Life Sciences Tools & Services Stocks Q3 Teardown: Illumina (NASDAQ:ILMN) Vs The Rest

What Happened?

Shares of biotech company 10x Genomics fell 4.7% in the afternoon session after the company announced weak preliminary results for its fourth quarter and full year 2025, which pointed to a significant drop in equipment sales. 

For the full year, total revenue, excluding patent litigation settlements, was approximately $598.7 million, a 2% decrease from the prior year. The most concerning detail for investors was a steep 39% decline in instrument revenue for the year, indicating weak demand for the company's capital equipment. While sales of consumables rose by 3%, this modest gain was not enough to make up for the sharp fall in instrument sales. Adding to the negative sentiment, the company did not provide a financial forecast for 2026, leaving investors with uncertainty about its future performance.

The shares closed the day at $19.72, down 3.6% from previous close.

What Is The Market Telling Us

10x Genomics’s shares are extremely volatile and have had 52 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 10 days ago when the stock gained 2.5% on the news that several analysts raised their price targets on the stock, pointing to a more optimistic outlook for the life sciences sector. 

Barclays increased its price target on 10x Genomics to $22 from $17. The firm noted that recovering end markets and the tools space being under-owned created a good setup for outperformance. In a similar move, BofA raised its price target to $18 from $15, stating that headwinds were expected to fade and markets were set to normalize. Canaccord also lifted its price target to $20. This analyst activity reflected a broader renewed, though cautious, optimism across the biopharmaceutical industry heading into the year, with investment sentiment strengthening.

10x Genomics is up 18.7% since the beginning of the year, and at $19.72 per share, it is trading close to its 52-week high of $20.46 from January 2026. Investors who bought $1,000 worth of 10x Genomics’s shares 5 years ago would now be looking at an investment worth $117.60.

As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the research tools & consumables industry, including Bruker and its peers.

The life sciences subsector specializing in research tools and consumables enables scientific discoveries across academia, biotechnology, and pharmaceuticals. These firms supply a wide range of essential laboratory products, ensuring a recurring revenue stream through repeat purchases and replenishment. Their business models benefit from strong customer loyalty, a diversified product portfolio, and exposure to both the research and clinical markets. However, challenges include high R&D investment to maintain technological leadership, pricing pressures from budget-conscious institutions, and vulnerability to fluctuations in research funding cycles. Looking ahead, this subsector stands to benefit from tailwinds such as growing demand for tools supporting emerging fields like synthetic biology and personalized medicine. There is also a rise in automation and AI-driven solutions in laboratories that could create new opportunities to sell tools and consumables. Nevertheless, headwinds exist. These companies tend to be at the mercy of supply chain disruptions and sensitivity to macroeconomic conditions that impact funding for research initiatives.

The 10 research tools & consumables stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was 1.3% below.

Thankfully, share prices of the companies have been resilient as they are up 5.3% on average since the latest earnings results.

Bruker

With roots dating back to the pioneering days of nuclear magnetic resonance technology, Bruker develops and manufactures high-performance scientific instruments that enable researchers and industrial analysts to explore materials at microscopic, molecular, and cellular levels.

Bruker reported revenues of $860.5 million, flat year on year. This print exceeded analysts’ expectations by 1.8%. Overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates but a significant miss of analysts’ full-year EPS guidance estimates.

Bruker delivered the weakest full-year guidance update of the whole group. Interestingly, the stock is up 29% since reporting and currently trades at $50.23.

Best Q3: Sotera Health Company

With a critical role in ensuring the safety of millions of patients worldwide, Sotera Health (NASDAQGS:SHC) provides sterilization services, lab testing, and advisory services to ensure medical devices, pharmaceuticals, and food products are safe for use.

Sotera Health Company reported revenues of $311.3 million, up 9.1% year on year, outperforming analysts’ expectations by 2.6%. The business had an exceptional quarter with a solid beat of analysts’ full-year EPS guidance estimates and a solid beat of analysts’ organic revenue estimates.

