Thermo Fisher Scientific (TMO) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup into Q2 2026 is constructive — consensus is a manageable bar, management guided explicitly to ~3% organic growth for the quarter, and the step-up from Q1 is well-explained by selling-day normalization and an easier analytical instruments comparable. The biggest swing factor is whether pharma services revenue phasing accelerates as guided, or whether customer project timing (as seen at Danaher) creates another quarter of noise.

Heading into Q2 2026, TMO's setup is arguably the most straightforward it has been in several quarters. Management guided explicitly to ~3% organic revenue growth for Q2 on the April 23 earnings call, citing two specific tailwinds versus Q1: the absence of the one-day selling-day headwind that weighed on Q1 organic growth, and a materially easier comparable in the analytical instruments segment. Consensus sits at $11.72B in revenue and $5.76 in adjusted EPS, both broadly in line with the company's own phasing guidance, suggesting the bar is neither stretched nor sandbagged. Estimate revisions have been modestly negative since the Q1 print — adjusted EPS for Q2 has drifted from $5.77 to $5.76 — reflecting the market's cautious posture on organic growth acceleration rather than any fundamental deterioration. The stock has recovered sharply from its post-Q1 lows (down ~6% on April 23 despite a beat) and is now up ~13% over the past month, with multiple expansion accounting for the bulk of the move; at ~20x NTM P/E, the stock is not pricing in a miss but is also not demanding a blowout. The key wildcard is bioprocessing revenue timing: Danaher flagged ~$50–60M of chromatography resin shipments slipping out of Q2/Q3 due to customer production schedule changes — if similar dynamics hit TMO's pharma services segment, the organic growth ramp could disappoint even if underlying demand (orders, authorizations) remains healthy.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a manageable bar — revenue of $11.72B implies ~8% reported growth and ~3% organic, exactly in line with management's Q2 phasing guidance. Adjusted EPS of $5.76 is the bigger swing factor: the $0.25–0.30 step-up from Q1's $5.44 is driven by operating leverage and mix, and any shortfall in pharma services revenue would compress it disproportionately.

Table 1 — Current Quarter Snapshot (Q2 2026)

Source: Visible Alpha Consensus and Actuals Data. Q2 2026 guidance per TMO Q1 2026 earnings call (April 23, 2026). Organic growth consensus derived from VA consensus series.

Table 2 — Beat/Miss History (Last 8 Quarters, Top 2 KPIs)

Total Revenue

Adjusted EPS (Diluted — Operating)

Pattern: TMO has beaten revenue consensus in 6 of the last 7 reported quarters and adjusted EPS in all 7, with EPS beats consistently running 1–5% above consensus. The one revenue miss (Q3 2024) was modest at -0.5%. This track record sets a high implicit expectation for Q2 2026. Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance has been raised once since the original FY2026 framework — at the Q1 2026 earnings call on April 23 — incorporating the Clario acquisition and strong Q1 operational performance. The May 20 Investor Day reaffirmed the raised guidance without further changes. Tone is constructive but measured: management is confident in the organic growth ramp but has embedded a placeholder for Middle East-related inflation risk.

Source: TMO Q1 2026 Earnings Call transcript (April 23, 2026); TMO Investor Day transcript (May 20, 2026); Visible Alpha Consensus and Actuals Data.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have drifted modestly lower since the Q1 print — Q2 adjusted EPS consensus has slipped from $5.77 to $5.76 and FY2026 EPS from $24.86 to $24.85 — reflecting the market's cautious stance on organic growth acceleration rather than any guidance cut. Estimates are tracking guidance closely, with consensus sitting at or slightly above the midpoint of management's ranges on all key metrics.

Estimates have been remarkably stable since the Q1 print, with virtually no revision in either direction. The market appears to be treating management's Q2 phasing guidance as the anchor, with consensus sitting at or just above the implied midpoints. The gap between consensus organic growth (~3.2% for FY) and the guidance midpoint (3.5%) represents modest conservatism — a cushion if end markets continue to improve, or a risk if the H2 ramp disappoints. Source: Visible Alpha Consensus and Actuals Data; TMO Q1 2026 Earnings Call (April 23, 2026).

