Looking back on research tools & consumables stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Danaher (NYSE: DHR) and its peers.

The life sciences subsector specializing in research tools and consumables enables scientific discoveries across academia, biotechnology, and pharmaceuticals. These firms supply a wide range of essential laboratory products, ensuring a recurring revenue stream through repeat purchases and replenishment. Their business models benefit from strong customer loyalty, a diversified product portfolio, and exposure to both the research and clinical markets. However, challenges include high R&D investment to maintain technological leadership, pricing pressures from budget-conscious institutions, and vulnerability to fluctuations in research funding cycles. Looking ahead, this subsector stands to benefit from tailwinds such as growing demand for tools supporting emerging fields like synthetic biology and personalized medicine. There is also a rise in automation and AI-driven solutions in laboratories that could create new opportunities to sell tools and consumables. Nevertheless, headwinds exist. These companies tend to be at the mercy of supply chain disruptions and sensitivity to macroeconomic conditions that impact funding for research initiatives.

The 9 research tools & consumables stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was in line.

While some research tools & consumables stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.6% since the latest earnings results.

Danaher (NYSE: DHR)

Born from a real estate investment trust that transformed into a manufacturing powerhouse, Danaher (NYSE: DHR) is a global science and technology company that provides specialized equipment, software, and services for biotechnology, life sciences, and diagnostics.

Danaher reported revenues of $5.95 billion, up 3.7% year on year. This print fell short of analysts’ expectations by 0.8%. Overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates but a slight miss of analysts’ revenue estimates.

Unsurprisingly, the stock is down 11.4% since reporting and currently trades at $173.29.

Read our full report on Danaher here, it’s free.

Best Q1: Waters Corporation (NYSE: WAT)

Founded in 1958 and pioneering innovations in laboratory analysis for over six decades, Waters (NYSE: WAT) develops and manufactures analytical instruments, software, and consumables for liquid chromatography, mass spectrometry, and thermal analysis used in scientific research and quality testing.

Waters Corporation reported revenues of $1.27 billion, up 91.5% year on year, outperforming analysts’ expectations by 5.3%. The business had a very strong quarter with an impressive beat of analysts’ organic revenue estimates and revenue guidance for next quarter exceeding analysts’ expectations.

Waters Corporation achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 13% since reporting. It currently trades at $341.05.

Is now the time to buy Waters Corporation? Access our full analysis of the earnings results here, it’s free.

Revvity (NYSE: RVTY)

Formerly known as PerkinElmer until its rebranding in 2023, Revvity (NYSE: RVTY) provides health science technologies and services that support the complete workflow from discovery to development and diagnosis to cure.

Revvity reported revenues of $686.9 million, up 9.3% year on year, falling short of analysts’ expectations by 2.6%. It was a softer quarter as it posted full-year revenue and EPS guidance missing analysts' estimates.

Revvity delivered the weakest performance against analyst estimates and weakest full-year guidance update in the group. Interestingly, the stock is up 10.3% since the results and currently trades at $95.44.

Read our full analysis of Revvity’s results here.

Thermo Fisher (NYSE: TMO)

With over 14,000 sales personnel and a portfolio spanning more than 2,500 technology manufacturers, Thermo Fisher Scientific (NYSE: TMO) provides scientific equipment, reagents, consumables, software, and laboratory services to pharmaceutical, biotech, academic, and healthcare customers worldwide.

Thermo Fisher reported revenues of $11.01 billion, up 6.2% year on year. This number surpassed analysts’ expectations by 1.5%. Taking a step back, it was a satisfactory quarter as it also logged a narrow beat of analysts’ revenue estimates but organic revenue in line with analysts’ estimates.

The stock is down 12.5% since reporting and currently trades at $449.63.

Read our full, actionable report on Thermo Fisher here, it’s free.

Avantor (NYSE: AVTR)

With roots dating back to 1904 and embedded in virtually every stage of scientific research and production, Avantor (NYSE: AVTR) provides mission-critical products, materials, and services to customers in biopharma, healthcare, education, and advanced technology industries.

Avantor reported revenues of $1.58 billion, flat year on year. This print beat analysts’ expectations by 2.7%. Overall, it was a very strong quarter as it also logged a solid beat of analysts’ revenue estimates.

The stock is flat since reporting and currently trades at $7.86.

Read our full, actionable report on Avantor here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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