Reported Revenue Slightly Higher
Net sales of approximately $592 million in Q1 2026, a 1.1% increase on a reported basis versus $585 million in Q1 2025 (currency-neutral: -4.2% YoY).
Digital PCR Instrument Momentum
ddPCR instrument revenue increased 24% year-over-year; the new QX700 platform has >99% of digital PCR assays enabled ahead of plan, driving competitive wins, instrument growth and contributing to both revenue and margin expansion.
Diagnostics Reported Growth Outside Currency Impact
Clinical Diagnostics reported revenue of ~$364 million, up 1.9% on a reported basis versus prior year (currency-neutral: -4.1%), with quality systems and immunohematology franchises showing strength outside the Middle East disruption.
Balance Sheet and Capital Return Strength
Cash and short-term investments of $1.565 billion (vs. $1.541 billion at end of 2025); repurchased 176,000 shares in Q1 for ~$48 million and $542 million repurchased since Q1 2024 (2.1M shares).
Free Cash Flow Conversion and Ongoing Buybacks
Q1 free cash flow of $78 million (vs. $96 million prior year) and a free cash flow to non-GAAP net income conversion ratio of 153%; approximately $237 million available for additional buybacks under current authorization.
Operational and Strategic Progress
Initiatives include manufacturing select life science instruments in China for China to improve responsiveness, R&D portfolio reprioritization to focus investment, Stilla acquisition on track to be accretive by midyear, and a disciplined, targeted M&A focus on $100M–$500M revenue targets.