The market seems happy with the results as the stock is up 10.8% since reporting. It currently trades at $18.40.

Weakest Q3: Avantor

With roots dating back to 1904 and embedded in virtually every stage of scientific research and production, Avantor provides mission-critical products, materials, and services to customers in biopharma, healthcare, education, and advanced technology industries.

Avantor reported revenues of $1.62 billion, down 5.3% year on year, falling short of analysts’ expectations by 1.4%. It was a softer quarter as it posted a slight miss of analysts’ revenue estimates and a miss of analysts’ organic revenue estimates.

Avantor delivered the slowest revenue growth in the group. As expected, the stock is down 21.7% since the results and currently trades at $11.81.

Read our full analysis of Avantor’s results here.

Bio-Techne

With a catalog of hundreds of thousands of specialized biological products used in laboratories worldwide, Bio-Techne develops and manufactures specialized reagents, instruments, and services that help researchers study biological processes and enable diagnostic testing and cell therapy development.

Bio-Techne reported revenues of $286.6 million, down 1% year on year. This result came in 1.7% below analysts' expectations. Overall, it was a softer quarter as it also produced a miss of analysts’ revenue estimates and a miss of analysts’ organic revenue estimates.

Bio-Techne had the weakest performance against analyst estimates among its peers. The stock is up 2.1% since reporting and currently trades at $62.36.

Read our full, actionable report on Bio-Techne here, it’s free for active Edge members.

Mettler-Toledo

With roots dating back to the precision balance innovations of Swiss engineer Erhard Mettler, Mettler-Toledo manufactures precision weighing instruments, analytical equipment, and product inspection systems used in laboratories, industrial settings, and food retail.

Mettler-Toledo reported revenues of $1.03 billion, up 7.9% year on year. This print surpassed analysts’ expectations by 3.2%. Aside from that, it was a mixed quarter as it also recorded an impressive beat of analysts’ revenue estimates but revenue guidance for next quarter missing analysts’ expectations significantly.

Mettler-Toledo scored the biggest analyst estimates beat among its peers. The stock is flat since reporting and currently trades at $1,447.

Read our full, actionable report on Mettler-Toledo here, it’s free for active Edge members.

What Happened?

Shares of biotech company 10x Genomics jumped 2.5% in the afternoon session after several analysts raised their price targets on the stock, pointing to a more optimistic outlook for the life sciences sector. 

Barclays increased its price target on 10x Genomics to $22 from $17. The firm noted that recovering end markets and the tools space being under-owned created a good setup for outperformance. In a similar move, BofA raised its price target to $18 from $15, stating that headwinds were expected to fade and markets were set to normalize. Canaccord also lifted its price target to $20. This analyst activity reflected a broader renewed, though cautious, optimism across the biopharmaceutical industry heading into the year, with investment sentiment strengthening.

After the initial pop the shares cooled down to $16.42, up 0.7% from previous close.

What Is The Market Telling Us

10x Genomics’s shares are extremely volatile and have had 50 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 11 days ago when the stock gained 4.8% on the news that Canaccord Genuity maintained its 'Buy' rating and raised its price target on the company's shares. 

The firm increased its price target from $19.00 to $20.00, signaling continued confidence in the company's performance. This move followed other recent positive analyst sentiment. Just a week earlier, Barclays also increased its price target on the stock to $22 from $17, maintaining an 'Overweight' rating. The Barclays analyst cited expectations of stabilizing end-market demand and improving conditions for research funding as reasons for the positive outlook on the life sciences tools sector.

Investors who bought $1,000 worth of 10x Genomics’s shares 5 years ago would now be looking at an investment worth $116.85.

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Bio-Techne and the rest of the research tools & consumables stocks fared in Q3.

