Bruker Corporation (BRKR): Business Model Canvas [Dec-2025 Updated]

You're digging into a high-tech player like Bruker Corporation, trying to see past the stock ticker to the real engine room. Honestly, their business model is a classic play: selling those ultra-high-resolution scientific instruments-think NMR and Mass Spec-but making sure the real long-term value comes from sticky service contracts and consumables. That balance is key, especialy now, as they navigate an expected organic revenue decline of 4% to 5% for 2025 while guiding for total revenue between \$3.41 billion and \$3.44 billion. What's the next move? They're aggressively executing a \$100 million to \$120 million cost-saving plan to boost margins down the road. Dive below to see exactly how Bruker Corporation structures its value creation across all nine building blocks.

Bruker Corporation (BRKR) - Canvas Business Model: Key Partnerships

You're looking at how Bruker Corporation (BRKR) builds value through its external relationships as of late 2025. Honestly, these partnerships are crucial, especially given the softness in academic demand Bruker noted in Q2 2025 bookings.

Academic and government research collaborations for co-development

Bruker Corporation maintains deep ties with leading academic and government institutions, often involving high-value instrument placements that double as co-development platforms. For instance, Bruker announced the successful installation of its 1.2 GHz Nuclear Magnetic Resonance (NMR) spectrometer at the University of Birmingham's Henry Wellcome Building for Biomolecular NMR (HWB-NMR) on December 1st, 2025. This installation was supported by funding from the Engineering and Physical Sciences Research Council (EPSRC) and the University of Birmingham. Also, Bruker announced an order for multiple advanced Magnetic Resonance systems at the Max Planck Institute for Solid State Research (MPI-FKF) in Stuttgart, Germany, on October 24, 2025, positioning MPI-FKF as a European leader in battery research infrastructure. To be fair, these high-end placements drive future technology roadmaps.

The focus on advanced research tools is clear in Bruker's market positioning; the company maintained leadership in the nanomanipulator segment, reporting 35% revenue growth in 2024-2025 through sales to research institutions, holding a 28% global market share in that segment.

Specialized component suppliers for high-field magnets and optics

Bruker Corporation is the world's largest manufacturer of superconducting magnets for NMR, meaning its internal expertise is often paired with specialized material suppliers for the core components. The company continues to push field strength boundaries, launching the Ascend Evo 700 and 800 NMR superconducting magnets on April 5, 2025. The Ascend Evo 800 magnet represents the 5th-generation of this technology. The development of the world's first high-resolution 1.3 GHz NMR spectrometer required a novel hybrid LTS-HTS superconducting magnet with a field strength of 30.5 Tesla (T).

These component advancements translate directly into operational savings for your lab customers:

• Helium consumption is reduced by 40% at 700 MHz with the new magnet design.
• Helium consumption is reduced by 33% at 800 MHz.
• The Ascend Evo 700 magnet now offers a helium hold time of 240 days.

Strategic M&A targets to expand multiomics and diagnostics portfolio

Bruker Corporation has been actively acquiring companies to bolster its multiomics and diagnostics segments. For example, the acquisition of RECIPE Chemicals + Instruments GmbH in April 2025, which had over $15 million in 2024 revenue, strengthens its position in therapeutic drug monitoring (TDM) assays. The most recent acquisition noted was Biocrates in June 2025, focused on metabolomics kits. Looking at the acquisition pace, Bruker completed 7 acquisitions in 2024 and 2 in 2025 up to September. The acquisition of ELITechGroup was significant, with an enterprise value derived from €870 million ($966.1 million).

Here is a snapshot of recent diagnostic and multiomics-focused M&A activity:

Technology co-development partners for AI-enhanced software

The integration of Artificial Intelligence (AI) is a key partnership vector, particularly in the semiconductor metrology space, which supports next-gen chip manufacturing. Bruker announced a larger order from a leading semiconductor manufacturer for 27 of its optical metrology systems in 2025. This order affirms the integral role of Bruker's metrology in advanced packaging for AI chip manufacturing. Also, Bruker announced new machine learning additions to its Bruker ProteoScape™ software on November 10, 2025, which aids in immunopeptidomics and PTM analysis.

