Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Charles River Laboratories First Quarter 2023 Earnings Conference Call. This call is being recorded. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

to Vice conference President like host, to now Spencer, Todd of would turn over the our I Investor Relations. ahead. go Please

Todd Spencer

Good quarter Jim Financial will results Flavia Foster, Pease, River Officer. Charles President and conference They This welcome Vice of Officer; quarter the Chairman, I for and and Executive morning, by earnings webcast. call our President Laboratories joined comment am Executive XXXX. on Chief XXXX first and morning, first to and Chief

questions. Relations to with ir.criver.com. respond is our will a is associated they presentation, the at presentation There today’s posted slide Following website on section which remarks, the Investor of

website. A webcast available through replay quarter’s two and approximately call safe will conference replay beginning next today to like call. our this Relations of can of also be on remind The available after harbor. accessed you the will be hours be I’d call Investor our

for forward-looking Litigation remarks we from and make about future differ may of Private those Securities plans expectations, the materially indicated. constitute the prospects Reform Actual results under All company XXXX. Act that statements

measures, this financial primarily guidance. our operating and we we believe a will understanding discuss core results non-GAAP investors of call, meaningful help During gain which

measures or our GAAP. of are and of on to The non-GAAP the GAAP Regulation find for comparable section accordance superior operations the Relations website. to measures G, reconciliations meant financial with considered a prepared be In in not Investor with results substitute accordance you can

call the turn now Jim will to I Foster. over

Jim Foster

through in began backlog, that of environment DSA continuation supports the outlook XX.X% segment morning. the year. both the exceeding of non-GAAP we share the more was of with a on the provided demand earnings in and $X.XX This Good DSA year which organic pricing of revenue. we revenue strong of based the expected end than a year and strong strength February. growth with last our experienced of We had to year start wildly a The that per

for efficient partner we the able Charles industry-leading solutions of flexible, the with scientific to to continue and River to expertise them. our for that depth outsourcing and portfolio breadth choose Clients to for provide are our

partner is We supporting in efforts, believe and important our market drug focused market the on are end we manufacturing discovery, stable robust The which in February. which current large, anticipated development slightly nonclinical clients’ into increasingly had we and seems last than biopharmaceutical a our scientific factored initial guidance less year, holistically environment.

appear changing in spending today years. year. beginning Clients at be occurred past biomedical macroeconomic prioritized activity the the that unprecedented and the to their level over that the light their of of are factors surprising research several of about not is more programs the present thoughtful have This and

adequately we have hand. years biotechs remains believe three that with that one However, our about still funded estimating still recently public base analyst on cash of sell-side client

watch to forward and our continue to a towards closely, continuing programs trends us. we the critical market move pre-pandemic levels, are clients of their Although, seeing thousands demand normalization with of are

our year. guidance So development we trends and firmly business believe financial current for activity the support these

results, I financial like primate brief supply on nonhuman Before quarter update would the our I NHP provide on details situation. more to provide first a or

from implement that you the in would brand. U.S. this we we the Cambodia, took Cambodian action As shipments we purpose that We develop could our confidence so NHPs suspended our reinforce know, February. of and that testing into NHPs new import procedures

resolution. the new testing advancements implementing are identifying and towards in furtherance the relevant procedures a of with platform needed the made testing government agencies and have engaged We new

network. in have accommodate been our Safety We and global study utilizing HP-related clients also parallel stocks our site to working by Assessment

expect on differentiates key financial in mitigate the impact second greater these that our competition. some of NHP half scale XXXX us efforts factors, is and the afford us we confidence which guidance. the believe the year global will that supply of the we from We our during clients’ Our of programs one believe

a continues number related been range fluid NHP plans supply to the fully to guidance our wider not of implemented Our remains mitigation success scenarios and have a yet accommodate efforts situation. of since our

reminder, drugs cannot approved biologic therapies without government move that And important forward. with use the diligently we critical commercial NHPs. that chain is a life-saving and industry restore As be to this continue can for supply and to resolve agencies work so situation it NHP

in was billion RMS as growth. by solid of rate DSA a last year, Biologics highlights the a quarter I’ll lower-than-anticipated XX.X% XXXX, as quarter Testing increase robust volume was challenging revenue as well start now revenue driven growth The of by performance. of as manufacturing organic growth performance provide Reported our the impacted first year. XX.X% the well and to $X.XX over comparison first year-over-year of

basis by By driven the global to decrease contributions rate. and biotechs RMS biopharmaceutical and midsized client accounts small all growth segments. academic and points operating decline The segment, XX the year-over-year. government companies, made significant was margin was a and XX.X%, Manufacturing of The

