Oct 27, 2026 earnings call — Record quarter and BioLife acquisition
Record quarter with $209 million revenue; company raised full-year guidance and expects BioLife to add $24 million.
Revenue $0.2B (est $0.2B) · EPS $0.53 (est $0.46) · Next-quarter revenue outlook $0.8B
Key quotes
"We are even more excited about the strategic rationale of bringing our organizations together and the value we will create for patients, customers, and shareholders."
"Capital equipment orders increased mid-teens year-over-year and was the highest orders quarter in 5 years while revenue declined."
"Our analytics franchise had another record quarter, with 20% growth, a strong outcome given we faced our most difficult prior year comparison."
Analyst Q&A 12
BioLife integration and cell therapy impact
Q (Brendan Smith · TD Cowen): Analyst asked how integration benefits will come through, what areas give near-term upside versus longer-term, and whether cell therapy approvals need to reaccelerate to drive growth.
A: Management said they have already delivered a sizable portion of operating expense synergies and are working on longer-term fixes like lowering bag scrap. They noted conservative assumptions on cell therapy approvals and highlighted that recent approvals make them confident for BioLife in 2027 and beyond.
"And I would just add that then there is no change in our view of being at least $0.05 accretive for that first 2027 year." — Jason K. Garland (CFO)
Filtration timing and systems revenue delay
Q (Matt Larew · William Blair): Analyst asked what drove filtration weakness: ATF or other parts, and confidence in ATF heading into 2027 after earlier pushouts.
A: Management said filtration was mixed: other franchises had record quarters while filtration lagged mainly due to system orders that will not recognize revenue until 2027. They expect filtration to return to historical growth in 2027 when those systems convert to sales.
"The less positive news was that these cells are gonna come in 2027." — Olivier Loeillot (CEO)
Product mix impact into next year
Q (Dan Arias · Stifel): Analyst asked how product mix, especially filtration and equipment, will affect margins and results next year if filtration and equipment rebound.
A: Management said most equipment sits in the field franchise and filtration can be accretive because ATF and related consumables have above-average margins. Overall they expect mix to be near neutral and manageable as systems and other filtration pieces balance with proteins and analytics.
"So I think, again, in the end, mix becomes a plus or minus around the neutral level that we will be able to continue to manage." — Jason K. Garland (CFO)
Equipment backlog and revenue conversion
Q (Douglas Schenkel · UBS): Analyst asked why equipment revenue lags despite improving orders, whether delays or delivery timing are the cause, and how much of backlog is committed with delivery schedules.
A: Management said they had the highest capital equipment orders in a quarter since 2021 and will enter 2027 with a much stronger equipment backlog than entering 2026. They said decision timing is still delayed so much of the recent order intake will be recognized in 2027, and they expect a stronger conversion when demand 'opens' more fully.
"We already know today, end of October of 26, that we are going to enter into 2027 with a much stronger equipment backlog than we had when we entered in 2026." — Olivier Loeillot (CEO)
2027 growth assumptions and BioLife contribution
Q (Casey Woodring · JPMorgan): Analyst asked what organic growth and M&A contribution to expect in 2027, how conservative the market growth assumptions are, and what could drive upside.
A: Management said they are still finalizing 2027 budgets and will give formal guidance later, but they highlighted exceeding $1 billion in sales with BioLife as a milestone. They reiterated their target to outpace market growth by more than 500 basis points and said capital equipment pickup and FDA approvals are key upside swing factors for 2027.
"What does remain exactly the same as before is that we are still aiming to outpace market growth by more than 500 basis points," — Olivier Loeillot (CEO)
On-shoring in the order book
Q (Puneet Souda · Leerink Partners): Analyst asked if current orders show on-shoring demand and how that might play out for 2027.
A: Management said they won several RFPs this year but it is hard to tell which are pure on-shoring versus other projects. They still expect more on-shoring RFPs and orders over the next few years, but timing is about 9 to 12 months later than initially expected, with deliveries mainly in late 2027 and 2028.
