Revenue and Core Growth
Q1 revenue of $1.8 billion; core (adjusted) revenue growth of 4.4% year-over-year and reported growth of 7.0%; currency contributed a 2.6% tailwind to reported growth.
Profitability and Guidance
Q1 non-GAAP operating margin of 24.6% (in line with expectations); Q1 EPS of $1.36 (up ~4% year-over-year). Full-year core revenue growth guide maintained at 4%–6% and FY26 non-GAAP EPS raised to $5.90–$6.04 (a $0.04 improvement driven by favorable FX).
Cash Flow, Capital Returns and Balance Sheet
Operating cash flow of $268 million in Q1; capital expenditures $93 million; returned capital via $152 million share repurchases and $72 million dividends; net leverage ratio of 0.8x, supporting continued shareholder returns and M&A optionality.
Ignite Operating System Impact
Ignite delivered measurable financial benefits: doubled pricing realization vs. prior baseline, delivered nearly 200 basis points of pricing in the prior quarter, generated substantial procurement savings, simplified organization, launched tariff mitigation program and aided successful BIOVECTRA integration.
Strong Product and Commercial Momentum
Notable product traction: Infinity III HPLC driving high-single-digit LC growth and share gains; Pro iQ single-quad LC/MS family grew >40% in the quarter; Altura columns doubled biocolumn growth to >30%; Omnis expansion and new S-540-MD Slide Scanner launched.
End-Market Strengths
Pharma grew 7% (with GLP-1-related revenue up ~50%); CAM (chemicals & advanced materials) grew 9% with advanced materials >20%; diagnostics & clinical grew 7%. Instrument book-to-bill at or above 1 for the eighth consecutive quarter.
Specialty CDMO Performance
Specialty CDMO grew low double digits in Q1 with the company reiterating expectation of mid-teens growth for the fiscal year; BIOVECTRA integration cited as successful and accretive to execution capability.
Commercial Wins and New Contracts
Enterprise services momentum (accounts with nearly all top-20 biopharma), 18 competitive displacements in 3 years, and a $9 million TSA contract for the Raman Insight BRT system secured in Q1.