Bio-Rad Laboratories (BIO) 30 Oct 242024 Q3 Earnings call transcript

Hello, everyone, and welcome to today's Bio-Rad Third Quarter 2024 Results Conference Call and Webcast. [Operator Instructions] Please note today's session is being recorded, and I'll be standing behind should you need any assistance.

It is now my pleasure to turn the floor over to Head of Investor Relations, Edward Chung. Welcome, sir.

Good afternoon, everyone, and thank you for joining us. the on XXXX Bio-Rad. key review provide results will update an business we third financial quarter and Today, trends for

me President today Executive call Vice President and on Schwartz, Financial Executive With Chief Officer. Chief our Roop are Lakkaraju, Officer; Chief and Norman DiVincenzo, and Operating Officer; Jon the

matters. review, based future to statements begin remind assumptions goals, management's Before financial about of that we'll and and that future are our are risks plans we our These everyone and expectations I'd subject like expectations, on and performance other forward-looking statements be events making uncertainties. to

actual these plans, Our goals materially may results differ and from expectations.

in on you our in the The should today. place filings made risk company SEC our business. You to intend call does the statements statements, discuss and the forward-looking these to undue update detail review during I any encourage reliance factors with not not we forward-looking where

remarks diluted the under comparable release. including accounting contained references these today not results defined Investors to generally Finally, share, include measures to measures non-GAAP earnings are of GAAP in financials, financial review should per are earnings principles. our non-GAAP will that our and reconciliation accepted income the net which

over call our With now turn that, I'll the CEO, Schwartz. Norman to

of product had what say all cost expectations, mix, we We had than certainly way margins the Ed. To by to out better mean, joining today. and and start, revenue we call a Thanks, productivity I appreciate good ahead you all driven start on us quarter. management. best maybe to targeted the gains of solid

markets. at Looking our

Pacific, was to business in with all the quarter. over the portfolio expectations. Asia were line portfolio in outsized growth the of our of business across see continuation our normal, trends And broad-based last an quality segments. to stronger-than-expected largely regions back in a helping growth drive delivering to with contribution would experienced our diagnostics say the reflected was year-over-year in we've performance. quarter control I third The clinical year across nice It market

modest pace Life increasingly the pharma soft into Our of and quarters. the life recovery instrumentation in demand over believe Science biotech on science We China. group ongoing weighs of pace and reflecting recovery, continues to likely gradual of a XXXX uptake experience the and coming that continues in

to the for large to chromatography our customers are see anticipate to destocking key Similar prior process return specific importance posted due materials to therapeutics critical we of decline quarter, our and overstocked process to media previously several in at to our portfolio year-over-year continue customers, a these the products very growth return who a starting to ordering for of patterns Outside related normalized activities ongoing XXXX.

was franchise and Our digits Droplet royalties. mid-single Digital grew bolstered in PCR quarter by additional IP-related the

current PCR to So instruments, strong in DD I'd ongoing for reagents the expand, strong market our we're ratio environment our our targeted DPCR therapy loss digital funding oncology and and quarter-over-quarter despite launched gene consumables segments. and at continue to year-over-year. see and interest cell recently loss Overall, continue the both constrained assays the and platform PCR say continuing our to a maintain for and at win market. in

large that conservative Well, on biotech the the operating to reprioritization. for continuing quarter. deployment. reduce the raises Pharma form markets expenses for into we pleased on initiatives biopharma restructuring would the R&D I environment and trend were in funding continues see positive corporate and capital note third remain of to capital and customers Likewise, cautious

after global softer are funding the would academic a period In slightly seeing a environment long I call support. we of strong what segment, research

of with some would there. by lower key U.K., Germany course, headwinds year, challenging, in and modest reflecting countries. like Pacific economic say, mixed the the budget to ongoing NIH addition European Asia offset places remain improvements And and slightly the France lower-than-anticipated I In in the funding remains for markets other the EU

continue we in continuing a to process and supply Of new chain support efforts center improvements, with our we the which This Asia enabling core corporate hub network. in our note, distribution progress Operationally, key and is regions for opened during transformation quarter, to stronger to levels. of component service our Asia generally shipments a simplifies direct and Singapore, customer logistics efficiencies, margins. improves our all network Pacific allows

at Digital continue of directly rejection gene and on transplant to both and and advance aimed safe platform. at Droplet additional next expand to cell supporting equity assays applications, of our made a in PCR We the monitoring production effective and internally launched the investment partnerships through OncoCyte an We series Veracheck also focused therapies.

