A - Earnings call transcript Q2 2018 | Agilent Technologies, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Q2 Agilent Technologies Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] And as a reminder, today's program is being recorded. I would now like to hand the call over to Alicia Rodriguez, Investor Relations. begin. may you Ma'am,

Alicia Rodriguez

Senior and fiscal to are year and Hirsch, Agilent's Amanda, CFO. conference Mike second call President Agilent's Didier and for XXXX. CEO; President welcome, you, and Agilent's everyone, quarter McMullen, Vice Thank With me

Didier's Q&A President Group. Applied President Genomics and will be Group; Group; Diagnostics of and Sam CrossLab Raha, and Joining of after Jacob Life Doak, Agilent's the in Agilent comments the Agilent's Mark Sciences Markets Thaysen, President of

information and to today's You can release find www.investor.agilent.com. press our on at supplement website the discussion

While Financial there, Information link please click on Results tab. the for Financial under the

You will and and historical presentation with results currency Agilent's for revenue operations. find breakouts an investor financials segment impacts, business along

by measures. also to copy We post Mike remarks of Didier a following will non-GAAP prepared refer Today's financial will the and comments this call.

a revenue will financial most the on or website. core Unless divestitures metrics comparable to within are and excludes are noted, financial metrics decreases based Guidance year-over-year. our XX GAAP increases months. XX. find You of references to of past on all growth acquisitions otherwise in and basis. is reconciliations impact directly References April growth on rates and the as currency Core revenue exchange the

recent the about to update only them. These and performance uncertainties filings company no other our factors. obligation We valid a The SEC assumes risks company's make for picture forward-looking of and as subject Please to will also at statements of company. are are more the financial and statements risks of complete the today. look

City available website. the the will host call will turn Meeting Mike. and would meeting Details remind over I that to I'd like in on And Agilent on the be about X. Investor call like webcast the turning Before to investor Analyst June over and to Agilent now to New York Mike, its you

Michael McMullen

joining Thanks, today's Alicia. you everyone. call. on Thank Hello, us for

President Agilent now the former first role to Sam, and Genomics you of discuss to as highlights new and large of leadership draw recall, roles. ago knowledge life first of into fill Both Agilent Markets year highly Senior as the have is President Agilent earnings sciences, fortunate with Corporate backgrounds financial Jacob He Thaysen a and the and I'd role organizations. Raha in and wide replacing Diagnostics Agilent's like you Strategy Vice connections. Sam and Jacob their know as Sciences our President Most new I a Sam have bench Applied Life roles. call are is Genomics deep from as of Development. leading welcome Business as the these of to Group. his industry may and Group. at Group. Before Jacob a and in extensive Both to two President experienced building QX to the upon Sam you, transitioned Diagnostics rejoined is new Jacob

me our QX I let strong to quarter. another that turn the can Agilent Now delivered report team financial performance.

Our momentum continues.

core is of revenue of at midpoint growth the our Our X.X% guidance.

our of end guidance. $X.XX expectations exceeded the and above of Our high adjusted is our EPS

We references ago. our deliveries improving to customers year adjusted and two After margins. than basis, XX.X%. our stands operating a timing in adjusted QX, Lunar the a On on delivered at quarters requested currency a material EPS quarter from the XX% of is New I'm our to as margin first had adjusted growth of XX.X% our row up margin is reported XXth Year of X% results XX%. adjusted earlier EPS some start Chinese anticipated. half a with revenues. strong operating our operating of making In year, now adjusted Our of this core impact

percentage to our achieving Strength reduced Pharma, Lunar markets. XXXX points. confident reduced business. two a on largest reported $XX We this we with in the also of QX factors continued showing objectives. was number results. small first X% our days growth our business, had Growth into annuity biopharma Year million consumables, negative in In quarter. revenue million growth. reminder, of both and and remain market estimate Back strong These New in due a ACG a QX's end led strong results our QX turning $XX pharma that mass As our services our growth pulled to close and to spectrometry, the QX, the X company segments. approximately very of impact from to genomics selling molecule by in

attributable difficult Our our last which chemical in on U.S. may concerns cell reagent about market XX% a consumables although CrossLab our X% some primarily agencies, creation U.S. partnership are The in and remains many policies. Chinese Food are in resulted of new trade X%, with into We the our instrument makers of the This customer services a slight to government, the strength and as and reorganization Market energy environment one previously XX, chemical continued decision of ministries. driven SFDA expectations as and pain National led business government consolidated clinical consolidating against Chinese the revenues by offset in line being be SAIC analysis revenue being has such and by initial was On the grew slowing a among market. and clarified. Diagnostics global AQSIQ, March our and favorable temporary impact energy growth base, Supervision and down agency. market we NMSA, management government academia announced in purchases weakness year. supervisory of of genomics X%, X%, grew pause food reflecting compare Administration, noted LC/MS, and and business. grew market and strength independent the safety ministries

take Environmental months those finished, of market in ministries. the driven long to environmental ministries. will strong slowdown for as by March, X structure gains year as reorganization nine the in announced expect X%, of the business. completely In instrument not our be are forensics We expected to food six grew purchases. some however, and global forensics new to as Chinese These the also government changes, as large the changes with

high expect purchases, to X. higher the the slowdown we grew did of new and we Geographically, or impact environmental to with in Lunar China Europe in growth. in business recently agencies. due announced While changes timing ministry the and quarter Americas growth next Year and was see New flat instrument the of food return some the QX single-digit to strongly to levels government

China a For X% team the delivered half, core growth. our strong

in highlights Applied a energy core Life revenue remained perspective, the From chemical food product market. testing and Now in and our I'll business X%. cell Group saw weakness offset in in of we LC/MS, of cover Sciences delivered Markets Growth robust, some groups. from The and strength ICP-MS. growth analysis the the

ahead Ultivo, Our of by targets. continues well market and our the received new LC/MS, performed to be

on-premise Customers On the of and encompass add Genohm's this and and as our Analytical our lab. Agilent is more Genohm, acquisition By to the portfolio, join for their plan highly differentiated, management do portfolio. technologies content which in to Agilent proposition also looking closed Genohm instrumentation, platform value laboratory The group. integrating After today. are would acquisition will the Agilent Genohm team management. data. M&A we announced Inc. context with software known is regulatory Advanced capillary-electrophoresis-based to its we underway. in acquire now OpenLAB LSAG part review end, Technologies, the our of of the solution complementary into of as and quarter is The OpenLAB a innovator front, an the developer cloud-based all