5. Stock Performance

Key Takeaway: The stock's +13% recovery over the past month has been driven almost entirely by multiple re-expansion (EV/EBITDA from ~16.3x to ~18.0x) rather than estimate revisions, which have been flat. The post-Q1 selloff (stock fell ~6% on April 23 despite a beat) created a valuation entry point that the market has since partially closed.

Since the Q1 2026 earnings print on April 23, TMO has underperformed XLV (Health Care Select Sector SPDR) and the S&P 500 on a cumulative basis, though the gap has narrowed materially in recent weeks. The stock fell sharply on earnings day despite beating on both revenue and EPS, as investors focused on the organic growth ramp required in H2 and the Middle East inflation placeholder embedded in guidance. From the April 23 close of $466.70, TMO declined to a trough of ~$438 in mid-May before recovering to $526 as of July 22 — a net gain of ~+13% from the earnings date. Over the same period, XLV gained ~+9% and the S&P 500 gained ~+5%, meaning TMO has outperformed both benchmarks over the full post-earnings window despite the initial selloff. The 1-month performance of +13.5% is almost entirely explained by multiple expansion (EV/EBITDA +10.6%), with estimate revisions contributing negligibly. At 18x NTM EV/EBITDA and 20x NTM P/E, TMO is trading near the lower end of its historical range, suggesting the market has not yet fully priced in the organic growth acceleration management is guiding toward.

Key events since April 23, 2026:

• April 23, 2026: Q1 2026 earnings — beat on revenue and EPS; stock fell ~6% as investors focused on organic growth ramp and Middle East inflation risk.
• Late April 2026: Announced agreement to divest microbiology business for ~$1.1B; expected to close H2 2026.
• May 20, 2026: Investor Day — reaffirmed FY2026 guidance; provided long-term framework (7% organic CAGR from 2028+, 40–50 bps annual margin expansion, low-teens EPS/FCF growth); announced first autonomous instruments to be deployed H2 2026 via NVIDIA partnership. Stock recovered ~+8% in the two weeks following.
• July 21, 2026: Danaher (DHR) reported Q2 2026 results — beat on EPS, raised FY guidance, but flagged ~$100M+ of bioprocessing revenue push-outs. DHR stock fell ~11%. TMO was modestly lower in sympathy but recovered.

Stock performance data source: Yahoo Finance (Stock Price Data). Valuation multiples source: NTM consensus multiples as of July 22, 2026.

6. Material News & Developments

Key Takeaway: The most important development since Q1 earnings is the May 20 Investor Day, which provided the clearest articulation yet of TMO's long-term AI and reshoring thesis and reaffirmed guidance — a meaningful de-risking event. The Danaher Q2 print (July 21) is the most relevant near-term read-through, with mixed implications for TMO's bioprocessing segment.

• July 21, 2026 — Danaher Q2 2026 Results (Peer Read-Through): DHR reported Q2 revenue of $6.3B (+5.5% YoY) and raised FY2026 adjusted EPS guidance to $8.45–$8.60. Life sciences delivered its "strongest quarter in several years." However, DHR flagged ~$50–60M of chromatography resin shipments slipping out of Q2/Q3 due to customer production schedule changes, with >$100M shifting out of the full year.
• Implication: Underlying bioprocessing demand is healthy (mid-teens order growth), but revenue timing risk is real. TMO's pharma services segment faces similar dynamics.
• July 22, 2026 — Repligen (RGEN) Preliminary Q2 Results: RGEN pre-released ~12% reported / 13% organic revenue growth for Q2 2026, with strong year-over-year margin expansion. Management expressed confidence in the back half of 2026.
• Implication: Positive read-through for bioprocessing demand broadly; RGEN's strong Q2 suggests the market is not uniformly experiencing the timing issues flagged by DHR.
• May 20, 2026 — TMO Investor Day: Reaffirmed FY2026 guidance. Provided long-term framework: 3–6% organic growth in 2026–2027, returning to 7% organic CAGR from 2028+, with 40–50 bps annual margin expansion and low-teens adjusted EPS/FCF growth. Announced first autonomous instruments via NVIDIA partnership to be deployed H2 2026. Highlighted $0.5T+ in biopharma U.S. manufacturing commitments as a multi-year tailwind. Confirmed microbiology divestiture (~$1.1B) expected to close H2 2026.
• Implication: Significant de-risking event; long-term framework is credible and well-articulated. AI and reshoring tailwinds are real and multi-year.
• Late April 2026 — Microbiology Business Divestiture Announced: TMO entered an agreement to divest its microbiology business for ~$1.1B. Transaction expected to close H2 2026.
• Implication: Portfolio simplification; proceeds likely to be redeployed toward M&A or buybacks. Modest revenue headwind (~$275M annualized) offset by margin improvement.
• Q1 2026 (April 23, 2026) — Clario Acquisition Closed: TMO completed the $9B acquisition of Clario (endpoint data solutions for clinical trials) in late March 2026. Clario contributed modestly to Q1 revenue and is expected to add $900M to FY2026 revenue and $0.32 to adjusted EPS.
• Implication: Strengthens the clinical research (CRO) bundled offering ("Accelerator"); accretive to margins and EPS from day one. Integration is the key execution risk.
• Q1 2026 — NVIDIA Strategic Collaboration Announced: TMO announced a collaboration with NVIDIA to combine laboratory technologies with NVIDIA's AI capabilities. First autonomous instruments expected to be deployed to customers in H2 2026.
• Implication: Positions TMO at the intersection of AI and life science instrumentation; potential to accelerate instrument replacement cycles and expand addressable market.
• Q1 2026 — CFO Transition: Jim Meyer assumed the CFO role, replacing Stephen Williamson. Transition was managed with support from both Marc Casper and Stephen Williamson.
• Implication: Execution risk is low given the managed transition, but investors will be watching for any change in financial communication style or guidance philosophy.

