Revenue Growth in Q4 and Full Year Stability
Q4 2025 net sales were $693 million, up 3.9% reported and 1.7% currency-neutral versus Q4 2024. Full year 2025 net sales were $2.583 billion, up 0.7% reported and essentially flat on a currency-neutral basis versus 2024.
Clinical Diagnostics Returned to Growth
Q4 Clinical Diagnostics sales were ~$425 million, an 8.4% increase reported and 5.6% currency-neutral versus Q4 2024, driven by quality control and blood typing products; full year Diagnostics sales grew 1.6% reported (0.8% currency-neutral).
ddPCR Momentum and Successful QX700 Launch
ddPCR portfolio posted mid-single-digit year-over-year growth in Q4; QX700 instrument sales meaningfully accelerated in Q4 and helped expand the order funnel entering 2026. Management expects ddPCR to be a core long-term growth pillar and guides ddPCR growth at mid-single digits for 2026.
Stilla Acquisition Accreting Sooner Than Expected
Management indicated the Stilla acquisition will be accretive by mid-2026 — 6 to 12 months earlier than initially expected — and Stilla contributed mid-single-digit millions of revenue in Q4.
Strong Cash Generation and Free Cash Flow Improvement
Q4 2025 net cash from operations was $165 million (vs. $124M prior year); full year operating cash flow improved to $532 million (vs. $455M). Free cash flow for 2025 was ~$375 million (vs. $290M), with a free cash flow to non-GAAP net income conversion of 138%.
Balance Sheet and Capital Allocation
Total cash and short-term investments of $1.541 billion at year-end; repurchased 1.2 million shares in 2025 for ~$296 million and 1.9 million shares total since Q1 2024 (~$494M), reducing share count by ~6.6%. Company has ~$285 million remaining under current buyback authorization.
Process Chromatography Full-Year Strength (Management Commentary)
Management stated the process chromatography business delivered over 20% growth in 2025 (noting this business can be lumpy and concentrated on select commercial therapeutics and vaccines).
Clear and Conservative 2026 Guidance
Company guided to 2026 currency-neutral revenue growth of 0.5%–1.5% (Q1 down low-single digits with sequential improvement), full-year non-GAAP gross margin 54.0%–54.5%, non-GAAP operating margin 12.0%–12.5%, and free cash flow $375M–$395M.