Agilent metabolic We core grew cellular new continue gains to and and real activity and balances build our markets integrated Group academia combines This provides China analyzers, with led double-digit Seahorse In biologists by end technologies. growth out mid- its geographies in in services. analysis announced was across single we major continued help and CrossLab collaboration consumables solution revenue outstanding double-digit with business. new delivered consistent, performance collaboration digits. measure to that time. to growth, Agilent pharma Performance all a our which our high in government. other cell BioTek capabilities Instruments, and across cell balanced growth, imaging X%

service science that positive the progress to of During extremely across receiving innovative we customers' solutions. GC very our at improving Agilent. both time an customer services by is aimed pilot onboarding shortening ACG purchase experience Agilent-enabled We mission expanded customers. economics response is our to the laboratories. their additional our the The and from stable they platforms include pilot new to and the to after made has column introduced a value quarter, prove on

also We in integrated meet a Development Singapore Center the opened demand new to increasing solutions. end-to-end Global for Solution

momentum. gain to continue capabilities online Our

X%, roll-out growth last Our in and has program services more And growth since China year. double-digit our delivered of than active customers Genomics end as our of genomics Diagnostics expected, China business at year. Group XX,XXX by the has revenue core the since the seen led online WeChat attracted of strength The its beginning business.

we front, quarter. several introduced products innovation new this the On

launch Magenta instrument for pathologists to skin immunohistochemistry and and Our cancer more lung HRP in visualize of situ for flagship Dako Agilent's tissues. the in hybridization, Omnis, easily allows

portfolio We our staining. Omnis X for automated to continue maximize in in probes hybridization new situ our of with expand to probes release the ISH of differentiation

side, enhanced our announced next-gen we target genomics industry-leading sequencing. the On -- enrichment we portfolio for

being it Our by recent customers improves Exon SureSelect VX is introduction received cost performance well as effectiveness. All the both of and

results the informatics module we Platform. for informatics processes released further genomics a This Informatics the front, simplifies Clinical customers. new timed for accelerate On module new Alissa and our

remaining shares We growth. invest of signed May and acquisition close a to the definitive on agreement continue Lasergen We acquire future X. to for the

chemistry As scientists XXXX This our diagnostics powerful into market. made sequencing XX% engineers many recall, molecular the in initial world-class for of and group workflow to and Agilent dedicated ownership solution Lasergen of investment for in acquisition to clinical you a bringing brings a we integrated an stake. a may

We the have Agilent scientists excited Lasergen One team. and are engineers to on the very

about per XXXX. molecular invest solution the workflow to in clinical to expect year We million market deliver to $XX our

at let momentum team we journey the on and our of few Now year. Agilent our The provide to for execute, a remains. our rest and are Agilent the me continues remarks in where outlook

We We improving are operating margins growth and where our the to the be for digits. our in strong manner. on Once balanced right again, growth double is of we months year. delivered a first the six EPS capital deploying while want

Our deliver the growth strengthen our complementary of We're excited this M&A, our of together and will market. organic all investments with innovation to capabilities We R&D believe relative continues growth-driven combination capabilities, engine portfolio. to strong continued execution new through M&A. the

been earnings foundation execution culture, For has and growth the our and a capabilities focus Agilent One past that years, on company's above-market to the building will generate the leverage expansion. three innovation company foundation,

Our line platform growth place. in and earnings for top now is

also are rebuilding to When on and We the company, company environment. the market responsive to more focus delivering. agile want our I we're making

the proactively promising most capture market continue to manager to Looking forward, we opportunities. assess agile and forces moving

our year, pharma two you has our As chemical outlook. and pharma our our raising year know, been largest markets above Through performance are are we this full and first the and end energy. expectations pharma half

Our full business chemical year market unchanged. guide energy remains and for the

are time, At We confident digit expect strength single of from government growth. expected our business to rates growth year and a the to of the about in agencies. of mid year we the strong the result realignments X% -- full our the pause QX full a realignment same bringing European down have raised our outlook in we from as expected for Geographically, businesses China the guide Americas assumptions. remain and in geographies these high

are there model overall end give-and-take, remains geographic our some and intact. While market

molecular we our last our inclusive clinical of delivery next are of about Agilent full guidance team core guidance, future, and offering. Following confident, of phase and guidance currency The year our raised growth energized the quarter, results. growth earnings workflow headwinds increase our excited and and significantly in is reaffirming

call who this on looking being behind Day. and is sharing I We about in now insights we will more your questions in share forward updated June. more you Investor to will Didier, Thanks the off outlook upcoming what QX the hand and look are and outlook. forward answering for our Analyst financials call Didier? seeing on our and to to

Didier Hirsch

Mike, you, and hello, Thank everyone.

Mike As performance strong stated, we year-to-date. this quarter and delivered another

per in core share. operating guidance, line with we of on was over and quarter, revenue our earnings delivered margin growth and our X.X% the For

more revenue government and recently delays X ICP-MS higher for than ministries. growth have would shipment if not core percentage Our been reorganization of point announced the Chinese

XX and operating highlighted margin. guidance, as in Our $X.XX adjusted represented our adjusting margin was XX.X%, quarter XX XX.X% and i.e. was year flow. $XXX operating basis increased above operating of the implied points $X.XX currency, operating Mike, delivered year-over-year above. margin last basis of was for of by XXth cash points the EPS Further We above million

year now During XXXX. dividends. the of I'll total back and quarter, shares cover for stock Agilent in million $XX bought we XXX,XXX paid $XX of guidance a the fiscal million of

maintaining government our about revenue fiscal into may X.X% push anticipate are revenues Chinese $XX million 'XX. year We that core reorganization ministries growth as even of out we the of guidance of

for also absorbing our technology We and our Genohm. Lasergen maintaining EPS million of while $X.XX $X.XX are $XX in FX or guidance and investments

Regarding fiscal cash CapEx year $XX second this Lasergen, to spend flow forecast about 'XX billion and we and turn year to $XX the half solution. 'XX now for I'll to plan million. in guidance commercialize no our both There operating our million is guidance million we $X.XX third our guidance and of fiscal $XXX quarter. to of change when

billion Alicia core revenues to EPS will that, basis. With the for $X.XX. on QX over revenue expect turn billion grow $X.XX We of At and Q&A. of to a $X.XXX $X.XXX it to I'll X.X% midpoint,

Alicia Rodriguez

the Q&A Thank Amanda, you you, please Didier. for the instructions session? will give

Operator

Derik of America. question Our Instructions] of De [Operator Absolutely. Bruin line from of the Bank comes first

open. is Your line

Derik De Bruin

Hi, good afternoon.

