Owner Scorecard


← The groupings

An industry chapter · Life Sciences Tools & Services

Life Sciences Tools & Services

43 members, A to WAT, A to Z by ticker.

Gross profitability
median 25% — gross profit as a share of total assets, each member's median across its readable years; read on 30 of 43 members
Capital intensity
median 4.1% — capital expenditure as a share of revenue, each member's median across its readable years; read on 43 of 43 members
Net cash
20 of the 43 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

Open anywhere in this chapter

A Agilent Technologies Inc.

The Agilent CrossLab segment spans the entire lab with its extensive services and consumables portfolio in addition to software and laboratory automation solutions, which are designed to improve customer outcomes and represents a broad range of offerings designed to serve customer needs across end-markets and applications.

Owner earnings 2016–2025 $654M$713M$910M$866M$802M$1.3B$1.0B$1.5B$1.5B$1.3B

Retained capital Retained $983M of earnings over 2016–2025; annual owner earnings grew $654M, $0.67 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 10 of 10 yrs, never cut

ABSI Absci Corporation

We are a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody therapeutics.

Owner earnings 2020–2025 ($13M)($99M)($98M)($65M)($73M)($94M)

Retained capital not read

Balance sheet Net cash, +$140M

AVTR Avantor Inc.

We distribute consumables and equipment to laboratories around the world.

Owner earnings 2017–2025 ($193M)$163M$302M$868M$843M$710M$724M$692M$495M

Retained capital Retained $1.6B of earnings over 2017–2025; annual owner earnings grew $546M, $0.33 per $1 retained.

Balance sheet Net debt against an operating loss, $3.6B

BIO Bio-Rad

Bio-Rad is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables.

Owner earnings 2016–2025 $75M($7M)$156M$359M$476M$536M$82M$218M$290M$375M

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $220M, $0.06 per $1 retained.

Balance sheet Net cash, +$331M

BLLN BillionToOne Inc.

Our novel smNGS platform technologies combined with our AI-enhanced integrated workflow, allows us to push the technology frontier forward and deliver on the full promise of non-invasive liquid biopsy.

Owner earnings 2023–2025 ($60M)($47M)$18M

Retained capital not read

Balance sheet Net cash, +$439M

BNR Burning Rock Biotech Limited

We are a company incorporated outside China and our records are maintained outside China.

Owner earnings 2018–2025 (CN¥172M)(CN¥259M)(CN¥107M)(CN¥526M)(CN¥519M)(CN¥264M)(CN¥98M)(CN¥34M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥478M

BRKR Bruker

We are a developer, manufacturer, and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels.

Owner earnings 2016–2025 $94M$111M$191M$140M$235M$190M$186M$243M$136M$43M

Retained capital Retained $454M of earnings over 2016–2025; annual owner earnings grew $9M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

BRKRP Bruker Corporation

We are a developer, manufacturer, and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels.

Owner earnings 2016–2025 $94M$111M$191M$140M$235M$190M$186M$243M$136M$43M

Retained capital Retained $454M of earnings over 2016–2025; annual owner earnings grew $9M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

CAI Caris Life Sciences Inc.

We develop and commercialize innovative solutions to transform healthcare through the use of comprehensive molecular information and artificial intelligence/machine learning algorithms at scale.

Owner earnings 2023–2025 ($298M)($254M)$67M

Retained capital not read

Balance sheet Net cash, +$420M

CDNA CareDx Inc.

CareDx is differentiated in the molecular diagnostics market because we innovated the go-to-market model for a laboratory developed test business.

Owner earnings 2016–2018 ($17M)($14M)($6M)

Retained capital not read

Balance sheet Net cash, +$143M

CRL Charles River Labs

Revenue is DSA (60%), RMS (21%) and Manufacturing (19%).

Owner earnings 2016–2025 $262M$236M$301M$340M$380M$532M$295M$365M$502M$518M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $196M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $1.9B

CSTL Castle Biosciences Inc.

Castle Biosciences is a molecular diagnostics company offering innovative test solutions to aid clinicians in the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, atopic dermatitis, uveal melanoma.

Owner earnings 2018–2025 ($13M)$7M$9M($22M)($47M)($19M)$49M$28M

Retained capital Paid out $173M more than it earned over 2018–2025; annual owner earnings grew $18M.

Balance sheet Net cash, +$289M

CTKB Cytek Biosciences Inc.

We are a leading cell analysis solutions company advancing the next generation of research and clinical tools with our novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells.

Owner earnings 2020–2025 $15M$3M($15M)$633K$22M($9M)

Retained capital Paid out $141M more than it earned over 2020–2025; annual owner earnings grew $3M.

Balance sheet Net cash, debt-free, +$91M · buybacks at an average near $5.82

DGX Quest Diagnostics

Revenue is DIS business (98%) and DS businesses (2%).

