Diagnostics & research
31 companies · $116B combined revenue · $11.7B operating profit
The typical US-listed diagnostics & research company grew revenue 6.7% and earnings -0.3% in its latest year, at a 5.4% operating margin, and 8 of 31 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 6% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more42%
- Operating leverage · Operating income growing faster than a growing revenue30%
- Margin expansion · Operating margin up 1 point or more39%
- Debt reduction · Debt down 5% or more, or net cash52%
Combined revenue · 31 companies reporting in US dollars
Combined operating margin
All 31 companies
| Median | – | 6.7% | -0.3% | 5.4% | 3.3% | 0.52x |
| NTRANatera | $2.3B | 35.9%▲ | – | -13.4%▼ | -15.8%▼ | – |
| AAgilent Technologies | $6.9B | 6.7% | 1.1%▲ | 21.3%▲ | 14.2%▲ | 0.50x▲ |
| WATWaters | $3.2B | 7%▲ | 0.8%▲ | 25.4%▲ | 20.9%▲ | 0.37x▲ |
| IQVIQVIA | $16.3B | 5.9%▼ | -0.9%▼ | 13.4%▲ | 10.1%▲ | 2.42x▼ |
| IDXXIdexx Laboratories | $4.3B | 10.4%▲ | 19.3%▲ | 31.6%▲ | 61.8%▲ | 0.28x▲ |
| ILMNIllumina | $4.3B | -0.7%▼ | – | 18.6%▲ | 16%▲ | 0.55x▼ |
| MTDMettler Toledo International Inc/ | $4.0B | 4%▼ | 0.7%▲ | 27.8%▲ | 44.4%▲ | – |
| DGXQuest Diagnostics | $11.0B | 11.8%▲ | 13.9%▲ | 14.1%▲ | 11.2%▲ | 0.79x▼ |
| LHLabcorp | $14.0B | 7.2%▲ | 17.5%▲ | 9.9%▲ | 8.9%▲ | 0.65x▼ |
| INCYIncyte | $5.1B | 21.2%▲ | 3845%▲ | 29.5%▲ | 27.8%▲ | – |
| GHGuardant Health | $982M | 32.9%▲ | – | -44.5%▼ | -25.6%▼ | – |
| MEDPMedpace | $2.5B | 20%▲ | 11.6%▲ | 21.1%▲ | 84.7%▲ | – |
| RVTYRevvity | $2.9B | 3.7%▼ | -10.8%▼ | 12.5%▲ | 3.3% | 0.44x▲ |
| CRLCharles River Laboratories International | $4.0B | -0.9%▼ | -750%▼ | 0.6%▼ | 0.4%▼ | 0.68x▼ |
| ULSUL Solutions | $3.1B | 6.4%▼ | -0.3% | 17.1%▲ | 24.2%▲ | 0.39x▲ |
| ICLRICON | $8.3B | 0.8%▼ | -69%▼ | 5.4% | 3.4%▲ | 0.31x▲ |
| AVTRAvantor | $6.6B | -3.4%▼ | -175%▼ | -3.8%▼ | -2.4%▼ | 0.71x▼ |
| BIOBio-Rad Laboratories | $2.6B | 0.7%▼ | – | 1.8%▼ | 0.5%▼ | 0.16x▲ |
| TXG10x Genomics | $643M | 5.2%▼ | – | -9.5%▼ | -6.9%▼ | – |
| CAICaris Life Sciences | $812M | 97%▲ | – | 5.6%▲ | 4.5%▲ | 0.66x▼ |
| BRKRBruker | $3.4B | 2.1%▼ | -108%▼ | 2%▼ | 1.4%▼ | 0.75x▼ |
| LNTHLantheus | $1.5B | 0.5%▼ | -25.2%▼ | 20.2%▲ | 16.4%▲ | 0.52x |
| GRALGRAIL | $147M | 17.2%▲ | – | -382%▼ | -19.8%▼ | – |
| RDNTRadNet | $2.0B | 11.5%▲ | -768%▼ | 3%▼ | 2%▼ | 1.00x▼ |
| BLLNBillionToOne | $305M | 100%▲ | – | 5.3%▼ | 2.7%▼ | 0.12x▲ |
| VCYTVeracyte | $517M | 16%▲ | 175%▲ | 11.2%▲ | 4.3%▲ | – |
| CDNACareDx | $380M | 13.8%▲ | -141%▼ | -8.1%▼ | -9.5%▼ | – |
| NEOGNeogen | $870M | -2.7%▼ | – | -2.5%▼ | -0.7%▼ | 0.38x▲ |
| CLDXCelldex Therapeutics | $2M | -78%▼ | – | -18600%▼ | -54%▼ | – |
| NEONeogenomics | $727M | 10.1%▲ | – | -15.9%▼ | -9.1%▼ | 0.41x▲ |
| FTREFortrea | $2.7B | 1%▼ | – | -32%▼ | -48.4%▼ | 1.87x▼ |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).