Michael McMullen

Derik. Hey,

Derik De Bruin

The Is that there? that XX what's year, and diluted it's acquisitions, guide, of the - down bps. the the margin operating going for FX impact about it's is on

Didier Hirsch

bit a the and little the, front. acquisition certainly, There's rest of on FX is the

You're absolutely right.

Derik De Bruin

answered Lasergen. sorry, what But contribution? the it. what the to are Got Advanced line deals, these top I you're M&A of already ATT, significant for Do terms my think revenues? - And the they about terms Analytical the going in going and question have in I'm add absorb Genohm, of other the you

Didier Hirsch

Yes. the Lasergen Well, so doesn't bring... --

Michael McMullen

the closed. AATI. about isn't hasn't It It

Didier Hirsch

AATI and Genohm.

Michael McMullen

Yes, yes.

Didier Hirsch

hasn't it not at it all have closed, our Because in guidance projections. we Yes. included

closes. it do only will We once that

Michael McMullen

top And on then the few million Genohm end... was a

Didier Hirsch

Exactly…

Michael McMullen

end, coming in. people acquisition. about primarily top A XX It's on technology the million a few

Derik De Bruin

it. Got

you comments. of a elder like -- reorg. sounds sciences none wondering, end the bit life to take happened it's just year And on wind and the so that food through -- this are little none you of sort of I'm it Chinese talk exactly on why more guys think earnings It's having of can late about little what's and I'm China going bit of sort peers the in curious the going your to season and sort about just a March you -- at and of system? commented, the a

Michael McMullen

Yes, sure.

about those these March full know, we National And I within when to which of CFDA It's the abbreviation, was And two rule time. we're thumb. had call was with period the the Congress, these occurred, annual may business came based you won't they our and a the our they using on reorganization read estimate that as XXXX estimates of on of the big And sessions of events of a pause experience they nine a two the of in year -- they we People's announced the and teams. there 'XX As a that reorganization have but CPPCC, out where consistent on similar XX, of months six saw annual very similar during ministries. NPC, after events. the the and

are there are as on not pause at a through changes. the away, listen, know we on saying, that but I we, will call the least at - be the purchases going time, that new work and instrument can earnings So all remember they businesses

So guideline. that's our a - that's

impact. will much we change Of and be to is have as somewhat given environmental experience should the wanted course, on major, our a but major shorter-term be prior cautious legacy outlook less The side on changes with our this. the significant such shorter,

Derik De Bruin

back get I’ll Great. Thanks. in the queue.

Michael McMullen

Sure.

Operator

you. Thank

of Our JPMorgan. from of next is the Tycho question line Peterson

is open. line Your

Tycho Peterson

Hey, thanks. Maybe I'll start with academic.

there similar on? and Or timing comp something little results dynamic? last else quarter obviously that a bit going had a later. just Is You the the quarter, this the is

Michael McMullen

can on That overall but the bit we're head. be Yes, and the academia funding the a more little government. positive it just It's hit Tycho, actually you of business lumpy, right timing. on

wouldn't So of well and shortened of also over-read as quarterly affected had which we that And China, that also in result. I the course, into in bit government. period business academia a

Tycho Peterson

trends all And called and dynamic slight at about in then the you just in you proved May? and that out Can chemical talk if maybe energy, U.S. pause the have

Michael McMullen

even but numbers system you growth as the policies the going there's in trade off in I And it had a could there's Yes, I kind but good, the what's solid. in some thanks, think really noise particularly uncertainty. I this doesn't there's mean, we Business is difficult were U.S. terms mean, X% of to Tycho. happen compare, and more like And robust. have been business lots of -- know, of tariffs. uncertainty, of

I bit as ability energy. our there it know the just the to so strong. in to is the noise really, just confident year as although can hearing and of well, come. prudent but China And today talk for again, there still And going thought affect But guide, of remain years customers. we we're we really market audience And it in our can it's of China -- some to but segment out goodwill that very thought to materially about chemical our that's the see good with a we, to you we've results, we what grow from one mention expect is I this that we been didn't was share

Tycho Peterson

not fair it at seeing benefits in is energy? to point And yet chemical you're meaningful from and say this Intuvo

Michael McMullen

a but as said. ramping, it's still lot more that the have part of story with runway product. there, we Yes, It's we

Tycho Peterson

one milestones of for there here road we on about we how development think placing thinking units? Lasergen. then Or Are terms on should map be the pathway the And additional Okay. here commercialization? about last do beta in

Michael McMullen

Okay. on in XXXX, for the later market Look, Sam, some I'll that, in for right? visibility of the wait [ph]

Tycho Peterson

All right. Thanks.

Operator

Thank you.

Deutsche of Our next question Dan of Leonard Bank. is from line the

open. is line Your

Dan Leonard

Thank you.

of some base? quick the in in that Lasergen is a spend, annual $XX is million or Mike, all is follow-up just incremental there. So that on the

Michael McMullen

It's incremental.

Dan Leonard

a does we what would corporate Agilent fiscal margin in versus think you're amount the of how margin and spend company. that's for as about how trajectory operating cadence impact the thinking of XXXX? XXXX a normal Because And material then total improvement for that expansion

Michael McMullen

We'll analyst think June. prior in core the business But in it margin I give more Yes. in has meeting years. expansion terms of information the will you detailed some that incremental continue over to our seen growth the you've been follow

So this expand with incrementals intact. for in And again, to continuing forward. but our us, the you and we'll -- core a is we think when carry share dilutive can we with June we margins all of meet operating details acquisition model the but is this

Dan Leonard

size trying being about to fair just is to lower a Is the normalizes? China business it, next, in the your to frame? nine Or to food exposure. about it digit time how finally, then it until And mid-single think safety over call think China than grower that month this six

Michael McMullen

want mean You I to… the just outlook?

Dan Leonard

total for China. Yes,

Didier Hirsch

provided is We XX% quarter We've The for guidance. previous outlook. to X%. the have the guidance used in

now X%. at we So are

Dan Leonard

Okay. I Thank can do you. the math.

Michael McMullen

That's right? China, for total

Didier Hirsch

Yes.

Michael McMullen

Yes, absolutely.

