Seasoned Executive with Proven Track Record of Value Creation in Life SciencesRADNOR, Pa., July 21, 2025 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today announced that it has named Emmanuel Ligner, President and Chief Executive Officer, effective August 18, 2025.Mr. Ligner succeeds Michael Stubblefield, who will, as previously announced, step down from his role as Direc ...

Current Board member John Duke to succeed Jim Green as President & CEO Rob Gagnon and Seth Benson appointed as new Board membersQ2 ’25 revenue anticipated to be $20.4 million and Company reiterates previously announced Q2 ‘25 gross margin guidance HOLLISTON, Mass., July 17, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”) today announced a CEO succession plan under which John Duke will assume the role of President & CEO following the planned retirement ...

Summary of Becton, Dickinson and Company (BDX) and Waters Corporation Conference Call Industry and Companies Involved - **Industry**: Life Sciences and Diagnostics - **Companies**: Waters Corporation and Becton, Dickinson and Company (BDX) Core Points and Arguments 1. **M&A Announcement**: Waters announced a combination with BD's Biosciences and Diagnostic Solutions business via a Reverse Morris Trust, with Waters issuing 39.2% of its shares to BD shareholders and assuming $4 billion in debt [3][6][44]. 2. **Financial Projections**: The combined company is expected to generate pro forma revenue of approximately $6.5 billion and adjusted EBITDA of around $2 billion for 2025 [7][19]. 3. **R&D Investment**: Approximately 10% of product sales will be allocated to R&D to sustain innovation [8][17]. 4. **Employee Count and Headquarters**: The combined entity will have around 16,000 employees and will be headquartered in Milford, Massachusetts [8]. 5. **Market Expansion**: The transaction is expected to double Waters' total addressable market to approximately $40 billion, with a focus on high-volume, regulated applications [9][12]. 6. **Revenue Stability**: Over 70% of the combined revenue is expected to be recurring, enhancing growth stability [10][11]. 7. **Cost and Revenue Synergies**: Expected cost synergies of $200 million by year three and revenue synergies of $290 million by year five [20][41]. 8. **Adjusted Operating Margin**: The combined company aims for an adjusted operating margin of approximately 32% by 2030, with an initial margin of 27% [19][43]. 9. **Strategic Fit**: The combination enhances capabilities in bioseparations, bioanalytical characterization, and multiplex diagnostics, leveraging both companies' strengths [15][36][38]. 10. **Customer Base**: The merger allows for cross-selling opportunities, particularly in flow cytometry and diagnostics, enhancing customer access and service offerings [56][91]. Additional Important Content 1. **Historical Growth**: Both companies have historically grown at mid-single-digit rates, with BD's bioscience and diagnostic solutions business having approximately 80% annual recurring revenue [18][19]. 2. **Innovation Pipeline**: BD's Biosciences is noted for its strong innovation pipeline in flow cytometry and microbiology, while Waters has a robust portfolio in chemistry and analytics [24][26][30]. 3. **Market Positioning**: The combined company is positioned to lead in life sciences tools, with a focus on regulated high-volume settings [47][48]. 4. **Regulatory and Market Access**: The merger is expected to enhance regulatory capabilities and market access for diagnostics, particularly in high-throughput labs [78][92]. 5. **Long-term Value Creation**: The transaction is described as transformational, aiming to create significant long-term value for shareholders, customers, and employees [47][48]. This summary encapsulates the key points from the conference call regarding the merger between Waters Corporation and BD's Biosciences and Diagnostic Solutions, highlighting the strategic, operational, and financial implications of the transaction.

Transaction Overview - BD will separate its Biosciences and Diagnostic Solutions business to BD shareholders and simultaneously merge SpinCo with a wholly owned subsidiary of Waters in a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion[65] - Expected pro forma ownership of 60.8% for Waters shareholders and 39.2% for BD shareholders[65] - BD to receive approximately $4 billion cash distribution via proceeds of SpinCo debt[65] - The transaction is expected to close around the end of the first quarter of calendar year 2026[65] Financial Highlights - Pro forma revenue for CY 2025E is approximately $6.5 billion[18] - Adjusted EBITDA for CY 2025E is approximately $2.0 billion[18] - R&D spending is approximately 10% of sales[18] - The transaction is expected to be EPS accretive in Year 1[36] - Expected revenue synergies of approximately $290 million by Year 5, with an EBITDA impact of $145 million[33, 61] - Expected cost synergies of approximately $200 million by Year 3[33, 61] - Approximately $345 million in total annualized adjusted EBITDA synergies are expected by Year 5[36, 61] Growth and Stability - The combined company will have a total addressable market (TAM) of approximately $40 billion with 5-7% market growth[19, 22] - Over 70% of revenue is annually recurring[19, 30] - Over 50% of instruments are replaced every 5-10 years[19, 30] - Expected sales growth in the near-to-mid-term is MSD-HSD (Mid-Single-Digit to High-Single-Digit)[33] - Adjusted operating margin expansion of approximately 500 bps is expected by 2030[33]