Owner earnings 2017–2025 $923M$817M$843M$1.6B$1.8B$1.3B$864M$909M$1.4B

Retained capital Retained $799M of earnings over 2017–2025; annual owner earnings grew $183M.

Balance sheet Meaningful net debt, $5.3B · dividend paid 9 of 9 yrs, never cut

EXAS Exact Sciences

A healthcare-services business, paid to deliver or facilitate care.

Owner earnings 2016–2025 ($141M)($86M)($89M)($146M)$71M($188M)($324M)$32M$75M$357M

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings grew $260M.

Balance sheet Net debt against an operating loss, $1.4B

EYPT EyePoint Inc.

EyePoint is headquartered in Watertown, Massachusetts with a commercial manufacturing facility in Northbridge, Massachusetts.

Owner earnings 2016–2025 ($16M)($21M)($22M)($57M)($15M)($50M)($65M)$1M($128M)($242M)

Retained capital not read

Balance sheet Net cash, +$277M

FLGT Fulgent Genetics Inc.

We are a technology-based company with a well-established laboratory services business and a therapeutic development business.

Owner earnings 2016–2025 $3M($397K)($3M)$4M$138M$528M$235M$5M($4M)($124M)

Retained capital Retained $470M of earnings over 2016–2025; annual owner earnings fell $41M, $-0.09 per $1 retained.

Balance sheet Net cash, +$68M · buybacks at an average near $32.41

FTRE Fortrea Holdings Inc.

Fortrea Holdings Inc. is a leading global contract research organization, providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and medical device customers.

Owner earnings 2021–2025 $143M$28M$128M$237M$88M

Retained capital Paid out $1.1B more than it earned over 2021–2025; annual owner earnings grew $51M.

Balance sheet Net debt against an operating loss, $878M

GH Guardant Health Inc.

Therapy Selection Guardant360 CDx Test We believe our Guardant360 CDx test was the first comprehensive liquid biopsy test approved by the FDA, and is the market leading comprehensive liquid biopsy test, based on the number of tests ordered.

Owner earnings 2016–2025 ($38M)($77M)($79M)($59M)($120M)($231M)($345M)($345M)($275M)($233M)

Retained capital not read

Balance sheet Net debt against an operating loss, $256M

GRAL GRAIL Inc. Common Stock

We are an innovative commercial-stage healthcare company focused on shifting the paradigm in early cancer detection at population scale.

Owner earnings 2023–2025 ($609M)($582M)($300M)

Retained capital not read

Balance sheet Net cash, debt-free, +$250M

ICLR ICON plc

ICON is a global provider of outsourced development and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations.

Owner earnings 2016–2025 $217M$338M$220M$374M$527M$735M$421M$1.0B$1.1B$862M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $742M, $0.43 per $1 retained.

Balance sheet Heavy net debt, $2.2B

ILMN Illumina Inc.

Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets.

Owner earnings 2017–2025 $719M$963M$842M$891M$337M$283M$709M$931M

Retained capital Retained $68M of earnings over 2017–2025; annual owner earnings fell $200M.

Balance sheet Net cash, +$143M · buybacks at an average near $98.69

INCY Incyte

Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics.

Owner earnings 2016–2022 $246M($145M)$281M$656M($176M)$692M$892M

Retained capital Retained $1.3B of earnings over 2016–2022; annual owner earnings grew $342M, $0.25 per $1 retained.

Balance sheet Heavy net debt, $16.4B

IQV IQVIA Holdings Inc.

IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries.

Owner earnings 2016–2025 $696M$601M$795M$835M$1.3B$2.3B$1.6B$1.5B$2.1B$2.1B

Retained capital Paid out $3.5B more than it earned over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Heavy net debt, $13.6B

LAB Standard BioTools Inc.

We offer a diverse range of instrumentation, consumables, and services that generate high-quality data across early discovery, translational and clinical research.

Owner earnings 2016–2025 ($44M)($26M)($26M)($38M)($28M)($57M)($93M)($46M)($152M)($83M)

Retained capital not read

Balance sheet Net cash, +$151M

LH Labcorp

Labcorp Holdings Inc. is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions.

Owner earnings 2016–2025 $918M$1.2B$926M$1.0B$1.8B$2.7B$1.5B$874M$1.1B$1.2B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $49M, $0.01 per $1 retained.

Balance sheet Heavy net debt, $5.6B · buybacks at an average near $219 · dividend paid 4 of 10 yrs, never cut

MASS 908 Devices Inc.

Devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats.

Owner earnings 2020–2025 $4M($30M)($23M)($27M)($31M)($25M)

Retained capital not read

Balance sheet Net cash, +$97M

MDXH MDxHealth SA

We are a commercial-stage precision diagnostics company providing non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care.