7. Peer Commentaries & Read-Throughs (Last 60 Days)

Key Takeaway: Peer commentary since TMO's Q1 earnings is broadly constructive for the Q2 setup: Danaher's life sciences segment delivered its strongest quarter in several years, Repligen pre-released 13% organic growth, and Waters flagged accelerating China pharma demand. The primary caution is bioprocessing revenue timing — DHR flagged >$100M of push-outs — which is the most direct read-through risk for TMO's pharma services segment.

Note: Only commentary about Q2 2026 (current reporting quarter), forward 2026 outlook, or post-Q1 earnings observations is included below. Prior-quarter-only commentary has been excluded.

Danaher (DHR) — Q2 2026 Earnings (July 21, 2026)

Relevance: DHR is TMO's closest large-cap peer across life sciences tools, bioprocessing, and diagnostics. Q2 2026 results are the most direct and timely read-through available.

• Life Sciences: Strongest quarter in several years. DHR's life sciences segment delivered core revenue growth of +5.5% in Q2, described as "the strongest quarter in several years." Investment from large pharma and biopharma customers "continued to strengthen," and biotech demand "benefited from a more favorable funding environment." Academic demand "improved modestly as the quarter progressed, but remained below normal levels." DHR raised its full-year life sciences guide, citing faster-than-expected market recovery.
• TMO Read-Through: Strongly positive for TMO's Life Sciences Solutions segment and pharma/biotech end markets. The improving biotech funding environment is a direct tailwind for TMO's bioproduction and clinical research businesses.
• Bioprocessing: Revenue timing risk is real. Bioprocessing revenue grew only low single digits in Q2, with consumables below expectations due to "a few large chromatography resin shipments that were slated primarily for Q2 and Q3 mov[ing] out of the year" due to "production schedule changes and site readiness challenges" at large commercial manufacturers. The impact was ~500 bps on bioprocessing growth in Q2, or ~$50–60M. Total push-outs for the year exceeded $100M. Despite this, underlying demand was "very healthy," with mid-teens order growth in both consumables and equipment. DHR guided to mid-single-digit bioprocessing growth in Q3 and mid-to-high single digits in Q4.
• TMO Read-Through: Mixed. The underlying demand signal (mid-teens orders) is positive for TMO's pharma services and bioproduction segments. However, the revenue timing risk is directly applicable — if similar push-outs occur at TMO's large commercial bioprocessing customers, pharma services revenue could disappoint even with healthy order trends. This is the single most important read-through from DHR for TMO's Q2 print.
• Diagnostics: Solid, with China moderating. Core diagnostics revenue grew +2% (+5% ex-respiratory). Clinical diagnostics were up mid-single digits globally, with high single-digit growth outside China. China declines "began to moderate as pricing stabilized and volumes improved in molecular diagnostics." DHR guided to ~5% core diagnostics growth (ex-respiratory) in Q3.
• TMO Read-Through: Modestly positive for TMO's Specialty Diagnostics segment. China stabilization is consistent with TMO's own guidance assumption of no meaningful China growth but potential upside.
• China: Mid-single-digit growth. DHR reported mid-single-digit core revenue growth in China in Q2, with pharma and biotech performing well.
• TMO Read-Through: Positive. TMO guided to no meaningful China growth for FY2026, so any improvement is upside. DHR's mid-single-digit China growth suggests the market is recovering faster than TMO's conservative assumption.
• Full-Year Outlook: Raised EPS guidance, maintained 3–4% core revenue growth. DHR raised FY2026 adjusted EPS guidance to $8.45–$8.60 (from $8.35–$8.55) and maintained full-year core revenue growth of 3–4%. Management expects to "exit 2026 at a mid-single-digit core revenue growth rate."
• TMO Read-Through: Positive for the broader life sciences tools sector. DHR's confidence in exiting 2026 at mid-single-digit growth is consistent with TMO's own H2 acceleration thesis.

