Life Sciences Tools and Instruments Sector Outlook — September 2026

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HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › LIFE SCIENCES TOOLS AND INSTRUMENTS

Life Sciences Tools: Platforms Earn Different Prices

This report shows how platform model, recurring revenue quality and workflow position align with valuation and what buyers agreed to pay.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › LIFE SCIENCES TOOLS AND INSTRUMENTS

   This is the cover slide introducing NeuraCap's Life Sciences Tools and Instruments sector outlook as of September 2026.

   We're opening our Life Sciences Tools and Instruments outlook, built on market data as of September 28, 2026. This report shows how platform model and recurring revenue quality align with valuation across the sector.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › LIFE SCIENCES TOOLS AND INSTRUMENTS Life Sciences Tools: Platforms Earn Different Prices This report shows how platform model, recurring revenue quality and workflow position align with valuation and what buyers agreed to pay. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Life Sciences Tools and Instruments 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 appendix, from the bottom line through strategic implications.

   We've structured this report so the bottom line comes first — read section one alone and you have the full story. The remaining sections build out the landscape, valuation, precedents and strategic implications for those who want the detail.

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   CONTENTS What This Report Covers 01 The Bottom Line Platform Economics Separate the Field 02 The Landscape Four Platform Models Carry Distinct Economics 03 Valuation & Situations The Premium Survives a Forward Revenue Lens 04 Precedent Transactions Precedent Transactions Reward Differentiated Assets 05 Strategic Implications Recurring Economics Deserve the Next Operating Dollar 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Life Sciences Tools Prices Cell and Gene Therapy Platforms Differently from Laboratory Monitoring Instruments

   This slide states the report's central finding: Life Sciences Tools prices cell and gene therapy platforms differently from laboratory monitoring instruments.

   We find that Life Sciences Tools does not price uniformly: cell and gene therapy platforms sit at a median of 8.8x EV/Revenue on CY2027E estimates, while laboratory monitoring instruments sit at 3.0x. This gap holds on a forward basis, using consensus estimates for 11 of 12 companies with an eligible multiple. The pattern points to differences in recurring revenue and workflow exposure across platform models. So what: valuation in this sector tracks platform economics as much as, or more than, headline growth.

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   01 · THE BOTTOM LINE Life Sciences Tools Prices Cell and Gene Therapy Platforms Differently from Laboratory Monitoring Instruments The full story on one page · figures on EV / Revenue (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 / Revenue on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Platform Model Travels with Valuation Cell and gene therapy enabling platforms sit at 8.8x in the middle of their range. Laboratory quality control and sterilisation monitoring instruments sit at 3.0x, with different recurring revenue and workflow profiles alongside that gap. 2 Forward Revenue Is the Practical Lens EV/Revenue on CY2027E covers 12 of 12 companies, while forward EBITDA is reported for 4 of 12. The forward lens already credits forecast growth, so a premium that remains points to durability beyond the forecast. 3 Faster Growth Sits at a Lower Valuation Among the six names at or above 7% growth, the middle valuation is 4.6x. Among the five names below 7% growth, it is 6.4x, showing that growth alone does not describe the pricing pattern. 4 Agreed Prices Span a Wide Range Recorded EV/Revenue terms extend from 1.1x for Akoya Biosciences, Inc. to 26.6x for Semler Scientific, Inc. The transaction record suggests that target context and strategic fit matter alongside public-company benchmarks. 5.2x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because only 4 of 12 names carry a meaningful forward EBITDA 8.8x Premium end EV/Revenue vs 2.2x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/Revenue — the spread the report explains 24 Transactions with disclosed terms 42 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This is a section divider introducing four platform models with distinct economics across the sector.

   We now turn to the market map: four platform models, each with different installed base, pull-through and regulated workflow exposure. This section sets up how those differences show up in valuation.

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   SECTION 02 02 THE LANDSCAPE Four Platform Models Carry Distinct Economics Installed base, pull-through and regulated workflow exposure shape the comparison. 02 of 06 Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Money Sits with Platforms That Own More of the Workflow

   This slide groups 12 approved companies by business segment and shows median EV/Revenue by group.

