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Veralto
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Partnerships
Municipal Water Authorities
Veralto partners with municipal water authorities and regional governments to meet evolving environmental regs, supporting deployment of treatment and analysis tech across public systems; in 2024 these collaborations covered projects serving ~8.3 million people and generated $145M in contracted recurring revenue, securing multi-year contracts (5–15 years) that stabilize cash flow and shape future water-safety standards.
Global Distribution Partners
Strategic alliances with third-party distributors let Veralto reach niche markets and remote regions, adding local expertise and logistics that grew consumable sales by 28% and equipment revenue by 18% in 2024; partners now handle distribution in 45 countries and support a 60% repeat-purchase rate for test strips and reagents. This network is critical to sustaining high-volume consumable turnover and expanding product-identification and water-quality brand presence.
Technology and Software Providers
Collaborations with cloud and IoT platform providers (AWS, Microsoft Azure, Siemens MindSphere) let Veralto embed advanced digital functions into its hardware, enabling remote monitoring and predictive maintenance that cut customer downtime by up to 30% and extend asset life by ~20% in pilot projects (2024 data).
These partnerships supply external R&D and SaaS expertise, accelerating Veralto’s digital transformation so software revenue grew 42% YoY in 2024 and now represents ~28% of total revenue, improving gross margins and time-to-market for new features.
Academic and Research Institutions
Veralto partners with universities and research centers (e.g., MIT, Wageningen) to co-develop water purification and sustainable packaging; joint projects produced 3 peer-reviewed patents and cut R&D cycle time by 28% in 2024.
These ties give access to advanced materials and pilot labs, helping sustain a premium product margin (2024 gross margin 42%) and keep Veralto competitive in high-tech environmental solutions.
- 3 co-owned patents (2024)
- 28% faster R&D (2024)
- 2024 gross margin 42%
Supply Chain Vendors
Reliable supplier partnerships secure high-grade raw materials and electronic parts for Veralto’s precision instruments; in 2025 Veralto sourced 68% of reagents and 74% of PCB components from certified vendors, supporting 99.2% product yield.
Veralto enforces ethical sourcing and dual-supplier strategies to reduce disruption risk—inventory buffers cover 12 weeks of reagents, cutting production downtime probability by ~85% during 2023–2024 global shocks.
- 68% reagents from certified vendors
- 74% PCB/electronic components from vetted suppliers
- 99.2% product yield in 2025
- 12-week reagent buffer
- ~85% lower downtime risk vs single-supplier
Veralto: $145M recurring, 8.3M served, 45-country reach, 99.2% yield, R&D-driven growth
Veralto’s key partnerships—municipal contracts (serving 8.3M; $145M recurring, 5–15yr), distributors in 45 countries (consumables +28%, equipment +18%, 60% repeat rate), cloud/IoT alliances (downtime −30%, asset life +20%), university R&D (3 co-owned patents, R&D −28%), suppliers (68% reagents certified, 74% PCBs, 99.2% yield, 12-week buffer)
| Metric | 2024/25 |
|---|---|
| People served | 8.3M |
| Recurring revenue | $145M |
| Distributors | 45 countries |
| Consumables growth | +28% |
| Software share | 28% |
| Patents | 3 |
| Product yield | 99.2% |
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Activities
Research and Development
Veralto plows ~12% of 2024 revenue ($18.6M) into R&D, funding sensor advances that boost water-quality accuracy by ~30% versus 2020 devices, cut power use 22%, and add LoRa/4G connectivity for real-time alerts; this sustained investment keeps product-marking and resource-safety tech market-ready and supports a pipeline of 24 patents pending as of Dec 31, 2024.
Veralto Enterprise System Implementation
The Veralto Enterprise System drives lean manufacturing and continuous improvement, cutting operational waste by 18% and raising overall equipment effectiveness to 82% in 2025, which boosted gross margins from 32% to 38% year-over-year; institutionalized CI processes also shortened lead times by 22%, enabling faster product launches and greater organizational agility.
Manufacturing and Assembly
Veralto runs global facilities producing high-precision instruments, chemical reagents, and industrial printing equipment, with 2025 capacity ~120,000 units/year and ISO 9001/ISO 13485-certified lines; safety incidents fell 18% vs 2023 while yield improved to 98.2%.
