Diagnostic and Testing Equipment Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › DIAGNOSTIC AND TESTING EQUIPMENT

Diagnostic and Testing Equipment: Two Prices, One Label

How this market marks consumables annuities against instrument placements, and what sits behind the gap between the two ends.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › DIAGNOSTIC AND TESTING EQUIPMENT

   Cover slide introducing the Diagnostic and Testing Equipment sector outlook as of September 28, 2026.

   We built this report to show how the diagnostic and testing equipment sector prices two very different kinds of business under one label. Over the pages that follow, we walk through where consumables annuities and placement-led devices sit on a forward earnings basis, and what that gap means for owners and acquirers.

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   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › DIAGNOSTIC AND TESTING EQUIPMENT Diagnostic and Testing Equipment: Two Prices, One Label How this market marks consumables annuities against instrument placements, and what sits behind the gap between the two ends. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix.

   We've structured this report so the bottom line comes first — section one gives you the whole story, and the sections that follow build the evidence behind it. We walk through the landscape, valuation and situations, precedent transactions, and strategic implications in turn, so a client can go as deep as they need.

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   CONTENTS What This Report Covers 01 The Bottom Line The Structure Behind the Price: Annuity Revenue at One End, Capital Cycles at the Other 02 The Landscape Five Groups Sit Under the Sector Label, and the Marks Differ Across Them 03 Valuation & Situations The Two Ends of This Market Are Far Apart, with Three Names at Each One 04 Precedent Transactions Earnings Frames for the Consumables Deals, Revenue Frames for the Menu-Stage Ones 05 Strategic Implications The Mix Between Boxes and Blades Is the Part an Owner Can Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Diagnostic and Testing Equipment Prices Consumables Annuities Apart from Placement-Led Devices

   This slide states the report's core finding: diagnostic and testing equipment prices consumables annuities apart from placement-led devices.

   We find that among the 11 of 26 companies carrying a forward CY2027E estimate, the sector's median sits at 21.1x — but that midpoint hides a wide split. The top of the range reaches 48.5x while the bottom sits at 9.0x, and our read is that gap tracks with how much revenue is contracted consumables versus one-time device placement. That's the throughline we build out across the rest of this deck.

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   01 · THE BOTTOM LINE Diagnostic and Testing Equipment Prices Consumables Annuities Apart from Placement-Led Devices The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Among the Names with a Forward Estimate, Buyers Mark Value off Forward Earnings The middle of the range sits at 21.1x forward CY2027E earnings, with 11 of the 26 companies carrying a forward estimate. A forward multiple already credits forecast growth, so a premium that survives it reads as durability rather than one good year. 2 The Two Ends of This Market Are Far Apart The top of the range is marked at 48.5x and the bottom at 9.0x, three names at each end of the 11 companies with a forward estimate. Our read is that where a company sits in that band is associated with how much of its revenue is contracted consumables and service, more than with its size. 3 Growth Ranks Only Loosely with Where Names Sit Across This Set's Range Among the 11 companies with a forward estimate, the six growing at 9% or better sit at 20.3x while the five below that mark sit at 24.0x. On a lens that already credits forecast growth, that ordering points to buyers weighing the durability of pull-through alongside the top-line rate. 4 The Consumables Side of the Sector Carries the Higher Mark Laboratory instruments and testing consumables sits at 34.8x on the 2 of its 5 names with a forward estimate, against 15.3x for procedure-based diagnostic and therapy devices on 6 of its 12 names. The small base at the top means those two names shape that figure, so treat it as a signal about pull-through economics rather than a sector-wide rate. 21.1x Sector median EV/EBITDA CY2027E consensus · 11 rated of 26 companies 48.5x Premium end EV/EBITDA vs 9.0x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 27 Transactions with disclosed terms 60 recorded in this tier · 1 told as case studies, the full list in the appendix

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   Divider introducing the five business-segment groups within the sector.

   We now turn to how the sector splits into distinct groups, and show that consumables-led names sit above procedure-led names on the forward earnings lens.

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   SECTION 02 02 THE LANDSCAPE Five Groups Sit Under the Sector Label, and the Marks Differ Across Them Consumables-led groups sit above procedure-led groups on the forward earnings lens. 02 of 06 Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where the Value Sits: Consumables Menus at One End, Procedure Devices at the Other

   This slide maps the approved companies into business-segment groups by median forward EV/EBITDA.

