Diagnostics led performance (+10%) and trades at the highest multiples (77.0x EBITDA / 7.7x revenue), supported by strong growth in precision and oncology diagnostics.

Life Science Tools gained 5%, with premium valuations (26.0x EBITDA / 6.7x revenue) reflecting improving pharma and biotech demand.

Bioprocess Equipment rose 2%, as bioprocessing orders recover, though equipment revenue remains affected by project timing.

Diversified Life Sciences gained 2%, supported by resilient consumables, services and broader biopharma exposure.

Diversified Industrials declined 2% and trades at the lowest multiples (8.2x EBITDA / 1.3x revenue), reflecting a more cyclical growth profile.

Precision diagnostics continue to lead: Precision oncology, MRD and liquid biopsy adoption are expanding as genomic profiling becomes more integrated into cancer care, supported by improving reimbursement and payer coverage.

Genomics is moving deeper into clinical workflows: Falling sequencing costs are accelerating NGS and whole-genome sequencing adoption across oncology, rare disease and hematology, alongside growing demand for WES, WTS and other advanced molecular profiling technologies.

Automation and AI are becoming core infrastructure: AI-powered analysis, automated testing and digital workflows are improving diagnostic efficiency and enabling laboratories to handle greater testing volumes. At the same time, decentralized testing is increasing demand for standardized and scalable workflows.

Capital is rewarding differentiated platforms: Funding remains available for high-growth assets, but investors are becoming increasingly selective, favoring companies with differentiated technologies, scalable platforms and clear clinical or commercial utility. Reimbursement and compliance pressures are also contributing to consolidation among smaller players.

Diagnostics are outperforming the broader sector: Diagnostics delivered approximately 10% performance over the last 12 months, ahead of Life Sciences Tools at 5%, Bioprocess Equipment at 2% and Diversified Life Sciences at 2%, reflecting strong investor interest in precision and oncology diagnostics.