The life sciences subsector specializing in research tools and consumables enables scientific discoveries across academia, biotechnology, and pharmaceuticals. These firms supply a wide range of essential laboratory products, ensuring a recurring revenue stream through repeat purchases and replenishment. Their business models benefit from strong customer loyalty, a diversified product portfolio, and exposure to both the research and clinical markets. However, challenges include high R&D investment to maintain technological leadership, pricing pressures from budget-conscious institutions, and vulnerability to fluctuations in research funding cycles. Looking ahead, this subsector stands to benefit from tailwinds such as growing demand for tools supporting emerging fields like synthetic biology and personalized medicine. There is also a rise in automation and AI-driven solutions in laboratories that could create new opportunities to sell tools and consumables. Nevertheless, headwinds exist. These companies tend to be at the mercy of supply chain disruptions and sensitivity to macroeconomic conditions that impact funding for research initiatives.

The 10 research tools & consumables stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was 1.3% below.

In light of this news, share prices of the companies have held steady as they are up 1.3% on average since the latest earnings results.

Bio-Techne

With a catalog of hundreds of thousands of specialized biological products used in laboratories worldwide, Bio-Techne develops and manufactures specialized reagents, instruments, and services that help researchers study biological processes and enable diagnostic testing and cell therapy development.

Bio-Techne reported revenues of $286.6 million, down 1% year on year. This print fell short of analysts’ expectations by 1.7%. Overall, it was a softer quarter for the company with a miss of analysts’ revenue estimates.

"The Bio-Techne team once again executed with focus and agility in a dynamic operating environment," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne.

Bio-Techne delivered the weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is down 4.1% since reporting and currently trades at $58.57.

Read our full report on Bio-Techne here, it’s free for active Edge members.

Best Q3: Sotera Health Company

With a critical role in ensuring the safety of millions of patients worldwide, Sotera Health (NASDAQGS:SHC) provides sterilization services, lab testing, and advisory services to ensure medical devices, pharmaceuticals, and food products are safe for use.

Sotera Health Company reported revenues of $311.3 million, up 9.1% year on year, outperforming analysts’ expectations by 2.6%. The business had an exceptional quarter with an impressive beat of analysts’ full-year EPS guidance estimates.

The market seems happy with the results as the stock is up 6.9% since reporting. It currently trades at $17.75.

Weakest Q3: Avantor

With roots dating back to 1904 and embedded in virtually every stage of scientific research and production, Avantor provides mission-critical products, materials, and services to customers in biopharma, healthcare, education, and advanced technology industries.

Avantor reported revenues of $1.62 billion, down 5.3% year on year, falling short of analysts’ expectations by 1.4%. It was a softer quarter as it posted a slight miss of analysts’ revenue estimates and a miss of analysts’ organic revenue estimates.

Avantor delivered the slowest revenue growth in the group. As expected, the stock is down 23.9% since the results and currently trades at $11.47.

Read our full analysis of Avantor’s results here.

Agilent

Originally spun off from Hewlett-Packard in 1999 as its measurement and analytical division, Agilent Technologies provides analytical instruments, software, services, and consumables for laboratory workflows in life sciences, diagnostics, and applied chemical markets.

Agilent reported revenues of $1.86 billion, up 9.4% year on year. This number beat analysts’ expectations by 1.5%. Overall, it was a strong quarter as it also produced a solid beat of analysts’ organic revenue estimates and a narrow beat of analysts’ revenue estimates.

Agilent scored the fastest revenue growth among its peers. The stock is down 10.6% since reporting and currently trades at $137.56.

Read our full, actionable report on Agilent here, it’s free for active Edge members.

Thermo Fisher

With over 14,000 sales personnel and a portfolio spanning more than 2,500 technology manufacturers, Thermo Fisher Scientific provides scientific equipment, reagents, consumables, software, and laboratory services to pharmaceutical, biotech, academic, and healthcare customers worldwide.

Thermo Fisher reported revenues of $11.12 billion, up 4.9% year on year. This result surpassed analysts’ expectations by 1.9%. It was a strong quarter as it also recorded a decent beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.

The stock is up 4.5% since reporting and currently trades at $583.14.

Read our full, actionable report on Thermo Fisher here, it’s free for active Edge members.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at research tools & consumables stocks, starting with Sotera Health Company .