Clinical reference labs for diagnostic system validation

Validation with clinical reference labs is essential for Bruker's diagnostic systems to gain market access and trust. For the MALDI Biotyper® CA System, the U.S. Food and Drug Administration (FDA) clearance announced on October 19, 2025, expanded its reference library to 549 validated microbial species. This clearance included the MBT Compass HT CA software and the MBT FAST™ Shuttle US IVD. In molecular diagnostics, the BeGenius® system is positioned as a versatile, medium-throughput solution capable of processing up to 72 tests during an 8-hour shift. Furthermore, the acquisition of RECIPE brings the ClinDART® platform, which eliminates chromatography and reduces solvent use by 95%-a major efficiency and sustainability factor for clinical labs.

Key validation metrics include:

• MALDI Biotyper® CA System validated coverage: 549 microbial species.
• BeGenius® throughput: 72 tests per 8-hour shift.
• ClinDART® solvent reduction: 95%.

Finance: draft 13-week cash view by Friday.

Bruker Corporation (BRKR) - Canvas Business Model: Key Activities

You're looking at the core engine of Bruker Corporation as it navigates a complex market in late 2025. The key activities here aren't just about making things; they're about aggressive operational restructuring alongside targeted innovation. It's a balancing act, frankly, between cost discipline and maintaining a pipeline that justifies premium pricing.

High-end scientific instrument R&D and precision manufacturing

The foundation of Bruker Corporation's model remains the development and production of high-end analytical instruments. This requires substantial, sustained investment in research and development, even when facing near-term financial pressures. For context, the R&D spend in fiscal year 2024 stood at $376.5 million, representing about 11.16% of that year's total revenue. Looking at the segments in the first nine months of 2025, the Bruker Scientific Instruments (BSI) segment generated revenues of $2.27 billion, though its organic revenue declined by 2.9% year-over-year for that period. A positive indicator for future sales execution is that the BSI book-to-bill ratio was reported as >1.0 in the third quarter of 2025.

Here are some key operational metrics:

• FY 2024 Total Revenue: $3.37 billion
• Q3 2025 BSI Revenue: $787.9 million
• Q3 2025 BEST Revenue: $73.8 million
• FY 2025 Organic Revenue Decline Expected: 4% to 5%

Executing the $100M to $120M cost reduction program for 2026 margin expansion

This is perhaps the most critical near-term activity: executing the major cost savings plan. Management is tracking toward the high end of the $100 million to $120 million annualized cost reduction target for fiscal year 2026. This aggressive streamlining is intended to deliver significant margin expansion, with management pointing to a potential ~300 basis points improvement, supporting double-digit EPS growth in 2026 even if revenue remains flat. The plan targets areas like SG&A and R&D expenses, which saw increases of 3.2% and 8.7% in Q2 2025, respectively. You should note that some of this benefit is front-loaded; about $30,000,000 of the savings is expected to impact the fourth quarter of 2025, with the larger majority realized in 2026. The non-GAAP operating margin in Q3 2025 improved sequentially to 12.3% from 9.0% in Q2 2025, showing early traction from cost and pricing actions.

Developing new multiomics and spatial biology applications

Bruker Corporation is actively pushing its portfolio into high-growth areas like multiomics. They highlighted that their innovative spatial biology, proteomics, and multiomics solutions launched earlier in 2025 are being very well received by biopharma and academic customers. A key part of this strategy is integrating acquisitions. The June 2025 acquisition of biocrates life sciences ag directly bolsters their metabolomics capabilities. Biocrates kits quantify over 1,000+ metabolites across more than 40 metabolite classes. This focus aligns with the broader market trend; the global metabolomics services market is estimated at $3.2 billion in 2025, with a projected CAGR of 12.5% through 2032.

Global sales, installation, and technical service support

The commercial engine is focused on converting improved order intake into recognized revenue, despite customer site delays pushing some sales into 2026. The updated full-year 2025 revenue guidance is set between $3.41 billion and $3.44 billion. The third quarter of 2025 showed positive momentum, with mid-single-digit percentage organic bookings growth and high-teens percentage growth in ACA/GOV orders outside the United States. Service and installation support is embedded within the segment revenues, as seen in the BSI segment performance.

Here is a snapshot of the 2025 revenue outlook components:

Integrating acquired technologies and businesses (e.g., Biocrates)

Bruker Corporation consistently uses M&A to build out its integrated omics platforms. The biocrates acquisition in mid-2025 is a prime example, adding key metabolomics quantification expertise to existing proteomics capabilities from prior deals like PreOmics and Biognosys. While the specific financial terms for the biocrates deal were not disclosed, the M&A contribution is factored into the overall 2025 guidance at approximately 3.5% revenue growth. This integration activity is designed to create a 'truly integrated multiomics approach' for customers.