   We've grouped the approved universe of 12 companies by business segment to see where valuation concentrates. The pattern is clear: platforms that own more of the workflow — deeper into consumables, service and recurring attach — carry higher medians. Segment groupings follow our classification, and medians are calculated on rated names only. So what: workflow ownership, not just scale, is an organizing variable for value in this sector.

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   02 · MARKET MAP The Money Sits with Platforms That Own More of the Workflow 12 approved companies grouped by business segment · median EV / Revenue (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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 RESEARCH AND DIAGNOSTICS INSTRUMENT PLATFORMS 3 cos median 6.4x DHR A RVTY Broad installed bases can support consumables pull-through, service revenue and exposure across research and diagnostics workflows. LAB QUALITY CONTROL AND STERILISATION MONITORING INSTRUMENTS 3 cos median 3.0x BRKR PACB CTKB Validated processes and regulated settings can support switching costs, while instrument cyclicality still matters. SPECIALTY LABORATORY INSTRUMENTATION AND CALIBRATION SYSTEMS 3 cos median 3.7x MLAB MASS LAB Specialised tools can hold critical workflow positions, with value depending on recurring attach and replacement risk. CELL AND GENE THERAPY ENABLING PLATFORMS 3 cos median 8.8x TECH TXG MXCT Exposure to translational and bioprocessing workflows can widen the path from research-use-only demand into more durable applications.

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   02 · LANDSCAPE

   Recurring Attach Separates Four Equal-Sized Platform Groups

   This slide compares the four platform groups on recurring attach and valuation medians.

   We split the approved universe into four equal-sized platform groups to compare recurring attach and valuation. Each group carries a distinct EV/Revenue median on CY2027E consensus, on rated names only. The differences align with how much recurring revenue each platform model tends to capture. So what: recurring attach is a useful lens for separating platform models beyond simple segment labels.

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   02 · LANDSCAPE Recurring Attach Separates Four Equal-Sized Platform Groups Segment view of the approved universe · EV / Revenue (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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Research and diagnostics instrument platforms 3 25% 6.4x Danaher Corporation (DHR) · Agilent Technologies, Inc. (A) · +1 more Installed breadth supports resilience. The group spans research and diagnostics workflows and sits at 6.4x. Its commercial quality rests on installed base utilisation, consumables pull-through and service attach. Lab quality control and sterilisation monitoring instruments 3 25% 3.0x Bruker Corporation (BRKR) · Pacific Biosciences of California, Inc. (PACB) · +1 more Pull-through is the test. The group sits at 3.0x. Validated workflows can support retention, but placement growth carries less weight when recurring consumables and service do not follow. Specialty laboratory instrumentation and calibration systems 3 25% 3.7x Mesa Laboratories, Inc. (MLAB) · 908 Devices Inc. (MASS) · +1 more Precision earns workflow relevance. The group sits at 3.7x across the names with an estimate. Its standing depends on whether specialised tools own a durable workflow step or remain exposed to replacement. Cell and gene therapy enabling platforms 3 25% 8.8x Bio-Techne Corporation (TECH) · 10x Genomics, Inc. (TXG) · +1 more Regulated migration expands durability. The group sits at 8.8x. Research-use-only platforms gain a broader commercial frame when assay menus, workflow ownership and bioprocessing relevance deepen.

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   SECTION 03

   03

   This is a section divider introducing forward valuation analysis after forecast growth is reflected.

   We move next to valuation: does the premium for stronger platforms survive once forward growth is already priced in? The range stays wide even after that adjustment.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Survives a Forward Revenue Lens The range remains wide after forecast growth is already reflected. 03 of 06 Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Retains Its Lead After Forecast Growth Is Credited

   This slide ranks all 11 rated companies by EV/Revenue (CY2027E) against the 5.2x sector median.

   We rank the 11 rated companies by EV/Revenue on CY2027E consensus, with a sector median of 5.2x. EV/Revenue is our primary lens here because only 4 of 12 companies carry a meaningful forward EBITDA estimate. The premium end of the range retains its lead even on this forward basis. So what: a lead that survives a forward lens is a stronger signal of durability than one based on trailing figures alone.

