(Reuters) -Agilent Technologies raised its annual revenue forecast on Wednesday after beating quarterly estimates, betting on improving demand for its medical tools and equipment used in lab research and drug development.

Life sciences firms, such as Agilent, have experienced weak order levels over the past two years stemming from reduced spending from biotech clients. However, contract research organizations have signaled steady demand from the industry for tools and services that are used in the development of novel medicines.

Agilent sees revenue to be between $6.91 billion and $6.93 billion for the year, compared to its prior outlook range of $6.73 billion to $6.81 billion. This is above the analysts’ average estimate of $6.79 billion, according to data compiled by LSEG.

The company

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