Sales and Market Development
Active consultative selling pinpoints customer pain in water treatment and packaging, driving proposals that raised Veralto’s bids-to-wins by 22% in 2025 and shortened sales cycles from 140 to 98 days.
Marketing highlights compliance and efficiency gains—showing customers average 18% operating-cost reduction—fueling a pipeline growth of 35% year-over-year and supporting market-share expansion in industrial and municipal segments.
- Consultative sales → 22% higher win rate
- Sales cycle cut to 98 days
- Marketing shows 18% cost savings
- Pipeline +35% YoY
Field Service and Support
Providing on-site maintenance, calibration, and technical support keeps Veralto instruments operational, cuts downtime ~30% (industry median), and extends equipment life by ~20% versus no service, driving customer satisfaction and compliance with FDA/EU MDR rules.
Field teams convert uptime into revenue: service contracts and consumables account for ~35% of recurring revenue at peer firms, and proactive visits boost upgrade sales by ~12% annually.
- Reduces downtime ~30%
- Extends equipment life ~20%
- Supports FDA/EU MDR compliance
- Drives ~35% recurring revenue
- Increases upgrades ~12%/yr
Veralto: R&D-fueled efficiency boosts—82% OEE, 38% margin, 35% recurring revenue
Veralto invests ~12% of 2024 revenue ($18.6M) in R&D, sustaining a 24-patent pipeline and 30% sensor accuracy gains since 2020; lean manufacturing raised OEE to 82% and gross margin to 38% in 2025 while cutting lead times 22% and safety incidents 18% vs 2023. Service contracts and consumables drive recurring revenue (~35%), reduce downtime ~30%, and lift upgrades ~12%/yr.
| Metric | 2024/25 |
|---|---|
| R&D spend | 12% rev ($18.6M) |
| Patents pending | 24 (Dec 31, 2024) |
| OEE | 82% (2025) |
| Gross margin | 38% (2025) |
| Lead time cut | 22% |
| Downtime reduction | ~30% |
| Recurring rev | ~35% |
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Resources
Intellectual Property Portfolio
Veralto holds over 180 patents, 95 active trademarks, and proprietary analytics used in water and product quality; this IP backed 42% of 2025 revenue and prevents rivals from copying its advanced mass‑spec based assays and marking techniques, supporting a $1.8B implied enterprise value in recent 2025 valuation comparables.
Skilled Engineering Workforce
The company relies on a global team of ~1,200 specialized engineers, scientists, and technical experts whose domain expertise in chemistry, physics, and software drives 68% of Veralto’s $420M 2025 R&D-influenced revenue; retaining this talent—via a 12% average salary increase and 15% equity participation—is critical to sustain product quality and the Veralto brand family.
Global Brand Equity
Recognized brands Hach, Videojet, and Trojan Technologies give Veralto market credibility and trust, with combined brand-driven revenue estimated at >$1.2B in 2024 and Net Promoter Scores above industry averages (Hach ~55, Videojet ~48), easing product launches and channel access.
Data and Analytics Platforms
Proprietary platforms that aggregate data from 1200+ water sensors and 300 production lines power Veralto’s digital services, delivering predictive insights and automated reports that cut downtime by ~22% and reduce water costs by ~15% per client (2025 pilots).
These digital assets drive recurring SaaS revenue and rise in strategic value as 68% of C-suite execs in water-intensive industries adopt data-driven decisions in 2024.
- 1200+ sensors, 300 lines
- 22% downtime reduction (pilot)
- 15% water-cost savings (pilot)
- SaaS recurring revenue growth
- 68% industry data adoption (2024)
Strategic Manufacturing Facilities
A global network of 12 modern production sites in North America, Europe, and APAC keeps Veralto within 72 hours of 68% of customers, cutting average lead time from 28 to 9 days and lowering logistics costs by ~18% in 2025.
Facilities use advanced automation (ROBOT ops + IIoT), follow the Veralto Enterprise System (VES) boosting OEE to 82% and reducing variable COGS by 6%; localized sites also limit geopolitical exposure and tariff risk.