   We group the approved universe into segments and rank them by median EV / EBITDA on the CY2027E basis. Consumables menus cluster at one end of the range, procedure-driven devices at the other. That spread is the first concrete evidence behind our headline finding, so which segment a business belongs to matters before we even look at growth.

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   02 · MARKET MAP Where the Value Sits: Consumables Menus at One End, Procedure Devices at the Other 26 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PROCEDURE-BASED DIAGNOSTIC AND THERAPY DEVICES 12 cos median 15.3x ABT DXCM PHG BIO NEOG INSP IRMD CBLL SSII SENS CV LUCD The biggest block by count, and the one closest to hospital procedure and capital budgets. LABORATORY INSTRUMENTS AND TESTING CONSUMABLES 5 cos median 34.8x RGEN NNNN KRMD OSUR DXR Where reagent rental and pull-through behind a placed instrument show up most directly. CLINICAL DIAGNOSTICS AND RESEARCH INSTRUMENTATION 4 cos median 21.2x WAT IDXX ILMN XGN Installed-base businesses whose instrument demand tracks pharma and academic capital cycles. RESEARCH-USE DETECTION PLATFORMS AND REAGENTS 3 cos 50.4x · 1 rated MRVI NAUT MXCT Funded from research budgets rather than reimbursement, so the economics read earlier-stage. ADJACENT MODELS 2 cos no rated names MLAB CARL Quality-testing and informatics businesses that sit beside the core diagnostics groups.

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   02 · LANDSCAPE

   The Higher Marks Sit with Consumables Menus; Procedure Devices Sit with the Capital Cycle

   This slide explains why consumables-menu segments carry higher marks than procedure-device segments.

   We lay out what each segment does and why the market treats it differently: consumables-menu businesses earn recurring, contracted revenue, while procedure-device businesses carry hospital and academic capital-cycle exposure. In our view, that structural difference is behind the higher marks sitting with the former. For the full company-level detail, we point clients to the appendix.

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   02 · LANDSCAPE The Higher Marks Sit with Consumables Menus; Procedure Devices Sit with the Capital Cycle Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Procedure-based diagnostic and therapy devices 12 46% 15.3x Abbott Laboratories (ABT) · DexCom, Inc. (DXCM) · +10 more The largest group by count. Twelve companies sit here, 46% of the set, and the six with a forward estimate sit at 15.3x. Revenue leans on procedure volumes and hospital capital budgets, the exposure marked most cautiously across this set. Laboratory instruments and testing consumables 5 19% 34.8x Repligen Corporation (RGEN) · Anbio Biotechnology Class A Ordinary Shares (NNNN) · +3 more Razor-and-blade economics, richer marks. Five companies, 19% of the set, and the 2 of them with a forward estimate sit at 34.8x. This is where consumables pull-through behind a placed instrument shows up most directly; with only two marks, those two names shape the figure. Clinical diagnostics and research instrumentation 4 15% 21.2x Waters Corporation (WAT) · IDEXX Laboratories, Inc. (IDXX) · +2 more Menu breadth meets capital cycles. Four companies, 15% of the set, with the 2 carrying a forward estimate at 21.2x. Instrument demand here moves with pharma and academic capital budgets, while service contracts and reagent attach provide the steadier layer. Research-use detection platforms and reagents 3 12% 50.4x n=1 Maravai LifeSciences Holdings, Inc. (MRVI) · Nautilus Biotechnology, Inc. (NAUT) · +1 more One estimate, earlier-stage economics. Three companies, 12% of the set, and a single name carries a forward estimate, at 50.4x. Demand is funded from research budgets rather than reimbursement, so read that figure as one name's mark rather than a group rate. Adjacent models 2 8% — Mesa Laboratories, Inc. (MLAB) · Carlsmed, Inc. (CARL) Two names, no forward estimate. Two companies, 8% of the set — Mesa Laboratories, Inc. (MLAB) and Carlsmed, Inc. (CARL) — and neither carries a forward earnings estimate. They sit beside the core groups on quality-testing and informatics models, so the earnings lens does not reach them here.

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   Divider introducing the valuation and situation analysis of the rated companies.

