“We are assuming that equipment is flat for 2026, which is off of a mid-teens decline in 2025, but that is supported by our current backlog.”

In context

“h to 2025 with the business performing better across the board in Q4. That really reinforced that 3% to 6% core growth outlook that we talked about in October. Now we have converted that into our core growth guide, which is based on the expectation of continued recovery in our end markets. To your point, let me give you a little color on those. First of all, we expect bioprocessing to remain strong at high single digits. We had an excellent finish to the year. In fact, I have just spent time out with customers and with our teams, and things are going really well for us there in terms of spec wins and orders, and, of course, sales as well. This momentum should lead to continued strength in consumables, and for equipment, we are encouraged by that momentum that we saw in the fourth quarter. We are assuming that equipment is flat for 2026, which is off of a mid-teens decline in 2025, but that is supported by our current backlog. As we think about life sciences and our discovery and medical businesses, we expect those to be flat, and we are assuming some modest improvement in our end markets there. That said, we do expect growth will improve through the year as our own comps ease, particularly in our life science consumables businesses. Lastly, we expect diagnostics to grow in a low single digit. We are assuming consistent mid-single-digit growth outside of respiratory in China. With China, we think the volume-based procurement headwinds will moderate as we move through the year. In respiratory, we have taken a look at that number again here in terms of the endemic level, and we think that's probably fairly consistent with 2025. This is how we are setting up the year based on these improving end markets and some o”