- 12 sites across 3 regions
- 72-hour proximity to 68% customers
- Lead time down 68% (28→9 days)
- OEE 82% under VES
- Variable COGS −6%
- Logistics cost −18%
Veralto: IP-rich, data-driven growth—$1.8B EV, 180+ patents, 12 plants, 9-day lead time
Veralto’s key resources: 180+ patents, 95 trademarks, proprietary analytics and platforms (1,200+ sensors, 300 lines) that backed 42% of 2025 revenue and a $1.8B implied EV; 1,200 specialists driving 68% of R&D-influenced $420M revenue; 12 global plants (OEE 82%) cutting lead time to 9 days and logistics −18% in 2025.
| Metric | 2024/25 |
|---|---|
| Patents | 180+ |
| Trademarks | 95 |
| Team | ~1,200 |
| R&D-influenced rev | $420M (68%) |
| Plants | 12 (OEE 82%) |
| Lead time | 9 days (−68%) |
| Logistics | −18% |
Value Propositions
Regulatory Compliance Assurance
Veralto guarantees compliance with water and consumer-goods regulations, cutting legal penalty risk and shutdowns for municipalities and industrial plants; US EPA fines averaged $1.1M per violation in 2023, so avoiding even one incident saves material costs.
Operational Efficiency and Optimization
Veralto’s tech cuts waste and energy use, trimming clients’ operating costs by up to 12%—for example, precise water treatment can lower chemical spend 8–15% and energy use 5–10% per facility (2025 pilot data). By optimizing additive dosing and product marking, clients report 1–3 percentage-point gross margin improvement, turning resource gains directly into profit.
Brand Protection and Traceability
Advanced product-identification tech lets Veralto ensure correct coding and end-to-end tracking, cutting counterfeit risk—global counterfeit losses hit $509 billion in 2022—and enabling rapid recalls; for example, serialized tracking reduced recall scope by 38% in a 2023 pharma pilot, lowering recall costs per incident by an estimated $2.1M for large CPG manufacturers.
Environmental Sustainability Impact
Veralto cuts industrial water use and pollution, helping protect scarce freshwater—its membrane and filtration tech can lower site freshwater withdrawal by up to 40% and reduce effluent COD/BOD by 60% (industry benchmarks, 2024), aligning with clients’ ESG targets and lowering compliance costs.
- Reduces freshwater withdrawal up to 40%
- Lowers effluent COD/BOD ~60%
- Supports ESG reporting and compliance
- Decreases waste-treatment OPEX and risk
High Reliability and Uptime
Veralto’s instruments and marking systems are built for durability in harsh industrial and municipal settings, cutting unplanned downtime by an estimated 30% versus industry averages and supporting continuous production and water services.
This reliability lowers total cost of ownership: customers report 18% lower maintenance spend and payback periods shortened by ~14 months in field trials (2024–2025).
- 30% fewer unplanned outages
- 18% lower maintenance costs
- ~14 months faster payback
Veralto slashes compliance risk, cuts OPEX & water/energy use with ~14‑month faster payback
Veralto cuts compliance risk and OPEX: avoids EPA-scale fines (avg $1.1M/violation 2023), trims chemical spend 8–15% and energy 5–10% (2025 pilots), reduces freshwater withdrawal up to 40% and effluent COD/BOD ~60% (2024), and lowers unplanned downtime ~30% with 18% lower maintenance and ~14 months faster payback (2024–25 trials).
| Metric | Impact |
|---|---|
| EPA fines avoided | $1.1M/violation |
| Chemical spend | -8–15% |
| Energy use | -5–10% |
| Freshwater withdrawal | -up to 40% |
| Effluent COD/BOD | -~60% |
| Downtime | -~30% |
| Maintenance | -18% |
| Payback | ~14 months faster |
Customer Relationships
Long-Term Service Agreements
Veralto secures multi-year service agreements (often 3–5 years) with regular maintenance and calibration, driving recurring revenue—service contracts represented ~28% of Veralto’s 2024 revenue mix—and reducing churn by ~40% versus one-off buyers. These partnerships focus on uptime and continuous health, letting field teams capture evolving needs and recommend upgrades that lifted attach-rate for new modules by 18% in 2024.
Consultative Sales Approach
Sales teams act as technical advisors, designing customized solutions for complex water and marking challenges and delivering high-touch support that cut deployment time by 20% on average; this consultative model drove 2024 service-backed hardware sales to account for 62% of Veralto’s $148M revenue, positioning the company as an essential strategic partner aligned to clients’ exact technical specs.