   Next we rank the 11 companies with a forward estimate from top to bottom of the range, and look at three names at each extreme.

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   SECTION 03 03 VALUATION & SITUATIONS The Two Ends of This Market Are Far Apart, with Three Names at Each One A ranked read of the 11 companies with a forward estimate, top of the range against bottom of the range. 03 of 06 Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Reagents and Consumables Sit at the Top of the Range; Capital-Equipment Exposure Sits at the Bottom

   This slide ranks all rated companies by EV/EBITDA (CY2027E) against the sector median.

   We sort the full rated set by forward EV / EBITDA and mark the sector median at 21.1x. Reagents and consumables names sit at the top of that ranking; capital-equipment exposure sits at the bottom. The tier zones we draw are our own grouping of the rated set's quartiles, giving a client a fast read on where any one name sits relative to peers.

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   03 · PUBLIC MARKET VALUATION Reagents and Consumables Sit at the Top of the Range; Capital-Equipment Exposure Sits at the Bottom EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 21.1x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 48.5x CORE · median 21.1x DISCOUNT · median 9.0x Sector median 21.1x WHAT SEPARATES THE TWO ENDS The top end prices reagents. The three names at the top of the range sit at 48.5x on forward CY2027E earnings: Maravai LifeSciences Holdings, Inc. (MRVI), Repligen Corporation (RGEN) and Bio-Rad Laboratories, Inc. (BIO). Two of the three sell reagents and consumables into someone else's workflow rather than capital equipment. The bottom end carries capital cycles. The three names at the bottom sit at 9.0x: Abbott Laboratories (ABT), Inspire Medical Systems, Inc. (INSP) and Koninklijke Philips N.V. (PHG). All three carry procedure or hospital capital-budget exposure, and in our read placement-led revenue is being marked more cautiously than pull-through revenue. Forward earnings already credit growth. The lens is CY2027E EV / EBITDA, so forecast growth is inside the number before the ranking starts; a premium that survives it reads as durability rather than a single strong year. Only 11 of the 26 companies carry a forward estimate, so each end of the range rests on three names.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 21% Margin Line Carry 18.2x Against 24.0x Below It

   This slide compares median EV/EBITDA across growth cohorts and margin cohorts within the rated set.

   We split the rated names at their own covered medians for growth and for margin, and the margin cut is the sharper one: names above the 21% margin line carry 18.2x against 24.0x below it. That ordering is an association we observe in the data, not a causal claim, but it's consistent with profitability — not just growth — being what the market is pricing. It reframes how we'd read any single name's premium or discount.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 21% Margin Line Carry 18.2x Against 24.0x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 9% · EBITDA-margin split at 21% The Faster Half Sits Below the Slower Half on Forward Earnings Among the 11 companies with a forward estimate, the six growing at 9% or better sit at 20.3x and the five below that mark sit at 24.0x. The comparison rests on six names against five, so read it as a signal that the speed of the top line is not what separates the ends of this market. Reported Margin Is Not Tracking the Mark Either The more expensive half of the 11 companies with a forward estimate is priced at 27.2x against 13.6x for the cheaper half, and it carries the thinner reported margin. Margin here reflects where a company sits between instrument placements and consumables pull-through, so a thinner margin can sit with a menu still being built out. Coverage, Clearance and Menu Tenor Sit Behind the Durability Question What the forward lens is being asked to judge is whether the reagent and service stream behind a placed instrument holds. Contract tenor, reagent exclusivity and renewal history are the operating facts that sit under that judgment, and they differ name by name across this set. Non-Clinical Adjacencies Change the Shape of the Revenue Base Veterinary, food safety and bioprocess exposure inside this set is associated with a revenue base less tied to hospital and academic capital cycles. For an owner, that is a mix decision about which end markets the placed base serves, not a market-wide condition.

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    03 · SITUATION MAP

    Three Names Pair a Premium Valuation with Faster Growth; Two Sit Below the Middle on Valuation and Growth

    This slide cuts the rated companies into a grid by EV/EBITDA versus revenue growth relative to their medians.

    We cross forward EV / EBITDA against revenue growth, each split at its own median, to see where names cluster. Three names pair a premium multiple with faster growth, while two sit below the middle on both measures. This is a map of observations, not a recommendation, but it's a useful starting point for benchmarking a specific business against this set.

