Q3 2025 Bio-Rad Laboratories Inc Earnings Call

October 29, 2025

Speaker #3: Ladies and gentlemen , thank you for standing by . My name is and I will be your conference operator today . At this time , I would like to welcome everyone to the Bio-rad third quarter 2025 results conference call and webcast .

Operator: Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bio-Rad Laboratories Third Quarter 2025 Results Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the conference over to Edward Chung, Head of Investor Relations. You may begin.

Speaker #3: All lines have been placed on mute to prevent any background noise . After the speakers remarks , there will be a question and answer session .

Speaker #3: If you would like to ask a question during this time , simply press star , followed by the number one on your telephone keypad .

Operator: ... If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star one. I would now like to turn the conference over to Edward Chung, Head of Investor Relations. You may begin.

Speaker #3: If you would like to withdraw your question again , press the star one . I would now like to turn the conference over to Edward Chung .

Speaker #3: Head of Investor Relations . You may begin .

Speaker #4: afternoon , everyone , and thank you for joining us today . We will review the third quarter 2020 financial results and provide an update on key business trends for Bio-rad .

Edward Chung: Good afternoon, everyone, and thank you for joining us. Today, we will review the third quarter of 2025 financial results and provide an update on key business trends for Bio-Rad. With me on the call today are Norman Schwartz, our Chief Executive Officer, Jon DiVincenzo, President and Chief Operating Officer, and Roop Lakkaraju, Executive Vice President and Chief Financial Officer. Before we begin our review, I would like to remind everyone that we'll be making forward-looking statements about management's goals, plans, and expectations, our future financial performance, and other matters. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Our actual results may differ materially from these plans, goals, and expectations.

Edward Chung: Good afternoon, everyone, and thank you for joining us. Today, we will review the third quarter 2025 financial results and provide an update on key business trends for Bio-Rad Laboratories. With me on the call today are Norman Schwartz, our Chief Executive Officer, Jon DiVincenzo, President and Chief Operating Officer, and Roop Lakkaraju, Executive Vice President and Chief Financial Officer. Before we begin our review, I would like to remind everyone that we'll be making forward-looking statements about management's goals, plans, and expectations, our future financial performance, and other matters. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Our actual results may differ materially from these plans, goals, and expectations.

Speaker #4: With me on the call today are Norman Schwartz, our Chief Executive Good Officer; John DiVincenzo, President and Chief Operating Officer; and Roop Lakkaraju, Executive Vice President and Chief Financial Officer.

Speaker #4: Before we begin our review , I would like to remind everyone that we'll be making forward looking statements about management's goals , plans and expectations .

Speaker #4: Our future financial performance and other matters . These statements are based on assumptions and expectations of future events that are risks and uncertainties .

Speaker #4: Our actual results may differ materially from these plans , goals and expectations . You should not place undue on these forward looking statements , and I encourage you to review our filings with the SEC , where we discuss in detail the risk factors in our business .

Edward Chung: You should not place undue reliance on these forward-looking statements, and I encourage you to review our filings with the SEC, where we discuss in detail the risk factors in our business. The company does not intend to update any forward-looking statements made during the call today. Finally, our remarks today will include references to non-GAAP financials, including net income and diluted earnings per share, which are financial measures that are not defined under generally accepted accounting principles. In addition to excluding certain atypical and non-recurring items, our non-GAAP financial measures exclude changes in the equity value of our stake in Sartorius AG in order to provide investors with a better understanding of Bio-Rad Laboratories' underlying operational performance. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release.

Edward Chung: You should not place undue reliance on these forward-looking statements, and I encourage you to review our filings with the SEC, where we discuss in detail the risk factors in our business. The company does not intend to update any forward-looking statements made during the call today. Finally, our remarks today will include references to non-GAAP financials, including net income and diluted earnings per share, which are financial measures that are not defined under generally accepted accounting principles. In addition to excluding certain atypical and non-recurring items, our non-GAAP financial measures exclude changes in the equity value of our stake in Sartorius AG, in order to provide investors with a better understanding of Bio-Rad's underlying operational performance. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release.

Edward Chung: We have also posted a supplemental earnings presentation in the Investor Relations section of our website for your reference. With that, I'll now turn the call over to our Chief Operating Officer, Jon DiVincenzo.

Edward Chung: We have also posted a supplemental earnings presentation in the investor relations section of our website for your reference. With that, I'll now turn the call over to our Chief Operating Officer, Jon DiVincenzo.

Jon DiVincenzo: Thank you, Ed, and good afternoon, everyone. Thank you for joining us today. We are pleased to share Bio-Rad Laboratories' third quarter 2025 results, which reflect solid execution across our business. Revenue was consistent with our outlook, and operating margin exceeded consensus, a testament to the discipline and agility of our teams in what continues to be a challenging and evolving macro environment. Our clinical diagnostics segment remains stable across our product areas, aside from the reimbursement rate headwind in China, which we expect to analyze in the fourth quarter. In our life science segment, process chromatography delivered a strong performance, helping offset the continued softness we're seeing in academic research and biotech funding. Many research customers continue to face uncertainty and are cautious with their budgets. This sentiment was reflected through continued weak instrument demand and some softness in consumables.

Jon DiVincenzo: Thank you, Ed, and good afternoon, everyone. Thank you for joining us today. We are pleased to share Bio-Rad's Q3 2025 results, which reflect solid execution across our business. Revenue was consistent with our outlook, and operating margin exceeded consensus, a testament to the discipline and agility of our teams in what continues to be a challenging and evolving macro environment. Our clinical diagnostics segment remains stable across our product areas, aside from the reimbursement rate headwind in China, which we expect to annualize in Q4. In our life science segment, Process Chromatography delivered a strong performance, helping offset the continued softness we're seeing in academic research and biotech funding. Many research customers continue to face uncertainty and are cautious with their budgets. This sentiment was reflected through continued weak instrument demand and some softness in consumables.

Jon DiVincenzo: However, through disciplined cost management and tight control of our discretionary spending, we achieved margin outperformance for the quarter. We also made meaningful progress advancing our droplet digital PCR strategy. During the quarter, we completed global sales training on our new QX platforms, and our teams are actively engaging customers. While it's still early, we are encouraged by the customer receptivity to the new products, particularly in the entry-level segment. Our sales funnel for these new systems is building nicely, though we recognize that selling cycles remain extended given the broader funding climate. We also continue to expand our ddPCR-based diagnostics strategy through two key partnerships: GenQurex and Biodesyx. GenQurex made Bio-Rad Laboratories the exclusive distributor of their ddPCR oncology testing kits across Europe. This partnership leverages our strong commercial footprint in the region and helps accelerate the adoption of ddPCR-based cancer tests.

Jon DiVincenzo: However, through disciplined cost management and tight control of our discretionary spending, we achieved margin outperformance for the quarter. We also made meaningful progress advancing our droplet digital PCR strategy. During the quarter, we completed global sales training on our new QX Platforms, and our teams are actively engaging customers. While it's still early, we are encouraged by the customer receptivity to the new products, particularly in the entry-level segment. Our sales funnel for these new systems is building nicely, though we recognize that selling cycles remain extended given the broader funding climate. We also continued to expand our ddPCR-based diagnostic strategy through two key partnerships, GenCurix and Biodesix. GenCurix made Bio-Rad the exclusive distributor of their DropleX Oncology Testing Kits across Europe. This partnership leverages our strong commercial footprint in the region and helps accelerate the adoption of ddPCR-based cancer tests.

Jon DiVincenzo: We also expanded our partnership with Biodesyx to provide greater access to critical biomarker testing for advanced breast cancer. Biodesyx is validating our ESR-1 assay in its CLIA-accredited labs and offering testing services for its customers. Operationally, our teams continue to execute well, advancing our lean initiatives and maintaining cost discipline. In summary, we're pleased with the progress we're making, balancing near-term execution with continued investment in innovation and long-term growth. I'll turn the call over to Roop, who will take you through our financial results in more detail.

Jon DiVincenzo: We also expanded our partnership with Biodesix to provide greater access to critical biomarker testing for advanced breast cancer. Biodesix is validating our ESR1 assay in its CLIA-accredited labs and offering testing services for its customers. Operationally, our teams continued to execute well, advancing our lean initiatives and maintaining cost discipline. In summary, we're pleased with the progress we're making, balancing near-term execution with continued investment in innovation and long-term growth. And with that, I'll turn the call over to Roop, who will take you through our financial results in more detail.

In summary, we were pleased with the progress. You're making balancing near-term execution. With continued investment in Innovation and long-term growth.

Edward Chung: Thank you, John, and good afternoon. I'd like to start with a review of the third quarter of 2025 results. Net sales for the third quarter of 2025 were approximately $653 million, which represents a 0.5% increase on a reported basis versus $650 million in Q3 of 2024. On a currency-neutral basis, this represents a 1.7% year-over-year decrease and was driven by both our life science and clinical diagnostics segments. Sales of the life science segment in the third quarter of 2025 were $262 million, compared to $261 million in Q3 of 2024, essentially flat on a reported basis and a 1.5% decrease on a currency neutral basis, driven by the constrained academic research and biotech funding environment.