Bruker Corporation (BRKR) - Canvas Business Model: Key Resources

The foundation of Bruker Corporation's competitive position rests on several tangible and intangible assets that support its high-value scientific instrumentation business.

Proprietary intellectual property in NMR, Mass Spec, and X-ray technologies

The deep technological moat is maintained through consistent, significant investment in research and development. Bruker Corporation's R&D spend in 2024 was $376.5 million, which represented 11.16% of its 2024 revenue. Management has indicated a long-term outlook targeting at least 10% of total revenue dedicated to R&D, a commitment more aggressive than peers like Thermo Fisher Scientific at 3.17%. This investment fuels the development of proprietary platforms, evidenced by the announcement in December 2025 of the successful installation of its 1.2 GHz Nuclear Magnetic Resonance (NMR) spectrometer and the introduction of a first-of-a-kind 1.3 GHz spectrometer.

The core technological assets span several critical analytical domains:

Highly specialized scientific and engineering talent pool

The development and support of these complex systems require deep expertise. As of December 31, 2023, Bruker Corporation employed 9,707 individuals. The company's competitive advantage is tied to its ability to retain and deploy this specialized workforce across its global operations.

Global manufacturing and service infrastructure

Bruker Corporation operates as a manufacturer of diversified instrument systems, supported by a global footprint. The company's ability to service its installed base is critical, especially given the complexity of its high-value instruments. The September 2025 financing was specifically earmarked to strengthen the balance sheet by repaying existing debt, including its term loan due December 2026 in full and outstanding borrowings under its 2024 revolving credit agreement in full. As of the end of Q2 2025, the company reported total debt of $2.48 billion.

Large installed base of high-value analytical instruments

The installed base represents recurring revenue potential through consumables, software, and service contracts. The company's portfolio includes mass spectrometry devices, X-Ray Diffraction systems, and Magnetic Resonance imaging devices. The installation of a 1.2 GHz NMR spectrometer at the University of Birmingham in December 2025 underscores the presence of ultra-high-field systems in leading research institutions.

Financial flexibility, raising $600.0 million via preferred stock in 2025

Bruker Corporation enhanced its strategic flexibility in September 2025 by completing a public offering of Mandatory Convertible Preferred Stock, Series A, for gross proceeds of $600.0 million.

• Gross Offering Size: $600.0 million
• Estimated Net Proceeds: Approximately $582.0 million
• Shares Issued: 2,400,000 shares, each with a liquidation preference of $250
• Annual Dividend Rate: 6.375% on the liquidation preference
• Use of Proceeds: Repayment of term loans due December 2026 and March 2027, and outstanding revolving credit borrowings

The company's updated FY2025 revenue guidance was set between $3.41 billion and $3.44 billion.

Bruker Corporation (BRKR) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Bruker Corporation over alternatives, which really boils down to performance metrics and market enablement, especially as we navigate the mid-2025 environment of funding uncertainty and tariff impacts.

Ultra-high resolution and sensitivity in molecular and materials analysis

This value proposition is underpinned by the performance of the Bruker Scientific Instruments (BSI) segment, which is the engine for many of these high-end tools. For the first nine months of 2025, BSI revenues reached $2.27 billion, showing a 3.6% increase year-over-year. Specifically, the Bruker BioSpin Group, which houses high-end NMR systems, experienced high-teen revenue growth year-to-date in 2025. This level of performance in core analytical instruments helps drive the overall business, even when other segments face headwinds.

The value delivered includes:

• Delivering systems enabling exploration at molecular, cellular, and microscopic levels.
• Providing high-performance scientific instruments for research and applied analysis.
• Enabling innovation and improved productivity for customers in various research fields.

Enabling breakthrough post-genomic discoveries in proteomics

Bruker Corporation is enabling success in post-genomic life science research through its multiomics solutions. In the third quarter of 2025, the CEO noted encouragement from mid-single digit percentage organic bookings growth year-over-year, with spatial biology, proteomics, and multiomics solutions being well received by biopharma customers. The introduction of systems like timsOmni for functional proteomics and proteoform analysis, and timsUltra AIP for ultra-high sensitivity 4D single-cell proteomics, are concrete examples of this value in action as of Q2 2025.