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   03 · PUBLIC MARKET VALUATION The Premium End Retains Its Lead After Forecast Growth Is Credited EV / Revenue (CY2027E) · all 11 rated companies, sorted descending · sector median 5.2x · EV/Revenue is the lens because only 4 of 12 names carry a meaningful forward EBITDA · 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 / Revenue on CY2027E consensus (11 of 12 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 / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 8.8x CORE · median 5.2x DISCOUNT · median 2.2x Sector median 5.2x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium-end middle is 8.8x versus 2.2x at the discount end. A forward revenue lens already includes forecast growth, so the remaining spread points to differences in expected durability and platform quality. Recurring mix carries weight. Installed base quality, consumables attach and service revenue give owners a clearer way to frame revenue durability through instrument purchasing cycles. Workflow position matters. Validated methods, proprietary assays and sample-to-answer ownership can support switching costs that a point tool may not carry.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 30% Margin Line Carry 6.4x Against 3.3x Below It

   This slide splits rated companies by growth and margin cohorts to show how each aligns with EV/Revenue.

   We split the rated set at its own covered medians for growth and margin. On margin, names above the 30% EBITDA line carry a median of 6.4x, against 3.3x below it. On growth, the faster-growth cohort sits lower, at 4.6x, than the slower-growth cohort at 6.4x. So what: margin cohort separates valuation more sharply than growth cohort, an association rather than a proven cause.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 30% Margin Line Carry 6.4x Against 3.3x Below It Median EV / Revenue (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=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 7% · EBITDA-margin split at 30% The Faster-Growth Group Sits Lower Among the six names at or above the growth split, valuation sits below the five-name group beneath it. The observed pattern is association, not evidence that growth reduces value. Pull-Through Sharpens Revenue Quality Placement growth is more commercially meaningful when installed base utilisation, consumables reorders and service attach rise alongside it. Workflow Ownership Supports Durability Platforms embedded in validated methods and operating procedures can carry higher switching costs than replaceable components within another provider's workflow. Regulated Migration Changes the Frame Movement from research-use-only into clinical or bioprocessing workflows can broaden demand durability while increasing regulatory and execution requirements.

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    03 · SITUATION MAP

    Value Sits with Revenue That Repeats, and the Four Situations Reach It Different Ways

    This slide places companies into four situations based on EV/Revenue versus the 5.2x median and growth versus the 7% median.

    We cut the rated universe on EV/Revenue against the 5.2x sector median and revenue growth against the 7% covered median, producing four situations. This is an observation of where value sits, not a recommendation to buy or sell any security. Different situations reach durable revenue through different paths. So what: the framework helps identify which lever — mix, pricing or retention — is most relevant for a given company's position.

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    03 · SITUATION MAP Value Sits with Revenue That Repeats, and the Four Situations Reach It Different Ways Cut on EV / Revenue vs the sector median (5.2x) (rows) and revenue growth vs the covered median (7%) (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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Credited and Delivering Above-median multiple · above-median revenue growth 3 names Danaher Corporation (DHR) · 10x Genomics, Inc. (TXG) · Pacific Biosciences of California, Inc. (PACB) The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median revenue growth 3 names Agilent Technologies, Inc. (A) · Revvity, Inc. (RVTY) · Bio-Techne Corporation (TECH) The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median revenue growth 3 names Cytek Biosciences, Inc. (CTKB) · 908 Devices Inc. (MASS) · MaxCyte, Inc. (MXCT) The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median revenue growth 2 names Bruker Corporation (BRKR) · Mesa Laboratories, Inc. (MLAB) Priced as what it is today; ownership, structure and capital-allocation questions dominate.

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    03 · THE AGENDA

    Mix, Pricing and Retention Are the Options That Shift Revenue Toward What Repeats

    This slide frames mix, pricing and retention as the operating questions that shift revenue toward recurring.

    We frame the strategic agenda as three questions: how mix, pricing and retention can shift revenue toward what repeats. These are observations grounded in the cohort data shown earlier, not recommendations. So what: owners and acquirers can use this agenda to prioritize where to focus operating attention next.