Roop K. Lakkaraju: Thank you, John, and good afternoon. I'd like to start with a review of the third quarter of 2025 results. Net sales for the third quarter of 2025 were approximately $653 million, which represents a 0.5% increase on a reported basis versus $650 million in Q3 of 2024. On a currency-neutral basis, this represents a 1.7% year-over-year decrease and was driven by both our life science and clinical diagnostics segments. Sales of the life science segment in the third quarter of 2025 were $262 million, compared to $261 million in Q3 of 2024, essentially flat on a reported basis and a 1.5% decrease on a currency neutral basis, driven by the constrained academic research and biotech funding environment.

Roop Lakkaraju: Thank you, Jon, and good afternoon. I'd like to start with a review of the third quarter 2025 results. Net sales for the third quarter of 2025 were approximately $653 million, which represents a 0.5% increase on a reported basis versus $650 million in Q3 of 2024. On a currency-neutral basis, this represents a 1.7% year-over-year decrease and was driven by both our life science and clinical diagnostics segments. Sales of the life science segment in the third quarter of 2025 were $262 million compared to $261 million in Q3 of 2024, essentially flat on a reported basis and a 1.5% decrease on a currency-neutral basis, driven by the constrained academic research and biotech funding environment. Currency-neutral sales decreased in the Americas, partially offset by increased sales in Asia-Pacific and EMEA.

Call over to rope who will take you through our financial results in more detail.

Thank you, John and good afternoon like to start with the reviews. The third quarter 2025 results net sales for the third quarter of 2025 were approximately 653 million, which represents a 0.5% increase on a reported basis for 650 million in Q3 of 2024, on a currency neutral basis. This represents a 1.7% year-over-year, decrease and was driven by both our life science and clinical Diagnostics segments

Edward Chung: Currency neutral sales decreased in the Americas, partially offset by increased sales in Asia Pacific and EMEA. Within the life science segment, our process chromatography business experienced strong double-digit growth on a year-over-year basis due to the timing of customer orders within the quarter.

Roop K. Lakkaraju: Currency neutral sales decreased in the Americas, partially offset by increased sales in Asia Pacific and EMEA. Within the life science segment, our process chromatography business experienced strong double-digit growth on a year-over-year basis due to the timing of customer orders within the quarter.

Roop Lakkaraju: Within the life science segment, our process chromatography business experienced strong double-digit growth on a year-over-year basis due to the timing of customer orders within the quarter. As a result, we expect fourth quarter process chromatography revenue to be lower sequentially and on a year-over-year basis. For the full year 2025, we expect high teens growth for this product area versus our prior low double-digit growth outlook. Excluding process chromatography sales, our core life science segment revenue decreased 6% year-over-year and 7.8% on a currency-neutral basis. The softer Q3 performance reflects ongoing softness in the academic research and biotech markets, as well as a tough comparer due to large one-time orders in the year-ago period.

sales of the life science segment in the third quarter of 2025, or 262 million compared to 261 million. In Q3 of 2024, essentially flat on a reported basis and a 1.5%, decrease on a currency neutral basis, driven by the constrained academic research and bio Tech funding environment. Currently neutral sales decreased in the Americas partially offset by increased sales and asia-pacific and Amia.

Roop K. Lakkaraju: ...As a result, we expect fourth quarter process chromatography revenue to be lower sequentially and on a year-over-year basis. For the full year of 2025, we expect high teens growth for this product area versus our prior low double-digit growth outlook. Excluding process chromatography sales, our core life science segment revenue decreased 6% year-over-year and 7.8% on a currency neutral basis. The softer Q3 performance reflects ongoing softness in the academic research in biotech end markets, as well as a tough compare due to large one-time orders in the year ago period.

Within the life science segment. Our process chromatography business experience. Strong double digit growth on a year-over-year basis due to the timing of customer orders within the quarter. As a result, we expect fourth quarter process, chromatography Revenue to the lower sequentially and on a year-over-year basis for the full year. 2025 we expect High Teens growth for this product area versus our prior low double digit growth Outlook.

Roop K. Lakkaraju: Sales of the clinical diagnostics segment in Q3 2025 were approximately $391 million, compared to $389 million in Q3 2024, an increase of 0.6% on a reported basis, and a decrease of 1.8% on a currency neutral basis. The decrease is primarily because of the previously discussed lower reimbursement rates for diabetes testing in China. On a geographic basis, currency neutral sales decreased in Asia Pacific, partially offset by increased sales in the Americas and EMEA. Q3 reported GAAP gross margin was 52.6%, as compared to 54.8% in Q3 2024. On a non-GAAP basis, Q3 gross margin was 53.5% versus 55.6% in the year ago period.

Roop Lakkaraju: Sales of the clinical diagnostics segment in the third quarter of 2025 were approximately $391 million compared to $389 million in Q3 of 2024, an increase of 0.6% on a reported basis and a decrease of 1.8% on a currency-neutral basis. The decrease is primarily because of the previously discussed lower reimbursement rates for diabetes testing in China. On a geographic basis, currency-neutral sales decreased in Asia-Pacific, partially offset by increased sales in the Americas and EMEA. Q3 reported GAAP gross margin was 52.6% as compared to 54.8% in the third quarter of 2024. On a non-GAAP basis, third quarter gross margin was 53.5% versus 55.6% in the year-ago period. The decrease in gross margin was due to higher material costs and reduced fixed manufacturing absorption.

Excluding process chromatography sales or core life science, segment Revenue, decrease 6% year-over-year and 7.8% on a currency neutral basis. The softer, Q3 performance reflects ongoing softness in the academic research in biotech and markets, as well as the tough compared due to large 1-time orders in the year ago. Period.

Sales of the clinical diagnostic segment. And the third quarter of 2025 were approximately 391 million compared to 389 million in Q3 of 2024 and increase of 0.6% on a reported basis and a decrease of 1.8% on a currency neutral basis,

The decrease is primarily because of the previously discussed lower reimbursement rates.

For diabetes testing in China.

on a geographic basis, currency, neutral sales decreased in asia-pacific partially offset by increased sales in the Americas and Amia

Roop K. Lakkaraju: The decrease in gross margin was due to higher material costs and reduced fixed manufacturing absorption. SG&A expense for the third quarter of 2025 was $207 million, or 31.7% of sales, compared to $200 million or 30.8% in Q3 of 2024. Third quarter non-GAAP SG&A spend was $202 million versus $197 million in the year ago period. The year-over-year increase in SG&A expense was due to higher employee-related costs. Research and development expense in the third quarter of 2025 was $71 million, or 10.9% of sales, compared to $91 million or 14% of sales in Q3 of 2024. Third quarter non-GAAP R&D spend was $70 million versus $91 million in the year ago period.

Q3 reported, gaap gross margin was 52.6% as compared to 54.8% in the third quarter of 2024 on a non-gaap basis. Third quarter of gross margin was 53.5% versus 55.6% in the year ago, period.

Roop Lakkaraju: SG&A expense for the third quarter of 2025 was $207 million or 31.7% of sales compared to $200 million or 30.8% in Q3 of 2024. Third quarter non-GAAP SG&A spend was $202 million versus $197 million in the year-ago period. The year-over-year increase in SG&A expense was due to higher employee-related costs. Research and development expense in the third quarter of 2025 was $71 million or 10.9% of sales compared to $91 million or 14% of sales in Q3 of 2024. Third quarter non-GAAP R&D spend was $70 million versus $91 million in the year-ago period. The lower year-over-year R&D was primarily due to higher in-process R&D charges associated with an acquisition in the third quarter of 2024. Q3 operating income of approximately $65 million or 10% of sales was flat versus Q3 of 2024 on both a dollar and percentage basis.

The decrease in gross margin was due to higher material costs and reduced fixed manufacturing absorption.

Sg&a expense for the third quarter of 2025 was 207 million or 31.7% of sales compared to 200 million or 30.8%.

In Q3 of 2024.

Third quarter, non-gaap sgna spin was 202. Million versus 197 million in the year ago period.

The year-over-year increase in SG&A expense was due to higher employee-related costs.

Roop K. Lakkaraju: The lower year-over-year R&D was primarily due to higher in-process R&D charges associated with an acquisition in the third quarter of 2024. Q3 operating income of approximately $65 million, or 10% of sales, was flat versus Q3 of 2024 on both a dollar and percentage basis. On a non-GAAP basis, third quarter operating margin was 11.8% compared to 11.3% in Q3 of 2024, reflecting proactive cost actions we've taken in managing the business and net reductions in IP R&D expense. The change in fair market value of equity, security holdings, and loan receivable, primarily related to the ownership of Sartorius AG shares, contributed $398 million to our reported net loss of $342 million, or $12.70 per diluted share.

Research and development expense in the third quarter of 2025 was 71 million or 10.9% of sales, compared to 91 million or 14% of sales in Q3 of 2024 third quarter. Non-gaap R&D spend was 70 million versus 91 million in the year ago. Period.

The lower year-over-year R&D was primarily due to higher in process R&D charges associated with an acquisition in the third quarter of 2024.

Roop Lakkaraju: On a non-GAAP basis, third quarter operating margin was 11.8% compared to 11.3% in Q3 of 2024, reflecting proactive cost actions we've taken in managing the business and net reductions in IP R&D expense. The change in fair market value of equity security holdings and loan receivable, primarily related to the ownership of Sartorius AG shares, contributed $398 million to our reported net loss of $342 million or $12.70 per diluted share. Non-GAAP net income, which excludes the impact of the change in equity value of the Sartorius shares, was $61 million or $2.26 diluted earnings per share for the third quarter of 2025 versus $56 million or $2.02 diluted earnings per share for Q3 of 2024. Moving to cash flow, for the third quarter of 2025, net cash generated from operating activities was $121 million compared to $164 million for Q3 of 2024.

