Overview Key strengths Key risks Market-leading testing and quality assurance service provider in the human health care and applied market segments. Concentration in the fragmented and competitive testing, inspection, and certification (TIC) market. High barriers to entry through the regulated nature of service offerings, accreditations held by laboratories, and a large pool of skilled employees. Relatively rigid cost base and limited flexibility due to the skilled nature of the employee base, with high exposure to labor scarcity and wage inflation. Good revenue visibility supported by a high share of recurring revenue, and mission-critical and nondiscretionary services. Limited scale, high capital intensity, and single end-market focus compared with general business services companies. Low customer concentration, with a highly diversified client base