Earnings an of offset double-digit year, per as – low of operating well the AVN was increased interest higher by divestiture. were expense vaccine in tax share the prior year the as quarter, strong of first growth from to income X.X% first quarter last rate impact mostly compared the and the $X.XX modestly a increase was

our our the first year, remainder X% $X.XX of basis of quarter consistent non-GAAP share We’ve remain earnings respectively. per points and share growth the we and $X.XX range of the X.X% performance increased of $XX.XX to outlook, revenue range guidance Based to a and organic by lower end XXXX. for to a per to our on ranges with for XX guidance largely are strong the initial the which expectations narrowing

the impact supply half mentioned, Cambodian impact constraints, to of I which greater have second outlook anticipated our As will a results. the the NHP financial reflect continues on

growth XX.X% with DSA first of DSA basis. pricing an on performance to increase adding I’d segment the rate. contributions also base to and revenue NHP The with continued pass-throughs volume be from results. the study business million, Assessment first with organic details $XXX.X with driver growth Safety significant another principle additional our quarter on the DSA revenue provide in of like you significant to beginning segments quarter the was

Although increased Services growth the both the of the in market of projects reflective continued the we businesses coupled which shorter-term revenue current is nature and believe quarter, discovery with modulate, for environment rate to backlog. Discovery

The quarter DSA at of at basis backlog year first billion decreased $X.XX on end. a to sequential the billion $X modestly the end from

they and February, is believe proposal of current That As in scheduling years, as their and result the with a is end few environment, of these Assessment of over believe the past evaluation Safety revenue in not the booking our this year. the previously months trend revenue mentioned first of are this business nearer-term that growth as of the and focus. of Clients expected strength experienced year the activity current pipeline at work of quarter. we far normalization in with XX we which coverage coupled booking last the will reflective the in did DSA trends market we drive still our backlog, us priorities and affords said, this out

remains stable and client Our resilient. base

reliable XX% first funding digit generated the Our the us double to programs quarter that spend also molecules than levels public biotech funding encouraging a biotech on clients year-over-year remains revenue believe demonstrates source the $XX to increased and It more of new better was billion. markets and to in biotech We approximately in this continued by funding send quarter. their promising higher quarter. clients growth that to enable see to a first healthy had venture capital

four and pace worked over over we with of biotechs quarter the demonstrating exceed the were opportunities by Moreover, year’s with us. balance large believe last five FDA-approved pipeline revenue of growth new months growth drugs supports and last XX the the forward Since biopharmaceutical approved ample outpacing the client FDA, which year, we vigor, companies first is continue new for first to on have of the the our move of XX% Through programs strength to drugs future drugs on total. years, base.

after extraordinary The NHP course the over in supply the normalization has expected level, due with half progresses is more DSA to discussed, and of XXXX the trends rate of constraints as year to mostly XX% However, of the three demand above year-over-year consecutive three the year. growth revenue comparisons second the factors. moderate primary challenging growth this of the impact just quarters

of clients, multiple optimize our NHP than and study financial strong course quarter our progress supply quarter from said planned to earlier, second first in the mitigation guidance. year collaborate to global results impact with our coverage our schedules, over to extensive full the confidence across expect NHP originally an supply in regard efforts as improved have also our constraints of around additional the leverage with types. this And constraints ability study year flexible I our We the because also less backlog of due and our infrastructure,

communications partner and starts Safety of research can scheduled quarter, Even exceptional than We half we chain, the associated by continued that moving margin are preferred our development supply our the was DSA preclinical this we a NHP for as business the Assessment believe point development efforts. value to XXXX. the to we can. are scientific for Based the confident plans already not reconfirm leverage the with well to in XXX price study The the on and provide from activities better disruption first value clients, basis the increase the the competition differentiation, remain are global with do increase second with higher XX% we quality of forward of NHP increases. clients scale, first we because driven proposition that that for of bring in meaningfully quarter in to time operating the revenue a be as operating year.