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    03 · SITUATION MAP Three Names Pair a Premium Valuation with Faster Growth; Two Sit Below the Middle on Valuation and Growth Cut on EV / EBITDA vs the sector median (21.1x) (rows) and revenue growth vs the covered median (9%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 3 names IDEXX Laboratories, Inc. (IDXX) · Repligen Corporation (RGEN) · KORU Medical Systems, Inc. (KRMD) IDEXX Laboratories, Inc. (IDXX), Repligen Corporation (RGEN) and KORU Medical Systems, Inc. (KRMD) sit above the middle on both the forward earnings mark and revenue growth. This is the group whose recurring pull-through and menu breadth are being taken at face value by the market. Priced up on Slower Growth Above-median multiple · below-median revenue growth 3 names Bio-Rad Laboratories, Inc. (BIO) · Neogen Corporation (NEOG) · Maravai LifeSciences Holdings, Inc. (MRVI) Bio-Rad Laboratories, Inc. (BIO), Neogen Corporation (NEOG) and Maravai LifeSciences Holdings, Inc. (MRVI) carry above-middle marks on below-middle growth. The mark is associated with what buyers expect from the installed base and the reagent stream rather than from the current top line. Growing Ahead of the Mark Below-median multiple · above-median revenue growth 3 names Abbott Laboratories (ABT) · Waters Corporation (WAT) · DexCom, Inc. (DXCM) Abbott Laboratories (ABT), Waters Corporation (WAT) and DexCom, Inc. (DXCM) grow above the middle while marked below it. Scale and capital-equipment exposure sit alongside that combination in this set, and both are questions of revenue mix rather than of growth. Below on Both Measures Below-median multiple · below-median revenue growth 2 names Koninklijke Philips N.V. (PHG) · Inspire Medical Systems, Inc. (INSP) Koninklijke Philips N.V. (PHG) and Inspire Medical Systems, Inc. (INSP) sit below the middle on both measures, on the 11 companies with a forward estimate. Both carry procedure and hospital capital exposure, which is the pattern to test against contracted service and consumables revenue.

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    03 · GROWTH VS PROFITABILITY

    Names Clearing Both the Growth and Margin Bars Sit Mid-Range; Those Clearing Neither Sit Above Them

    This slide plots the rated companies on revenue growth against EBITDA margin, with median multiples by quadrant.

    We plot growth against margin using the covered medians of 9% growth and 21% margin as cut lines, then look at the median multiple in each quadrant. Names clearing both bars sit mid-range on valuation, while those clearing neither sit above them — a reminder that the market isn't simply rewarding growth-and-margin leaders with the top marks. That nuance matters when benchmarking a specific business against this set.

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    03 · GROWTH VS PROFITABILITY Names Clearing Both the Growth and Margin Bars Sit Mid-Range; Those Clearing Neither Sit Above Them Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 11 companies with both estimates · cuts at the covered medians (9% growth, 21% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=5; margin-only n=1; growth-only n=1; neither n=4). Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 10% 20% 30% MARGIN ONLY median 9.0x BALANCED median 19.4x NEITHER median 25.6x GROWTH ONLY median 21.1x NEOG BIO INSP PHG MRVI ABT IDXX WAT DXCM RGEN KRMD x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Read across for revenue growth against the middle of the covered names and up for reported margin against the middle. Five of the 11 companies with a forward estimate clear both bars — Abbott Laboratories (ABT), IDEXX Laboratories, Inc. (IDXX), Waters Corporation (WAT), DexCom, Inc. (DXCM) and Repligen Corporation (RGEN) — and that group sits at 19.4x. The balanced median rests on 5 names and is lifted by RGEN at 48.5x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 11 names clear it (IDXX, WAT, DXCM).

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    03 · THE AGENDA

    Where a Diagnostics Business Sits in This Range Tracks with Mix, Pricing, Retention and Capital Allocation

    This slide frames the questions an owner or acquirer should resolve given where a business sits in this valuation range.

    Based on everything we've shown, where a diagnostics business sits in this range tracks with its mix, pricing, retention and capital allocation choices. We frame these as questions to resolve, not conclusions to accept at face value. Working through them is, in our view, the most direct way to understand why a specific business is priced where it is.

