Excellere Partners and GHO Capital Partners LLP completed the sale of Biocare Medical to Agilent Technologies, Inc. on June 25, 2026. Biocare Medical is a global leader in immunohistochemistry (IHC), in situ hybridization (ISH), and fluorescence in situ hybridization (FISH) solutions. The transaction combines two businesses with aligned strategies in life sciences and diagnostics to enhance market access and innovation.

During the ownership of Excellere and GHO, Biocare delivered annual double-digit revenue and profitability growth. The company strengthened its core IHC business and expanded into molecular diagnostics through acquisitions. Additionally, the executive leadership team was reinforced, and the firm established strong commercial, regulatory, and R&D capabilities.

Strategic Alignment and Future Outlook

Agilent's acquisition of Biocare is expected to unlock greater market access and provide enhanced customer support. The combination aims to accelerate innovation for Biocare's customers worldwide. In a joint statement, Excellere and GHO highlighted the transaction as a significant milestone that resulted in a company with genuine transatlantic reach and a leading position in IHC solutions.

Key Stakeholders

Excellere Partners specializes in growth recapitalizations and management buyouts with $2.3 billion of committed capital. GHO Capital, based in London, is a specialist healthcare investment advisor. In May 2026, GHO Capital announced its combination with CBC Group, aiming to create the world’s largest dedicated healthcare investment manager with over $21 billion in assets under management, subject to regulatory approvals.

Agilent Technologies reported revenue of $1.83 billion for the second quarter of fiscal year 2026, representing a 6.3% increase on a core basis and exceeding guidance by 80 basis points. The company's operating margin improved to 26.4%, a year-over-year increase of 130 basis points, driven by the impact of its IGNITE operating system. Earnings per share grew 14% year-over-year to $1.49, surpassing the high end of guidance by $0.07.

Financial Performance

The strong performance was broad-based across the company's largest end markets, supported by continued replacement cycle momentum, innovation-led share gains, and improving operational execution. Agilent delivered at or above its long-term plan on all metrics, including revenue growth, margin expansion, and EPS growth. The IGNITE operating system contributed approximately 200 basis points of pricing in Q2, putting the company on a path to exceed its initial full-year goal of 100 basis points.

Segment and Regional Growth

At a business segment level, the Agilent Measurement Group (AMG) revenue grew 11% on a core basis, led by double-digit performance in spectroscopy and the Transportation Security Administration (TSA) airport security contract. The Life Sciences and Diagnostics Group (LDG) revenue grew 9% on a core basis, driven by low double-digit growth in LC and LC-MS and the cancer diagnostics business. The Agilent Cross Lab Group (ACG) grew 2% on a core basis, in line with guidance.

Geographically, the Americas saw the strongest results with 11% revenue growth. Europe and Asia ex-China revenue grew high single digits. China declined 9% in the quarter but was roughly flat on a first-half basis, in line with full-year guidelines.

Strategic Initiatives and Outlook

Agilent announced plans to build a China Innovation Center to enhance R&D capabilities in digital, AI, and automation. The company also announced the acquisition of Biocare, expected to enhance the cancer diagnostics segment. Management highlighted the transformative impact of the IGNITE operating system on supply chain resilience and strategic pricing.

Based on the strong performance, Agilent raised its full-year fiscal year 2026 revenue guidance to a range of $7.39 billion to $7.49 billion on a reported basis, representing growth of 4.5% to 6% on a core basis. The company increased its full-year EPS guidance to $6.00 to $6.10, an increase of $0.08 at the midpoint. For the third quarter, Agilent expects reported revenue to be in the range of $1.83 billion to $1.85 billion, with EPS guidance of $1.48 to $1.50.