QX the what taken launch platform development, its now postpone in continuum the to decision QX, previously And related to we've in we -- to introduction. DPCR expected

So once platform, a for sight have better on provide of an we introducing line you a we'll that. update

antibodies novel completed a Bio we the would and balance, I receptors. Additionally, cell discovery acquisition utilizing cost productivity paid the throughput enables high and of the markets. say platform dividends novel challenging initiatives droplet Sabre technology acquisition T our of core have On that our despite

about for forward further that And our from top that benefit as Science business. normalization will we think eventual Bio-Rad leverage. line and market believe Life look We

So for now turn that about it to it Jon? over up me. to I'd like sums Jon.

a Operating XX with my time and today. groups. to diagnostic market. the And the who's life strong where additionally, and product the as leading science years over call central while you for address over tools first Norman, thank with X years, a as for relationship science team of business President Bio-Rad life a last have in customer you lab and everyone LabCorp's both joined in for the career my enjoyed is introduction, It the known company Officer I Chief the Bio-Rad, privilege Thanks, a to

our an find company. that such scientific Bio-Rad Having considered been across as and board the long portfolio I've the and thoroughly and for history extensive I'm distinguished and I'm to on impressed join excited by leader, a innovation generally organization with -- dedication, enterprise. resilience

to strategically also navigate above or consistently our As on is targets. confident targeting our growth. goals Roop's focus to I Norman value My renewed meeting to the financial and achieve landscape, share immediate sustained am and market. deliver industry evolving we stakeholders. I growth we at revenue commitment continuing rates our that profitable positioned are

operational of dedication a is to efficiency while improvement. steadfast fostering on continuous culture driving customer are we and enhancing concentrating excellence satisfaction Our

you've margin this year, the As portfolio. significantly are improve our seen this across organization and we appreciates continued margin our opportunity operating executing to targeting expansion

introduced highest delivering customers. manufacturing [indiscernible] new I margin for with continued driving I forward Roop established your trust you to fact, and year personally now he Having in have team it on our into and to the of about I global results. Bio-Rad. to I global chain Thank complete as support this products to alongside a continue look supply review Bio-Rad at In has a pass and in will previously more [indiscernible]. personally worked you settle role, the confidence quality ago, leader the to expansion and engaging PerkinElmer, financial

Jon, Clinical X.X% primarily results. basis QX and you, sales year-over-year Thank this in represents review start was our increase million, Net were Diagnostics segment. good versus basis, a the afternoon. XXXX. a on which quarter to like XXXX with $XXX a sales a $XXX driven of third in reported a represents currency-neutral by higher million On and increase I'd X.X%

decreased approximately Americas, which currency-neutral a is basis. by the the sales reported EMEA. of to essentially group in XXXX, the $XXX million and were of Science million flat neutral Currency in compared increase Life QX on Sales offset $XXX in

and As to a total can our Norman represent as X% full royalties Life QX additional IP-related contributed that well than royalties of on alluded Note revenue the quarter-to-quarter vary gross earlier, performance. basis, as to generally year royalties revenue. Science margin less

sales, Life revenue Excluding on can Science chromatography process year-over-year quarter-to-quarter, fluctuate X.X% which our and increased basis. currency-neutral a group X.X%

of low digit Sales driven sequentially of group currency-neutral and increase and Science that of X.X% sales compared XXXX, which an on Clinical reported is to were improved $XXX Life X.X% $XXX Core the on mid-single year-over-year. single consumable in a was million million a basis. basis Diagnostics growth by digit QX

was products constraints shipments quarter control the the and compare a the by third Quality in increased during quality XXXX. products by pull-through of were our Control contributed for affected supply benefited to primarily the demand Diagnostics of consumables group of the of also stronger Growth from Growth the that immunology portfolio quarter. and driven The favorable timing for Clinical

geographic for all the across revenue regions. growth group year-over-year currency-neutral X a posted Diagnostics basis, On