Operator

you. Thank

Our Muken of the is of next line Ross Evercore. question from

Your line is open.

Ross Muken

to afternoon, the QX, want of headwinds, sequential Good then to jump-off a guys. I different things. clear and sort QX because from be I think you sort of on there just the said of couple

we We something also obviously, had in shift the seems day shift. So then on Year quarter, was there you ICP-MS. the and said it had, like New the

is the components maybe cadence the I get updated this just help Q? because So us. And that of affected like the China markets new, thing are actual of seems than plan, of delta coming right. food. and I sort the the components out make just Versus worse sure this Q the that's other were only the original to what want developed net it of better,

Didier Hirsch

that DGG one, growth; take we in that million and very ICP-MS -- tough before, guidance last versus the impact Lunar X% also settlement we year, was -- reorganization are the our well you New delays ministries. previous Remember reflected our and compare. What year, with year the the as $X that of our organization. It's guidance revenue had the new Yes, and within fact is of shipment let X%; last the the absolutely Chinese government on as core obviously correct. -- already had are Ross. me was Year The

of growth, those our So previous only about away our in have factors, percentage X not included point which we take guidance. X

Ross Muken

where positive or side either or do of And potential factors segment markets? guide, the you there's terms down negative it. biggest Got XH end a risk think the both to I from up for in perspective mean, or

Michael McMullen

take I'll that one. Sure,

chemical the continues for and market So biggest I business. think offer the to energy the upside

of markets maybe with and the we've we I think for big very for raised chemical in the why potential upside I So are in -- solid But and could the the both Agilent already mentioned do energy. again. outlook And noise. pharma, some that that's the end --

clarity fairly in that would will soon soon, as if happens we news policy, I some be this And down. really things it trade as get that calm think So will think us I space. -- can really good for on

how objective on for chemical the and the to as to process tail these We think us. outlook although upside it's always but maybe a the I find energy offers scenario, longer a a hard biggest we're quickly things what if then happen. market will, -- So much through China, trying painted more sort of, And take move think quickly. very predict actually you we could the we

I see area So to upside you might assumptions. be that our could where relative think guide some an

Ross Muken

And the just sorry, food in The on that... decoupled comment that. China from Mike, maybe, comment, that ICP-MS is Yes.

Michael McMullen

China Well, no, of actually it's part story. the

what, so? I So about million, -- About it's $XX million. think, actually or $XX about

we... So

Didier Hirsch

million. $X million, $X

Michael McMullen

$XX to close million, $X million, million. $X

is right up as So a now. was just bit, can byproduct of I the round a to you product would But like tell. that hot

in -- know we're you really, IVL Particularly [Technical Difficulty] had products as may we to the approval already, think an you have -- the to So know China, this just backlog. Ross. really And high get you get through a government. license I

I shipped took that we've think, longer. And bit So those Didier, already little this quarter. a

Didier Hirsch

Yes, absolutely.

Michael McMullen

we it got but it I this, it would in I So been have them is... nice think -- would quarter mean, last for recall nice been

Didier Hirsch

for In this quarter. bag

Michael McMullen

But shipped again, ICP-MS. such backlog quarter. issue China we've seeing been been Yes, bag the for it more for and in the of this was in growth it's because It's strong a already particularly booked.

Ross Muken

Got it. Mike. Thanks,

Michael McMullen

welcome. You’re

Operator

you. Thank

from Morgan Our next line question Beuchaw Steve the Stanley. comes of from

Your line is open.

Steve Beuchaw

here. at appreciate time the margins. for the look the first I call help XX% is that that degree there a Are have you of the on last confidence trend thanks evolving - commentary trend quarters if might understand actually as tracking you and target last underlying My back level? a is expansion margins, few or operational the intact. they've the I good the below any the quarters And XX% is level. three margin afternoon good But Hi, question along to out? when us could lines. plus items I we to been incremental the wonder why those see at return

Didier Hirsch

Yes, I'll take that question.

Michael McMullen

Sure, Didier.

Didier Hirsch

And the the yes, mostly on fairly it's interesting. and of The margin is gross impact currency both significant. top line

So our look operating respectively, QX XX% When you are reported you they and margins, absolutely incremental were, right. at XX%. unadjusted margins QX, operating and in

for but so get bit you If QX for But on for with a minor very much in our adjust to little you a line XX% and XX% and core acquisition. very basis, QX, currency for that's -- model.

revenue. dollar, mostly the it is is there the the which the it -- the is is numerator increases numerator, And weakening with it that has the what margin. denominator, negative of the because policy happens sorry, And the of hedging on So the impact currency. of which impact

you So incremental. all all, core model operating to if get you in back for margin adjust regarding that, our

think, data I impact. some our if the but annex, Or that's we've you can basically have published. take anyway, in the through you I details, We want,

Steve Beuchaw

testing capacity in ramp two, line. if you DGG And us the update then, for Colorado. ones all for PD-LX enthusiasm trends quick two the on given then you in give an on out is, I could IO? the wonder time the And that One now assays, get PD-X, could speak for a you're diagnostic lines immunotherapy Okay. as seeing assays, queue. to back there approach for I'll TMB And the

Michael McMullen

members be couple we And would the a what I think And to a role. this of Jacob a pass glad information. review to off, factory the to team other had over going have I'm for the we to build-out chance in to just recently questions. actually I'm say, is we able Thanks. latest things of point of in your February. I to completed just start old

you questions. mind if those two So Jacob, wouldn't taking

Jacob Thaysen

Yes, absolutely.

the the So thanks see business. nucleic market solutions that for a very API again, a And in business, for that. reminder strong acid we NASD

will as we very more a -- situation to ourselves demand that is Steve, we you And also we're have have that continue so And in we reminded strong than a confident growth. we where about have have are capacity. this,

impressive out now. are -- building and the out Boulder done along but quarters progressing to we'll we're plan, see in now in our and out the And very and products that few site according to from Frederick site. to we've coming out we close now here a to basically building, year have coming it's a So for still expect

Michael McMullen

PD-LX? how about then And the the assays,

Jacob Thaysen

The PD-LX.

we IHC So PD-LX tumor on the And question and we what platform is assays. burden other this the the will to see compete mutation and and against is how that believe what is going genomic complementary. be

more last to you is What XX -- that is is immuno-oncology We marker growth and about. had very information we one strong market can complex believe the all, continue we see the months, here. we penetration of First that a and a trajectory. most in IHC is see probably continues over growth much than very, to what giving have the just

is using believe are use there, out we can with TMB, and markers. we can see that, what using both continue ones we both our that to customers is start see will that So and what they the they are

markers. We of the see So don't synergies a actually between lot we think there's a business cannibalization.