Rapid, accurate clinical microbiology and infection diagnostics (MALDI Biotyper)

The Diagnostics business, anchored by the MALDI Biotyper franchise, is a key value driver, particularly in clinical microbiology and infectious disease diagnostics. While specific revenue for the franchise isn't isolated, the overall Diagnostics portion contributes to the company's offerings that enable rapid and accurate results for critical testing needs. The overall BSI segment, which includes Diagnostics, saw 5.1% organic revenue growth in the first quarter of 2025.

Advanced metrology tools for next-gen semiconductor manufacturing

This area is explicitly called out as a strong driver, bolstered by the AI megatrend. Bruker NANO saw robust revenue growth in semiconductor metrology during the first quarter of 2025. This focus on next-gen semiconductor metrology supports the industry's need for extreme precision in manufacturing processes.

Comprehensive, long-term service for complex, mission-critical systems

For systems that are mission-critical, like high-end analytical instruments, long-term service and support are not optional; they are part of the core value. This recurring revenue stream helps stabilize the business, which is important when organic revenue growth for the full year 2025 is guided to a decline of 4% to 5%. The company is actively managing costs and re-engineering the supply network to mitigate headwinds, suggesting service contracts are a vital component of the operational stability.

Here's a quick look at the 2025 financial context surrounding these value propositions:

The overall revenue picture for the first nine months of 2025 was $2.46 billion, a 3.0% increase year-over-year, driven significantly by acquisitions, as organic revenue declined 3.1% over the same period.

Bruker Corporation (BRKR) - Canvas Business Model: Customer Relationships

Bruker Corporation maintains relationships built on deep technical engagement, especially given the high-cost, high-complexity nature of their scientific instrumentation.

Dedicated application scientists providing consultative sales

The relationship starts with highly specialized personnel guiding the customer through complex purchasing decisions. While the exact number of dedicated application scientists isn't public, the scale of Bruker Corporation, with approximately 11,396 employees as of late 2025, supports a significant, specialized field team necessary for consultative sales across their diverse instrument portfolio.

Long-term, high-touch relationships for capital equipment sales

Sales of capital equipment, such as the 1.2 GHz Nuclear Magnetic Resonance (NMR) spectrometer recently installed at the University of Birmingham, necessitate a long-term, high-touch approach. This involves sustained engagement from the initial specification phase through installation and ongoing application support. The relationship is inherently sticky due to the capital investment and the integration of Bruker Corporation software, such as TopSpin API.

High-value service contracts ensuring maximum instrument uptime

Ensuring maximum instrument uptime is critical for research continuity, making service contracts a core relationship component. The focus on service is evident in agenda items at user meetings, such as discussions on 'Bruker LabScape Service Agreements Catered to Your Research Needs'. This recurring revenue stream is vital, especially when organic revenue for the Scientific Instruments (BSI) segment faced a year-over-year decline of 7.2% in Q2 2025.

The service and support aspect is a key differentiator, as shown by the focus areas in their customer events:

• Innovations and service updates in LabScape and life-cycle support.
• Tips and tricks for routine NMR work.
• Discussions on smart helium management strategies.

Direct sales force engagement with key research leaders

Engagement with key research leaders is formalized through executive presentations at major industry and investor conferences, such as the Citi 2025 Unplugged Medtech and Life Sciences Access Day and the Barclays 27th Annual Global Healthcare Conference in March 2025. The direct sales force supports the capital equipment cycle, which saw the Scientific Instruments segment book-to-bill ratio in the mid 0.9 range in Q2 2025, though it improved to greater than 1.0 in Q3 2025, indicating renewed order flow.

User conferences and specialized training programs

Bruker Corporation actively fosters its user community through a global schedule of specialized events, which serve as both training platforms and relationship-building forums. These events allow for direct knowledge transfer on new product launches, like the VERTEX NEO Ultra FT-IR spectrometer.

Key late 2025 Customer Relationship Events:

The company's total revenue guidance for FY 2025 is between $3.43 billion and $3.50 billion.

Bruker Corporation (BRKR) - Canvas Business Model: Channels

You're looking at how Bruker Corporation gets its high-performance scientific instruments and analytical solutions into the hands of researchers and industrial clients as of late 2025. The channel strategy is a mix of direct engagement for complex systems and leveraging partners for broader reach and recurring revenue streams.