an from RMS primarily the for business. for increase $XXX.X the all rate RMS to demand the RMS below of for due Cell models target XXXX. Research high an over revenue Services single million, and first in Solutions segment research the geographic The organic Model basis China. regions, quarter The was for digit benefited year RMS of on small X.X% broad-based growth was

for demand clients NHP timing rate. remained quarter the of China the to models first growth While impacted small shipments in strong,

at of utilize Safety unable selling from the locally in operations. NHPs Since had to Assessment small the exports our China global we been we of relatively shut to number models were a clients were down beginning since pandemic, these

to meaningfully to high revenue expect digit RMS as the and RMS NHPs deliver growth to quarter single in the organic improve rate have continue in expect in we shipped China, growth the We XXXX. second

health program revenue continuing demand will drive which to RMS of and revenue move stability research North healthy driven America We North believe remain Outside research America growth and small gains globally. pricing continued by and in for forward, solid pricing of research and increases clients research early models this their models trends in year indicator stage the for strong, demonstrate an Europe of activity. is volume excellent are China The demand their growth.

Explora by new through CRADL are and of growth for adding now runway services CRADL margin on at for a revenue add offer leading GEMS sites, flexible or year From broad-based businesses well ramping BioLabs continued generate continued which rental and vivarium to robust be CRADL. last space opportunities Solutions continuing Explora and expanded and up clients. new we the will enhancement of as biopharmaceutical operations, Charles large also the the revenue was Insourcing by nine perspective, growth sites Insourcing focused growth moderately primarily way. both sites. the This Solutions a both Having acquisition with to small significantly IS and sites as River to utilization our driven

client clients. larger our IS at traditional with has a which resonates government had staffing still client and and model, Our base. sites management It academic provides historically vivarium

also meaningful in the were We new vivarium. operational seeking commercial driving efficiency benefits to allowing and savings add cost their contract greater the manage are of clients a pleased us first commercial quarter. to biopharmaceutical internal However, by

business genetically We proprietary cell to maintain models and our gene both to becomes demand disease modified colonies. an to they in expand increasing rare more clients also as and role to drug with biopharmaceutical partner These model academic oncology, as a America accommodate shift are continue playing us therapies. with GEMS from research and North critical increasingly their complex

to the Revenue factor decline Explora to points a expanded ramp-up in last and timing Most was XXXX shipments CRADL our mix the year. XX.X%. headwind margin due related and within the by Explora of the driven operating was RMS which part by of in were temporary to acquisition operations, utilization also In of decreased in basis NHP first April China. the quarter, the XXX

subside. RMS quarter We the in meaningfully the improve margin second these operating headwinds expect to as

solid Testing on the by performance of $XXX.X for a for businesses, Revenue organic million, X.X% Biologics the Manufacturing segment business. offset a was partially by driven the Solutions first an basis last of The Solutions compared and decrease to the year. was CDMO quarter decrease Microbial

testing readiness in business factors challenging first business. quarter. due the we commercial these and year-over-year comparison believe milestones year. second the As the Both we be last occurred in of February, would COVID anniversaried to mentioned vaccine the largely which of the segment’s in expected in Testing will CDMO beginning be revenue Biologics We revenue in quarter

In This first year, programs holidays. lower-than-anticipated a for and the addition seem volume and focused beginning the at experienced reduced client quarter these cell clearance their slower business sample to the over factors, start also Biologics reflecting services. to be volume manufacturing year. budget Because volumes, more viral of year. we tends banking the experienced the particularly Testing the be clients in Testing prioritizing seasonally lower activity softer to with to

both strength Accugenix testing and to instrument of Microbial services. Solutions a identification our for solid due performance delivered placements continued quarter by demand the platform microbial the first led

is for rapid our comprehensive clients. offer and control the resonate advantage continues who Our provider quality to solution only a manufacturing testing as can with

business gene targeted make towards The growth cell and therapy to continued progress goal. CDMO its rate

feedback to the result As rate implemented last but year, was funnel expected, improvement the business continue earn have the performance the from and actions We the our we improve growth initiatives quarter. paid will gain in growth to by the affected commercial in in marked of milestones positive CDMO readiness of and these comparison a that increasing quarter in to an first the believe CDMO the sales second the success of that traction rate clients.