Steve Beuchaw

Okay.

Operator

line Our of next comes Jefferies. from of question the Couillard Brandon

line is open. Your

Brandon Couillard

afternoon. good Thanks,

Michael McMullen

How are Brandon. you? Hi,

Brandon Couillard

as look through Great. today, X how perhaps was progressed And is this the Mike, orders of to today, it I'm especially new and any than us give less X quarter? cycle we cyclical sense if chemical it ago? product at business energy could curious years a the you given

Michael McMullen

Great question.

that nothing saw I would I comment and grew chemical shorter as only thing and we energy mean, it terms to it out or normally time. ordinary. energy But the China just a it's in much probably again, out nothing think but on not the chemical a in think -- energy. one, more just aged period in first cyclical the of years of the pent-up contact, would a The the May in the three the I mean, ago. So I of fine equipment whole quarter, as cycle there's than I would five when that fact be, lot chemical there's we started of looks because grow less in ordinary given And case little and was

degree, think than would but -- a for in the bit it directionally, But I it more it some handicap say been us, cyclical is is So can't think little has business I it. less I cyclical a more to the I past.

Brandon Couillard

the for on year, the outlook for then And the pharma. that, Number growth see what supplement is impact? curious I would pharma the $X a couple new packet, Didier. maybe you the walking translation mind missed the hedge if the and effect that in And supplement the the but translation from core through OP. both on one, secondly, for outlook back and the hedge million I of in includes --

Didier Hirsch

Yes.

in some in pharma impact Mike slightly are terms to terms it. currency, comes you're from it's year $X.X outlook the to million. for negative our the $X hedging. year. from full the gains a that raising of so raising and of million So And impact X%, mentioning pharma, impact headwind full Precise And are we that the X% and raising offset of our mostly by translation mentioned that's we is it due number

translation. So and it's the direct whatever the two of impact you have to offset basically from net the continues

Brandon Couillard

Thanks.

Operator

Thank you.

from comes of of Schenkel next line Doug question Our the Cowen.

open. is line Your

Doug Schenkel

afternoon, Good guys. Hey.

Michael McMullen

Doug. afternoon, Good

Doug Schenkel

question China, another just on Maybe just cleanup a with starting question.

you that $XX believe Lunar Year days effect to in headwind. resulted million New the a related mentioned You

Lunar I I it, have impact if that. New missed if -- said quantify on specifically it may think quarter? you CrossLab's. Year the And a Did have you within broader did

Michael McMullen

office a kind the normalized even for $XX effect. for And the no. or lab CrossLab of will exactly that growth show back. the trying Clearly, No, right, in weren't we come the growth double-digit that I million, to just because we just like in makes that think the it you're rate, were looked number business We more that day. with delivered impressive like, the And the what report quarter. no, customers because

I of -- -- on mind, the a to a we're call quarter, we've normal a about food the and lot there's there's much -- spend there's in And you think what's in I in in don't rightfully market reported Doug, So focus, growth. China. so, a going we're had if the know while report segment happened higher China,

market China I think chemical Sinopec. pharma, China we speaking play, energy. was for overall at though, example, of and I the dynamics just ago in government, our important customers to the it's and firsthand academia weeks where two

markets very those years. from them robust, growth can coming still of lot are in the expect a and we So

been a and of also context market. puts So and this of think New again, important this Lunar know the overall kind the I reorganization to it's with the lot there's about of Year ministries. quarter takes China We think of

So happy have you to answer any as might on additional well. China question

Doug Schenkel

overall what I $XX Mike. there's on CrossLab getting presumably helpful, Yes an statement? really growth. was, that's of have to that, of broader really -- for impact on which impact million be that that effect kind Is There's guess harder and And on days certainly what fair no, I that the quantify with a is at the but was strong business. even part a quarter a business, may

Michael McMullen

the I question. I'm not sure understand

Doug Schenkel

quantify. -- Year, Year of business, didn't on New broader you it but which Lunar to easier effect it's Lunar quantify impact CrossLab, day’s the some the within presumably, New has

Michael McMullen

Yes, that's us. bit for a little tougher

So that's out. count hesitant put We to something were we the why days...

Didier Hirsch

a would consumables, whereas days. instrument really less for - they quarter instrument, but in lost service bought - By with we are those in week - are have one

Michael McMullen

lost Yes, days.

Doug Schenkel

Yes, okay.

then So broader a guidance question.

fronts, the at you're assumes we growth seems to bit guidance the X.X% two Your a spite you a X-year cushion in most described given more of you just moderates account little to in stacks, a rate a have baking year. surprises on areas you for like relative year In unforeseen in prepared growth all remainder couple than look actually trend. are recent of remarks? assuming X% it reaffirmed year-over-year you recently uncertainty good your that pretty to of maintained that the If incremental for comparisons sounding the in

Michael McMullen

assumption. somewhat That's fair of a probably

were consensus this the food but our And try of able do to is we in will or or guide what if I are that EPS the think Didier on we ministries. Chinese that the happened and to ICP-MS shipment the EPS what seen We have we delays look hadn't reorganization beat a trying a quarter. surprise guide I and at two. accommodate side, to the way

So we're guide. able to within accommodate the those

the so, able So that's else in our second there hadn't to to something up happen seen philosophy. to hoping there's And that we that half if set it. I think would room to absorb we're be coming, occur for us

Doug Schenkel

be in that With That's causing in maybe Okay. favor. provide that? Oil a than lot of great. mind, on prices things you'd trends, book-to-bill, a to may little your anything timing some may commentary one. take longer any the uncertainty before. And maybe in order be chance quarter. one policy Trade directional were last working all dynamics There like

Michael McMullen

the maybe to because, longer let's that specific nothing Beyond where can pacing your comment you where chemical little some think, but the taking in about this thing bit tell of a unusual the energy, lands. -- the the fact think beyond, see of and discussing Doug, orders that I U.S. we okay, was orders I

think close U.S. the cycle to -- that's I on So I order time could comment in

Doug Schenkel

usual Okay. across But nothing the out the of Okay. business?

Michael McMullen

No, no, where your upside the "Hey, I to is energy. be no. And Mike, was, think think your could and chemical you do question earlier plan?" it

So...