XXXX. We are pleased with Clinical in the the Group growth Diagnostics rate for

XXXX, our think of about screening such business, potential As do partners exiting see one we headwinds this we donor impacting China and some business. the as

versus essentially third the productivity, higher the lower points. GAAP to in royalties quarter SG&A logistics of by revenue. driven XX.X% as margin XXXX flat mix contributed of XX.X% was improved costs of gross increase the primarily and third quarter XXXX. expenses The margin a in The between period. basis year reported QX ago gross XX was compared

in of $XXX For in of due QX employee-related reduction was of or in million or $XXX to XXXX, including moderated The primarily was to expenses million SG&A and XX.X% decrease variable SG&A a compared dollars XX.X% expense spending spend discretionary QX sales compensation. XXXX.

and as onetime third $XX R&D in decrease was million Research in expense year-over-year of onetime million the approximately $XX to was million The contingent million development in compared in and the XXXX. approximately consideration expense value higher a to the $XX.X XXXX. QX QX R&D of quarter acquired attributed fair of in-process $XX

onetime Lower was and of QX expense to million sales of XX.X% or This million. initiatives. or operating revenue of X.X% continued by the proactive partially QX by management the which $XX is operating compared income in-process operating offset R&D is decreased expense, by XXXX. $XX driven approximately income million income $XX in sales approximately mix

about compared to and other of million During quarter, prior interest resulted the million the in other about $XX net income $XX income year. in

XXXX change million periods rate affected compared fair quarter security in equity of primarily Tax of the accounting million to the of reported shares, and XX.X% tax The in the rate resulted million market $X.XX the treatment which in value the of in net diluted period. our a net AG for per diluted earnings equity year-ago effective Sartorius are and $XXX share substantially $XX.XX compared QX securities share of these geographical ownership XX.X% per of to third gain earnings. The mix $XXX income by holdings, to related was was income of drove earnings and of XXXX. the reported or $XXX or of in

are measures, and in in the reconciliation financial atypical Non-GAAP exclude income both detailed our non-GAAP operating the that and table impact gross margins press other unique which to certain items results. Moving release. and

gross compared in ongoing revenue operating and reflecting Third QX margin of XX.X% mix, productivity was efficiencies. on to XX.X% the XXXX, quarter focus non-GAAP

the in for to Non-GAAP QX the versus to in XXXX of aforementioned XX.X% was XX.X% SG&A sales was of compared quarter X.X% and the XXXX third XXXX. percentage of onetime of due expense. a XX.X% in-process primarily third QX quarter R&D as Non-GAAP XXXX, of in R&D

by cost driven R&D was offset was Third quarter margin basis $XX the XX.X% our operating reduced by non-GAAP points. in XX.X% This which XXXX. margin onetime QX margin operating management was acquired margin improvement XXX to in the in-process non-GAAP gross partially or initiatives. compared Lower approximately by million expense,

The tax in rate onetime in-process the XXXX quarter driven R&D for non-GAAP and effective third XXXX. expense. treatment the earnings in mix XX.X% of XXXX compared higher was geographical the rate same of of period a XX.X% for The was by to the accounting

was Finally, share XXXX in compared million of diluted of non-GAAP net per or per of income earnings share earnings $X.XX $XX XXXX. for or to diluted the quarter million third $X.XX QX $XX

million, of the the X%. balance the end down for and quarter. sheet. XXXX XXXX. QX was approximately end impact QX flat when billion, investments QX was currency of QX at end short-term would adjusted to the versus at cash QX Inventory $X.XX XXXX, between Inventory, unchanged $XXX be on compared to the prior and Moving essentially of Total

activities $XX third third of million to million compared was XXXX, quarter were XXXX. $XX QX million. the in million from capital amortization for and quarter approximately of of $XX $XX cash for operating the Net was net depreciation For generated approximately expenditures million $XXX

free quarter to was Third approximately which cash XXXX. $XXX QX compares $XX flow million, in of million XXXX

we full $XXX in approximately free million the expect million For XXXX, cash year $XXX versus XXXX. flow be to

free flow cash continue a to key be towards As we XXXX, focus. will look

or includes million of the third Adjusted of $XXX onetime XX.X% the in-process expense. EBITDA sales, XXXX for R&D quarter which was

quarter, shares stock at XXX,XXX third approximately an average the repurchased our we price about share. purchase of $XX During for per about million of $XXX

buybacks authorized our approximately with opportunistic available million be board share to continue repurchases under current have $XXX for still program. the and We

non-GAAP full the year guidance. to XXXX on Moving

market expected our pace revenue We revenue X.X% X%, growth with biopharma for year the group. decline to end full Diagnostics Clinical slower to are reflecting year-over-year maintaining XXXX gradual currency-neutral and guidance of recovery the

revenue The we XX% mix We and combination are previously. full implemented. to non-GAAP gross our increase be range, XX.X% and increasing between of to year XX.X% margin cost versus now a which the reflects of improvements XX% expect impact

to and has impact. year XX%, QX Similarly, is margin between expense point we full margin basis approximate in-process are increasing expected and between an now adjusted our be R&D XX.XX% EBITDA both the XX.X% operating year to and our XX.XX% be include full XXX non-GAAP which

That concludes our prepared remarks.

now to We take open the questions. will line Operator?