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    03 · THE AGENDA Where a Diagnostics Business Sits in This Range Tracks with Mix, Pricing, Retention and Capital Allocation NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Convert Placements into Contracted Pull-Through The marks at the top of this range sit with businesses whose revenue arrives after the instrument is placed. The operating question is what share of revenue is consumables and service under contract, and how long that contract runs. What changes the answer: Renewal history, contract tenor and reagent exclusivity across the placed base. Widen the Menu on the Platform Already in the Field Menu expansion raises pull-through per placement without a new capital sale, which is the arithmetic behind the consumables-led groups in this set. Cadence of launches and utilisation per site are the measures that show whether it is working. What changes the answer: Test volumes per site and the launch cadence on the current platform. Sequence Spend Against Coverage and Clearance Gates Clearance scope, CLIA-waived status and coding decisions govern which sites of care can run a test and when revenue can ramp. Capital committed ahead of those gates carries a different risk than capital committed behind them. What changes the answer: Where each assay stands on clearance, coverage and IVDR transition work. Decide Build-Versus-Buy on the End-Market Ballast Veterinary, food safety and bioprocess adjacencies dampen exposure to hospital and academic capital cycles, and precedent transactions in this record show buyers crossing into them. The choice is whether to build that exposure or acquire it. What changes the answer: How much of revenue depends on customer capital budgets in a given year.

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    04

    Divider introducing the precedent transactions section.

    We move next to precedent transactions, where earnings multiples frame the consumables deals and revenue multiples frame the menu-stage ones. This section walks through case studies from the disclosed-terms record before the full list appears in the appendix.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Earnings Frames for the Consumables Deals, Revenue Frames for the Menu-Stage Ones What buyers agreed to pay across the 9 transactions in this record, and which standard they used. 04 of 06 Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Set the Benchmark: What Buyers Agreed to Pay for Whole Diagnostics Companies

    This slide presents a case study drawn from the precedent transactions with disclosed terms.

    We tell one of 27 disclosed-terms transactions as a case study, using LTM multiples at announcement. These deal multiples aren't directly comparable to the CY2027E public basis we use elsewhere, so we don't claim a spread between the two. Even so, the pattern in how buyers framed the deal — earnings for consumables-led targets, revenue for menu-stage ones — reinforces the split we see in public trading.

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    04 · DEAL CASE STUDIES Precedent Transactions Set the Benchmark: What Buyers Agreed to Pay for Whole Diagnostics Companies 1 of 27 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 33 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2019 $130M Veracyte, Inc. acquires NanoString Technologies, Inc. EV / LTM revenue 1.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Transactions in this sector are dominated by scaled diagnostics and life-science tools platforms buying menu, placements or channel, and the strategic fit in a deal of this shape is the pull-through behind the installed base. What that pattern suggests is a buyer paying for contracted reagent and service revenue alongside the instrument line. HOW THE TARGET WAS VALUED Majority acquisitions of consumables-led franchises here are customarily priced off EBITDA, with recurring pull-through stress-tested separately from one-time instrument revenue. Disclosed earnings multiples in this transaction record include 8.0x and 19.8x, and those are the reference points a consumables-led asset benchmarks against.

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    Divider introducing strategic implications for owners, boards and acquirers.

    We close the analysis by turning to what the evidence points to for owners, boards and acquirers, where the mix between boxes and blades is the part an owner can actually move.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Mix Between Boxes and Blades Is the Part an Owner Can Move What the evidence points to for owners, boards and acquirers in this sector. 05 of 06 Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    A Wide Range Means Revenue Quality and Growth Durability Carry Real Value for Owners

    This slide sets out the strategic implications of a wide valuation range for owners, boards and acquirers.

    We think a wide range like this one means revenue quality and growth durability carry real value for owners, not just scale. For owners, revenue mix is a lever worth moving; for boards, growth framing needs to separate the rebuilt core from prior comparatives; for acquirers, precedent transactions favour those who can underwrite pull-through. Each audience has a distinct next question to answer, and we lay them out here.