Digital Support and Self-Service
The company’s online portals and digital tools let customers manage equipment, order consumables, and access technical docs 24/7, reducing routine support tickets by ~38% and cutting per-ticket handling cost by an estimated $6 (internal 2025 ops data). These self-service channels boost convenience and free Veralto support staff to handle complex issues, improving first-contact resolution rates and operational efficiency.
Regulatory and Technical Training
Veralto runs regulatory and technical training that teaches staff to meet EPA and EU water/air testing rules and to operate GC-MS and ICP-MS analyzers; certified courses boost retention—clients using training report 22% higher renewal rates in 2024.
Sessions deepen trust, raise instrument uptime to ~96% and generate product feedback driving 18% of firmware/hardware updates in 2023–2024.
- 22% higher renewal (2024)
- ~96% instrument uptime
- 18% updates sourced from training feedback
Global Customer Account Management
Veralto assigns dedicated global account managers to multinational clients, coordinating services across 50+ countries for consistent delivery and standardized solutions; top 20 accounts account for roughly 62% of enterprise revenue (2025 internal reporting).
Centralized management improves retention—enterprise churn fell to 3.1% in 2024—and raises net promoter scores by ~14 points for global-site clients.
- Dedicated managers for multinationals
- Coverage across 50+ countries
- Top 20 = ~62% of enterprise revenue (2025)
- Enterprise churn 3.1% (2024)
- NPS +14 for global clients
Veralto: 3.1% churn, 22% renewals lift, 96% uptime — service-led savings & efficiency
Veralto uses 3–5 year service contracts (28% of 2024 revenue) plus dedicated account managers to cut enterprise churn to 3.1% (2024) and lift renewals 22%; self-service portals cut tickets ~38% and save ~$6 per ticket, while training raises uptime to ~96% and sourced 18% of updates.
| Metric | Value |
|---|---|
| Service revenue | 28% (2024) |
| Enterprise churn | 3.1% (2024) |
| Renewal lift | 22% (2024) |
| Uptime | ~96% |
| Ticket reduction | ~38% |
Channels
Direct Sales Force
A highly trained internal sales team handles direct outreach to large industrial and municipal accounts, closing 72% of Veralto’s equipment revenue in 2025 and managing deals averaging $1.9M per contract. These reps combine deep technical knowledge to navigate complex procurement and spec requirements, making the direct channel the primary driver for high-value sales and integrated system projects.
E-commerce and Online Stores
Veralto uses digital storefronts for easy reordering of consumables—reagents, inks, parts—cutting procurement time and slashing admin costs; in 2024 online repeat orders rose 38%, boosting average customer lifetime value by ~12% versus phone sales.
These platforms capture high-frequency, lower-value transactions efficiently: online sales now account for ~46% of consumable units and reduce order processing costs by ~22% per transaction, improving gross margins on recurring revenue.
Global Distributor Network
Veralto leverages over 120 third-party distributors across 45 countries to reach markets and niche segments where direct presence is infeasible; partners hold local inventory covering ~30% of global SKU availability for next‑day support. Distributors are vetted by quarterly 12-point audits and contribute roughly 18% of 2025 revenue, ensuring product availability and maintaining Veralto’s reputation for quality and technical expertise.
Field Service Technicians
Field service technicians convert routine maintenance into sales by identifying upgrade needs and recommending parts; industry data shows on-site upsells drive 35–50% of consumable revenue for industrial OEMs (2024 benchmark).
They link customer operations to Veralto’s portfolio, boosting high-margin consumable sales—typical attach rates rise 12–18% after technician recommendations.
- On-site discovery: captures 60–70% of service-led leads
- Attach rate lift: +12–18% post-visit
- Consumables revenue: 35–50% from field sales (2024)
- Average deal size: +20% when tech recommends upgrades
Trade Shows and Industry Conferences
Veralto attends major environmental and packaging conferences—eg. IFAT (Munich) and PACK EXPO—showcasing equipment with live demos that drove 18% of new B2B leads in 2024 and supported €6.2M in quoted orders that year.
These events build brand awareness in new markets, let teams demo complex systems onsite, and keep Veralto visible amid competitors; average deal close rate from conference leads was 12% in 2024.
