Growth ForecastManagement lowered the FY CC growth guide by 225bps to (1%)-1.5% CC from prior +1.5-3.5% to reflect softer demand among US academic/government and biotech customers particularly on the instrument business.
Profit MarginsTariffs are expected to be ~130bps headwind to operating profit margins, with US exports to China (in the Diagnostics segment) being the most significant piece.
Working Capital EfficiencyThe company has more cash tied up in working capital than its peers, with inventory turns significantly down compared to pre-COVID levels.