The life sciences subsector specializing in research tools and consumables enables scientific discoveries across academia, biotechnology, and pharmaceuticals. These firms supply a wide range of essential laboratory products, ensuring a recurring revenue stream through repeat purchases and replenishment. Their business models benefit from strong customer loyalty, a diversified product portfolio, and exposure to both the research and clinical markets. However, challenges include high R&D investment to maintain technological leadership, pricing pressures from budget-conscious institutions, and vulnerability to fluctuations in research funding cycles. Looking ahead, this subsector stands to benefit from tailwinds such as growing demand for tools supporting emerging fields like synthetic biology and personalized medicine. There is also a rise in automation and AI-driven solutions in laboratories that could create new opportunities to sell tools and consumables. Nevertheless, headwinds exist. These companies tend to be at the mercy of supply chain disruptions and sensitivity to macroeconomic conditions that impact funding for research initiatives.

The 10 research tools & consumables stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was 1.3% below.

In light of this news, share prices of the companies have held steady as they are up 1.3% on average since the latest earnings results.

Best Q3: Sotera Health Company

With a critical role in ensuring the safety of millions of patients worldwide, Sotera Health (NASDAQGS:SHC) provides sterilization services, lab testing, and advisory services to ensure medical devices, pharmaceuticals, and food products are safe for use.

Sotera Health Company reported revenues of $311.3 million, up 9.1% year on year. This print exceeded analysts’ expectations by 2.6%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ full-year EPS guidance estimates.

“Today, we reported strong top-line revenue growth and double-digit Adjusted EBITDA growth, with approximately 150 basis points of margin expansion,” said Chairman and Chief Executive Officer Michael B. Petras, Jr.

Interestingly, the stock is up 4.8% since reporting and currently trades at $17.41.

Agilent

Originally spun off from Hewlett-Packard in 1999 as its measurement and analytical division, Agilent Technologies provides analytical instruments, software, services, and consumables for laboratory workflows in life sciences, diagnostics, and applied chemical markets.

Agilent reported revenues of $1.86 billion, up 9.4% year on year, outperforming analysts’ expectations by 1.5%. The business had a strong quarter with a solid beat of analysts’ organic revenue estimates and a narrow beat of analysts’ revenue estimates.

Agilent achieved the fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 10.1% since reporting. It currently trades at $138.39.

Weakest Q3: Avantor

With roots dating back to 1904 and embedded in virtually every stage of scientific research and production, Avantor provides mission-critical products, materials, and services to customers in biopharma, healthcare, education, and advanced technology industries.

Avantor reported revenues of $1.62 billion, down 5.3% year on year, falling short of analysts’ expectations by 1.4%. It was a softer quarter as it posted a slight miss of analysts’ revenue estimates.

Avantor delivered the slowest revenue growth in the group. As expected, the stock is down 25.3% since the results and currently trades at $11.27.

Read our full analysis of Avantor’s results here.

Danaher

Born from a real estate investment trust that transformed into a manufacturing powerhouse, Danaher is a global science and technology company that provides specialized equipment, software, and services for biotechnology, life sciences, and diagnostics.

Danaher reported revenues of $6.05 billion, up 4.4% year on year. This result beat analysts’ expectations by 0.6%. Aside from that, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but revenue guidance for next quarter missing analysts’ expectations significantly.

The stock is up 11.3% since reporting and currently trades at $230.33.

Read our full, actionable report on Danaher here, it’s free for active Edge members.

Thermo Fisher

With over 14,000 sales personnel and a portfolio spanning more than 2,500 technology manufacturers, Thermo Fisher Scientific provides scientific equipment, reagents, consumables, software, and laboratory services to pharmaceutical, biotech, academic, and healthcare customers worldwide.

Thermo Fisher reported revenues of $11.12 billion, up 4.9% year on year. This number surpassed analysts’ expectations by 1.9%. It was a strong quarter as it also put up a decent beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.

The stock is up 3.6% since reporting and currently trades at $578.20.

Read our full, actionable report on Thermo Fisher here, it’s free for active Edge members.