Tracking Demand Across Tools & Dx: What The Data Says Through 1Q'26

Research evidence excerpt

Tracking Demand Across Tools & Dx: What The Data Says Through 1Q'26

Global Research

May 19, 2026

Tracking Demand Across Tools & Dx: What The Data Says■Life Science & Diagnostic Tools: Life

Science Tools Through 1Q'26

■Life Science & Diagnostic Tools:

Diagnostics

Dan Brennan, CFA THE TD COWEN INSIGHT

646 562 1317

With just A left to report we present data for organic growth trends through CQ1 for Tools/Dx companies, incl. total organic

dan.brennan@tdsecurities.com

growth & key sub industry/products (e.g. Pharma, MRD, instruments). Tools data reflects a cont'd recovery in Pharma,

Brendan Smith, Ph.D. solid bioprocess, soft A&G (stacks improving), weaker Industrial, & instruments recovering. For Labs strong volume growth

646 562 1417 continues though stocks ~(20%) YTD.

brendan.smith@tdsecurities.com

Tools End Market Trends: Pharma Leading; A&G, Industrial LaggingKyle Boucher

617 946 3735 Herein we present end market growth rate data across Large Cap Tools to help assess future trends (see prior analyses

kyle.boucher@tdsecurities.com here, here, and here). We show growth trends (including 2-Yr stacks) for key customers - BioPharma, Academic & Gov't,

William Ruby Industrial & Applied, Healthcare/Dx. The BioPharma market (which is heterogeneous across more resilient bioproduction

646 562 1325 and QA/QC segments, to choppier R&D product & services) remains the strongest market, with 1Q reflecting an ongoing

william.ruby@tdsecurities.com gradual recovery (but stacks slowed), with bioproduction leading the way (DHR, TMO, RGEN) and instrument replacement

cycle aiding A (yet to report) & WAT. Trends for A&G remain soft though 1Q saw a cont'd 2-yr stack improvement. Industrial

Pradeep Ambrose, Ph.D.

& Applied was weak in 1Q.