Americas Life Sciences Tools & Diagnostics: 2Q26 China Check In

Research evidence excerpt

Americas Life Sciences Tools & Diagnostics: 2Q26 China Check In

Equity Research

14 July 2026 | 4:02AM EDT

We check in on Life Science Tools China exposure through the lens of our proprietary Evie Koslosky

+1(212)357-1694 | e.v.koslosky@gs.com

equipment renewal bidding tracker and import data throughout the region. Goldman Sachs & Co. LLC

Grey Smith

We highlight BRKR as most favorably positioned across our coverage related to 2Q26 +1(212)934-1193 | grey.smith@gs.com

Goldman Sachs & Co. LLC

stimulus orders, as the company saw ~55% YoY order growth (17 orders in 2Q26 vs.

11 orders in 2Q25) driven by a mix of instrument tenders led by a broad set of

microscopy equipment and imaging systems. Compared to peers in our tracker, BRKR

represented the only company to avoid YoY declines in stimulus tender orders in the

quarter, with total stimulus tenders orders down >50% for all companies combined.

Executive Summary

What You Need To Know:

1. Company Implications: Across our coverage, BRKR reported >50% YoY growth

in stimulus tenders recognized in 2Q26 (Exhibit 5). We note WAT and A screen as

laggards in our data for 2Q26, with stimulus tenders down 62% and 75%,

respectively (A only QTD for FY 2Q26). While YoY growth rates screen less

favorable for WAT and A, both companies accelerated stimulus tenders in June.

2. PMI data: We saw an increase in China PMI in June vs. May, while simultaneously

observing a step up in stimulus tender orders MoM, with each month’s PMI in the

quarter stepping up YoY while tenders were down during the same period YoY,

albeit on tougher compares following a strong 2Q25 stimulus quarter (Exhibit

11).

3. Sequential MoM step up throughout quarter: Stimulus tenders stepped up

April to May and again in June showing a 54% MoM increase in May vs. April (20