Transaction Overview - BD will separate its Biosciences and Diagnostic Solutions business to BD shareholders and simultaneously merge SpinCo with a wholly owned subsidiary of Waters in a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion[65] - Expected pro forma ownership of 60.8% for Waters shareholders and 39.2% for BD shareholders[65] - BD to receive approximately $4 billion cash distribution via proceeds of SpinCo debt[65] - The transaction is expected to close around the end of the first quarter of calendar year 2026[65] Financial Highlights - Pro forma revenue for CY 2025E is approximately $6.5 billion[18] - Adjusted EBITDA for CY 2025E is approximately $2.0 billion[18] - R&D spending is approximately 10% of sales[18] - The transaction is expected to be EPS accretive in Year 1[36] - Expected revenue synergies of approximately $290 million by Year 5, with an EBITDA impact of $145 million[33, 61] - Expected cost synergies of approximately $200 million by Year 3[33, 61] - Approximately $345 million in total annualized adjusted EBITDA synergies are expected by Year 5[36, 61] Growth and Stability - The combined company will have a total addressable market (TAM) of approximately $40 billion with 5-7% market growth[19, 22] - Over 70% of revenue is annually recurring[19, 30] - Over 50% of instruments are replaced every 5-10 years[19, 30] - Expected sales growth in the near-to-mid-term is MSD-HSD (Mid-Single-Digit to High-Single-Digit)[33] - Adjusted operating margin expansion of approximately 500 bps is expected by 2030[33]

Summary of US Life Science Tools & Diagnostics Sector Conference Call Industry Overview - The conference call focuses on the **US Life Science Tools & Diagnostics** sector, discussing its current state and future outlook compared to 2024 [1] Core Insights and Arguments 1. **Market Sentiment Shift**: The sector is now viewed more positively than at the beginning of 2024, with the worst-case scenario already priced in, suggesting potential for better-than-expected outcomes [1][12] 2. **Academic & Government Market Risks**: A potential 40% cut to the NIH budget for 2026 could significantly impact revenue, but there are signs that this cut may not materialize [20][27] 3. **China Market Dynamics**: Economic challenges in China, including tariffs and local competition, pose risks, but the "in China for China" policy may mitigate some impacts [3][34] 4. **Pharma/Biotech Market Concerns**: The Most Favored Nation (MFN) pricing policy could negatively affect pharma revenues, but the tools sector is currently facing greater punishment than pharma [4][64] 5. **Investor Interest**: There is a renewed interest in the sector from investors, indicating a potential shift in market dynamics [5] Additional Important Points 1. **Potential for Recovery**: The tools sector could see recovery if Q2 and Q3 results show stability or improvement, which would reassure investors [6][86] 2. **Valuation Metrics**: The tools sector is trading at a valuation not seen since 2012, indicating it may be undervalued relative to the S&P [12][14] 3. **Funding Environment**: The funding landscape for biotech remains cautious, with smaller companies struggling to secure funding, impacting overall sector growth [66] 4. **AI Impact**: The role of AI in pharma R&D could either be a risk or a tailwind for the tools sector, depending on how it influences research spending [68][78] 5. **Investment Ratings**: The call maintains Outperform ratings on TMO, WAT, and PACB, while A, AVTR, ILMN, and RVTY are rated Market-Perform [8] Conclusion - The US Life Science Tools & Diagnostics sector is at a critical juncture, with potential for recovery and growth, but significant risks remain. Investors are advised to monitor upcoming quarterly results closely to gauge the sector's trajectory [6][86]

Core Viewpoint - Avantor, Inc. is set to release its second quarter 2025 financial results on August 1, 2025, before market opening, followed by a conference call at 8:00 a.m. Eastern Time to discuss the results [1]. Company Overview - Avantor is a leading life science tools company that provides mission-critical products and services to the life sciences and advanced technology industries [3]. - The company collaborates closely with customers throughout the scientific journey, facilitating breakthroughs in medicine, healthcare, and technology [3]. - Avantor's portfolio is utilized in nearly every stage of significant research, development, and production activities across over 300,000 customer locations in 180 countries [3].

Lastly, this presentation incudes certain financial measures not prepared in accordance with generally accepted accounting principles ("GAAP"), including adjusted gross profit, adjusted gross margin percentage and adjusted EBITDA. These non-GAAP financial measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in this presentation. 2 Analysis at the speed of life MAY 2025 Forward l ...