In Q3 2025, operating income was approximately $65 million, or 10% of sales, which was flat versus Q3 of 2024 on both a dollar and percentage basis.

On a non-GAAP basis, third quarter operating margin was 11.8% compared to 11.3% in Q3 of 2024, reflecting proactive cost actions we've taken in managing the business and net reductions in IP R&D expense.

Roop K. Lakkaraju: Non-GAAP net income, which excludes the impact of the change in equity value of the Sartorius shares, was $61 million, or $2.26 diluted earnings per share for Q3 2025, versus $56 million, or $2.02 diluted earnings per share for Q3 2024. Moving to cash flow. For Q3 2025, net cash generated from operating activities was $121 million, compared to $164 million for Q3 2024. Net capital expenditures for the third quarter were $32 million, and depreciation amortization for Q3 2024 was $44 million. Free cash flow for the third quarter was $89 million, which compares to $123 million in Q3 2024.

The change in fair market value of equity security Holdings and Loan receivable primarily related to the ownership of Sartorius AG shares contributed 398 million to our reported, net loss of 342 million or 12.70 per diluted share.

Non-gaap net income, which excludes the impact of the change in equity? Value of the sartoria shares was 61 million or $2.26 cents deluded earnings per share. For the third quarter of 2025 versus 56 million or $2.22 diluted earnings per share for Q3 of 2024.

Roop Lakkaraju: Net capital expenditures for the third quarter were $32 million, and depreciation amortization for the third quarter of 2024 was $44 million. Free cash flow for the third quarter was $89 million, which compares to $123 million in Q3 of 2024. For the first nine months of 2025, we generated free cash flow of $256 million, resulting in a year-to-date free cash flow to non-GAAP net income conversion ratio of 126%. We remain on track to deliver full-year free cash flow of approximately $310 to $330 million for 2025. During the third quarter, we purchased 212,578 shares of our stock for a total cost of $53 million or an average purchase price of approximately $249 per share. Year-to-date, we have retired 1.2 million shares through our buyback program at a total cost of approximately $296 million.

164 million for Q3 of 2024 net capital expenditures for the third quarter were 32 million and depreciation. Amorous for the third quarter of 2024 was 44 million.

Roop K. Lakkaraju: For the first 9 months of 2025, we generated free cash flow of $256 million, resulting in a year-to-date free cash flow to non-GAAP net income conversion ratio of 126%. We remain on track to deliver full year free cash flow of approximately $310 to 330 million for 2025. During the Q3, we purchased 212,578 shares of our stock for a total cost of $53 million, for an average purchase price of approximately $249 per share. Year to date, we have retired 1.2 million shares through our buyback program at a total cost of approximately $296 million.

Free cash flow for the third quarter was $89 million, which compares to $123 million in Q3 of 2024.

For the first 9 months of 2025, we generated free cash flow of 256 million resulting in a year to date. Free cash flows to non-gaap net. Income conversion ratio of 126%.

We remain on track to deliver full free full year. Free cash flow of approximately 310 to 330 million for 2025.

During the third quarter, we purchased 212,578 shares of our stock for a total cost of 53 million or an average purchase price of approximately 249 per share.

Roop Lakkaraju: We will continue to be opportunistic with share repurchases and still have approximately $285 million available for additional buybacks under the current board-authorized program. Moving on to the non-GAAP guidance for 2025, we are maintaining our 2025 full-year outlook with total currency-neutral revenue growth to be in the range of flat to 1%. Our full-year 2025 non-GAAP gross and operating margin outlook also remains unchanged at 53.5% to 54.5% and 12% to 13% respectively. While we don't provide quarterly guidance, we are offering some commentary to help frame what we're seeing in the current operating environment. On the life science side of our business, we continue to anticipate a modest revenue improvement in the fourth quarter. We do not expect any budget flush as research customers remain cautious with spending due to the uncertainty surrounding the final NIH budget and the U.S. government shutdown.

Roop K. Lakkaraju: We will continue to be opportunistic with share repurchases, and still have approximately $285 million available for additional buybacks under the current board-authorized program. Moving on to the non-GAAP guidance for 2025. We are maintaining our 2025 full year outlook, with total currency neutral revenue growth to be in the range of flat to 1%. Our full year 2025 non-GAAP growth and operating margin outlook also remains unchanged at 53.5% to 54.5%, and 12% to 13% respectively. While we don't provide quarterly guidance, we are offering some commentary to help frame what we're seeing in the current operating environment. On the life science side of our business, we continue to anticipate a modest revenue improvement in Q4.

Your date. We have retired. 1.2 million shares through our buyback program at a total cost of approximately 296 million.

We will continue to be opportunistic with share repurchases and still have approximately $285 million available for additional buybacks under the current board-authorized program.

Moving on to the non-gaap guidance for 2025, we are maintaining our 2025 full year outlook with total currency neutral Revenue growth being the range of flat to 1% our full year 2025 non-gaap gross. And operating margin Outlook, also remains unchanged at 53.5% to 54.5% and 12 to 13% respectively.

Roop K. Lakkaraju: We do not expect any budget flush, as research customers remain cautious with spending due to the uncertainty surrounding the final NIH budget and the US government shutdown. While it's encouraging to potentially have a relatively flat NIH budget for next year, we remain cautious on the pace of recovery for the academic segment heading into 2026. We continue to believe it will take some time for researchers to regain confidence in the longer-term funding outlook. Additionally, we continue to anticipate a gradual improvement with biotech customers. With respect to our diagnostic segment, we expect a return to growth in Q4, with the China reimbursement headwind annualizing as well as the expected timing of revenue from our Quality Controls portfolio.

Roop Lakkaraju: While it's encouraging to potentially have a relatively flat NIH budget for next year, we remain cautious on the pace of recovery for the academic segment heading into 2026. We continue to believe it will take some time for researchers to regain confidence in the longer-term funding outlook. Additionally, we continue to anticipate a gradual improvement with biotech customers. With respect to our diagnostics segment, we expect to return to growth in the fourth quarter with the China reimbursement headwind annualizing as well as the expected timing of revenue from our quality controls portfolio. While we aren't currently anticipating additional reimbursement challenges in China heading into 2026, we continue to see a soft macro environment in that region, which could dampen demand for our clinical diagnostics products. On margins, we continue to anticipate a slight step up in the fourth quarter gross margin, primarily driven by mixed revenue.

While we don't provide quarterly guidance, we are offering some commentary to help frame what we're seeing in the current operating environment on the life science side of our business. We continue to anticipate a modest revenue improvement. In the fourth quarter, we do not expect any budget flush, as research customers remain cautious with spending due to the uncertainties surrounding the final NIH budget and the U.S. government shutdown.

While it's encouraging to potentially have a relatively flat NIH budget for next year, we remain cautious on the pace of recovery for the academic segment heading into 2026.

We continue to believe it will take some time for researchers to regain confidence in the longer-term funding outlook.

Additionally, we continue to anticipate a gradual improvement with biotech customers.

Roop K. Lakkaraju: While we aren't currently anticipating additional reimbursement challenges in China heading into 2026, we continue to see a soft macro environment in that region, which could dampen demand for our clinical diagnostic products. On margins, we continue to anticipate a slight step-up in the Q4 gross margin, primarily driven by mix of revenue. Combined with our continued focus on effective cost management, we expect operating margins to improve sequentially by at least 80 basis points. That concludes our prepared remarks. We will now open the line to take your questions. Operator?

With respect to our diagnostic segment, we expect a return to growth in the fourth quarter, with the China reimbursement headwind annualizing, as well as the expected timing of revenue from our quality controls portfolio.

While we aren't currently anticipating additional reimbursement challenges in China, heading into 2026, we continue to see a soft macro environment in that region which could dampen demand for our clinical diagnostic products.

Roop Lakkaraju: Combined with our continued focus on effective cost management, we expect operating margins to improve sequentially by at least 80 basis points. That concludes our prepared remarks. We will now open the line to take your questions. Operate.

On margins, we continue to anticipate a slight step up in the fourth quarter growth Market. Primarily driven by mix of Revenue,

Combined with our continued, focus on effective cost management. We expect operating margins to improve sequentially by at least 80 basis points.

Operator: Thank you. We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. Our first question comes from the line of Patrick Donnelly with Citigroup. Your line is open.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your headset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. Our first question comes from the line of Patrick Bernard Donnelly with CD Group. Your line is open.

That concludes our prepared remarks. We will now open the line to take your questions operate.

Thank you. We will now begin the question and answer session if you have dialed in and would like to ask a question. Please press star 1 on your telephone keypad to raise your hand and join the queue.

If you would like to be sure, your questions simply press star 1. Again, if you are called upon to ask your question and are listening via speaker phone in your device, please pick up your handset to ensure that your phone is not on mute. When asking your question. Again, press star 1 to join the queue,

And our first question comes from the line of Patrick Donnelly with Citigroup. Your line is open.

Patrick Donnelly: Hey, guys. Thank you for taking the questions.

Patrick Bernard Donnelly: Hey, guys. Thank you for taking the questions.

