points of adjusted operating margin expansion. Mid-teens top-line growth, coupled with disciplined cost management, resulted in margins outperforming expectations.
This OEM relationship advances our strategy in the country where we are seeing significant growth again. We did see encouraging signs in the first quarter and remain convinced the capital equipment tap will open. We delivered $194 million of first quarter revenue, driven by healthy demand across our broad portfolio and all geographies. Analytics led the way with 50%+ growth, but all of our franchises grew nicely again in the first quarter.
Consumables, including proteins, grew double digits, which was coupled with solid capital equipment growth, and services remained a standout with 30%+ growth. Capital equipment demand benefited from strength in analytics, mixers, and easier comps. We also saw growth across our diversified customer base and all geographies. Order trends were solid in the first quarter with a significant pickup in March and included some conversion of our robust capital equipment funnel.
| Metric | Period | Current guidance |
|---|---|---|
| Revenue | FY2026 | $803M-$833M (9%-13% reported and organic) |
| Organic revenue growth | FY2026 | 9%-13% (reiterated) |
| Adjusted gross margin expansion | FY2026 | 110-160 bps |
| Adjusted operating income | FY2026 | $124M-$132M (160-200 bps margin expansion) |
| Adjusted diluted EPS | FY2026 | $1.97-$2.05 (up $0.04 at both ends) |
| Adjusted effective tax rate | FY2026 | 22%-23% (unchanged) |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +15% reported / +11% organic | Healthy demand across the broad portfolio and all geographies; FX added 3 points and two months of inorganic upstream analytics contribution. |
| Analytics | +50%+ | Strength in downstream analytics and the SoloVPE PLUS upgrade cycle; aided capital equipment demand. |
| Services | +30%+ | High attachment rate of service to analytical equipment and dedicated investment in the service business. |
| Adjusted gross margin | +180 bps to 55.5% | Volume leverage, pricing execution, favorable product mix from analytics and accretive filtration products, plus cost-absorption timing that will normalize over the year. |
| Adjusted operating margin | +160 bps to 15.4% | Mid-teens top-line growth coupled with disciplined cost management; 200 bps excluding M&A and FX. |
| Adjusted EPS | +23% to $0.48 | Higher adjusted operating income, partially offset by slightly lower interest income on declining rates. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Transformation office / margin | Committed to margin expansion balanced with growth investments toward 30% adjusted EBITDA by 2030 | Launched a transformation office to accelerate Fit for Growth and margin; estimated at least 1 point of annualized margin benefit by end of 2027, on top of normal run rate | — |
| China | Optimistic China returns to growth in 2026 off a low base | China nearly doubled in Q1; signed a multi-phase OEM partnership for local manufacturing beginning in 2027 to reclaim the market | — |
| Portfolio optimization | Working to optimize fluid management and product-line margins | Divested the non-core, loss-making Polymem operation in France on March 30 for nominal proceeds (~$7M of 2025 revenue removed from guidance) | — |
| Capital equipment / orders | Muted demand for equipment outside specific drivers; awaiting RFP responses | Solid order trends with a significant March pickup; began winning RFPs, with conversion of the robust capital equipment funnel | — |