The primarily drive quarter last operating was as the first the in segment the in and I impairment Manufacturing This will particularly discussed segment. The a year. a margin was as decline the segment’s each in course and Testing. related slower the year. in the to decline Biologics over from rate Now CDMO and start rebound prior the business the growth the organic units, CDMO Manufacturing we headwinds first segment’s of asset Biologics driven of XX.X% significant lower expect business in well Testing quarter largely by operating of year the that was business margins an XX.X%,

resilient, to reiterate moderated milestones now our research companies and doubling to we anticipated, that XX of years. that in with We believe have partner stable have As dynamics the the with clients secure industry but additional end active biotech innovation. and for important These accelerates it’s early engine their achievement and stage particularly our to base for enable River important of the remains instrumental become therefore, conducted them the XXXX, that client somewhat efficient market pipelines past platform over the is our biopharma flexible that continue therapeutic biotech. funding, they with entire Charles to biopharmaceutical innovation will number companies a

us in to substantial more industry. From These other the today DSA that factors, fluctuation market. services the provides coupled companies differentiates power strength the of near-term our believe scale support R&D with ever. portfolio our the to it of and enable We backlog visibility biopharmaceutical will us and provide unique withstand that the any better than

We planning continuing tools. greater connectivity real-time in data, revolutionize the clients, our digital to to technology ourselves and by distinguish scientifically in client self-service study further will and bring and including building our clients Apollo biologics tools investing estimates gene with cell other to are therapies. and Apollo cost launch through and of capabilities March. to access by in cutting-edge By partnerships adding

our I’d exceptional for conclude, employees and To for like our commitment their continued and their support. work thank to clients shareholders and

financial performance our on additional Flavia XXXX Now will guidance. first and details provide quarter

Flavia Pease

good And morning. Jim. you, Thank

to global or comments other which may venture I’ll acquisitions, non-GAAP foreign Many revenue initiatives, I speaking adjustments. certain to capital of gains from begin, Before related our items. acquisition-related organic and that and and exclude our losses of Costs amortization investments you efficiency excludes other growth, primarily other which also be strategic I my will divestitures impact translation. currency to results, refer and the remind primarily

our first per a of our of to included prior increase well operating per performance provided outlook of a February. year revenue the above the share We outlook prior provided and We quarter strong are the in solid revenue wildly a mid-single-digit decline. expectations. delivered growth pleased and X.X% in organic outperforming we results, with compared contributed over February XX.X%, that $X.XX, which to revenue Higher share we earnings earnings

organic have previous growth we and per to X.X% mentioned, our full of reported narrowed year. now the quarter of revenue Jim As for to performance. non-GAAP growth growth the revenue deliver reflect earnings and guidance revenue X% to X% to X.X% strong share first We expect

share a full as in the well year. earnings to As for range $XX.XX of $X.XX per non-GAAP

from continue mitigation supply our in ranges reflect wider guidance for multiple Our account guidance XXXX to revenue impact respect resulting to ranges NHP constraints, with to estimated the the plans. outcomes

due are We both well revenue throughout of when the anticipated expecting impact in the comparison the impact, principally the of as the growth XXXX to as supply second accelerated year which rates first half stronger will NHP last to gating half. year, growth the

XXXX XX. for noted Our largely Slide unchanged, remains growth segment revenue on outlook as

We last also total revenue lower to constraints. NHP the X% on revenue in margin in success of corporate operating flat year. continue the X.X% plans to the quarter costs the prior compared to consolidated year will totaling of Unallocated depending were expect mitigate be favorable versus the first supply of that quarter to of our ultimate

to full fringe the unallocated X% course The for is the favorability expect was the decrease to quarter, similar climbing approximately of to of of over costs, we revenue of the XXXX. the which the result which primarily in health costs expected year, Despite corporate are normalize and year. first total

anticipated. as year-over-year basis approximately tax first quarter higher The rate XX.X% was XXX points

stock-based primarily increase was benefit due lower The to from compensation. a

quarter tax outlook. range our unchanged Total year-over-year the $XX.X first XX.X% basis. earnings the compressed in XX.X%, interest expense sequential Federal rates interest of March growth $XX.X quarter, the to quarter, in was on actions XXXX. full increase in year adjusted since policy from monetary The from primarily XXXX, significant expect be in rate as the first the a of previous result which meaningfully of Reserve’s higher flat a continue million net to our which of essentially We reflected is million will

of net to continue $XXX expect For $XXX expense we year, million. interest the to million

increase variable our debt the reminder, the a was of during the the end quarter $X.XX XX fixed additional remainder can regards by At first and Federal three accommodate point portion XXXX. the rate gross leverage quarters of quarter, our of As first the X.X rates of an net ratio With remaining billion end Reserve outlook our at in a X.X times, nearly our the times. ratio rate. was at of basis debt, was our leverage to