Direct global sales and service organization

Bruker Corporation supports customers globally through its technical and manufacturing centers in Europe and North America, backed by a worldwide network of sales and support teams. This direct channel is crucial for high-value, complex systems like the GHz-class NMR systems mentioned in Q1 2025. The company has a substantial global footprint, employing over 9,707 people as of December 31, 2023, with 1,200 employees dedicated to Research & Development. The direct organization handles the core of the Bruker Scientific Instruments (BSI) segment, which generated revenues of $733.2 million in Q2 2025 for the BSI segment alone. Geographically, the United States remains the region where Bruker derives the maximum of its revenue.

Specialized distributors for certain regional or applied markets

While the direct organization is key, specialized distributors help Bruker penetrate specific regional or applied markets where local expertise is paramount. For instance, the company has a presence in Singapore via BRUKER SINGAPORE PTE LTD, which accounted for 5% of total Bruker Spectrometer shipments tracked up to June 20, 2025. Globally, Volza data identified over 37 active Bruker Spectrometer Suppliers across more than 12 countries as of mid-2025. This network supports the distribution of products across the four operating segments: Bruker BioSpin Group, Bruker CALID Group, Bruker Scientific Instruments (BSI) NANO Segment, and Bruker Energy & Supercon Technologies (BEST).

Online portals for consumables, reagents, and software licenses

The recurring revenue component of the business model relies on the efficient delivery of consumables and software licenses, often facilitated through online channels. The acquisition of Biocrates in 2025 specifically expanded Bruker's multiomics solutions with unique consumables and software. While specific online portal revenue figures aren't public, this channel supports the installed base of instruments, which is critical given the company's focus on solutions for proteomics, multiomics, and diagnostics.

Academic and industry conferences (e.g., AGBT, ASMS)

Industry events serve as a vital channel for product launch, customer engagement, and pipeline development, especially within the academic and biopharma segments. Bruker Corporation highlighted that its innovative spatial biology, proteomics, and multiomics solutions launched at AGBT and ASMS in 2025 were well received by biopharma customers. Strong bookings growth in the academic/government market segment was also noted in Q3 2025, suggesting these channels translate directly into future sales.

Direct-to-customer installation and training teams

The complexity of Bruker's analytical instruments necessitates dedicated, direct customer interaction for successful deployment and adoption. This is inherently tied to the direct sales and service organization. The company provides integrated software solutions and automation tools to support digital transformation, which requires on-site expertise for installation and training. This direct support is essential for high-value instrument sales, such as the one GHz-class NMR system that contributed significant revenue in Q1 2025.

Here's a quick look at the top-line financial context influencing channel performance through Q3 2025:

The company is actively managing headwinds, including academic funding constraints and tariffs, by implementing cost savings initiatives targeting $100 to $120 million in annual costs by fiscal year 2026.

To be defintely sure about the service revenue mix, Finance needs to cross-reference the service contract renewal rates against the installed base size by instrument type by end of Q4 2025.

Bruker Corporation (BRKR) - Canvas Business Model: Customer Segments

Global Academic and Government research institutions

• Academic/Government market segment saw strength in bookings in the third quarter of 2025.
• Organic revenue in ACAGAV markets experienced a double-digit percentage decline year-over-year in the third quarter of 2025.

Biopharma and Biotechnology companies

• Orders in the biopharma market showed improvement in the third quarter of 2025.
• Innovative spatial biology, proteomics, and multiomics solutions are being well received by biopharma customers.

Clinical Microbiology and Molecular Diagnostics laboratories

• The CALID Group delivered robust results, with year-to-date Constant Exchange Rate (CER) revenue up by a low double-digit percentage.
• This growth was specifically driven by strong performance in Microbiology & Infection Diagnostics, including the ELITech MDx acquisition.

Semiconductor and Advanced Materials industrial manufacturers

• The NANO Group experienced a low single-digit percentage CER revenue decline year-to-date.
• Softness was noted in X-Ray Semi and NanoAnalysis industrial research tools.

Applied markets (e.g., food safety, environmental analysis)

• The company noted strong orders in Applied markets during the third quarter of 2025.
• The molecular spectroscopy business remained stable.

Bruker Corporation's overall financial context for the period ending late 2025 provides a backdrop for these customer segment dynamics:

The company's overall performance in the first nine months of 2025 showed a reported revenue increase of 3.0% to $2.46 billion, though this was against an organic revenue decline of -3.1% for the same period.

