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Agilent (A) Enhances BioTek Cytation C10 With New Technology

Agilent Technologies A is enhancing its BioTek product line on the back of portfolio expansions and technology upgrades.

Notably, Agilent enhanced the BioTek Cytation C10 confocal imaging reader with the addition of water immersion and confocal spinning disk technology.

Further, the water immersion technology can be used in light microscopy to increase numerical aperture, reduce z-axis distortion, and improve image quality by placing water between the objective lens and sample.

Additionally, the technology aids researchers in reducing exposure times in live-cell applications, thereby reducing the traditional phototoxic effects associated with these experiments.

Moreover, this addition offers a deep-sectioning spinning disk technology, enhancing microscopic images by blocking out-of-focus light, resulting in clearer, more quantitative results.

Agilent is anticipated to gain significant traction among researchers utilizing live-cell and 3D applications on the back of its latest move.

Agilent Technologies, Inc. Price and Consensus

Agilent Technologies, Inc. Price and Consensus
Agilent Technologies, Inc. Price and Consensus

Agilent Technologies, Inc. price-consensus-chart | Agilent Technologies, Inc. Quote

Growth Prospects

The latest move positions the company well to strengthen its footing in the global microplate reader and live cell imaging markets.

Per a Grand View Research report, the global microplate reader market is expected to grow at a CAGR of 7.6% during the forecast period 2023-2030.

A Mordor Intelligence report indicates the global live cell imaging market size will reach $2.95 billion by 2028, exhibiting a CAGR of 7.06% between 2023 and 2028.

We believe the company’s solid prospects in these promising markets are expected to instill investor optimism in the stock.

However, the company has been suffering from macroeconomic uncertainties, weak momentum in China, rising inflationary pressure and geo-political tensions.

Agilent has lost 13.9% in the year-to-date period against the industry’s growth of 0.9%.

ACG Segment in Focus

The latest move bodes well for the company’s growing efforts toward bolstering its Agilent CrossLab Group (ACG) segment.

Notably, Agilent Technologies launched Gen6 software for all Agilent BioTek detection instruments, offering automated optimization tools and improved navigation through built-in data analysis functions.

Further, the company introduced the Agilent BioTek 406 FX washer dispenser, a compact tool that combines reagent dispensing and plate-washing, suitable for automated systems and benchtop use.

All the abovementioned endeavors are likely to aid the performance of the ACG segment in the days ahead.

In fourth-quarter fiscal 2023, the ACG segment revenues increased 6% year over year to $404 million, accounting for 24% of total revenues.

Our model projects fiscal 2024 ACG segment revenues at $1.64 billion, indicating growth of 4.7% from 2022.

Strong momentum in the underlined segment will likely aid its overall financial performance in the upcoming period.

Zacks Rank & Stocks to Consider

Currently, Agilent carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader technology sector are Badger Meter BMI, Arista Networks ANET and Adobe ADBE. While Badger Meter currently sports a Zacks Rank #1 (Strong Buy), Arista Networks and Adobe carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Badger Meter have gained 37.8% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 20.39%.

Shares of Arista Networks have surged 75.9% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 19.77%.

Shares of Adobe have gained 84.3% in the year-to-date period. ADBE’s long-term earnings growth rate is currently projected at 13.54%.

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