Business Breakdowns Agilent: Back To The Lab - [Business Breakdowns, EP.223]
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Jul 16, 2025 
Mark de Vos, a fund manager at Troy Asset Management, discusses Agilent's fascinating journey from its Hewlett-Packard roots. He breaks down complex concepts, particularly chromatography, and explains Agilent's unique razor and razor-blade business model. The conversation focuses on the company's pivotal role in life sciences and diagnostics, its strong service network that fosters customer loyalty, and its strategic investments in modern medical technologies. Mark also touches on the impact of market dynamics and emerging opportunities in the evolving landscape.
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Agilent's Razor-Razorblade Model
- Agilent sells instruments that analyze molecules in samples and also provides consumables and service needed to run those instruments.
- This creates a recurring revenue model tied closely to critical quality control processes in labs.
Diversified Laboratory Customer Base
- Agilent serves a diversified end market including pharmaceuticals, academia, chemicals, and environmental testing.
- This diversity spreads risk and taps into huge widespread laboratory needs globally.
HP Spin-off Origin Story
- Agilent originated as HP's testing and measurement division and was spun off in 1999.
- It further refined its focus by spinning off the electronic measurement business in 2014 to become a more focused analytical instruments company.