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    03 · THE AGENDA Mix, Pricing and Retention Are the Options That Shift Revenue Toward What Repeats 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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Consumables Attach The operating choice is where menu expansion, utilisation and service coverage can raise pull-through from the installed base. What changes the answer: The answer changes when placements rise without corresponding reorder or service activity. Own More of the Workflow Build-versus-buy decisions should test whether an adjacent assay, instrument or service step strengthens sample-to-answer relevance. What changes the answer: The answer changes when customers can replace the product without changing a validated workflow. Advance Regulated Migration The key allocation question is where research-use-only products have a credible path into clinical or bioprocessing demand. What changes the answer: The answer changes when regulatory cost and adoption timing outweigh the expected improvement in revenue durability. Rebalance End-Market Exposure Revenue mix across academic, biopharma, applied and clinical demand shapes sensitivity to funding and capital-budget cycles. What changes the answer: The answer changes when concentration in one funding cycle begins to constrain placement cadence or book-to-bill.

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    SECTION 04

    04

    This is a section divider introducing precedent transaction analysis across platform maturity and strategic context.

    We turn now to precedent transactions, where agreed values vary widely across platform maturity and strategic context. The case studies that follow show why.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Differentiated Assets Agreed values vary widely across platform maturity and strategic context. 04 of 06 Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Agreed Transaction Values Reflect Very Different Strategic Contexts

    This slide presents three case studies from 24 disclosed-terms transactions to illustrate different strategic rationales.

    We highlight three transactions out of 24 with disclosed terms as case studies, with multiples on LTM financials at announcement where disclosed. Recorded EV/Revenue terms for disclosed deals range from 1.1x to 26.6x, reflecting very different strategic contexts. These multiples sit on a different basis than our CY2027E public comparison, so no direct spread is claimed. So what: the transaction record shows that strategic fit, not just financial profile, drives what buyers agree to pay.

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    04 · DEAL CASE STUDIES Agreed Transaction Values Reflect Very Different Strategic Contexts 3 of 24 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. 56 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. 18 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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2025 $1.1B Strive, Inc. Strive, Inc. and Semler Scientific, Inc. set a high revenue reference for the transaction record. EV / LTM revenue 26.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The announced combination suggests Strive, Inc. saw strategic fit with Semler Scientific, Inc. The size of the agreed value indicates a substantial commitment to the combination. HOW THE TARGET WAS VALUED Semler Scientific, Inc. was valued at $1.1B and 26.6x EV/Revenue. That benchmark sits above the public peer set. Jan-2025 $92M Quanterix Corporation Quanterix Corporation paired with Akoya Biosciences, Inc. in a pending platform combination. EV / LTM revenue 1.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests adjacent platform logic between Quanterix Corporation and Akoya Biosciences, Inc. It points to the potential value of broader workflow coverage. HOW THE TARGET WAS VALUED Akoya Biosciences, Inc. was valued at $92M and 1.1x EV/Revenue. That benchmark sits below the middle of the public peer set. Jun-2026 $2M ASP Isotopes Inc. ASP Isotopes Inc. agreed a pending combination with ENDRA Life Sciences Inc. EV / LTM revenue 7.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests ASP Isotopes Inc. saw strategic fit with ENDRA Life Sciences Inc. The pending transaction adds another platform combination to the record. HOW THE TARGET WAS VALUED ENDRA Life Sciences Inc. carries a recorded value of $2M and 7.5x EV/Revenue. The revenue benchmark sits above the middle of the public peer set.

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    SECTION 05

    05

    This is a section divider introducing strategic implications tied to recurring economics and workflow ownership.

    We close the analytical sections with strategic implications: where recurring economics, workflow ownership and regulated migration deserve the next operating dollar.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Recurring Economics Deserve the Next Operating Dollar Pull-through, workflow ownership and regulated migration sharpen positioning. 05 of 06 Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Platforms with Durable Pull-Through Sit Higher in the Range

    This slide sets out the strategic questions this data raises for owners, management teams and boards over the next twelve months.

