Danaher (DHR)

The sleeper story is bioprocessing equipment orders turning positive after 2 years - 30%+ growth signals the start of a multi-year investment cycle that the market isn't pricing in yet. Everyone will focus on the respiratory headwind masking 0.5% headline growth, but the core business ex-respiratory actually grew 3% with China finally recovering. The binding constraint is customer readiness on equipment conversion - orders are there but timing remains lumpy based on client implementation capacity. Most revealing quote: Blair saying about China 'we want to get through 2026 here to see that continued positive progression' - more cautious than his confident Q4 language despite better numbers. My view changes if equipment orders don't convert to revenue by Q3 or if China momentum stalls in Q2.