Repligen (RGEN) — Preliminary Q2 2026 Results & BioLife Acquisition Call (July 22, 2026)

Relevance: RGEN is a pure-play bioprocessing tools company with significant overlap with TMO's bioproduction and Life Sciences Solutions segments. Its preliminary Q2 results are the most recent data point on bioprocessing demand.

• Q2 2026 Preliminary Results: 13% organic growth, strong margins. RGEN pre-released approximately 12% reported and 13% organic revenue growth for Q2 2026, with strong year-over-year margin expansion. Management stated the company has "momentum" and is "excited about the back half of the year." RGEN has met or beaten consensus revenue for 12 consecutive quarters.
• TMO Read-Through: Strongly positive. RGEN's 13% organic growth in Q2 stands in sharp contrast to DHR's bioprocessing revenue timing issues, suggesting the push-outs are customer-specific rather than a broad market phenomenon. This is encouraging for TMO's pharma services and bioproduction segments.
• Cell Therapy: Growing >20% YTD, 8 global approvals in H1 2026. RGEN's cell therapy business grew more than 20% year-to-date in 2026. Eight cell therapy approvals occurred globally in H1 2026 (including two in the U.S.). The cell therapy market is projected to grow at a 23% CAGR through the end of the decade.
• TMO Read-Through: Positive for TMO's cell and gene therapy-related offerings within Life Sciences Solutions and pharma services. The accelerating approval cadence supports sustained demand for manufacturing tools and consumables.
• China Bioprocessing: "Booming." RGEN management described the China bioprocessing market as "booming," noting it "happened even faster than I would have thought." Significant licensing deals between U.S. and Chinese pharma companies (BMS ~$15B, Pfizer ~$10B) are driving demand. RGEN noted that 40% of the 1,100+ cell therapy products in development globally are being developed in China.
• TMO Read-Through: Positive for TMO's China pharma/biotech exposure. TMO has guided to no meaningful China growth for FY2026, so any acceleration is upside. RGEN's commentary suggests the China pharma/biotech market is recovering faster than most companies have assumed.
• No push-outs flagged. When asked directly about the bioprocessing push-outs flagged by a "larger peer" (DHR), RGEN management declined to comment in detail ahead of its July 28 earnings call but noted it "delivered a fantastic quarter" and feels "even better than we were feeling probably a quarter ago."
• TMO Read-Through: Incrementally positive. RGEN's implicit denial of similar push-out dynamics reduces the probability that DHR's issues are sector-wide.

Waters Corporation (WAT) — Jefferies Global Healthcare Conference (June 3, 2026)

Relevance: WAT is a life science tools peer with significant pharma/biotech and China exposure. Its June 3 conference commentary provides a mid-quarter read on Q2 2026 demand trends.