Operator: Hey, Patrick.

Roop K. Lakkaraju: Hey, Patrick.

Patrick Bernard Donnelly: Maybe one for you. Hey, Roop, how are you? One for you, just given those last comments there. Can you talk about the expectations for Q4? Obviously, you have the government shutdown, as you touched on. You have some of the process chromatography, you know, pull forward or bolus of strength there in the last couple of quarters. Maybe just talk about the ramp into Q4, the assumptions there would be helpful.

Patrick Donnelly: Roop, maybe one for you. Hey, Roop, how are you? One for you, just given that, those last comments there. Can you talk about, you know, the expectations for Q4? Obviously, you have the government shutdown, as you touched on. You have some of the, you know, the Process Chromatography, you know, pull forward or bolus of, bolus of strength there in the last couple of quarters.

Hey guys, thank you for uh, taking the questions.

Roop K. Lakkaraju: Yeah.

Patrick Donnelly: Maybe just talk about the ramp into Q4, the assumptions there would be helpful.

Roop Lakkaraju: Yeah, no, absolutely. I think, you know, from both life sciences and diagnostics, we have a slight uptick on both sides of the business. That's nice to see. I think from a life sciences standpoint, obviously, as we talked about, we got process chromatography. It gives you a little bit of headwind in the fourth quarter. With that taken into account, obviously, we've got some strength in ddPCR that we're expecting in that fourth quarter, so that helps lift that a little bit. In the diagnostics side, it really is about the quality controls area that we've spoken about in past quarters. We still expect to see that jump up based on those lot releases, and we're still driving towards that. That's kind of the trajectory and how we see the fourth quarter unfolding.

Roop K. Lakkaraju: Yeah, no, absolutely. So I think, you know, from a both life sciences and diagnostics have a slight uptick on both sides of the business. So that's nice to see. I think from a life sciences standpoint, obviously, as we talked about, we got Process Chromatography, gives you a little bit of headwind in the fourth quarter. With that taken into account, obviously, we've got some strength in ddPCR that we're expecting in that fourth quarter, so that helps lift that a little bit. Then, in the diagnostics side, it really is about the Quality Controls area that we've spoken about in past quarters. We still expect to see that jump up based on those lock releases, and we're still driving towards that. So that's kind of the trajectory and how we see the fourth quarter unfolding.

81, uh, for you. Hey rep. How are you? Um, 1 for you just given that those last comments there, uh, can you talk about, you know, the expectations for 4 q. Obviously, you have the government shutdown as you touched on, you have some of the, you know, the process Chrome, uh, you know, pull forward or bolus, bolus of strength there in the last couple of quarters. Maybe just talk about the ramp into 4 q. The the assumptions there would be helpful.

Jon DiVincenzo: Maybe, Pat, I can just add, this is Jon DiVincenzo. You know, we're almost done here with October, and it seems like our demand was on plan, so we feel pretty good about that. Something we're monitoring obviously very closely. There is a little bit of ramp here, but, between clinical diagnostics and life sciences, you know, we're off to a pretty good start this quarter.

Edward Chung: Maybe I can just add this is Jon DiVincenzo. We're almost done here with October, and it seems like our demand was on plan, so we feel pretty good about that. It's something we're monitoring always very closely. There is a little bit of ramp here, but between clinical diagnostics and life sciences, you know, we're off to a pretty good start this quarter.

Excited really is about uh the quality controls area that we've spoken about. In past quarters, we still expect to see that jump up based on those lock releases and and we're still driving towards that. So that's kind of the the trajectory and how we see the fourth quarter uh unfolding and maybe that I can just add. This is John deeno. Um you know we're almost done here with October and it seems like our demand was on plan so we feel pretty good about that. Something we're monitoring I was very closely there is a little bit of ramp here but uh between clinical Diagnostics and Life Sciences. Um you know they're off to a pretty good start this quarter.

Patrick Bernard Donnelly: Yeah, understood. Okay. I know it's preliminary, but obviously, everyone's kind of framing up Q2 to a degree. Any initial thoughts there, guys, as you look into year-end, maybe even if it's just higher-level moving pieces? You talked about China diagnostics, your academic government. How are you thinking about the market into Q2 and any moving pieces we should be thinking about on the revenue side?

Patrick Donnelly: Yeah. Understood. Okay. And then, you know, I know it's preliminary, but obviously, everyone's kind of framing up 2026 to a degree. Any initial thoughts there, guys, as you look into year-end, maybe even if it's just higher level moving pieces? You talked about China diagnostics, your academic, government, you know, how you think about the market into 2026 and any moving pieces we should be thinking about on the revenue side?

Roop Lakkaraju: Yeah, I think that's why I tried to frame a little bit of those comments towards the end of the guidance section of my prepared comments, Patrick. I think academic here in the U.S., A&G is still cautious. It's TBD a little bit with how NIH budget comes out and kind of the ramp into Q2 and how researchers really spend money into Q2. I think the good thing is the instruments are the ones that have been most greatly affected. Consumables have still been kind of chugging along. I think throughout the rest of the globe, China continues to be an open question. From our standpoint, we've talked about no VBP historically. DRG is something we've mentioned previously, which is a little bit of an impact, but not a significant impact.

Roop K. Lakkaraju: Yeah, I think, you know, that's why I tried to frame a little bit of those comments towards the end of the guidance section of my prepared comments, Patrick. Yeah, I think academic here in the US is still cautious. And so it's, you know, TBD a little bit with how NIH budget comes out and kind of the ramp into 2026 and how researchers really spend money into 2026. I think the good thing is, instruments are the ones that have been most greatly affected. Consumables have still been, you know, kind of chugging along. I think throughout the rest of the globe, China continues to be an open question. From our standpoint, you know, we talked about no VBP historically.

Yeah, understood. Okay and then, you know, I know it's preliminary but obviously everyone's kind of framing up 26 to a degree, any initial thoughts there, guys, as you look into year end, maybe even if it's just High higher level, moving pieces, you touch talk about China, Diagnostics your academic government. Um, you know, how you're thinking about the market into 26 and any, any, uh, moving pieces we should be thinking about on the revenue side.

Yeah, I think, you know, that's why I tried to frame a little bit of those comments towards the end of the guidance section of of my prepared comments. Patrick, um, you know, we we, I think academic here in the US, uh, Aang is is still cautious. Um, and, and so it's, it's, you know, TBD a little bit with how it a NIH. Uh,

Roop K. Lakkaraju: DRG is something we, you know, we've mentioned previously, which is a little bit of an impact, but, but not a significant impact. Then when we think about biotech, we kind of look at biotech as, as something that, slowly, gradually, improves as we get into 2026. Then Process Chromatography, obviously, we've had a very strong year this year in 2025. Part of that, quite honestly, is, is an easy compare to 2024. Part of it is getting back to a little bit more, normalization, I think.

Roop Lakkaraju: When we think about biotech, we kind of look at biotech as something that slowly, gradually improves as we get into Q2. Process chromatography, obviously, we've had a very strong year this year in Q1. Part of that, quite honestly, is an easy comparator to Q4. Part of it is getting back to a little bit more normalization, I think. As we think about it longer term, I think we've said this to all of you in the past, we expect that to be kind of a high single-digit sort of growth rate. We still think that that's reasonable for Q2 based on what we see. Again, we're still going through our planning cycle. We will give, obviously, a specific full Q2 guide in our February call, but at least that's some framing comments for you all.

Roop K. Lakkaraju: As we think about it longer term, I think we've said this to, to all of you in the past, we expect that to be kind of a high single digit sort of growth rate, and we still think that that's reasonable for 2026, based on what we see. But again, we're still going through our planning cycle. We will give, obviously, specific full 2026 guide in our February call, but at least that's some framing comments for you all.

Uh, budget comes out and, and kind of the ramp into 26 and how researchers, really, uh, spend money into 26. I think, the good thing is instruments. Are the ones that have been, uh, most greatly affected, consumables have still been, you know, kind of chugging along. Um, I think throughout the rest of the globe China continues to be, um, uh, an open question from our standpoint. You know, we talked about no vbp historically. Uh, drg is something, you know, we've mentioned previously, uh, which is a little bit of an impact, but but not a significant impact. Um, and then when we think about biotech, um, we kind of look at biotech as as something that uh, slowly gradually, uh, improves as we get into 26. Uh, and then process chromatography. Obviously, we've had a very strong year this year in 25 part of that quite honestly is, is an easy compared to 24, uh, part of it is getting back to a little bit more, uh, normalization.

I think, uh, as we think about it longer term, I think we've said this to, to all of you in the past, uh, we expect that to be kind of a high single digit, uh, sort of growth rate and we still think that that's reasonable for, for 26, based on what we see. But again, we're still going through our planning cycle, we will give obviously uh specific full uh 2026 guide in our February call but at least that's some framing comments for you all.

Patrick Donnelly: No, that's really helpful, Roop. I appreciate that. Maybe last one, just the ddPCR side. It sounds like, again, process chromatography, you're feeling better about. Maybe just talk about digital PCR, what the market looks like, and just thoughts going forward into next year on that piece. Thank you guys so much.

Patrick Bernard Donnelly: No, that's really helpful, Roop. I appreciate that. Maybe last one, just the ddPCR side, it sounds like, again, process chromatography, you're feeling better about. Maybe just talk about digital PCR, what the market looks like, and just thoughts going forward into next year on that piece. Thank you guys so much.