[Operator at today Donnelly from Citi. Instructions] Patrick first We'll hear

to and you're adjusted point expectations year? we the the talk end of through there sounds it Maybe just about, 'XX? off I healthy left seeing obviously on about the and little as pick the you come right on bit the the mix like up gross for talk to guess, when see was initiatives, what you nice particular through the margins just here Can right margins, well again, it in off a the jumping work guide there. And productivity margin as there away

I'm for in analyzing was a of the I know there opportunities. been quarters couple of lot of kind time you've now. sure a spent

our lot think there's a a and of view there. people's view, leverage of margin I lot

So talk year the that. off next and maybe And just jumping again, of year? into way end about a of to right the the about kind high-level think

to future just expect moderating at because mix I folds standpoint, part a the margin keeping the the modulating is mind are we've is point. point. sustainable at talked multiple are guess consumables, part lower we of of what stronger what box it's a obviously, or But guess, margins, question. higher Patrick. bottom been in And we've which improvements. Appreciate the this gross Thanks, is sales that making that, line Yes. I about we're improvements of from turn question. just

they other of quarters. that between again, higher. is the a QX, of this you were at that And variable The some piece when is onetime, bit received something that's we kind that look in royalties of was just

made what factories and sustainable about So is in talked of in improvements sustainable different our those of environment. our logistics into structure is we've I carry I there's We've new the but cost the think terms number think does that a pieces, And important improvements. within forward year.

if at for midpoint about in this XXXX, of that that the I kind think full all, year we are we've you think year. that around we with of in quarter you XX% where margin as the for look centering the taken uptick end kind the fourth range of

how then and sort there is and the is then think how for of things. -- I more XXXX point that's how looks a absorption these we reasonable much jump-off us question room and and depending upon

So hopefully, helpful. that's

like No, for corner is. side, Yes. And process then the quarters certainly maybe bit. chrome It a few a on obviously turning the been sounds focus little now. maybe a

the that still side. we guess, where there, normalcy? of customers that helpful bit. some are percentage you dive into kind talk what customers working level Can Some about just there's on at -- be still look a I would of the versus destocking a if through destocking little are It to just you of

Yes.

being are to improvement. the a are that market, about think I I bioprocessing there our right? So some course, we've unique some seeing sequential others bit broader And of seen talked improvement. we've guess compared

Ours the to play you stage. bioprocessing we is in specifically unique if space, in and that will, where polishing

that amount so years, the our that bought destocking prior the And with continues. of customers inventory broadly in

are their that said in inventory over in or normalized to growth to XXXX. with that do I we We But of at But varying different we think first chrome there it from think are we all 'XX take for back 'XX. half the a progress that into think, call, and do the and process to seeing rates in depleting Now expect versus more continue said, because going potentially early make half customers pattern. the improvement XXXX and those reasonable getting second 'XX buying that that's we is through customers the depleting 'XX. of

can. Yes. one Roop. last I And for really helpful, then one That's if Norman,

topics. On of the versus commitment few it all guys' for your changed level like seems years? of in want Again, guys' couple the questions maybe on of terms talk Has at over terms that potentially at Sartoria it it rising hold and some to in to the stake, look months. getting that through certainly monetize next I of your to that options. it's versus past to it on willingness view willingness elevated just investor

has It Yes. at a view changed think our is I monetizable all. that certainly really don't still asset.

at of we position a monetization are, do now any value don't need kind in Given be stake but the given the monetizable. market, rather Sartoria moment and our we cash where forth so see and it of to still is seems the to depressed the