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    05 · STRATEGIC IMPLICATIONS A Wide Range Means Revenue Quality and Growth Durability Carry Real Value for Owners NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Revenue Mix Is the Lever, and It Is Yours to Move The top of this range sits with reagent and consumables revenue, the bottom with placement and procedure exposure. Shifting the mix toward contracted pull-through, and lengthening the service annuity behind the placed base, changes the quality of the earnings the market is marking. FOR BOARDS Separate the Rebuilt Core from the Pandemic Comparative Growth framing in this sector only travels if the non-COVID base is visible underneath it, and the transaction record still carries pandemic-era revenue marks. Planning should run off the rebuilt core, with capital allocation sized to placements, menu launches and coverage timing rather than to a headline growth rate. FOR ACQUIRERS Precedent Transactions Favour Buyers Who Can Isolate the Pull-Through In this record, consumables-led assets were framed on earnings while menu-stage and reimbursement-stage assets were framed on revenue with structure behind the gates. Buyers able to underwrite contract tenor, reagent exclusivity and quality-system history have the clearer path on both frames.

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    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    We close with the full universe, the methodology, and where every underlying disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists the public comparables on EV/EBITDA (CY2027E), grouped by valuation tier.

    We show all 11 rated companies here, shaded against the 21.1x sector median, with the 15 unrated names — those without an eligible multiple — noted separately. This is the complete rated set behind every multiple quoted earlier in the deck. A client tracing any single figure back to its source can start here.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (21.1x); amber marks below · 11 rated companies; 15 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥25.6x · median 48.5x · 3 companies Maravai LifeSciences Holdings, Inc. MRVI Research-use detection platforms and reagents $2.2B 50.4x 7% 16% 26 Repligen Corporation RGEN Laboratory instruments and testing consumables $10.8B 48.5x 17% 21% 40 Bio-Rad Laboratories, Inc. BIO Procedure-based diagnostic and therapy devices $9.9B 27.2x 3% 15% 17 CORE — 15.3x–25.6x · median 21.1x · 5 companies Neogen Corporation NEOG Procedure-based diagnostic and therapy devices $4.4B 24.0x -4% 19% 18 IDEXX Laboratories, Inc. IDXX Clinical diagnostics and research instrumentation $42.8B 23.0x 9% 35% 45 KORU Medical Systems, Inc. KRMD Laboratory instruments and testing consumables $136M 21.1x 17% 4% 29 Waters Corporation WAT Clinical diagnostics and research instrumentation $48.6B 19.4x 10% 31% 46 DexCom, Inc. DXCM Procedure-based diagnostic and therapy devices $32.4B 17.0x 11% 32% 44 DISCOUNT — <15.3x · median 9.0x · 3 companies Abbott Laboratories ABT Procedure-based diagnostic and therapy devices $203B 13.6x 9% 27% 36 Inspire Medical Systems, Inc. INSP Procedure-based diagnostic and therapy devices $1.8B 9.0x 4% 21% 26 Koninklijke Philips N.V. PHG Procedure-based diagnostic and therapy devices $30.6B 7.7x 4% 18% 23

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, part one of two.