Edward Chung: Yeah, hey, this is Jon DiVincenzo again. I feel very good. Our commercial team is very, very excited. We expanded the commercial effort we have on that side. We have good reception overall of the new products, and we're expanding our assays. As we move forward with these partnerships, we expect a little upside there on the diagnostics portion of the marketplace. Very positive overall feeling from our teams and from customers.

Jon DiVincenzo: Yeah. Hey, this is Jon DiVincenzo again. I feel very good. Our commercial team is very, very excited. You know, we expanded the commercial effort we have on that side. We have good reception overall of the new products, and we're expanding our assays and, you know-

No it's really helpful R I appreciate that. It may be the last 1 just the ddpcr side. It sounds like again, process Chrome. You're feeling better about maybe just talk about digital PCR. What the market looks like and and just thoughts going forward into next year on that piece. Thank you guys so much.

Desiree: ... You know, as we move forward with these partnerships, we expect a little upside there on the diagnostics part, portion of the marketplace. So very positive, overall, feeling from our teams and from customers.

Jon DiVincenzo: ... You know, as we move forward with these partnerships, we expect a little upside there on the diagnostics part, portion of the marketplace. So very positive, overall, feeling from our teams and from customers.

Roop Lakkaraju: I think with all the positive sentiment, Jon, to build on Jon's comment, I think it'd be great to get some of the instruments flowing through from a broader market standpoint and not being as soft as it's been. We're excited about all of the pipeline development and everything else.

Roop K. Lakkaraju: I think with all the positive sentiment, John, to build on John's comment, I think, you know, it'd be great to get some of the instruments flowing through from a broader market standpoint and not being as soft as it's been. And so we're excited about all of the pipeline development and everything else, and so.

Yeah. Hey, this is John de venzo again. Um, feel very good. Our commercial team is very, very excited. You know, we expanded the uh, commercial effort. We have in that side. Uh, we have good reception over all of the new products and we're expanding our assays. And and uh, you know, as we move forward with these Partnerships, we expect a little upside there on the Diagnostics part portion of the marketplace. So very positive, uh, overall, uh, feeling from our teams and from customers,

I think with all the positive sentiment to to build on John's comment, I I think um you know it'd be great to get some of the instruments flowing through from a broader Market standpoint and not being as soft as it's been. And so we're excited about all of the pipeline development and everything else. And so

Patrick Bernard Donnelly: Thank you, guys.

Operator: Thank you, guys.

Patrick Donnelly: Thank you, guys.

Roop K. Lakkaraju: Thanks, Patrick.

Edward Chung: Thanks, Patrick.

thank you guys.

Thanks Patrick.

Operator: Our next question comes from the line of Daniel Louis Leonard with UBS. Your line is open.

Operator: Our next question comes from the line of Dan Leonard with UBS. Your line is open.

Daniel Louis Leonard: Thank you very much. A follow-up on fourth quarter. Just want to check my math. I think the total year guidance implies a range of 1% to 5% organic growth assumed for Q4. I want to make sure that's right, and if it is, if you could talk about the magnitude of the range, what's embedded at the high end versus the low end, and how have you tried to embed a government shutdown assumption into that figure?

Daniel Louis Leonard: Thank you very much. A follow-up on fourth quarter. Just want to check my math. I think the total year guidance implies a range of 1% to 5% organic growth assumed for Q4. I want to make sure that's right. If it is, if you could talk about the magnitude of the range, what's embedded at the high end versus the low end, and how have you tried to embed a government shutdown assumption into that figure?

Our next question comes from the line of Dan Leonard with UBS your line is open.

Roop K. Lakkaraju: Yeah. So Dan, I guess from the standpoint of, I'll start with maybe the government shutdown. We obviously have seen that evolve here in October, and so our fourth quarter kind of contemplates that, you know, within our overall guide. I think with the moving pieces we have overall, we still felt good, obviously, in holding the guide for the full year, or for the full year, recognizing some of the comments I made around life sciences and diagnostics, sequentially, getting better from Q3 to Q4. I think from a, you know, range perspective, I guess I'll kind of reiterate the guide overall as we think about it, right? We came into the quarter, I think folks were concerned about what that fourth quarter ramp would look like for us.

Roop Lakkaraju: Yeah. Dan, I guess from the standpoint of, I'll start with maybe the government shutdown. We obviously have seen that evolve here in October, and our fourth quarter kind of contemplates that within our overall guide. I think with the moving pieces we have overall, we still felt good, obviously, in holding the guide for the full year, recognizing some of the comments I made around life sciences and diagnostics, sequentially getting better from Q3 to Q4. I think from a range perspective, I'll kind of reiterate the guide overall as we think about it, right? We came into the quarter, I think folks were concerned about what that fourth quarter ramp could look like for us. Q3 came out fairly on target, if you will, for us, which gave us confidence in the fourth quarter.

Thank you very much. Uh, follow up on fourth quarter, just want to check my math. I I think the total year guidance implies a range of 1% to 5% organic growth assumed for Q4. Want to make sure that's right. And if it is, if you could talk about the magnitude of the range, what's embedded at the high end versus the low end, and how have you tried to embed a government shutdown, assumption into that figure.

Roop K. Lakkaraju: Q3 came out fairly on target, if you will, for us, which gave us confidence in the fourth quarter, and that's why we felt comfortable holding that guide of 0 to 1% for... from a full year top line standpoint, and then keeping the margins, both gross and operating margin, in line with the operating margin still at between that 12 to 13%. So you can see based on that last part, we're expecting sequential improvement on the operating margin from Q3 into Q4.

Roop Lakkaraju: That's why we felt comfortable holding that guide of 0 to 1% from a full-year top line standpoint, and then keeping the margins, both gross and operating margin, in line where the operating margin is still at between that 12 to 13%. You can see based on that last part, we're expecting the sequential improvement in the operating margin from Q3 into Q4.

Is we have overall, uh, we still felt good, obviously, in holding, uh, the guide for for the full year or for the full year, um, recognizing some of the comments I made around life sciences and Diagnostics uh, sequentially. Again better, uh, from Q3 to Q4. Um, I I think from a, you know, range perspective I guess I'll I'll kind of reiterate the guide overall, as we think about it, right? We came into the quarter. I think folks were concerned about what that fourth quarter ramp. Could look like for us, Q3 came out, uh, fairly On Target. If you will, uh, for us which gave us confidence in in the fourth quarter. And that's why we felt comfortable holding that guide of 0 to 1% for from a full year, Topline standpoint and then keeping the margins, both gross and operating margin in line with the operating margin is still at between that 12 to 13%. So you can see based on that last part. Uh, we're expecting the sequential Improvement on the operating margin, uh, from uh, Q.

3 into Q4.

Daniel Louis Leonard: Okay. Roop, I wanted to revisit your framing comment for process chromatography for 2026. The comment that that ought to be a high single-digit grower, does that reflect your view that that market has fully returned to normalization at this point? I'd just love to hear your thoughts on that, given the historical volatility of process chromatography.

Daniel Louis Leonard: Okay. And Roop, I wanted to revisit your framing comment for process chromatography for 2026. So the comment that ought to be a high single digit grower, does that reflect your view that that market has fully returned to normalization at this point? And just love to hear your thoughts on that, given the historical volatility of process chromatography.

Roop Lakkaraju: Yeah, I mean, I think the volatility is still there in terms of, and we saw it this year, in terms of moving between quarters, right? Customers wanting to pull forward. I think that just speaks to the market demand of their therapeutics and how they want to profile and bleed in those therapeutics into their marketplace. It is still volatile. With that said, we don't have an easy comparator any longer for 2025 and from 2025 into 2026. As such, I think that normalization back to the high single digits is kind of where we're pointing to and what we want to execute to.

Roop K. Lakkaraju: Yeah, I mean, I think the volatility is still there in terms of... And we saw it this year in terms of moving between quarters, right? Customers wanting to pull forward. I think that just speaks to, you know, the market demand of their therapeutics and bleed in those therapeutics into their marketplace. So it is still volatile. With that said, we don't have an easy compare any longer for 25, and they're from 25 into 26. And as such, I think that normalization back to the high single digits is kind of where we're pointing to and what we want to execute to.

Okay. And Rupp I I wanted to revisit your framing comment for process chromatography for 2026, so the the comment that that ought to be a high single digit grower does that reflect your view that that market has fully returned to normalization at this point and um, just love to hear your thoughts on that. Given the historical volatility of of process Chrome

Daniel Louis Leonard: Could you quantify the diabetes pricing headwind in China on the quarter, just so I could better understand when that goes away and lapses, what the incremental benefit would be?

Daniel Louis Leonard: Finally, could you quantify the diabetes pricing headwind in China on the quarter, just so I could better understand when that goes away and lapses, what the incremental benefit would be?

Yeah, I mean I I think the volatility is still there in terms of and we saw it this year in terms of moving between quarters, right? Uh, customers wanting to pull forward, I think that that just speaks to um, you know, the the market demand of their Therapeutics and and how they want to profile and and uh bleed in those Therapeutics into their Marketplace. Uh, so it is still volatile. Uh with that said, we don't have an easy compare any longer for for 25 and and they're from from 25 into 26. Uh, and as such, I think that normalization back to the high single digits is kind of where we're pointing to and and what we want to execute to.