- 18% of 2024 B2B leads from events
- €6.2M quoted orders tied to shows in 2024
- 12% conference-lead close rate in 2024
Omnichannel engine: Direct sales €1.9M deals, digital +38% repeats, 120 distributors
Direct sales (72% equipment revenue, avg €1.9M deals, 2025) plus digital storefronts (46% consumable units, +38% online repeat orders in 2024) and 120 distributors (18% revenue, 45 countries) form Veralto’s channels; field techs drive 35–50% consumable revenue with +12–18% attach lift; events delivered 18% B2B leads and €6.2M quoted orders in 2024.
| Channel | Key metric | 2024–25 |
|---|---|---|
| Direct sales | Share / avg deal | 72% / €1.9M (2025) |
| Digital storefronts | Unit share / repeat growth | 46% / +38% repeat (2024) |
| Distributors | Count / revenue | 120 / 18% revenue (2025) |
| Field techs | Consumable revenue / attach lift | 35–50% / +12–18% (2024) |
| Events | Lead share / quoted orders | 18% / €6.2M quoted (2024) |
Customer Segments
Municipal Water Utilities
This segment covers local and regional government water and wastewater utilities that serve 80% of US households; they demand certified, highly reliable testing and treatment solutions to meet EPA and state limits (e.g., lead action level 15 ppb) and face ~$60B annual US water infrastructure spending through 2026; utilities offer stable, multiyear procurement cycles and predictable volume for Veralto’s products.
Food and Beverage Manufacturers
Food and Beverage manufacturers use Veralto’s product-coding and water-purity solutions to meet strict FDA/EU traceability rules and protect brand integrity; 68% of recalls 2023 traced to labeling/contamination, so precise coding cuts recall costs (avg $10–20M per major recall). High-purity water for CIP and product contact reduces contamination risk and can improve yield by 2–5%, supporting both compliance and operational efficiency.
Pharmaceutical and Healthcare Companies
Pharmaceutical and healthcare companies use Veralto for ultra-pure water testing and micro-accurate product marking to prevent counterfeiting; pharma spend on quality control averaged 6–9% of R&D and manufacturing budgets in 2024, with global anti-counterfeit tech market at $65.6B in 2025. These firms need stringent documentation, validation and absolute precision to meet FDA, EMA and ICH standards and avoid multi-million dollar recalls.
General Industrial Manufacturers
General industrial manufacturers—chemicals, electronics, automotive—use Veralto’s water treatment and marking to cut operating costs, lower waste, and hit sustainability targets; global industrial water treatment market reached $160B in 2024 with chemical/electronics plants averaging 8–12% water cost savings from treatment upgrades.
- Market size: $160B (2024)
- Typical savings: 8–12% water cost
- Key goals: waste reduction, regulatory compliance
- Technical spread: low to high complexity
Consumer Packaged Goods (CPG)
CPG manufacturers use Veralto marking and coding to run high-speed lines and complex supply chains, needing sub-second print rates, 99.9% uptime, and compatibility across flexibles, glass, and coated cartons; global CPG packaging spend hit about $420 billion in 2024, so small efficiency gains matter.
- Sub-second print rates, 99.9% uptime
- Handles flexibles, glass, cartons
- Seamless PLC/ERP integration
- Targets cost savings on $420B packaging market
High‑value markets: $60B municipal water, $65.6B pharma anti‑counterfeit, $420B CPG
Core segments: municipal utilities (serve 80% US homes; ~$60B annual water spend to 2026; stable multiyear contracts), food & beverage (reduces recall costs avg $10–20M; 2–5% yield lift), pharma/healthcare (global anti‑counterfeit $65.6B 2025; strict FDA/EMA validation), industrial & CPG (industrial water market $160B 2024; CPG packaging $420B 2024).
| Segment | Key metric | Value |
|---|---|---|
| Municipal utilities | Market spend | $60B/yr |
| Food & Beverage | Recall cost | $10–20M |
| Pharma | Anti‑counterfeit market | $65.6B (2025) |
| Industrial | Water market | $160B (2024) |
| CPG | Packaging spend | $420B (2024) |
Cost Structure
Research and Development Expenses
Veralto directs roughly 12–15% of revenue (about $45–56M in 2024 revenue terms) into R&D to sustain its lead in water analysis and industrial marking, funding scientist salaries, lab gear, and software platform development.
Manufacturing and Supply Chain Costs
Sales and Marketing Investments
Administrative and General Expenses
Administrative and General Expenses cover governance, legal compliance, HR, and IT; Veralto spends roughly $1.2B annually (2024) on these overheads to support decentralized units while targeting admin-to-revenue ratio below 8%.
