Financial Performance - Revenue for Q3 2025 was $463 million, a 24% increase year-over-year (YoY)[4, 11] - Non-GAAP EPS for Q3 2025 was $1.74, up 78% YoY[4, 11] - Non-GAAP gross margin for Q3 2025 was 39.1%, a 100 basis points increase quarter-over-quarter (QoQ)[4, 11] - Total cash reached $759 million[4] - Operating cash flow was $79 million[4] Market Segment Performance - Data Center Computing revenue increased 21% QoQ and 113% YoY, reaching $172 million[15, 14, 19] - Semiconductor Equipment revenue decreased 6% QoQ but remained relatively flat YoY at $197 million[12, 14, 19] - Industrial & Medical revenue increased 4% QoQ but decreased 7% YoY, totaling $71 million[16, 14, 19] - Telecom & Networking revenue increased 10% QoQ and 24% YoY, reaching $24 million[13, 14, 19] Future Outlook - The company raised its 2025 growth forecast to 20% YoY[9] - Q4 2025 revenue is guided at $470 million, plus or minus $20 million[24] - Q4 2025 non-GAAP EPS is guided at $1.75, plus or minus $0.25[24]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were approximately $653 million, a 0.5% increase from $650 million in Q3 2024, but a 1.7% decrease on a currency-neutral basis [8][10] - GAAP gross margin for Q3 2025 was 52.6%, down from 54.8% in Q3 2024, while non-GAAP gross margin was 53.5% compared to 55.6% in the previous year [10][12] - Non-GAAP net income for Q3 2025 was $61 million or $2.26 diluted earnings per share, up from $56 million or $2.02 diluted earnings per share in Q3 2024 [12] Business Line Data and Key Metrics Changes - Life Science segment sales were $262 million in Q3 2025, essentially flat compared to $261 million in Q3 2024, with a 1.5% decrease on a currency-neutral basis [8][9] - Clinical Diagnostics segment sales were approximately $391 million in Q3 2025, a 0.6% increase from $389 million in Q3 2024, but a 1.8% decrease on a currency-neutral basis [10] - Process chromatography within the Life Science segment experienced strong double-digit growth year-over-year, but is expected to see lower revenue in Q4 2025 [9][10] Market Data and Key Metrics Changes - Currency-neutral sales decreased in the Americas for the Life Science segment, partially offset by increased sales in Asia-Pacific and EMEA [8] - In the Clinical Diagnostics segment, currency-neutral sales decreased in Asia-Pacific, offset by increased sales in the Americas and EMEA [10] Company Strategy and Development Direction - The company is focusing on advancing its droplet digital PCR (DDPCR) strategy and has completed global sales training on new QX platforms [6][7] - Partnerships with GenCurex and BioDesyx are aimed at expanding access to DDPCR-based cancer tests and critical biomarker testing for advanced breast cancer [6][7] - The company is maintaining its full-year 2025 outlook with total currency-neutral revenue growth expected to be flat to 1% [15] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious sentiment among research customers due to uncertainties in funding, impacting instrument demand and consumables [5][6] - The company anticipates a gradual improvement in biotech customer spending and expects to return to growth in the diagnostics segment in Q4 2025 [16] - Management remains cautious about the pace of recovery in the academic segment heading into 2026, influenced by the NIH budget and government shutdown [16] Other Important Information - Free cash flow for Q3 2025 was $89 million, down from $123 million in Q3 2024, with year-to-date free cash flow of $256 million [13] - The company repurchased 212,578 shares for a total cost of $53 million during Q3 2025, with approximately $285 million remaining for additional buybacks [14][15] Q&A Session Summary Question: Expectations for Q4 amidst government shutdown and chromatography strength - Management expects slight upticks in both life sciences and diagnostics, with strength in DDPCR and quality controls expected to drive growth [20][21] Question: Clarification on Q4 guidance and government shutdown impact - The guidance for Q4 considers the government shutdown, with expectations for sequential improvement in both life sciences and diagnostics [30][31] Question: Insights on DDPCR market and future expectations - Management expressed positive sentiment regarding DDPCR, with strong customer reception and growing demand for demos [25][26] Question: Clarification on diabetes pricing headwind in China - The headwind from diabetes pricing in China is expected to be mid-single digits, with some channel adjustments also impacting revenue [34] Question: Discussion on life sciences performance and funding backdrop - The performance in life sciences met expectations, with pressure noted primarily in North America due to tightened budgets in academic institutions [42][50]

Group 1 - The company will be making forward-looking statements based on current assumptions and expectations regarding its product portfolio, business plans, performance, market trends, and future financial results [1] - These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations [1] - The company will reference non-GAAP financials, with a reconciliation of GAAP to non-GAAP results available on its website [2]