Roop K. Lakkaraju: Yeah, I mean, I think the simplistic way to think about it is. And remember, last Q4, we had two components to our headwind. One is the cut in of the price, because China cut it in early, and they did it in the middle of the quarter. So, you know, that was kind of mid-single digits sort of number about. But then we also had some channel kind of cut in that we needed to do, which is another, you know, kind of low to mid-single digit type of number. So that's how to think about it within what was there last year.

Roop Lakkaraju: Yeah, I mean, I think the simplistic way to think about it is, and remember, last fourth quarter, we had two components to our headwind. One is the cut-in of the price because China cut it in early, and they did it in the middle of the quarter. That was kind of mid-single-digit sort of number, about. We also had some channel kind of cut-in that we needed to do, which is another kind of low to mid-single-digit type of number. That's how to think about it within what was there last year.

And final cleanup, could you quantify the diabetes pricing headwind in China on the quarter? Just so I could better understand when that goes away and lapse, what the incremental benefit would be.

Daniel Louis Leonard: Great. Thank you very much.

Yeah, I mean I think the simplest way to think about it is and and remember last fourth quarter we had 2 components to our our headwind 1 is uh the cut in of the price because China cut it in early and they did it in the middle of the quarter. So you know, that was kind of mid single digits sort of number uh about but then we also had some uh Channel kind of cut in that we needed to do. Uh which is another, you know, kind of low to mid single digit uh, type of number. So that's how to think about it within what was there last year?

Roop K. Lakkaraju: Yep.

Roop Lakkaraju: Yep.

Great, thank you very much.

Operator: Next question comes from the line of Brandon Couillard with Wells Fargo. Your line is open.

Next question comes from the line of Brandon Cayred with Wells Fargo. Your line is open.

Patrick Bernard Donnelly: Hey, good afternoon. Roop or Jon, I'd like to come back to ddPCR. Any clarity you can share on just instruments versus consumables in the third quarter? You still expect that franchise to be flat for the year. Was the integration at all disruptive to revenues in the period as you kind of retrained the salesforce?

Desiree: Hey, good afternoon. Roop or Jon, I'd like to come back to ddPCR. Any color you can share on just instruments versus consumables in the third quarter? Do you still expect that franchise to be flat for the year, and was the integration at all disruptive to revenues in the period as you kind of retrained the sales force?

Brandon Couillard: Hey, good afternoon. Roop or Jon, I'd like to come back to ddPCR. Any color you can share on just instruments versus consumables in the third quarter? Do you still expect that franchise to be flat for the year, and was the integration at all disruptive to revenues in the period as you kind of retrained the sales force?

Edward Chung: Yeah, I was thinking the last part. I don't think the integration was disruptive. I think there was excitement about the expanded portfolio and the demand for demos extended some of the activity in the field. The pipeline is growing nicely. I think it's just a matter of a little bit extended sales cycles and the anticipation of those products coming to the market. Customers just wanted to see it and kind of compare some data of our legacy products and the new products in the marketplace. I don't think there was a disruption. We still believe we're going to be on plan for the full year for the portfolio. Consumables were a little slower in the third quarter, but we expected that to come back in the fourth quarter. We certainly see a rebound of the instrumentation now, Q4 and in 2026.

Roop K. Lakkaraju: Yeah, taking the last part, I don't think the integration was disrupted. I think there was excitement about the expanded portfolio and the demand for demos, you know, extended some of the activity in the field. But the pipeline's growing nicely. I think it's a matter of, you know, a little bit extended sales cycles and the anticipation of those products coming to the market, and customers just wanted to see it and kind of compare some data of our legacy products and the new products in the marketplace. But, so I don't think there was a disruption. We still believe we're going to be on plan for the full year for the portfolio.

Hey, good afternoon. Um, Rupert John. I'd like to come back to ddPCR. Any color you can share on instruments versus consumables in the third quarter? Do you still expect that franchise to be flat for the year? And was the integration at all disruptive to revenues in the period as you retrained the sales force?

Roop K. Lakkaraju: You know, consumables were a little slower in Q3, but we expected that come back in Q4, and we certainly see a rebound of the instrumentation now, Q4 and in 2026.

Yeah, taking the last part, I don't think you integration with disruptor, I think it was excitement about the expanded portfolio and the demand for demos, you know, extended some, some of the activity in the field but the pipeline's growing nicely. Um, I think it's just a matter of, you know, a little bit extended sales cycles, and the anticipation of those products coming to the market and customers just want to see it and kind of compare some data of our Legacy products. And the, the new products that the marketplace but um, I don't think there was a disruption, we still believe. We're going to be on plan for the full year for the portfolio. Um, you know, consumables, uh, we're a little slower on the third quarter, but we expect that I come back to the fourth quarter, and we certainly see a rebound of the instrumentation now, uh, Q4 and in 2026.

Patrick Bernard Donnelly: Okay. Roop, I appreciate the kind of top line commentary around some moving parts in 2026. I'm curious, though, if growth remains, let's say, in the low single-digit range, can you expand margins next year on that type of revenue growth? What are some of the moving parts we should think about in the P&L? On one hand, the incentive comp won't be as significant of a headwind. Maybe still a creation gets a little better. Tariff headwinds maybe come down. What are some of the pieces to think about for next year? Thanks.

Desiree: Okay. And Roop, I appreciate the kind of top-line commentary around some moving parts in 2026. I'm curious, though, like, if growth remains, let's say, in the low single digit range, can you expand margins next year on that type of revenue growth? And what are some of the moving parts we should think about in the P&L? I mean, on one hand, the incentive comp won't be as significant of a headwind. Maybe Sartorius accretion gets a little better, tariff headwinds maybe come down. What are some of the pieces to think about for next year? Thanks.

Brandon Couillard: Okay. And Roop, I appreciate the kind of top-line commentary around some moving parts in 2026. I'm curious, though, like, if growth remains, let's say, in the low single digit range, can you expand margins next year on that type of revenue growth? And what are some of the moving parts we should think about in the P&L? I mean, on one hand, the incentive comp won't be as significant of a headwind. Maybe Sartorius accretion gets a little better, tariff headwinds maybe come down. What are some of the pieces to think about for next year? Thanks.

Roop Lakkaraju: Yeah, of course. Thanks, Brandon. Yeah, I mean, listen, we've kind of said we'd like to be in that, you know, low or kind of to that, let's call it 3% to 5% growth on an annual basis. That would be ideal. Getting to 3% kind of allows us for getting more effective absorption and margin expansion from that standpoint. I think with all that said, we do have opportunities for margin expansion in 2026, beyond where we were in 2025. That's quite honestly what we're working on. As you think about the components of it, I think part of it really comes into some of the initiatives we have from our operational standpoint, the lean initiatives and the progress we're making from our overall productivity within our factories. I think other parts, we've got longer-term logistics improvements that we continue to drive and execute.

Roop K. Lakkaraju: Yeah, of course. Thanks, Brandon. Yeah, I mean, listen, we, we've kind of said we'd like to be in that, you know, low single kind of to, to that, let's call it 3 to 5% growth, on an annual basis. That would be ideal, getting to 3%, kind of allows us for, for getting, more effective absorption and, and, margin expansion from that standpoint. I, I think with all that said, we do have opportunities for margin expansion in, in, 2026, beyond where we were in 2025, and that's quite honestly what we're working on.

Okay, Top Line commentary around some moving Parts in in 26. I'm curious though. Like, if growth remains, let's say in the low single digit range, can you expand margins next year, on that type of Revenue growth? And what are some of the moving parts we should think about in the PML? I mean, on 1 hand, the incentive comp won't be as significant of a headwind. Maybe still accretion gets a little better. Tariff, headwinds maybe come down. Um, what are some of the, the pieces? Uh, to think about for next year. Thanks. Yeah, of course. Thanks Brent. Brandon, um,

yeah, I mean, listen, we we've kind of said we'd like to be in that um, you know

Roop K. Lakkaraju: As you think about the components of it, I think part of it is really comes into some of the initiatives we have from our operational standpoint, the lean initiatives and the progress we're making from our overall productivity within our factories. I think other parts, we've got longer term logistics improvements that we continue to drive and execute. One thing that I think is largely untapped, we've gotten some benefits out of this, but there's further work our supply chain organization is doing on buying power leverage, and that's an opportunity for us next year. And then, of course, from an OpEx standpoint, driving higher levels of productivity, whether that's in the R&D side or other functional areas within OpEx. And so we're really looking to drive that.

Roop Lakkaraju: One thing that I think is largely untapped, we've gotten some benefits out of this, but there's further work our supply chain organization is doing on buying power leverage, and that's an opportunity for us next year. Of course, from an OpEx standpoint, driving higher levels of productivity, whether that's in the R&D side or other functional areas within OpEx. We're really looking to drive that. We would be seeking to drive margin expansion for next year, and obviously, we'll talk a little bit more about that at the year-end call.