Bruker Corporation (BRKR) - Canvas Business Model: Cost Structure

You're looking at the expense side of Bruker Corporation's operations as of late 2025. It's a structure heavily weighted toward innovation and maintaining a specialized global footprint. Honestly, for a company making complex analytical instruments, high fixed costs aren't a surprise; they are the price of entry.

The commitment to future product pipelines drives substantial Research and Development (R&D) spending. This is a core fixed cost that keeps the technology relevant. For the three months ended June 30, 2025, R&D expenses were reported at $100.2 million. This represented an 8.7% increase year-over-year for that quarter, showing continued investment even amid market softness.

Selling, General, and Administrative (SG&A) is another major bucket, reflecting the need for a specialized, global commercial and support infrastructure to sell these high-value systems. In the second quarter of 2025, SG&A spend was $231.4 million. While revenue was relatively flat, SG&A expenses were up 3.2% year-over-year in Q2 2025, putting pressure on operating leverage.

The Cost of Goods Sold (COGS) reflects the complexity of manufacturing these scientific instruments. For Q2 2025, the Cost of Revenue was $439.5 million against revenues of $797.4 million. This resulted in a non-GAAP gross margin of 48.6% for the second quarter of 2025, a slight dip from prior periods. The non-GAAP operating margin for the third quarter of 2025 settled at 12.3%.

You can see the major cost components for the second quarter of 2025 right here:

The company is actively managing these costs, announcing a significant cost-saving program aimed at future efficiency. Bruker Corporation is targeting annual cost reductions between $100 million and $120 million for fiscal year 2026. This initiative is designed to deliver significant margin expansion next year.

Still, the path to profitability has included one-time hits. The third quarter of 2025 GAAP results specifically included charges tied to these strategic shifts and market adjustments. You saw restructuring charges of $34.5 million and non-cash impairment charges totaling $119.4 million in Q3 2025. One analysis noted a one-off loss of $176.3 million over the twelve months ending June 30, 2025, which heavily impacted net margins.

Finally, the cost base is subject to external pressures that aren't directly controllable:

• Exposure to global tariffs, cited as a market headwind.
• Foreign currency fluctuations, which acted as a 2.9% revenue tailwind in Q2 2025.
• The updated FY 2025 outlook anticipated a foreign currency tailwind of approximately 2.5%.

Finance: draft 13-week cash view by Friday.

Bruker Corporation (BRKR) - Canvas Business Model: Revenue Streams

You're looking at how Bruker Corporation brings in its money as of late 2025. The revenue picture is shaped by a mix of large upfront sales and more predictable recurring income, though the near-term outlook shows some softness in the core organic business.

The primary sources of revenue for Bruker Corporation are:

• Sale of high-value capital equipment (NMR, Mass Spec, X-ray systems)
• Recurring revenue from service contracts and maintenance fees
• Sales of consumables, reagents, and software licenses

The company's latest full-year expectations for the 2025 fiscal year reflect a cautious stance given market dynamics. Here's the quick math on the guidance issued after the third quarter:

The expected revenue growth of 1% to 2% reported for FY 2025 is composed of several moving parts, showing that M&A and currency effects are expected to offset a decline in the core business. The components driving the updated FY 2025 revenue outlook are:

• Organic revenue decline of 4% to 5%
• M&A revenue growth contribution of approximately 3.5%
• Foreign currency translation revenue tailwind of approximately 2.5%

To give you a sense of the current run rate, the revenue for the first nine months of 2025 reached $2.46 billion, which was a 3.0% increase from the first nine months of 2024. The Bruker Scientific Instruments (BSI) segment, which houses the major capital equipment sales like NMR and Mass Spec systems, saw its organic revenue decrease by 2.9% in the first nine months of 2025. For the third quarter alone, BSI revenues were $787.9 million, with organic revenue decreasing by 5.4%.

The recurring revenue streams-service contracts and sales of consumables, reagents, and software-are generally embedded within the overall segment revenues, but the Biocrates acquisition mentioned in Q2 results points to an expansion in the consumables and specialty CRO services area for quantitative metabolomics. The Q3 2025 revenue was $860.5 million. Still, the company noted mid-single digit percentage organic bookings growth year-over-year in Q3, with the Scientific Instruments segment book-to-bill ratio greater than 1.0.

Finance: draft 13-week cash view by Friday