Doug Schenkel

it. much. very Got you Thank Okay.

Operator

Thank you.

is of Arias Dan question next line Citigroup. Our of the from

open. Your is line

Dan Arias

maybe question role, for Thanks. good lot mass in Jacob, he's a Jacob hi afternoon. question for A Hi, on new discussion if A his market... willing. the of spec Mike,

Michael McMullen

ready. He's ready. He's

Dan Arias

side. market, guys -- good. mass the test spec to on In in active just the We'll you the him been Okay, development put have pretty then.

the you applied strength does quarter. high-end more think routine, talk called you just Can the about growth I as that separate growth seeing? out this market you're that research side from out you compare the products, If how there? a maybe

Michael McMullen

think to question, love the in few would to jump get Jacob know just weeks on I close about he but this So a to had I business.

So of I don't is routine a and LC/MS to know one, focusing moves. really really market. have you've -- it's which new highest our bit we've The been targets, been but take routine is relative market that's where where really well is our the you volume in why lot in digging the Ultivo -- doing this the a very portfolio focused places in the I

enhanced well we made to LC/MS introduction. the side. So that's the our recent with of portfolio, enhancements side, have the some quite our research That doing position being bio on really most been really particularly where we've said, on

moves strong in quite LSAG, in been add pleased the our for anything growth, the Jacob, made of that? -- that's growth market. I for seen the both spec overall we've with for But the businesses both the So but routine there. volume the mass to segments really revenue to you'd think driver in we portfolio just given segment, like

Jacob Thaysen

say Mike. just out, I'll thanks for helping

Dan Arias

I shaping similar my specifically staining okay. Yes, Can and did tissue Well, way the out I up mean, is sample the mean, actually question of tack. second the what that prep on are you demand same was you products. sort on you well? the genomics the some DGG a for there side? do as especially products are new contribution as from seeing [and then there as given far call arrays]

Michael McMullen

out when we rates I called By in DGG I'll the But well. our to X, that business growth or my to just think look you, look pass the -- but as when reminder script, at we of year, had relative Jacob, booked way, that normalized DGG in QX effect it's business a about and all that growth cancellation last -- we a the X-point order QX. given X% probably been in have basis, in would was NASD -- around on QX a

genomics you some thoughts Jacob, the if So could add side. that, just with on

Jacob Thaysen

taking in absolutely. Yes, quite more a actually genomics I'm seen question. in performance we've certainly recently. that But good comfortable

you have certainly overall from very that. perform I and we seen the benefited well, think have market

with So came seen strong SureSelect our we have very that especially business, HS XT out. in growth the

six And that. very we nine demand, ago. adoption high I or think see it's of months

good it's have we news is some it in from feedback our won't good customers, Now mentioned our we we that just out the VX, weeks -- yet. numbers haven't came very here, really here seen as but seen -- Mike ago. And the

I with front good that product actually, So opportunity also. think a in that's of us

Dan Arias

growth just Maybe with follow-up. Target of in the side kind Okay. one on NGS Is line Enrichment growth overall?

Michael McMullen

looking Yes. dying as well. been you've the site. -- the Sam, get know on to get I you on call voice your I'm on that

why don't that take you So one?

Samraat Raha

that. consistent Yes, expect so happy in Enrichment to we've seeing that if we're And broader quarters. or our are global accounts continue Target we well based national at happy And what that good accounts the take marketplace, seen. participating NGS the larger that you you'd you look portfolio very to for others seeing will, with and We're if as finding the both the we with on as the accounts, growth what are expect with growth what in our that there. returning absolutely, coming directionally, is market

Michael McMullen

Sam. Thanks,

Dan Arias

Okay. Thank you.

Operator

Thank you.

Meehan from is of of Jack question next Our line the Barclays.

Your line open. is

Jack Meehan

good you. afternoon. Thank And

Michael McMullen

Jack. Hey,

Jack Meehan

I the you related competitive any Have in changes to plan? on mass question the Can an first wanted spec. your provide versus Dan's follow in is update up environment to seen on resonating you the Ultivo how recently? market just

Michael McMullen

mind, Jacob, one this I'll you Yes, if take don't as well.

been So market has actually, fairly the stable.

the And of leader really for us, such we're because not by important is haven't then in this this of major new moves an significance any yet us for any the We offering seen competitors. space.

we that's we're provide -- job play This they And we're where So gets the is robust, routine one do really want that side a replacement our technologies tools And providing research strength actually in expansion to not -- market to for marketplace. for reliable again, playing the is it's addition installed business. really well an us. base to done. leading-edge of the what market of instrumentation quite the to

Jack Meehan

on Mike. I Great. M&A, you've to And want Thanks, on up -- that. follow just

terms investment You've going are put can you where certainly of or puzzle now. of a itself? Are platform terms any together And in informatics investing the either of that in pieces the workflow? string deals to at been you active of about clinical content NGS need is additional or the talk tuck-in Where you the there? there

Michael McMullen

through chemistry, we're to We'll can a some informatics a where the that? Sam, the thinking build Analyst content we've little we our as M&A some good and that And as but we the we Yes, scale know for on workflow, customers, channel anything And to in going you the the just and always But out. opportunities kind great been there's markets M&A. And things perhaps then in now, we spend sequencing do that in we June around we Agilent. Day. mentioned. of know teasers our We've to like brought you'd questions. more leverage And time have pretty the bit we're really Relative of can where right again, add know, side. continuing else NGS shape pursuing. that's

Samraat Raha

you're Mike, right. think, exactly I

Just such broadly. NGS the to used further about at content workflow, of -- number partnership content detail a fact workflow elements have inorganically good out, being opportunity some be we But it or sorry, is adding the elements, we as that's ours for point. standard that of feel gold NGS or the definitely, very there,

Jack Meehan

Great. Thank you.

Operator

next question of Baird. line of the is from Schulte Catherine Our

open. is line Your

Catherine Schulte

Hey, for guys. the question. Thanks

some commentary on on how the gone can in and for has First, you Dako, that opportunities space? give Quest rule-out incremental any wins

Michael McMullen

into to comment pathology former to the us move like major you'd dialogue referring to amidst business. on I the Dako into which been know of that -- of our been Jacob, company as Dako point business, in So the roll-out, we've a that's Agilent.

with are things Quest? how going So

Jacob Thaysen

good we are have well. actually and good to a time fully. a implement that of going traction take has Well, of in while it's some we things very the been more to -- And the revenue. half installed very uptake instruments sites. And in the announced see things these also usually, been we deal, but -- a the since But start

Quest. pleased we're we with very the partnership pleased are. We're where with So very with

similar business We market look is interested of seen into and -- other types the are types have there in that resonated the also that opportunity. accounts to

Catherine Schulte

breakout Right, then or in weighted revenue the China? us total is remind more similar the just great. China And heavily of you food? Is to percent it company your can what of

Michael McMullen

Let's check that.