35% growth, uh, on an annual basis that would be ideal get into 3% and allows us for for getting, uh, more effective absorption and and margin expansion from that standpoint. I, I think with all that said, we do have opportunities for margin expansion in in, uh, 26, uh, Beyond where we were in 25, and that's quite honestly. What we're working on. As you think about the, the components of it, uh, I think part of it is, uh, really comes into some of the initiatives. We have from our operational standpoint uh the lean initiatives and the progress we're making from from our overall uh productivity within our factories. I think other parts we've got uh longer term Logistics improvements that we continue to drive and execute. Um 1 thing that I think is is largely untapped uh we've gotten some benefits out of this but there's further work our our supply chain organizations doing on buying power, leverage and and that's an opportunity for us next year. And then of course

Roop K. Lakkaraju: We would be seeking to drive margin expansion for next year. Obviously, we'll talk a little bit more about that at the year-end call.

From an Opex standpoint, uh, driving, uh, higher levels of productivity, um, whether that's in the R&D side or or other, uh, functional areas within uh, Opex, uh, and so we're really looking to drive that and so we were we would be seeking to drive margin expansion for next year. Um and obviously we'll talk a little bit more about that at the year end call.

[Company Representative] (Bio-Rad Laboratories): Great. Thanks.

Brandon Couillard: Great. Thanks.

Patrick Bernard Donnelly: Great. Thanks.

Roop Lakkaraju: Thank you.

Roop K. Lakkaraju: Thank you.

Great, thanks.

Thank you.

Operator: Next question comes from the line of Tycho Peterson with Jefferies. Your line is open.

Tycho Peterson: Hey, thanks. I wanna stress test your kind of assumptions around China in 2026. You know, we have heard from others, Danaher and Roche, that, you know, VBP, you know, will spill over. Can you maybe just talk about why you don't think you're gonna have China diagnostic headwinds next year?

Daniel Louis Leonard: Hey, thanks. I want to stress test your kind of assumptions around China in 2026. You know, we have heard from others, Danaher and Roche, that you know VBP will spill over. Can you maybe just talk about why you don't think you're going to have China diagnostic headwinds next year?

Next question comes from the line of Tau Peterson with Jeffrey's your line is open.

Roop Lakkaraju: Yeah. Hey, Tycho. First of all, others have spoken about VBP. I think we've been pretty clear VBP hasn't been necessarily an effect for us this year. I think there are some things from a headwind standpoint, just the macro market within there is something to call out. I think part of our strength in China lies in our quality controls, and we expect to see that continue to be strong next year. That's probably the strongest component of the offset to some of those headwinds from a broader. The other part is from a macro standpoint, if China macro improves, I think all boats rise at that point for not just us, but possibly others. That's the other piece.

Roop K. Lakkaraju: Yeah. Hey, Tycho. So first of all, you know, others have spoken about VBP. I think we've been pretty clear VBP hasn't been necessarily in effect-

Hey, thanks. Um, I want to stress test your kind of assumptions. Around China, Inn 26. You know, we have heard from others, Dan Harr row that you know vbp you know will spill over. Can you maybe just talk about why you don't think you're going to have China diagnostic headwinds next year.

Tycho Peterson: Right

Roop K. Lakkaraju: -for us next year. I think there are some things from a headwind standpoint, just the macro market within there, is something to call out. I think part of our strength in China lies in our quality controls, and we expect to see that continue to be strong next year. And that's probably the strongest component of, the offset to, some of those headwinds from a broader. And the other part is, from a macro standpoint, if China macro improves, I think, you know, all boats rise at that point for not just us, but possibly others, and, and that's the other piece.

Daniel Louis Leonard: Okay, and then, you know, looking at life science, backing out, you know, process chromatography kind of down high single digit. Can you maybe, was this all kind of just the funding backdrop, or you know, how did it play out, I guess, relative to your own expectations?

Tycho Peterson: Okay. And then, you know, looking at Life Science, backing out, you know, process chromatography kind of down high single-digit, can you maybe—was this all kind of just the funding backdrop, or, you know, how did it play out, I guess, relative to, you know, your, your own expectations?

Yeah, hey tyo. Um so first of all uh you know others have spoken about bbp, I think we've been pretty clear vvp hasn't been necessarily in effect for us this year. Um I think there are some things from my headwind standpoint, just the macro Market within their, uh, is is something to call out. I think part of our strength, in China lies in our quality controls. And we expect to see that continue to be strong next year. And that's probably the strongest component of, uh, the offset to some of those headwinds from a broader. And the other part is from a macro standpoint of China macro improves. I think, you know, all boats rise at that point for not just us but possibly others and and that's the other piece.

Okay. Um, and then, you know, looking at life science backing out, you know, processed Chrome, kind of down high single digit. Can you maybe was this all kind of just the the funding backdrop or you know, how did it play out I guess, relative to, you know your your own expectations.

Roop Lakkaraju: Yeah. Go ahead, Roop.

Roop K. Lakkaraju: Yeah. No, go ahead.

[Company Representative] (Bio-Rad Laboratories): Go ahead.

Daniel Louis Leonard: Go ahead.

Roop K. Lakkaraju: No, no, please.

Roop Lakkaraju: Oh, no, please.

Jon DiVincenzo: Yeah, I think it did meet our expectations. One of the things you have to think about when you're comparing this year to last year, you need to neutralize for some one-timers that we had last year. If you neutralize for that, we're actually a couple of % growth for the quarter.

[Company Representative] (Bio-Rad Laboratories): Yeah, I think it, you know, it did meet our expectations. But one of the things you have to think about when you're comparing this year to last year, kind of neutralizing, you need to neutralize for some one-timers that we had last year. So kind of if you neutralize for that, we're actually, you know, a couple of percent growth for the quarter.

Yeah, go. Go ahead, go ahead. No, no, please. Yeah, I think it, you know, it did.

Roop K. Lakkaraju: And just-

Roop Lakkaraju: Just the.

It did meet our expectations, uh, but but 1 of the things you have to think about. When you're comparing this year to last year, kind of neutralizing, you need to neutralize for some 1 timers that we had last year. So so kind of if you neutralize for that we're actually, you know, couple of percent growth for for the quarter.

[Company Representative] (Bio-Rad Laboratories): Ex process.

Jon DiVincenzo: X process.

[Company Representative] (Bio-Rad Laboratories): Ex process.

Roop K. Lakkaraju: Right. And really, the pressure is in North America. EMEA is actually holding strong for us overall, so, you know, that's a good balance overall in our portfolio of market share. Outside of China, Korea remains strong. So really, we see the pressure in the US, as, you know, most folks in our industry.

Roop Lakkaraju: Right. Really, the pressure is in North America. EMEA is actually holding strong for us overall. That's a good balance overall in our portfolio and market share. Outside of China, Korea remains strong. We see the pressure in the U.S. as most folks in our industry.

And just the XX process, right? And uh,

Tycho Peterson: Great. And then last one, you know, John, I know you had a number of questions on digital PCR. Are you able to talk about to what degree you're getting, you know, written into budgets, you know, which, you know, presumably is a good leading indicator to orders here? I mean, I guess post-launch, what's your visibility in terms of kind of what's being baked into budgets?

Daniel Louis Leonard: Great. Last one, Jon, I know you had a number of questions on digital PCR. Are you able to talk about to what degree you're getting written into budgets, which presumably is a good leading indicator to orders here? I guess post the launch, what's your visibility in terms of kind of what's being baked into budgets?

Really the pressure is in North America. I mean, it's actually holding strong for us overall. So you know, that's a a good balance and overall our portfolio and market share um outside of China Korea remains strong. So really we see the pressure in the US as you know, most folks in our industry

Roop Lakkaraju: Yeah. I would say I'm sorry to say exactly what bakes the budgets or what's already there, but I would just refer back to the pipeline, which is growing quite strongly. We have, you know, a huge demand for us to perform demos, as I said previously. All of those are good indicators. I don't have in front of me kind of, you know, these typically aren't big tenders or, you know, so large of investments that have to be planned a year or so out. We feel pretty good about just overall the demand, Tycho.

Roop K. Lakkaraju: Yeah.

Tycho Peterson: And grants.

Great. And then last one, you know, John, I know you had a number of questions on digital PCR. Are you able to talk about to what degree you're getting, you know, written into budgets? You know, which, you know, presumably is a good leading indicator to orders here. I mean, I guess, post the launch, what's your visibility in terms of kind of what's being baked into budgets?

Roop K. Lakkaraju: It's hard to say exactly what bakes the budgets or what's already there, but I would just refer back to the pipeline, which is growing quite strongly. We have, you know, a huge demand for us to perform demos, as I said previously, so all those are good indicators. I don't have in front of me kind of, you know... These typically aren't big tenders or so large of investments that have to be planned a year or so out. So we feel pretty good about just overall the demand, Tycho.

Jon DiVincenzo: It's hard to say exactly what bakes the budgets or what's already there, but I would just refer back to the pipeline, which is growing quite strongly. We have, you know, a huge demand for us to perform demos, as I said previously, so all those are good indicators. I don't have in front of me kind of, you know... These typically aren't big tenders or so large of investments that have to be planned a year or so out. So we feel pretty good about just overall the demand, Tycho.

yeah, as far as exactly what they the budgets or what's already there, but um I would just refer back to the pipeline which is growing quite um,

Strongly, uh, we have, you know, a huge demand demand for us to perform demos. They said previously, so all those are good indicators. Um, I don't have in front of me, kind of, you know, these typically aren't big

Daniel Louis Leonard: Okay, thank you.

Tycho Peterson: Okay, thank you.

Tenders or or um you know, so large of Investments that have to be planted a year or so out. So we feel pretty good about just overall the demands that go

Roop K. Lakkaraju: Tyko.