"I do still believe we are gonna see many coming." — Olivier Loeillot (CEO)
Biosimilars as a growth driver
Q (Dan Leonard · RBC Capital): Analyst asked when biosimilars might inflect for the business and the company's wallet share in that market.
A: Management said they are excited about biosimilars and noted a notable pickup in ATF wins, many tied to biosimilars. They expect many products to lose patent protection over the next 2 to 3 years and see biosimilars as a multi-year tailwind.
"And we started to see a really notable pickup for ATF, and then that is something we are really excited about because for the reason you mentioned, there will be a lot of products falling off the patent cliff over the next 2 to 3 years." — Olivier Loeillot (CEO)
Margins, inflation, and AI/automation investments
Q (Matt Hewitt · Craig Hallum): Analyst asked whether AI and manufacturing efficiency investments are meant to offset inflationary pressures and how management is addressing margin pressure.
A: Management said sourcing is the first line of defense to offset inflation, and they are investing in AI, intelligent inspection, automation, and IT to expand gross margin and drive productivity. They expect these initiatives plus manufacturing focus to help achieve gross margin expansion targets.
"I think then when you look at that broader overall how do we expand our gross margin, how do we continue to drive productivity, that is where exactly, the efforts that the team has been driving is jumping in, particularly on the AI side." — Jason K. Garland (CFO)
Analytics attachment rate and drivers
Q (Mac Etoch · Stephens): Analyst asked how the process analytics attachment rate trended in Q3 and what drives that attach (customer pull, bundling, on-shoring, etc.).
A: Management said analytics had a record quarter with strong consumables and services growth, and now about 75% to 80% of systems include the FlowVPX inline protein concentration tool. They noted USP recognition of SoloVPE PLUS and an upgrade cycle that positions analytics for continued strong growth into 2027.
"And that is 1 of the other reason why this analytical business has been growing very nicely." — Olivier Loeillot (CEO)
PAT (FlowVPX) replacement cycle and consumables
Q (Justin Bowers · Deutsche Bank): Analyst asked about the replacement cycle opportunity for FlowVPX and how consumables are performing given systems delays.
A: Management compared FlowVPX adoption to an iPhone camera effect and said customers increasingly want inline protein concentration, making it a differentiator. They said consumables from existing commercialized or late-phase products are at a good level, but fewer new systems installed recently depressed new consumable flow; they expect recovery from 2027 onwards.
"So where the flow of consumable from existing product that have been either on the market to commercialize or in late phase is at a good level." — Olivier Loeillot (CEO)
BioLife Q4 guidance and 2027 modeling
Q (Michael Polark · Wolfe): Analyst asked why BioLife Q4 guidance looks flat despite prior growth, and whether the current run rate or 20% growth is the right 2027 modeling assumption.
A: Management said early October had disproportionate shipments before acquisition so the Q4 number should not be viewed as a simple year-over-year flat math. They are still finalizing 2027 outlooks but reiterated BioLife remains at least $0.05 accretive in 2027; they also noted aiming for full-year $114 million for BioLife sales.
"Again, no change in the view overall, though, that they will still be at least $0.05 accretive for us kind of top to bottom in the P&L." — Jason K. Garland (CFO)
Ecolab renewal and protein franchise growth
Q (Paul Knight · KeyBanc): Analyst asked about the Ecolab renewal and whether 40% protein growth implies the product line reached critical mass and can repeat that growth.
A: Management said they extended the supply agreement with Ecolab and view the partnership as productive with opportunity ahead. They said the protein franchise has been reinvented, growing 34% year-to-date, has strong traction across growth factors and custom ligands, but it can be lumpy quarter to quarter.
"So starting with Ecolab, yes, we are indeed very pleased that we have just extended our supply agreement with them." — Olivier Loeillot (CEO)