    We find that platforms with durable pull-through sit higher in the valuation range, based on the patterns shown earlier in this report. These are directional views grounded in the analysis, not recommendations. For owners, the practical test is whether placements convert into utilisation, consumables reorders and service attach. So what: capital and strategic decisions can be sequenced around deepening recurring mix, workflow ownership, regulated migration and end-market balance.

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    05 · STRATEGIC IMPLICATIONS Platforms with Durable Pull-Through Sit Higher in the Range 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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Treat Placements as the Start The commercial test is whether placements lead to utilisation, consumables reorders and service attach. Revenue quality becomes clearer when those economics move together. FOR MANAGEMENT TEAMS Fund the Durable Workflow Capital allocation should distinguish menu expansion that deepens an installed base from product expansion that adds another point tool. FOR BOARDS Choose the Value Pathway The strategic agenda is whether to deepen recurring mix, extend workflow ownership, enter regulated applications or rebalance end-market exposure.

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    SECTION 06

    06

    This is a section divider introducing the full comparables universe, methodology and sources.

    We close with the full universe behind every figure in this report: the comparables, the methodology and the source index.

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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 Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This slide lists all rated public comparables on EV/Revenue (CY2027E), grouped by valuation tier against the 5.2x sector median.

    We show all 11 rated companies here, shaded above or below the 5.2x sector median, plus the 1 company without an eligible multiple. Every ticker links back to its underlying source. So what: this table is the reference point for any comparable-company figure used earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (5.2x); amber marks below · 11 rated companies; 1 not rated (no eligible EV/Revenue) · 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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.4x · median 8.8x · 3 companies 10x Genomics, Inc. TXG Cell and gene therapy enabling platforms $10.8B 15.9x 9% n/a n/a Bio-Techne Corporation TECH Cell and gene therapy enabling platforms $11.4B 8.8x 6% 35% 41 Revvity, Inc. RVTY Research and diagnostics instrument platforms $19.3B 6.4x 5% 31% n/a CORE — 3.2x–6.4x · median 5.2x · 5 companies Agilent Technologies, Inc. A Research and diagnostics instrument platforms $51.2B 6.4x 6% 29% n/a Danaher Corporation DHR Research and diagnostics instrument platforms $175B 6.2x 8% 31% 40 Pacific Biosciences of California, Inc. PACB Lab quality control and sterilisation monitoring… $958M 5.2x 15% n/a n/a 908 Devices Inc. MASS Specialty laboratory instrumentation and calibration… $334M 4.0x 19% n/a n/a Mesa Laboratories, Inc. MLAB Specialty laboratory instrumentation and calibration… $877M 3.3x 5% 25% n/a DISCOUNT — <3.2x · median 2.2x · 3 companies Bruker Corporation BRKR Lab quality control and sterilisation monitoring… $11.2B 3.0x 4% 18% 23 Cytek Biosciences, Inc. CTKB Lab quality control and sterilisation monitoring… $496M 2.2x 7% n/a 9 MaxCyte, Inc. MXCT Cell and gene therapy enabling platforms $35M 0.9x 18% n/a n/a