Didier Hirsch

can you. XXC. the it to - need I It's I give

Michael McMullen

his hold average it's calculator. heavier out don't is think for weighted relative second. is bit a global little a pulling I you if -- probably on the My Didier Catherine, in mind, Asia. to guess

Didier Hirsch

XX%. QX, In was it

Michael McMullen

XX%.

Didier Hirsch

XX%.

Michael McMullen

XX%

Didier Hirsch

market that food China. worldwide is in the Of

Catherine Schulte

you. Thank Great.

Operator

you. Thank

from of question line comes the Montgomery. Janney next Paul Knight Our of

Your line is open.

Paul Knight

been XX% then on? working in Didier, COGS you program, last What longer? leveraging I the where initiatives think -- operating specific you you this what, incremental your or more your Hey on actions? at well? is working about operating margin, it on are other Mike, as a could that, you are like you've to I talk And little stay manufacturing year do that, margin with that granularity guess heading layering you're

Michael McMullen

program I fairly go Yes. And when is phase this of Thanks and in multiyear doing there different and I'll prioritization in behind to of focus. through that with now areas for we a June been all conceptually, the message and going share to a high-level hopefully, the still has -- And right But question, this deliver we're in are Didier you, going June. Paul. more the detail be numbers. is see we'll programs

us it's costs, for manufacturing, margin And value the in it. in when work actually particularly not movers will talk -- just ongoing material of There big expansion, be something the a engineering hope a terms behind be fulfillment behind supply the about heavy to the chain, would Paul, question, material we So on costs. really focused area, dream. reducing and or is something it, your very our

initiatives how manage also and pricing around our discounting. have We we

major components we in common of in divisions And allow think out of got force And that standpoint, and R&D If across some take you there -- a we us operated we R&D about lot investments think else historically, to market independently side. discounting. then there? we've making terms also we're systems then platform cost will pricing room the an our costs quickly. missed the Didier, how our to fairly more from think come I to our of on of our going a anything cost because we're have divisions where sharing all

Didier Hirsch

to for other things specific... you'll of have Lots but wait

Michael McMullen

our Day Okay, Analyst for okay. the movie. June teaser It's

Paul Knight

And then you kind shake do market think right X%, year? will the plus out last, Mike. where it below of On now. academia X% at seems for

Michael McMullen

I quarter, think that for Yes, that's fair.

I digits? look where we at year about X%, we Didier? our About when full I think - the on at were mid-single right? we for were that, think guide

Didier Hirsch

Yes.

Michael McMullen

X-ish X%, so plus, mid-singles.

team academia and couple we've refocusing a and active and bullish we owner, on -- gotten sort quite ago if on you we're Agilent our So sell The will, - government, how academia. really into of Paul. actually of years

academia company-wide said a see the a than And I earlier, they are ago. more we program. We funding favorable conditions were year have like

improved So for bode And this result. environment over-interpret capabilities combination think wouldn't year. Agilent the we and of I funding throughout well again, strength continued QX the

Paul Knight

Thanks. Okay.

Operator

Thank you.

the is Steve from Our of next Willoughby Cleveland line Research. of question

is line Your open.

Steve Willoughby

there guys. versus quarter, expense out being the $XX hearing Thanks last I that's for And expected so additional guess taking on or any -- on initial now might there first, well why comments the you any think, year your are I million question, Hi. Didier, if feedback so down, color is from that. just on for X for for secondly maybe and my months. customers that's wondering adopted far then there been if I Ultivo was noticing the be now interest just so is

Michael McMullen

take... Why you don't

Didier Hirsch

So I'll the question, first take yes.

more are You income, of also correct, that absolutely interest that extremely yields, was interest forecast previous the that Steve. our But of higher is part I -- cash And higher is available. higher conservative. must say part it

Michael McMullen

relative And the on then Ultivo. to, question your Steve,

instrument you rugged. was if high-performance easy-to-use proposition, initial which remember, instrumentation, small this the value in footprint the tiger], and the So a [power very of

stackable. it's -- So and

thought out So product but in with XXX% we until proposition, that you get would customers resonate market. the actually you're value which sure never

yes, which -- customers as And is So you as advertised. like often, it's and Intuvo, advertised. it's are really so this different working saying the very with works that imagine, much -- seen as can we've

now really this new uptake. want is been but that to customers We've them here think for I also a getting happening -- our to goes their been with prove value again, proposition we've really the both the around what's to their it lab. think how able what help nice understand side as thought of science the operation And actually performs to been I their really business it workflow ability and intended. is So that we customer, the

Steve Willoughby

a Then Okay. I push is Chinese here squeeze could ministry-related -- or, guess, have if impact million cutbacks, phenomenon? follow-up. $XX any that in one that half I mind, is you delays more Or out The the if just that don't in second did of XQ?

Michael McMullen

is we what $X other the second the and million then QX in about half. $XX think million so or estimated We in No.

Steve Willoughby

Okay.

that $X and got then you've million another delays in ICP-MS $X million as $XX So million of from to well China?

Michael McMullen

That's the yes. right number,

Steve Willoughby

Okay, you. perfect. Thank

Operator

Thank you.

of from Puneet question next the Partners. of is Leerink Our Souda line

line is Your open.