• China Pharma: Accelerating toward high single digits. WAT CEO Udit Batra stated that while the company modeled mid-single-digit China growth in guidance, he sees "no reason why it shouldn't start to traverse towards high single digits by the time of the year ends," particularly in pharma, biotech, academic institutions, and microbiology. China pharma grew over 50% in Q1 for WAT, driven by local biotech and CDMOs — described as a "secular trend."
• TMO Read-Through: Positive for TMO's China pharma/biotech exposure. WAT's 50%+ China pharma growth in Q1 and improving trajectory into Q2 is consistent with TMO's own observation of incremental positivity in China pharma/biotech.
• Q2 2026 Chemistry Business: ~4% growth expected. WAT guided to ~4% chemistry growth in Q2, noting a $10M pull-forward headwind from China in Q2 2025. Adjusting for this, the underlying growth rate would be in the "high single-digit, double-digit domain."
• TMO Read-Through: Modestly positive for TMO's analytical instruments and chromatography/mass spectrometry businesses. Underlying demand appears healthy despite headline growth moderation from prior-year comparables.
• Pharma: Mid-teens growth in Q1, strong momentum. WAT reported mid-teens pharma growth in Q1, with high single-digit growth in the U.S. and Europe driven by large pharma and new products.
• TMO Read-Through: Positive for TMO's pharma/biotech end market. Large pharma spending on analytical tools remains robust.
• Derisking H2: Cautious despite strong Q1. Despite beating Q1 guidance by ~$60M on revenue and delivering ~20% EPS growth, WAT chose to "derisk the second half of the year" in its guidance.
• TMO Read-Through: Neutral. Suggests a general prudence among life science tools companies even when performing well — consistent with TMO's own conservative guidance posture.

Agilent Technologies (A) — Jefferies Global Healthcare Conference (June 3, 2026)

Relevance: Agilent is a life science tools and analytical instruments peer. Its June 3 commentary provides a mid-quarter read on pharma/biotech demand, China, and the reshoring opportunity.

• Reshoring: Strong quoting activity, benefit in 2027. Agilent CEO Padraig McDonnell noted that MFN deals have "removed the big overhang from our customers" and that reshoring quoting activity for 2027 is "progressing very well." However, the benefit to Agilent is not expected in 2026 — the typical 12–18 month lag pushes the revenue impact to 2027.
• TMO Read-Through: Positive for TMO's long-term reshoring thesis (TMO is more directly exposed via its CDMO/pharma services capacity), but confirms the 2026 revenue contribution from reshoring is limited. TMO's Investor Day highlighted $0.5T+ in biopharma U.S. manufacturing commitments as a multi-year tailwind.
• China: Stable, SAMR stimulus delayed to 2027. Agilent described China as "stable" but noted the SAMR stimulus ($50M opportunity, ~30% win rate) has been delayed from 2026 to 2027. Funding is expected to materialize in Q3, bidding in Q4, and orders/revenue in Q1 2027.
• TMO Read-Through: Neutral. TMO has not embedded meaningful China growth in its 2026 guidance, so the SAMR delay is not a direct risk. However, it confirms that government-driven China stimulus is a 2027 story, not 2026.
• Book-to-Bill >1 for 9 consecutive quarters. Agilent's book-to-bill has exceeded 1 for nine consecutive quarters, indicating sustained order momentum.
• TMO Read-Through: Positive for the broader life science tools demand environment. Sustained book-to-bill >1 across peers supports TMO's own strong clinical research authorization trends.
• Biotech Funding Benefit: 2027, not 2026. Despite $40B+ deployed in small/mid-cap biotech through April, Agilent does not expect the revenue benefit in 2026 due to the typical 12–18 month lag.
• TMO Read-Through: Neutral for Q2 2026 specifically. TMO's clinical research business (which benefits from biotech funding) has a shorter lag given its CRO model, but the broader point about funding-to-revenue timing is relevant.

Repligen (RGEN) — William Blair Growth Stock Conference (June 3, 2026)

Relevance: RGEN's June 3 conference commentary provides a mid-quarter read on bioprocessing demand, China, and order trends heading into Q2 2026.

