Unpacking equipment spending in '26 - bioprocessing is the clear winner. Budget commentary on bioprocessing equipment was decidedly bullish, after a challenging period, with spending expected to be +10-15% y/y. Should this play out, we see upside to overall market growth (from HSD to 10% +), with DHR (Buy), Sartorius (Buy) and RGEN (Hold) well positioned to benefit. Elsewhere, spending tied to QA/QC (+MSD y/y) should be supportive of the ongoing replacement cycle benefiting A and WAT. Other takeaways... 1) ...