Total revenue for the fiscal year ended December 31, 2025, increased by 2.1% to $3,436.5 million, up from $3,366.4 million in 2024. The company reported a consolidated net loss attributable to common shareholders of $22.5 million in 2025, a sharp decrease from a net income of $113.1 million in 2024. Operating income plummeted by 73.1% to $68.2 million in 2025, compared to $253.1 million in 2024, with the operating income margin falling to 2.0% from 7.5%. A goodwill impairment charge of $96.5 million was recorded in 2025, primarily affecting the Bruker Spatial Biology (BSB) and Automation (AUT) reporting units. Non-GAAP organic revenue growth showed a decrease of 3.7% in 2025, indicating a decline in underlying business performance excluding currency effects and acquisitions. The company initiated a cost savings initiative in August 2025, targeting annualized cost reductions of approximately $100 million to $120 million by the end of 2026. Key acquisitions in 2025 included Recipe Chemicals + Instruments GmbH (BSI CALID) and AST Revolution, LLC, enhancing capabilities in clinical diagnostic assays and rapid antimicrobial susceptibility testing. In 2024, significant acquisitions included NanoString Technologies (BSI NANO) and ELITechGroup (BSI CALID), contributing to revenue growth but also to increased acquisition-related costs. Net cash provided by operating activities decreased to $134.1 million in 2025 from $251.3 million in 2024, primarily due to lower net income and increased tax payments. Free cash flow decreased significantly to $43.3 million in 2025 from $136.0 million in 2024. The company issued 2,760,000 shares of 6.375% Series A Mandatory Convertible Preferred Stock in September 2025, raising net proceeds of $669.7 million, used to repay outstanding debt. Total outstanding debt as of December 31, 2025, was $1.9 billion, down from $2.06 billion in 2024, following debt repayments. The 2023 Share Repurchase Program, authorizing up to $500.0 million, expired in May 2025, with $10.0 million purchased in 2025 and $359.9 million remaining unutilized.