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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 transactions with disclosed terms here, newest first, drawn from 24 disclosed-terms deals within a broader recorded set of 42. Multiples are LTM at announcement where disclosed, and deal values link to the underlying filing. So what: this is the primary reference for any transaction figure cited earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 24 transactions with disclosed terms in this tier (42 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. 56 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. 18 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 24 transactions shown; the rest are in the companion workbook. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 ASP Isotopes Inc. → ENDRA Life Sciences Inc. $2M 7.5x n/a ASP Isotopes Inc. agreed to acquire ENDRA Life Sciences Inc. at a recorded value of $2M and 7.5x EV/Revenue. The pairing suggests strategic fit between the two businesses. Feb-2026 n/a → Bio-Rad Laboratories, Inc. $9.0B 3.1x 20.1x The announced Bio-Rad Laboratories, Inc. transaction carries a recorded value of $9.0B, 3.1x EV/Revenue and 20.1x EV/EBITDA. Sep-2025 Strive, Inc. → Semler Scientific, Inc. $1.1B 26.6x n/a Strive, Inc. announced a combination with Semler Scientific, Inc. The agreed revenue benchmark sits above the public peer set. Jul-2025 Waters Corporation → Becton, Dickinson and Company (BD Biosciences & Diagnostic Solutions) n/a n/a 19.8x Waters Corporation announced a transaction for Becton, Dickinson and Company (BD Biosciences & Diagnostic Solutions) at 19.8x EV/EBITDA. Apr-2025 KKR & Co. Inc. → Biotage AB n/a n/a 24.5x KKR & Co. Inc. announced a transaction for Biotage AB at 24.5x EV/EBITDA, showing financial buyer participation in the transaction record. Jan-2025 Quanterix Corporation → Akoya Biosciences, Inc. $92M 1.1x n/a Quanterix Corporation agreed to acquire Akoya Biosciences, Inc. The pending combination suggests a platform adjacency thesis. Dec-2024 Deerfield Management Company, L.P. → Singular Genomics Systems, Inc. n/a 14.3x n/a Deerfield Management Company, L.P. announced a transaction for Singular Genomics Systems, Inc. at 14.3x EV/Revenue. Apr-2024 Bruker Corporation → NanoString Technologies, Inc. n/a 2.3x n/a Bruker Corporation announced a transaction for NanoString Technologies, Inc. at 2.3x EV/Revenue, suggesting a fit around adjacent life sciences workflows. Oct-2023 Thermo Fisher Scientific Inc. → Olink Holding AB (publ) $3.1B n/a n/a Thermo Fisher Scientific Inc. announced a transaction for Olink Holding AB (publ) at a recorded value of $3.1B. The pairing suggests interest in expanding assay and workflow coverage.

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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.

    We continue the same list here, completing the disclosed-terms transactions shown across these two pages. Multiples remain LTM at announcement where disclosed, with deal values linking to the underlying filing. So what: together these two pages give the complete disclosed-terms transaction record referenced in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 24 transactions with disclosed terms in this tier (42 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. 56 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. 18 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 24 transactions shown; the rest are in the companion workbook. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2023 Berkeley Lights Inc. → IsoPlexis Corporation n/a 3.0x n/a Apr-2021 DiaSorin S.p.A. → Luminex Corporation n/a 4.1x 21.2x Feb-2019 Danaher Corporation → GE Biopharma n/a 6.7x 17.5x Dec-2018 Teledyne Technologies Incorporated → Roper Technologies, Inc. $33.0B 6.5x n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Pacific Biosciences of California, Inc. → Illumina, Inc. $1.8B 4.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 The Company → Merck KGaA-Flow Cytometry Business n/a 1.7x 19.5x Value shown as recorded in the filing; deal value unit unresolved. May-2016 Thermo Fisher Scientific Inc. → FEI Company n/a n/a 17.7x Apr-2013 Thermo Fisher Scientific Inc. → Life Technologies Corporation n/a 3.9x n/a May-2011 Thermo Fisher Scientific Inc. → Qiagen N.V. n/a 8.3x 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 set out here how this report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in this report links to the record it came from, or the appendix names its source. So what: this page is the reference for verifying any number used earlier in the deck.

    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. Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (11 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Life Sciences Tools and Instruments and it clears the coverage gate with 12 of 12 companies (100%). EV / EBITDA, P / E are carried as a cross-check. A revenue lens is used rather than a profit multiple because forward EBITDA is reported for 4 of 12 companies. DATA QUALITY & EXCLUSIONS 41 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 489 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 (488) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durable Platforms, Recurring Attach and Deeper Workflow Relevance.

    This is the closing slide restating that the premium sits with durable platforms, recurring attach and deeper workflow relevance.

    The premium sits with durable platforms, recurring attach and deeper workflow relevance. Companion tables alongside this deck carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    The Premium Sits with Durable Platforms, Recurring Attach and Deeper Workflow Relevance. NeuraCap AI — Life Sciences Tools and Instruments Coverage September 2026 · Prepared by NeuraCap AI · Confidential Life Sciences Tools and Instruments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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