Our come at Dan will Leonard question next UBS. from

XXXX. make I for your I thoughts just sure captured properly to all framing wanted

the Sciences revenue, Life You gave Diagnostics. in few call-outs on headwinds in equipment a persisting and

mentioned Are you trend possible fair that a of ortho then to exiting those a I is full the these frame line? versus would And it of -- summary the headwinds and business. you screening out? China the think magnitude donor what call consider is

Dan, guess captured and it's the around process think where biopharma Roop. initial the XXXX. items Thanks in we we market expect your improvement for terms some one. biotech of the see that's is of in general And comment in the there element maybe there that Chrome I that last softness obviously, list to is question.

maybe they So list maybe there. I'll in add were those your implied just and

about point, this list. good I a items So at other think that's we as think

going We are planning still. through obviously our cycle

thinking early plan all little to wanted might I give concrete through and dynamics also part XX as how the think a the it's to kind of framing we're together. more you help of a of understand much but XX, that come

obviously, margin to growth line we and forward. we that drive, understanding top the expansion move as With want

days? a comment that plan Roop, focus free what in XXXX. will relation cash that mentioned flow you a the inventory to is Is And in And there? be

say, as We focused churns, we supporting that supply to inventory towards we as improvement, that a is I to or inverse use levels chain inventory Dan. of step top that do in think your function days. -- being initiatives around going expect can we Yes, our be have that that and comment have a line I'll it's not gradual customers. it And improvement continue right, And returns necessarily to a absolutely just our and growth, of area. inventory

come at Brandon Couillard will Fargo. Wells question Next from

full in to do kind Roop, the you Typically, in end, sequentially seasonal at flat of least terms that just for low in was of holding quarter. any Is the would you quarter. the imply, that the like the range pull fourth in the least revenues seem into to conservatism bump. way? a third diagnostics guide And Are there some forward see sounded at year. it able quantify at

Yes.

So great catch conservatism, is on range. the Brandon. really It

I intact, I midpoint as think I'd guide we I the just the the leave call, want we day, at mean that. think stays the reasonable. we think of of full year updated right? where you that QX leave it's of So when think the outlook at gave ourselves to about what painted, end that's kind our we I

I did they wanted to of kind from pull a And apologize. of have Yes, there. QX sooner. -- you bit customers forward. pull it that little decided We listened Can you carefully QX forward

In that terms significantly. of low quantification, but obviously not it's in up millions. It's it's single-digit the tremendous,

And in Is a deferral. Norman there kind a launch? backed the And QX that growing with what continual the seeing helpful. out what's in Just Tonet [ royalties see demand? I unpack going problem still guess period, up ]. That's system the behind Okay. any terms mentioned decision? of with just If I itself? Is digital of the year-over-year. Are then strategic on nice you to green it year-over-year? was to decision you is think PCR. the shoots in it post exactly that

further it with initial I'll can and who to give turn start I'll maybe some perspective. then question, Jon, over Brandon, your actually

in and think ahead the seeing not what improvement I DDPCR DDPCR, the over so area, was pull we are QX. QX is sequential on actually in

So gradual It's improvement. significant. again, overly not it's

The first second half is half. stronger than the

progress, pretty it's some seeing we're rate I is think, at So which happening, moderated. but the

kind over we'll it but stronger into signals I turn as of for you, Jon, get XXXX, could. I'll hoping we're if we see. so to that, With And

DiVincenzo. Yes, This thanks. is Jon

team join leading beginning say, we of the continuum. believe that Norman listen, I from say, the of our As and come kind at as bit much not away. hearing to the is reviews situation and And hit with you in prudent in and sure leader, us September, of the we in platform when launch where a doing specifically the can it of refinement, point. market very joined the roof we we're product review of to We're little let's of the the marketplace. various portfolio platform and performance to still We imagine, at standards. seeing and be want kind have right high still well make this

system. more the it's in performance of would So the say, refinement, I

Meehan with line open. Nephron Jack is your Research,

into about just China Diagnostics market you Wanted to about ask the made XXXX. that comment the heading for

latest few your a quarter. peers you Diagnostics. market the curious if in pressure had referring what or seeing guys DBP-related some what I the you're that's to China call was on You've for of in just out are

Jack, knock yes, And question. for actually this BBP the a we standpoint. point from effect BBP so And Thanks, it's haven't to seen much Yes. specifically, ] wood, related [ on not right?

