--- title: "Laboratory Instruments Industry" description: "21 SEC filers are classified under the Standard Industrial Classification codes that describe the laboratory instruments industry." canonical: https://www.getswoopr.com/stocks/industries/health-care/laboratory-instruments/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Laboratory Instruments Industry ## Direct Answer 21 SEC filers are classified under the Standard Industrial Classification codes that describe the laboratory instruments industry, and their latest annual reports show $35.6 billion of combined revenue and a median operating margin of -14.8%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Laboratory instrument makers sell analyzers, mass spectrometers, microscopes and other tools to research, pharmaceutical and clinical labs, plus consumables and service. Installed instruments create recurring revenue. The first numbers to compare across companies here are orders and backlog, recurring consumables and service share and gross margin. ## Key Industry Metrics - **Orders and backlog**: New purchase orders and signed orders not yet delivered. Orders lead revenue, so shrinking orders can warn of weaker shipments ahead. - **Recurring consumables and service share**: Portion of revenue from reagents, supplies and service contracts on installed instruments. A larger share smooths results against swings in new equipment sales. - **Gross margin**: Share of sales left after manufacturing and service cost. Instruments, consumables and service earn different margins, so mix and volume shape it. - **End-market mix**: Split of sales among pharma, academic, clinical and industrial customers. Each follows a different budget cycle, so the mix shows what drives demand. - **Instrument utilization**: How heavily installed instruments are used. High use drives consumable reorders and replacement demand, while idle machines signal weak activity. ## Primary Macro Drivers - **Research and pharma budgets**: Pharma and biotech labs buy instruments out of research budgets, so budget cuts or increases move orders and backlog. - **Academic funding**: Universities buy through grants, so grant funding changes affect academic orders and the share of revenue from that end-market. - **Technology cycles**: New generations with better speed or sensitivity trigger replacement, which supports orders and installed base refresh. - **Industrial and clinical demand**: Industrial testing and clinical labs also buy analyzers, so their activity can offset weakness in research end-markets. ## Major Risks - **Funding cyclicality**: Academic and biotech budgets rise and fall, and instrument orders respond sharply; watch orders, backlog and end-market mix. - **Competition**: Rivals compete on performance and price, which can pressure share and gross margin; watch gross margin and win rates. - **Customer capital delays**: Customers postpone large purchases when approval cycles lengthen; watch book-to-bill and backlog. - **Supply chain**: Shortages of chips or components delay deliveries and add cost; watch backlog, lead times and gross margin. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | Medium | | Regulatory Intensity | Medium | | Industry Maturity | Mature | | Geographic Importance | Global | ## Laboratory Instruments Filers in the SEC Record 21 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3826, 3821. Their latest fiscal years end between 2025 and 2026, and together they reported $35.6 billion of revenue. Median revenue growth over the prior year was 3.7%. Median operating margin was -14.8% and median net margin -6.8%. Median total liabilities were 40% of total assets, and 8 of 21 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Agilent Technologies, Inc.](https://www.getswoopr.com/stocks/companies/agilent-technologies/) | $6.9 billion | 6.7% | 21.3% | 18.8% | FY 2025 | | [Avantor, Inc.](https://www.getswoopr.com/stocks/companies/avantor-inc/) | $6.6 billion | -3.4% | -3.8% | -8.1% | FY 2025 | | [Illumina, Inc.](https://www.getswoopr.com/stocks/companies/illumina-inc/) | $4.3 billion | -0.7% | 18.6% | 19.6% | FY 2025 | | [Mettler Toledo International Inc/](https://www.getswoopr.com/stocks/companies/mettler-toledo/) | $4.0 billion | 4.0% | n/a | 21.6% | FY 2025 | | [Bruker Corp](https://www.getswoopr.com/stocks/companies/bruker-corporation/) | $3.4 billion | 2.1% | 2.0% | -0.2% | FY 2025 | | [Waters Corp](https://www.getswoopr.com/stocks/companies/waters-corporation/) | $3.2 billion | 7.0% | 25.4% | 20.3% | FY 2025 | | [Revvity, Inc.](https://www.getswoopr.com/stocks/companies/revvity/) | $2.9 billion | 3.7% | 12.5% | 8.4% | FY 2025 | | [Bio-Rad Laboratories, Inc.](https://www.getswoopr.com/stocks/companies/bio-rad-laboratories-inc/) | $2.6 billion | 0.7% | 1.8% | 29.4% | FY 2025 | The 8 largest of 21 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Laboratory Instruments guide describes how the industry earns money, what to measure and what can go wrong. 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Key performance indicators for the Laboratory Instruments industry include: Orders and backlog, Recurring consumables and service share, Gross margin, End-market mix, Instrument utilization. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Laboratory Instruments industry? The Laboratory Instruments industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Laboratory Instruments industry? The primary risks for Laboratory Instruments companies include: Funding cyclicality, Competition, Customer capital delays, Supply chain. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).