Thermo Fisher Scientific (TMO)'s latest quarterly earnings report shows a broadening recovery in life sciences spending, with multiple business units returning to healthy growth. Revenue in the Life Sciences Solutions segment increased by 13% year-over-year, with organic revenue growth of 3%. Intuitive Surgical (ISRG) reported a non-GAAP gross margin of 70% for the second fiscal quarter, and a non-GAAP operating margin that expanded by 330 basis points year-over-year to 42.1%. Approximately 85% of total revenue came from recurring sources, and da Vinci surgical system shipments increased by 18% year-over-year to 468 units. Despite the strong performance of both companies, market expectations for their valuations differ: Intuitive Surgical has a forward P/E ratio of 37.17x, representing a 90.62% premium to the industry, while Thermo Fisher Scientific has a forward P/E ratio of 24.09x, a 23.51% premium.