in are different to calling mindful what to really standpoint, is that many because that's being evolving, happening probably a others. of in from XX%. lot just there for And aspects are so very beyond many different dynamics that of China comment China. I out a think it, Our There's similar impact and macro how

therefore, And things a think and we're it's it more pointing flux market of that so just it's and broader out it consider needing standpoint, I was from still to in understand.

a follow-up process of you And about in like was sound then headwind? just like that I guide terms was fourth for the about something the into had quarter talk decline assumes talked on in just And can segment. math. about backing right? for the that the the quarter could on I for Great. based the what my check hoping XX% a headwind I you you Does business, chrome.

saying their which and overall not -- we about working as is headwind customers through. decline. kind think that so just the are correct? much And you I the the of way rate year-over-year mean really were at headwind a on From Yes. Jack, a basis, is destocking but

Correct, yes.

it's a as bad not the as standpoint, you're a in XXs mean year-over-year. sequential terms at step. I obviously improved high It's Yes. of from the looking but first

question what's the tax I rate. good million. factors Okay. R&D, a $XX rate Great. to we normalized just the the like last use is tax to look And called mix you XXXX? then out heard as out and

I our point think Yes. XX% a We just bit for give of on you not is own income, placeholder. again, probably how me at comes together do but as I little this early plan see mean, the around it's specifics. XX to unreasonable in in the geographic mix time, a somewhere

[Operator at hear Instructions] Jefferies. Peterson We'll from Tycho

given I line. September, in on or bit early a are the this time Because normal, time lines the were continuum you kind little discontinue saying push want here. more reiterating maybe you uncertain of year-end to

And know curious pricing is I talk guys also PCR? you're on gotten that? next can't picked can little in it mean, aggressive why portfolio the Or frame bit then you saying fine-tuning. digital you beyond digital you a So discounting could on that I'm it's We PCR. it across you I time it? have about talk on pricing. put have if up Is more year? a on

We'll start continuum. Yes. with

it and conversations, quickly there, high-quality launch. that's the out evaluating really to time. is is where some guess I obviously standards part I and a of And to we point more coming at. so and put Jon can end delay having thought therefore, we experience And meet day, up known think the was didn't in. Bio-Rad products this And these part it of the And in kind of step in prudent Norman we're important. I with to his the of this thought guess, at at of mean, been eyes Tycho, I

listen, those out. In as blunt. pointing you're -- given haven't come terms fruition of dates dates to I'll We've and just be numerous

And let out work point, we it, And this and at that. the market so area to the product us through informed more it's or will obviously the bring think reasonable is time, of and the this we'll important market. at keep you appropriate of an say

Yes. Okay.

Sorry, Tycho.

Norm. Go ahead,

Yes.

we good of versus -- always you product the a And intersection in it's precision. to have -- optimism of matter Just that get to just to a get want market.

And as DD overall, We Tycho, and your want a we I'll -- and -- second be the to result in jump that. be of PCR Obviously, we up pricing please Jon to And marketplace. gotten it's standpoint, how moving. that, to From a appropriately it's question, in. Norman recognize terms a reactive pick yes. in market competitive of

And think approached part of how that's we've standpoint. a so commercial I from it

Follow-up, have, you levels that Okay. of contrast you is bioprocess, what much, inventory your hear a your about too peers. lot maybe and splitting of about we but here to on talked kind customers and this continuing. talked destocking That's in from

on touch dynamic? So maybe just can you that

We're just little than took kind of very It just materials. in and a to specific has they that different of market. bit the do with customers have critical the the we the stocking rest level of these

before don't to our -- right? of importance us. specific and they the the our in broadly And resins, area quite Tycho, towards play we of the across remember, stages a that's the therapeutics, unique of very their significantly, bioprocessing, right? play we continue We're end of manufacturing all volume of through stocked up to work that. the And because customers So way the

Last can partner forward? screening one, the as exiting that wondering the impact going think about Okay. of quantify we just if donor you

low -- of the in Million, the spectrum. yes. it's double in It's kind digits

that have. was any our I'll turn remarks it closing for you for Gentlemen, you to that from conference. or final the back additional And today's audience question

in be Palos December. in Global joining for Miami Healthcare early call. at in We'll Global Citi you Conference the the today's Verdes Healthcare UBS Thank Conference and next month

the always, coming and in we look in you some catch soon. hope So to person we connecting to we And interest, forward appreciate up of with your as months.

conclude Bio-Rad and participation. we and for thank this today's gentlemen, Ladies you conference, does your

your disconnect lines. may You now