On end markets, Sanghera and Keher emphasized an accelerating shift toward applied segments. Life science research tools represented 66% of revenue and grew 15% in 2025, which the company characterized as an outperformance versus competitors amid a difficult market backdrop. Applied end markets grew faster, led by clinical growth of 59%, with biopharma up 30% and applied industrial up 27%. Management said the applied mix increased to roughly 34% from about 30% year over year, which they said aligned broadly ...