Agilent: Back To The Lab - [Business Breakdowns, EP.223]

In this episode of Business Breakdowns, Matt Reustle interviews Mark de Vos, a Fund Manager at Troy Asset Management, about Agilent, a $30 billion market cap company specializing in equipment and instruments for laboratories. Mark explains Agilent's history, originating from Hewlett Packard in 1938 and later being spun off. The discussion covers Agilent's core business of providing instruments, services, and consumables for labs, particularly chromatography instruments used to analyze samples. Mark details the company's razor and razor blade model, where they sell instruments and generate recurring revenue through consumables and servicing. The conversation also explores Agilent's diverse end markets, competition, market share, revenue model, growth trends, margins, capital allocation, and a new business segment focused on oligonucleotides. The podcast concludes with a discussion on valuation, potential upsides, risks, and key investment takeaways.