Puneet Souda

not to if understand Thanks, Yeah. covered. trying question a it was had I -- Mike. was just I sure --

In understanding what's Or here us? here? could was this size lowered there terms Was of my business some was in weakness downtrend? already And the you another weakness ago. pain reimbursement time driving for management, that

Michael McMullen

capacity working I out this think excess that the was it's space. in that

our went LC/MS refurbished and piece, So the associated we saw one customer in right? space probably of the last biggest it's bankrupt customers business. [indiscernible] went primarily It's the quarter, with

Didier Hirsch

diagnostics. bit little you and points sort really. the and of that's clinical and little a two it's bit little of from DGG, little instruments, everything mean, a service refurbished significance. to of altogether, in even growth But really that any away bit but the everything took I it comes [indiscernible] so two of out business consumables, a bit offset positive by when A related part everything, it's a has of else, about points

Michael McMullen

been And the call market we hasn't new in development. there because just highlighted any

I think out just is though, what's been system. of going the on, is capacity coming the

Puneet Souda

it. Got

terms thing you to okay. And China So of on number two targeted I somewhat enter instrumentation, to line. clarify efforts entry in the China. level in last a the of impact, last points a one I DGG on into value just just was of call, wanted mean, highlighted

were So are cost-conscious labs to more my food food assumption targeted towards independent and begin those labs was that are somewhat with. these given

fare the So in to Or that regulation around think rest you line more after more what's months, you offerings is six wanted that on group So the this premium think here? market would demand? as be just and peer to nine done maybe would set and your Do of impact expectation? just overall to likely the well. I to are better understand in

Michael McMullen

Mark I'll think comments maybe And What on we have provide introduced been few going you as and thanks do a new specifically and for I'm back to and is the line consumables that, chemistry well. double I to you value make commentary question. to instrumentation Yes. Puneet, China. referring for the was may what products of some have great

Mark Doak

space said, it That and market in a of Sure, value anybody across targets the The sets markets. voice line been general being accepted. broad targeted. well introduced ago China, you that what very It's had food over necessarily well Mike. just a I'll wasn't year we'd in said,

time So out business we find and continue as specifically after as intend It the on build to -- wasn't is out, that but just that value of go goes we'll derived there. you is the from intent offerings to obviously line XX% know, food. turned market-specific to

Michael McMullen

thanks, is the Mark. instrumentation, The in be you But to -- composition still spec, your question very about the authorization. of which safety also expect I on mass of around food think question the analysis choice heavily tool to and food focused

we doing And So I whether changing who you still our but the seeing, chromatography instrument that's it be high-quality as for robust spectroscopy the have easy market be to think food what our and growing -- well GC/MS, there's the the Tier the safety, it as and sure a X as in to commented demand By -- there again, to been with ICP-MS, starts business -- be spec. going should side instrumentation and is was very and have our what migrate to for routine for X earlier, an into market been are spectroscopy use, to really we're X mass way, I has But relative a that's GC think design which LC/MS, portfolio molecular and LC need to less food heavy routine. But build [indiscernible] dynamics out Tier that on cities, which we you -- China Tier back to instrumentation, too, has make the buys. primarily there. of features. we've X,

government but not going where the agencies, government starting to third-party more more all and to to testing we're testing on lot Chinese a push build and focusing for fund the labs. been contract we've listen, ourselves also say, So we're pay labs, and everything the see

in takes dependent this -- well these volume ago, centralized the the in years give shape over contract reorganization been ministry a of market what's we're which -- that's third-party also some things labs could couple the call could major we like the But a though and we quickly the is even be talked I how of think to that as how is testing want player these we've labs. understand Again, really earlier in private next the So happening. before for into upside, towards shake see months labs about well the few that on a I us and bode trend because -- from because strong That shift here areas. important more out new. actually testing through it's to dynamic potential done

Puneet Souda

helpful. very That’s Mike. Thanks,

Michael McMullen

You’re welcome.

Operator

Thank you.

line next the is Patrick Goldman Sachs. question Our Donnelly of from of

open. line Your is

Patrick Donnelly

Great. Mike. Thanks. Maybe one for

of earnings you as table? not Can post through you the talk we an deployment front. on capital pipeline? with the diluted the on larger-sized deal improved comfortable you then going deal? balance think on scale are update the repatriation? How Or Just should large sheet would that And a do larger

Michael McMullen

the going if would second question. we acquisition accretive done I'm than If deal. I do an understood an I so to to we've earnings? we far, correctly, go mean larger to think You -- were If do

So that companies marginally doing of we -- large weren't profitable not technology would profitable. be or acquisitions or

acquisition we know. we So still, cash, look details sure I'd to that of my with open I the the and standard but on takeaway use sort going disciplined that our at -- -- you share We to the bolt-on make to profit. think, want is the works. think of are don't just biggest in few could larger a really Lasergen, to this. actually model bolt-ons. prefer we're want works to with we're want -- that our at norm. And it We leave we'll would the the go deals like with and acquisition, that returns. do we I do some the -- to have on assume But that's to and in areas But technology how biggest I -- financial -- revenues our bring quite use technology bring can the model you we I I in a in like of we we and thing we're with that metrics a through weeks.

the a the we I where us don't know the know for base, and well we we look consider do should. what don't to would So customer -- often as transformational deals don't in don't we're know we where don't space markets really as business

a So in where we want know well. to place the quite we stay in markets

Patrick Donnelly

if is helpful. you're I to the business and higher exploration baking XX% the in oil And of know That's prices there? just talk improved oil, energy to But segment. move higher can then and to how improvement given that related only sensitive any Okay. conditions chemical is you

Michael McMullen

a completely it's prices, sensitive -- that's -- I'd and in fairly in that we're we've Usually, off. where seen question. it's say the to question. movements behind why sort that's my of shut past great earlier Usually,

reading may of my some teased but has okay, It's like faster out down my U.S. was the that's been. it our there's pipe these of pop in all on. article some was -- got was is to this it than I've trying of Europe, they're of You in not the with Matter we're customers. hire. government. for about this some area, get in why -- some a exploration I figure it country of even to before in out an comes which have just U.S. and I'm in to have journal I expected noise a -- all fact, aluminum saying, going piece response, -- sure our and would you forms from not what stuff. My the customers the in today what's this fill really

the I talking earlier. that's of stuff that about kind -- what that's was So

changes to oil quickly should story when long So dramatic. short, should respond he prices in they the changes are pretty --

around We in and as the ability now of in noise the it movements right best robustly market haven't seen United in the we States as our would to what's trade. the thought have we're given the oil trading prices, to

Patrick Donnelly

Thank helpful. That’s you.

Operator

no remarks. further at time, the showing Alicia to the And over you. Thank closing this I'm I'd questions. Rodriguez back like conference for to turn

Alicia Rodriguez

Thank today. on team management us for to you, everybody of the joining Amanda, behalf and

If any Thank wish And day. please like a you. call you questions, IR. us to a give you I'd in good have

Operator

you and today's Ladies program. in conference. gentlemen, your participation the does thank for This conclude

You have great day. Everyone, now may disconnect. a

Agilent (A) 14 May 182018 Q2 Earnings call transcript