Roop Lakkaraju: Tycho.

Okay, thank you.

Operator: Next question comes from the line of Jack Meehan with Nephron Research. Your line is open.

Next question comes from the line of Jack mihan with nephron research. Your line is open.

Jack Meehan: Good afternoon. I wanted to follow up on where you just left off on digital PCR. I was wondering if you'd talk about both QX Continuum and Stilla, just in terms of the demoing activity, how is the funnel building for 2026? Sorry if I missed this, but any change in your revenue contribution assumption for the second half?

Daniel Louis Leonard: Good afternoon. I wanted to follow up on where you just left off on digital PCR. I was wondering if you'd talk about both QX Continuum and STILA, just in terms of the demo activity, how is the funnel building for 2026? Sorry if I missed this, but any change in your revenue contribution assumption for the second half?

Good afternoon. I wanted to follow up on, uh,

You a man, still uh just in in terms of the demoing activity how um, how is the funnel building for 2026 and sorry if I missed this. But any, uh, change in your Revenue contribution assumption for the second half.

Roop K. Lakkaraju: So, Jack, I guess from a revenue contribution standpoint, you know, we're still driving towards kind of those single millions that we talked about before. Obviously, we'd love for the broader market to cooperate a little bit more, but that's still what we're driving towards, and funnel development, you know, we feel good about. In terms of Continuum and QX, both have gotten very strong feedback from customers and interest. That's been actually incredibly encouraging for us. Obviously from a QX standpoint, as you know, we've got three flavors of it.

Roop Lakkaraju: Jack, I guess from a revenue contribution standpoint, we're still driving towards kind of those single millions that we talked about before. Obviously, we'd love for the broader market to cooperate a little bit more, but that's still what we're driving towards. Funnel development, we feel good about. In terms of QX Continuum and QX platforms, both have gotten very strong feedback from customers and interest. That's been actually incredibly encouraging for us. Obviously, from a QX standpoint, as you know, we've got three flavors of it. Probably the ones that are getting most interest, not surprisingly, because of the macro backdrop, is on the lower end, where the feedback we've gotten is it's incredibly competitive to maybe others out in the marketplace. That's encouraging for us and also for our customers. Mm-hmm.

Roop K. Lakkaraju: Probably the ones that are getting most interest, not surprisingly, because of the macro backdrop, is on the lower end, where the feedback we've gotten is it's incredibly competitive to maybe others out in the marketplace. And that's encouraging for us and also for our customers.

Jack Meehan: ... Mm-hmm. And then just wanted to dig into the, like, what you're seeing in the Americas and life sciences a little bit more. It's kind of like things got, like, a little progressively worse sequentially. What do you think that is? Is it kind of like the delayed impact of some of the ramp pressure from earlier in the year? Do you think it could have been some pull forward earlier in the year? You know, I would love just, like, what you're hearing from customers in terms of buying patterns.

So so Jack, I'll I guess from a revenue contribution standpoint. I, you know, we're still driving towards kind of those single millions that we talked about before. Um, obviously, we'd love for the broader Market to cooperate a little bit more, but that's still what we're driving towards and and funnel development. You know, we feel good about, uh, in in terms of Continuum and QX, uh, both have gotten very strong, uh, feedback, uh, from customers and interests. Uh, that's been actually incredibly encouraging for us. Uh, obviously for my QX standpoint and as you know, we've got 3 flavors of it. Um, probably the ones that are is getting most uh interest, not not, not surprisingly because of of the macro, uh, backdrop is uh, on the lower end where, uh, the feedback we've gotten is it's incredibly competitive uh, to to maybe others out in the marketplace and and that's uh, encouraging for us and also for our customers

Jack Meehan: I just wanted to dig into what you're seeing in the Americas and life sciences a little bit more. It sounded like things got a little progressively worse sequentially. What do you think that is? Is it kind of like the delayed impact of some of the grant pressure from earlier in the year? Do you think it could have been some pull forward earlier in the year? I would love just what you're hearing from customers in terms of buying patterns.

Roop Lakkaraju: Yeah, Jack, I think it's just an overall slowdown, and many of the larger academic institutions really kind of tightened down their budgets, whether that's, you know, refilling headcounts that they had or other factors. People were in a bit of a malaise. It's also obviously the summer period there. It doesn't always help. I just think it was a wait and see, for a lot of the customers. We did, we spent quite a bit of time getting this voice of customer sentiment, and that seemed to be the indication across several institutions in North America. Mm-hmm.

Jon DiVincenzo: Yeah, Jack, I think it's just an overall slowdown, and many of the larger academic institutions really kind of tightened down their budgets, whether that's, you know, refilling headcount that they had or other factors, just, you know, people were in a bit of a malaise. It's also obviously the summer period there. It doesn't always help. But I just think it was a wait and see for a lot of the customers. We spent quite a bit of time getting this voice of customer sentiment, and that seemed to be the indication across several institutions in North America.

And then just wanted to dig into the the what you're seeing in the Americas and Life Sciences a little bit more it's kind of like things got like a little progressively. Worse sequentially. What do you think that is? Is it kind of like the delayed impact of some of the grant pressure from earlier in the year? Do you think it could have been some pull forward earlier in the year? Um, you know, I would love just like what you're hearing from customers in terms of buying patterns.

Jack Meehan: Mm-hmm. And then I think I heard you mention there might have been, like, a tough comp, some large orders in the prior year in the base life science business. Is it possible to quantify, like, what the magnitude of that? And the reason I ask is I'm trying to think, you know, going from Q3 to Q4, life science overall is gonna grow. Process Chromatography takes a step down, so, like, it seems to embed kind of a re-acceleration in everything else, just line of sight into that.

Yeah, Jack. I think it's just a overall slowdown and many of the larger academic institutions, really kind of tighten down to their budgets. Um, whether that's, you know, refilling head counts that they had or other factors. Just, you know, people were in a bit of a malaise. It's also obviously the summer period, there just doesn't always help but I just think it was a wait and see, uh, for a lot of the customers we we do we spent quite a bit of time, getting this voice of customer sentiment, and that seemed to be the indication across several institutions in North America.

Jack Meehan: I think I heard you mention there might have been a tough comp, some large orders in the prior year in the base life science business. Is it possible to quantify what the magnitude of that is? The reason I ask is I'm trying to think, you know, going from Q3 to Q4, life science overall is going to grow, process chromatography takes a step down. It seems to embed kind of a reacceleration in everything else, just line of sight into that.

Mhm.

And then I think I heard you mention, there might have been like a tough comp some large orders in the prior year in the base, life science business, is it possible to quantify like what the magnitude of that? Um, and the reason I ask is, I'm trying to think, you know, going from 3 to 4 queue life science overall is going to grow process. Chrome takes the step down. So like it seems to embed

Kind of a reaction and everything else, just line of sight into that.

Jon DiVincenzo: Probably the way—I'm just trying to think about how best to answer your question, Jack. It's probably in the low double digits kind of number, overall.

Roop Lakkaraju: Probably the way to quantify, I'm just trying to think about how best to answer your question, Jack. It's probably in the low double digits kind of number, overall.

Jon DiVincenzo: Probably the way—I'm just trying to think about how best to answer your question, Jack. It's probably in the low double digits kind of number, overall.

uh,

[Company Representative] (Bio-Rad Laboratories): Millions.

Jon DiVincenzo: Millions.

Probably the way, uh, to Quant. I'm just trying to think about how best to answer your question Jack. It's, it's probably in the, uh, low double digits kind of number. Uh, overall

Jon DiVincenzo: Millions. Thank you.

Roop Lakkaraju: Millions. Thank you.

Jon DiVincenzo: Yeah, get you to low single digits growth.

[Company Representative] (Bio-Rad Laboratories): Yeah. Get you to low, low single digits growth.

Jon DiVincenzo: Yeah, exactly.

Roop Lakkaraju: Yeah, exactly.

[Company Representative] (Bio-Rad Laboratories): It's a way to think about it.

Jon DiVincenzo: It's the way to think about it.

Millions millions, thank you, get you the low low single digits growth. Yeah, exactly. It's a way to think about it.

Jack Meehan: Okay. Thank you, guys.

Roop Lakkaraju: Thanks, Jack.

Jon DiVincenzo: Thanks, Jack.

Okay, thank you. Yes.

Thanks.

Operator: And again, if you would like to ask a question, press star, then 1 on your telephone keypad. There are no further questions at this time. I would like to turn the call back over to Edward Chung for closing remarks.

Operator: If you would like to ask a question, press star, then the number one on your telephone keypad. There are no further questions at this time. I would like to turn the call back over to Edward Chung for closing remarks.

and again, if you would like to ask a question, press star, then the number 1 on your telephone keypad,

Edward Chung: Thank you for joining today's call. As always, we appreciate your interest, and we look forward to connecting soon. All right, take care.

Jon DiVincenzo: Thank you for joining today's call. As always, we appreciate your interest, and we look forward to connecting soon. All right, take care.

Edward Chung: Thank you for joining today's call. As always, we appreciate your interest, and we look forward to connecting soon. All right, take care.

There are no further questions at this time. I would like to turn the call back over to Edward Chong for closing remarks.

Thank you for joining today's call. As always, we re, uh, appreciate your interest and we look forward to connecting soon. All right, take care.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

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