• Q2 2026 Order Trends: "Very strongly" continuing. RGEN CEO Olivier Loeillot stated that after a "massive order intake in Q4 2025" and a "nice acceleration in the second half of Q1," order trends have "kept on going very strongly so far in quarter 2." RGEN expressed confidence in delivering at least the midpoint of Q2 guidance without needing any improvement in current conditions.
• TMO Read-Through: Positive. Strong bioprocessing order trends in Q2 are a direct positive read-through for TMO's bioproduction and pharma services segments.
• China Bioprocessing: "Booming." RGEN described the China bioprocessing market as rebounding "really, really fast" — "even faster than I would have thought." Significant U.S.-China pharma licensing deals (BMS ~$15B, Pfizer ~$10B) are driving demand.
• TMO Read-Through: Positive for TMO's China pharma/biotech exposure. Consistent with TMO's own incremental positivity on China pharma/biotech noted at the Q1 earnings call.
• Capital Equipment Funnel: >20% higher than a year ago. RGEN's hardware opportunity funnel is "more than 20% higher than a year ago," representing a potential $500M hardware opportunity over the next 3–5 years. Customers are "waiting to make a decision."
• TMO Read-Through: Positive for TMO's analytical instruments and bioproduction equipment businesses. The large and growing funnel suggests significant pent-up demand that could convert to revenue as customers gain confidence in the macro environment.
• Gene Therapy: Early positive signals. RGEN noted "really positive signals on the gene therapy side," including 2 FDA approvals in Q1 2026 and new FDA guidance to potentially accelerate gene therapy drug approvals. More than 50% of Big Pharma pipelines are in new modalities.
• TMO Read-Through: Positive for TMO's cell and gene therapy-related offerings. Regulatory tailwinds and pipeline depth support sustained demand for manufacturing tools.

Bio-Rad Laboratories (BIO) — Jefferies Global Healthcare Conference (June 3, 2026)

Relevance: Bio-Rad is a life science tools and diagnostics peer with significant academic/government and biopharma exposure. Its June 3 commentary provides a more cautious counterpoint to the generally positive peer read-throughs above.

• Overall Macro: "Awfully choppy." Bio-Rad CFO Roop Lakkaraju characterized end markets as "awfully choppy" and "evolving as we speak," with customers "cautious in terms of how they spend the money." BIO does not expect a catch-up in spending and anticipates caution to "continue through the rest of the year."
• TMO Read-Through: Cautionary. Bio-Rad's more negative tone is a reminder that the demand recovery is uneven across the sector. TMO's broader portfolio and trusted partner status may insulate it better than smaller peers, but the macro caution is real.
• Academic/Government (U.S.): No catch-up expected. Despite NIH funding being +1%, BIO noted that the methodology for cascading grants has changed, the amount of new grants is "at a lower level than historically," and customers remain cautious. BIO does not expect a spending catch-up over the summer.
• TMO Read-Through: Consistent with TMO's own guidance assumption of "greater stability but not a return to normal" in academic/government. No upside surprise expected from this end market in Q2.
• Biopharma: Later-stage strong, early-stage soft. BIO observed that later-stage biopharma (closer to commercial realization) is receiving funding and showing activity, while "earlier-stage discovery" remains soft. BIO's customer base is "a bit more skewed towards that discovery stage."
• TMO Read-Through: Mixed. TMO's pharma services and clinical research businesses are more exposed to later-stage development (positive), while its life science reagents and biosciences businesses have more early-stage exposure (cautionary).
• Middle East: Material headwind. BIO noted the Middle East is "as big as China" for its business and has been significantly impacted by the conflict. BIO pulled down its Middle East expectations for the rest of the year.
• TMO Read-Through: Relevant. TMO embedded a Middle East inflation placeholder in its Q1 guidance. BIO's commentary suggests the revenue impact (not just cost inflation) could be more significant than TMO has guided for.
• China: Relatively stable. BIO described China as "relatively stable" for both tools and diagnostics, with localization efforts expected to drive incremental growth opportunities.
• TMO Read-Through: Consistent with TMO's guidance assumption. Stability is the base case; any improvement is upside.

Peer Commentary Summary Table

8. Insider Transaction Activity

Key Takeaway: Insider activity since the Q1 earnings print is minimal — a single 10b5-1 planned sale by the President & COO. There are no open-market buys or discretionary sales, and no clustered selling that would signal concern. The absence of insider buying is unremarkable given the stock's recovery from post-earnings lows.

Source: SEC Form 4 Filings (filed April 29, 2026). Only open-market buys and sells (Form 4 codes P/S) and 10b5-1 plan transactions are included. No other insider transactions were filed in the 60-day window prior to July 22, 2026.

The single 10b5-1 planned sale by the President & COO is routine and obligation-driven — not a discretionary signal. The absence of any open-market buying or unusual selling activity is consistent with a management team that is confident in the business but not signaling any particular urgency to add exposure at current prices.