U.S. Life Science & Diagnostic Tools: 2Q'26 Preview: C'mon Tools, No Whammy This Q

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U.S. Life Science & Diagnostic Tools: 2Q'26 Preview: C'mon Tools, No Whammy This Q

Equity Research

23 June 2026

U.S. Life Science & Diagnostic Tools

2Q'26 Preview: C'mon Tools, No

Whammy This Q

2Q preview comes early. Tools are gaining favor among U.S. Life Science & Diagnostic Tools

healthcare subsectors – a trend likely to continue into the POSITIVE Unchanged

prints. Expectations are for in-line/modest beats. U.S. Life Science & Diagnostic Tools

Luke Sergott

We think Tools will likely work into the prints as expectations are for in-line to slightly better +1 212 526 9258

luke.sergott@barclays.comresults than what 2Q guides imply. This is based on continued progress in end market recovery

BCI, US

and a line of sight to more normal market growth by year end (Tools market likely exits closer to

3%-4% growth overall vs. the typical 4%-6% range). Anna Kruszenski

+1 212 526 0134

We favor names that feature the strongest setup to meaningfully beat 2Q numbers, and this anna.kruszenski@barclays.com

follows suit with investor sentiment based on our conversations. WAT and WST remain our BCI, US

highest conviction ideas. Our conversations with investors also suggest positive sentiment Salem Salem

on A, ILMN, ICLR, and FTRE. +1 212 526 3431

salem.salem@barclays.com

Outside of these names, bioprocessing is the closest end market to a full recovery as it is largely BCI, US

waiting for E&I to recover following the strong bookings momentum/growth seen over the past

Jacob Putman, CFA

year. 2Q needs to show some recovery/upside for these stocks to work, to which we think the +1 212 526 5704

companies deliver. The question now is how much do they need to beat, and at these valuations jacob.putman@barclays.com