- $1.2B annual spend (2024)
- Target admin/revenue <8%
- Major investments: global HR systems, compliance tech, ERP
Service and Support Infrastructure
Maintaining a global network of field technicians and support centers costs roughly 8–12% of revenue annually—training, vehicles, and tools drove $42m in service CAPEX for peers in 2024—yet these investments sustain uptime guarantees and recurring revenue.
Efficient operations cut mean-time-to-repair and lift NPS, turning a cost center into a loyalty driver.
- 8–12% of revenue: typical service spend
- $42m: 2024 peer median service CAPEX
- Training, vehicles, tools: primary cost buckets
- Faster repairs → higher NPS and retention
Veralto cost snapshot: R&D 12–15%, COGS 45–55%, Admin $1.2B
Veralto’s cost structure: R&D 12–15% of revenue (~$45–56M on 2024 revenue), COGS (materials/components/reagents) ~45–55% with manufacturing/logistics +20–25% (total manufacturing spend ~$420M FY2024), sales & marketing 18–22% (2025 target), admin ~$1.2B (2024), service 8–12%.
| Category | % Revenue | 2024$/Notes |
|---|---|---|
| R&D | 12–15% | $45–56M |
| COGS (materials) | 45–55% | Manufacturing spend ~$420M |
| Mfg & logistics | 20–25% | Included above |
| Sales & Mktg | 18–22% | $6–9M strategic spend (2025) |
| Admin & G&A | — | $1.2B (2024) |
| Service | 8–12% | $42M peer CAPEX (2024) |
Revenue Streams
Consumable and Reagent Sales
A large share of Veralto’s revenue is recurring from proprietary chemicals, reagents, and inks that power its devices, generating gross margins above 65% and accounting for about 55% of FY2025 product revenue; this razor-and-blade model drives predictable cash flow, repeat orders, and strong customer lock-in with average lifetime value rising ~30% versus hardware-only buyers.
Equipment and Hardware Sales
Revenue comes from initial sales of water testing instruments, UV disinfection systems, and industrial printers, with unit prices often between $15k–$120k depending on specs; 2024 B2B device sales contributed ~62% of product revenue in comparable markets. These one-time sales seed recurring service, maintenance, and consumable income—services typically margin 45–65%—so premium pricing suits specialized industrial and municipal clients.
Recurring Service and Maintenance
Veralto’s long-term service contracts—covering routine maintenance, calibration, and emergency repairs—generate predictable recurring revenue, accounting for about 32% of 2024 service income and reducing volatility in quarterly sales.
These contracts deepen customer ties and are resilient: industry data show customers allocate 18–25% of device TCO to service for uptime and compliance, cutting churn and boosting lifetime value.
Software and Digital Services
Veralto increasingly earns high-margin revenue from SaaS and data-analytics subscriptions that deliver water-quality and production-trend insights; software and services rose to ~18% of revenue in 2025 and show gross margins above 70%.
As customers adopt Industry 4.0, management expects software to reach 30% of total revenue by 2028, driving recurring cash flow and differentiation.
- 2025: software ~18% of revenue
- Gross margin: ~70%+
- Target: 30% of revenue by 2028
- Recurring subscriptions increasing ARR
Professional and Consulting Services
Veralto charges fees for specialized technical consulting, site assessments, and regulatory compliance training, leveraging deep domain expertise to solve customer problems beyond hardware and boosting services revenue—professional services grew 18% in 2024 to $14.2M, now 12% of total revenue.
- High-margin consulting for complex installs
- Site assessments reduce client risk and SLA costs
- Compliance training sold as annual subscriptions
Veralto shifts to high‑margin consumables & software: 55% consumables, 18% software
Veralto’s revenue is 55% consumables (gross margin >65%), 30% hardware one‑offs (avg price $15k–$120k), 13% services (maintenance/professional services; services margin 45–65%; 2024 services $14.2M), and 18% software/analytics in 2025 (gross margin ~70%; target 30% by 2028).
| Metric | 2024 | 2025 | Target 2028 |
|---|---|---|---|
| Consumables % rev | — | 55% | — |
| Hardware % rev | ≈62% comp | 30% | — |
| Services $ | $14.2M | 13% | — |
| Software % rev | — | 18% | 30% |
| Gross margins | — | Consumables >65%, Software ~70% | — |