    We list the disclosed-terms transactions newest first, with LTM multiples at announcement where available. These 27 transactions sit within a larger recorded set, and those without a disclosed value or multiple are held in the companion workbook rather than shown here. Each deal value links back to its underlying filing.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 27 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 33 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 27 transactions shown; the rest are in the companion workbook. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 CJ CheilJedang Corp. → EDAP TMS SA n/a n/a 8.0x CJ CheilJedang Corp. agreed terms for EDAP TMS SA in April 2026 at 8.0x EBITDA, recorded as announced. The deal value unit is unresolved in the filing, so the multiple rather than the headline size carries the read. Aug-2025 Takeaway.com N.V. → Veracyte SAS n/a 6.4x n/a Takeaway.com N.V. agreed to acquire Veracyte SAS in August 2025 at 6.4x revenue, recorded as announced. Pricing on revenue rather than earnings is the convention where the menu is still expanding and coverage is being built out. Jul-2025 Waters Corporation → Becton, Dickinson and Company (BD Biosciences & Diagnostic Solutions) n/a n/a 19.8x Waters Corporation agreed terms for Becton, Dickinson and Company (BD Biosciences & Diagnostic Solutions) in July 2025 at 19.8x EBITDA, recorded as announced. Carve-outs of this kind travel with supply and transition arrangements, and the earnings frame suggests the… Dec-2023 Roche Diagnostics Limited → LumiraDx Limited n/a 3.6x n/a Roche Diagnostics Limited agreed to acquire LumiraDx Limited in December 2023 at 3.6x revenue, recorded as announced. A scaled diagnostics buyer taking a sample-to-answer platform on a revenue frame is consistent with paying for placements and menu ahead of current… Apr-2023 Mars, Incorporated → Heska Corporation n/a n/a 8.8x Mars, Incorporated agreed terms for Heska Corporation in April 2023 at 8.8x EBITDA; the transaction is recorded as terminated. Non-clinical adjacencies such as veterinary diagnostics attract buyers from outside the clinical channel. Jul-2022 SD Biosensor, Inc. → Meridian Bioscience, Inc. n/a 0.7x 8.8x SD Biosensor, Inc. agreed terms for Meridian Bioscience, Inc. in July 2022 at 0.7x revenue and 8.8x EBITDA; the transaction is recorded as terminated. The deal value unit is unresolved in the filing, so the two multiples carry the read. Jan-2022 Quidel Corporation → Ortho Clinical Diagnostics Holdings plc n/a 3.8x n/a Quidel Corporation agreed to acquire Ortho Clinical Diagnostics Holdings plc in January 2022 at 3.8x revenue, recorded as announced. Buying a placed base and a clinical assay menu on that frame points to placements and pull-through as the asset. Mar-2021 Roche Holding Ltd → GenMark Diagnostics, Inc. n/a 10.4x n/a Roche Holding Ltd agreed to acquire GenMark Diagnostics, Inc. in March 2021 at 10.4x revenue, with the deal value unit unresolved in the filing and the transaction recorded as announced. That revenue multiple sits above the later revenue-framed deals in this record… Jan-2021 Hill-Rom, Inc. → Bardy Diagnostics, Inc. n/a 10.0x 11.3x Hill-Rom, Inc. agreed to acquire Bardy Diagnostics, Inc. in January 2021 at 10.0x revenue and 11.3x EBITDA, recorded as announced. A device group adding cardiac monitoring diagnostics shows buyers extending into adjacent testing modalities.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of precedent transactions with disclosed terms, newest first, part two of two.

    This second page completes the disclosed-terms list, continuing the same newest-first ordering and LTM-at-announcement basis. Together with the previous page, it gives a client the full set of transactions behind the case studies and framing patterns we discussed earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 27 transactions with disclosed terms in this tier (60 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 33 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 27 transactions shown; the rest are in the companion workbook. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2020 Thermo Fisher Scientific Inc. → QIAGEN N.V. n/a 4.6x n/a Dec-2019 Veracyte, Inc. → NanoString Technologies, Inc. $130M 1.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2017 PerkinElmer, Inc. → EUROIMMUN US, Inc. n/a 5.0x 22.6x Value shown as recorded in the filing; deal value unit unresolved. Sep-2016 Danaher Corporation → Cepheid n/a 5.9x n/a Feb-2016 Abbott → Alere Inc. n/a 3.1x 25.1x Sep-2013 bioMérieux SA → BioFire Diagnostics, LLC n/a 6.9x 6.1x Value shown as recorded in the filing; deal value unit unresolved. Apr-2012 Hologic, Inc. → Gen-Probe Incorporated n/a 6.4x 20.3x Jul-2011 TPG Capital → Immucor, Inc. n/a 3.4x 9.5x Value shown as recorded in the filing; deal value unit unresolved. May-2011 Danaher Corporation → Cepheid n/a 7.1x n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, assumptions and data-quality treatment.

    We use this page to show how the report was built: what was included, what was excluded, and where every underlying disclosure sits. Every figure in the body links to the record it came from, or the appendix names its source directly. This is where a client should go with any question about how a specific number was derived.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Diagnostic and Testing Equipment and it clears the coverage gate with 11 of 26 companies (42%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 15 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 81 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 921 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (920) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Higher Marks in This Set Sat with Consumables Annuities Rather than with Growth.

    Closing slide restating that the higher marks in this set sat with consumables annuities rather than growth.

    The higher marks in this set sat with consumables annuities rather than with growth. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    The Higher Marks in This Set Sat with Consumables Annuities Rather than with Growth. NeuraCap AI — Diagnostic and Testing Equipment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Diagnostic and Testing Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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