Life Sciences Tools & Services

A Agilent Technologies Inc.

Revenue is Agilent CrossLab (42%), Life Sciences and Diagnostics Markets (39%) and Applied Markets (19%).

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.

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

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

Retained capital not read

Balance sheet Net cash, +$439M

BNR Burning Rock Biotech Limited

Revenue is Inhospital business (42%), Central laboratory business (30%) and Pharma research and development services (29%).

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

Revenue is led by BSI CALID (35%) and Bsi Nano (32%), with 2 more segments behind.

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

Revenue is led by BSI CALID (35%) and Bsi Nano (32%), with 2 more segments behind.

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 Inc. is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases.

Owner earnings 2016–2025 ($16M)($21M)($22M)($57M)($15M)($50M)($67M)$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)($2M)$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, +$48M · 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.

Revenue is Oncology (70%), Biopharma and data (21%) and Screening (8%).

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, $1.1B

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 2022–2025 ($578M)($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, $1.2B

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 2016–2025 $638M$719M$963M$842M$891M$337M$106M$283M$709M$931M

Retained capital Paid out $4.1B more than it earned over 2016–2025; annual owner earnings fell $132M.

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, $16.7B

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

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.

A precision-instruments business, selling measurement and electronic gear into labs and production lines.

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

Retained capital not read

Balance sheet Net cash, +$97M

MDXH MDxHealth SA

Revenue is Tissue-based revenue (76%) and Liquid-based revenue (24%).

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

Revenue is led by Oncology (30%) and Other (29%), with 4 more lines behind.

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

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

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, +$793M

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 ($76M)($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.

Personalis develops, markets, and sells 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 2016–2025 $319M$249M$218M$287M$829M$1.3B$594M$10M$542M$509M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $92M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $2.3B · buybacks at an average near $47.44 · 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, $820M