Owner earnings 2019–2025 ($22M)($21M)($23M)($35M)($24M)($20M)($3M)

Retained capital not read

Balance sheet Net debt against an operating loss, $47M

MEDP Medpace Holdings

Medpace Holdings markets and Clinical Development Services Before a new drug can be commercialized, it often must undergo extensive pre-clinical and clinical testing and regulatory review to verify safety and efficacy.

Owner earnings 2016–2025 $84M$89M$147M$194M$247M$247M$369M$409M$581M$682M

Retained capital Paid out $458M more than it earned over 2016–2025; annual owner earnings grew $451M.

Balance sheet Net cash, debt-free, +$497M

MTD Mettler-Toledo International Inc.

We are a leading global supplier of precision instruments and services.

Owner earnings 2016–2025 $428M$483M$528M$564M$683M$864M$812M$917M$918M$905M

Retained capital Paid out $976M more than it earned over 2016–2025; annual owner earnings grew $434M.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $869

NEO NeoGenomics Inc.

NeoGenomics provides a wide range of oncology diagnostic testing and consultative services including technical laboratory services and professional interpretation of laboratory test results by licensed physicians or molecular experts who specialize in pathology and oncology.

Owner earnings 2016–2025 $14M$4M$30M$3M($28M)($57M)($97M)($31M)($34M)($22M)

Retained capital Paid out $419M more than it earned over 2016–2025; annual owner earnings fell $45M.

Balance sheet Net debt against an operating loss, $379M

NRC NRC Health

We have achieved a market leadership position through our nearly 45 years of industry innovation and experience, as well as our long-term, recurring revenue relationships with many of the healthcare industry's largest organizations.

Owner earnings 2016–2025 $23M$24M$34M$36M$37M$41M$30M$32M$29M$19M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings fell $209K.

Balance sheet Meaningful net debt, $72M · buybacks at an average near $25.85 · dividend paid 10 of 10 yrs, cut at least once

NTRA Natera Inc.

We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide.

Owner earnings 2016–2025 ($80M)($105M)($74M)($68M)($191M)($346M)($448M)($271M)$105M$174M

Retained capital not read

Balance sheet Net cash, +$816M

OABI OmniAb Inc.

We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions.

Owner earnings 2021–2025 ($10M)($21M)$703K($42M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$26M

ONMD OneMedNet Corp

OneMedNet is a global provider of clinical imaging innovation and curator of regulatory-grade Imaging Real World Data.

Owner earnings 2022–2025 ($5M)($5M)($7M)($8M)

Retained capital not read

Balance sheet Net debt against an operating loss, $915K

PACB Pacific Biosciences of California Inc.

We are a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems.

Owner earnings 2016–2025 ($72M)($78M)($68M)($81M)$18M($117M)($273M)($268M)($212M)($114M)

Retained capital not read

Balance sheet Net debt against an operating loss, $617M

PSNL Personalis Inc.

We develop, market, and sell advanced cancer genomic testing services.

Owner earnings 2017–2025 ($926K)$3M($23M)($46M)($77M)($79M)($67M)($47M)($79M)

Retained capital not read

Balance sheet Net cash, +$235M

RDNT RadNet

We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue.

Owner earnings 2016–2025 $32M$81M$45M$30M$140M$53M$27M$92M$95M$147M

Retained capital Retained $62M of earnings over 2016–2025; annual owner earnings grew $59M, $0.95 per $1 retained.

Balance sheet Heavy net debt, $323M

RVTY Revvity Inc.

Revvity is revolutionizing what's possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

Owner earnings 2014–2025 $254M$259M$249M$218M$287M$829M$1.3B$10M$542M$509M

Retained capital Retained $1.8B of earnings over 2014–2025; annual owner earnings grew $99M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $2.3B · buybacks at an average near $48.95 · dividend paid 10 of 10 yrs, never cut

TXG 10x Genomics Inc.

We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology.

Owner earnings 2017–2025 ($14M)($80M)$28M($232M)($42M)($59M)($51M)($6M)$130M

Retained capital not read

Balance sheet Net cash, debt-free, +$474M

ULS UL Solutions Inc.

UL Solutions Inc. is a global safety science leader that provides Testing, Inspection and Certification services and related software and advisory offerings to customers worldwide.

Owner earnings 2022–2025 $208M$252M$287M$403M

Retained capital Paid out $1.3B more than it earned over 2022–2025; annual owner earnings grew $65M.

Balance sheet Modest net debt, $196M · dividend paid 4 of 4 yrs, cut at least once

VCYT Veracyte Inc.

We serve global markets with two complementary models.

Owner earnings 2016–2025 ($32M)($26M)($15M)($6M)($13M)($37M)($1M)$34M$64M$127M

Retained capital Paid out $229M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Net cash, debt-free, +$363M

WAT Waters Corporation

Waters Corporation, a global leader in analytical instruments and software, has pioneered innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences for more than 65 years.

Owner earnings 2023–2025 $518M$675M$564M

Retained capital not read

Balance sheet Modest net debt, $819M

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.