Core Viewpoint - Standard BioTools Inc. announced the strategic sale of SomaLogic to Illumina for a total of up to $425 million, which includes an upfront payment of $350 million and potential milestone payments of up to $75 million, simplifying its operating structure and enabling adjusted EBITDA break-even [1][2][5]. Financial Details - The transaction includes an upfront cash payment of $350 million at closing and up to $75 million in near-term milestone payments based on specified revenue targets for fiscal years 2025 and 2026 [5][6]. - Standard BioTools will retain a 2% royalty on net revenues from SOMAmer-based NGS library preparation kits for 10 years post-transaction [6]. Strategic Implications - The sale is expected to provide Standard BioTools with at least $550 million in cash at closing, allowing for future inorganic growth strategies and long-term value creation [1][2]. - The transaction is part of a disciplined M&A strategy aimed at acquiring high-potential assets with validated science and a clear commercialization path [3][4]. Operational Impact - The sale significantly simplifies the operational and organizational structure of Standard BioTools, facilitating a path to achieve adjusted EBITDA break-even, which is a key priority for the company [2][4]. - The management team believes that disciplined operations and focused execution can unlock meaningful value in the life sciences sector [2]. Regulatory and Advisory Aspects - The transaction is subject to regulatory approvals and is expected to close in the first half of 2026 [7]. - Centerview Partners LLC is serving as the financial advisor to Standard BioTools, with additional legal counsel from Freshfields LLP and Richards, Layton & Finger, P.A. [8].

Financial Data and Key Metrics Changes - The company reported record consumables revenue exceeding $18 million, reflecting strong product development efforts and an expanded assay portfolio [5][6] - The Accelerator services business grew by 36% year-on-year, although some pharma projects were pushed to later quarters due to market conditions [7][8] - Overall, the company expects to stabilize and return to a pace of clinical trials and preclinical work as the biopharma market stabilizes [8][10] Business Line Data and Key Metrics Changes - Consumables revenue showed significant growth, driven by the introduction of over 20 new assays last year and a similar cadence expected this year [5][6] - The instruments segment remained stable year-over-year, indicating consistent demand [6] - The Accelerator Lab has become a significant revenue source, contributing approximately 30% of the business and showing strong growth in clinical and market adoption [18][20] Market Data and Key Metrics Changes - The company has about 20-22% exposure to the government end market, with some paralysis in customer decisions due to uncertainties in grant funding [12][13] - The academic research market is experiencing pressure, but the company is finding ways to mitigate this through services and consumables [12][13] Company Strategy and Development Direction - The company aims to expand its addressable market from $1 billion in neurology to $5 billion by including immunology and immuno-oncology [42][43] - The introduction of the SYM-one platform is expected to enhance sensitivity and complexity in immunology and oncology, broadening the company's market reach [30][34] - The company is focused on maintaining R&D investments while implementing cost-saving measures, ensuring continued innovation in key areas [39][40] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are delays in project decisions, there have been no cancellations, indicating a cautious but positive outlook for future projects [9][10] - The company is optimistic about the growth potential in the liquid biopsy market, emphasizing the importance of protein biomarkers alongside DNA [44][46] - Management believes that the adoption of blood-based biomarkers for Alzheimer's will increase as therapy adoption improves, creating a synergistic effect [54][56] Other Important Information - The company is preparing for the launch of the SYM-one platform, which will be compatible with over 20,000 flow cytometers, significantly increasing its market reach [32][36] - The company has initiated a cost savings program targeting $55 million in savings by the end of 2026, focusing on G&A and volume-related costs [38][39] Q&A Session Summary Question: Can you discuss the recent Q1 results and the impact of academic funding concerns? - The company reported strong consumables growth but noted that academic funding concerns have affected the outlook for the Accelerator Lab [4][5] Question: What is the exposure to the government end market and the impact of NIH spending cuts? - Approximately 20-22% of customers have NIH exposure, and while there is some paralysis in decision-making, the company is finding ways to support these customers [12][13] Question: How does the Accelerator Lab contribute to the business? - The Accelerator Lab has evolved into a significant revenue source, providing stability and repeat business, especially in a CapEx constrained environment [18][20] Question: What are the expectations for the SYM-one platform launch? - The SYM-one platform is expected to enhance sensitivity and complexity in immunology and oncology, with a launch planned before the end of the year [30][34] Question: How does the company plan to balance cost savings with R&D investments? - The company is implementing cost savings primarily in G&A and volume-related areas while maintaining strong investments in R&D and innovation [39][40] Question: What is the rationale behind the Akoya acquisition? - The acquisition aims to increase the addressable market and achieve synergies through a unified operating line and commercial team, targeting profitability by 2026 [42][43]