Free cash decrease. driving million first expenditures with compared year, higher $X.X capital the quarter in million was last flow the to $XX.X

$XXX.X reminder, compared million first a softer expenditures business. Capital last flow As the quarter $XX.X our free is due primarily year, projects first in the cash for to across million growth were continued seasonally ongoing to support a period generation. quarter to expansion

for capital XXXX cash we’re guidance initiating and Today, expenditures. free flow

expect target deployment. million range approach the in revenue. XXXX. disciplined of below million, The is $XXX stated $XXX $XXX $XXX which be lower to increase million to to in of from be to intensity X% our CapEx reflects to this year. capital million of recently free million a At flow $XXX capital We our expected to cash slightly XX% flat is

certain light of growth in supply the investing projects the disruption on and from are in business We temporary our are the unit each NHP of modifying potential constraints. based business

financial will can our A the guidance XX. capital we Slide previously on result than less trends found main required summary be XXXX anticipated. of Normalizing in

in expect growth high of growth single-digit businesses. trends or growth second ahead strong Looking a many our better. the revenue continued to and we Reflecting of reported across XX% range revenue quarter, organic year-over-year

of at will rate other on second decline supply share slot NHP the only leverage to studies per expect when compared Earnings quarter schedule last able have as a impact to a to growth of we’re strength second $X.XX quarter in to and expected are the necessary. our to We mid-single-digit expect year. limited in issue the backlog rate the DSA flexibly

will continue to rate. growth the rate and year-over-year the tax As interest restrict higher increased earnings expense

pleased about are full achieve quarter for our well the our ability year as closing, outlook. with financial In prospects we’re and performance our quarter to first confident our second as

conditions our to Even Thank macroeconomic position our evolve, partner scientific to as continue will to our and accelerate we therapeutic meet execute strategy of biopharmaceutical the as of and business choice and of innovation. our to clients the biomedical enhance market both research expanding needs you.

Todd Spencer

That concludes our comments.

questions. your take now will We

Operator

We’ll take question Instructions] from Eric with [Operator first Baird. our Coldwell

Eric Coldwell

better XXX probably commentary. from Good and missed changed quarter? I’m out you. didn’t basis I to update just a Last better year. the curious Thank QX I just an Street It it, I looks shifted it’s the I if may That’s clarify. have to potential NHPs wanted have range your little this potential expected. if the fourth has on than just the like highlighted point XXX impact of to quarter, XQ looks or impact question. morning. you expected that than but see did third totally another. first Street the

Flavia Pease

morning range earlier for Good the – we question. basis of NHP consistent Flavia. in XXX Thank what it’s XXX with points The your supply the remains of provided the Eric, impact year. to is you

Eric Coldwell

government are internally safe exportation much or to topic. driven actually as And policy? question Or or just this possible. point, as decisions be maybe any blocked and agency this picture bigger importation all a changed to Okay. proactive your Has actions just on any very of

Jim Foster

Cambodia to into Eric, from U.S. the that Hi government Certainly, And the NHPs is I with at least strategy. us – that it’s say not is U.S. for would fine bring prudent

So us otherwise. certainly not they’re of supportive doing

work to to hope. cooperate and show our protocols to we’re going we that with used and new universally, run doing hard a we’re business accepted parentage supply testing sites multiple and going in So sources, work multiple have to try would

what which do to the all A our good we was of we fact of for about to to satisfy And think I we But on continue And than we quarter we program on it’s of to that will have our to control, to cadence a situation things science the good a in that do while have range the But difficult result and continue needs can about good saying and confident clients. then that of change. much the supply guidance. little have give our do in better still impact things be. quite demands why feel receptivity continue second a bit for the accommodate as There feel should our are much us and if we the that. I and plan things slightly – quickly we embedded the We’re you goes we’ll is how ability actually as in as have sources. such we as performance have best We fluid. to the that. guidance behind information our and as was that we be can and that

Eric Coldwell

let I’ll others very much. jump Thank Okay. in. you

Jim Foster

Eric. Thanks,

Operator

And our De America. take we’ll next question Bruin Derik Bank from of with

Derik De Bruin

morning. good Hey,

Jim Foster

Hi, Derik.

Derik De Bruin

two Jim, questions. Hey

to have And going the to more to to there? them pay sort money get you get U.S. supplies into i.e., being of currently going one Cambodian – as resolved, where NHPs And or that the was going you to is the situation it the I is, now? to supply get China. if right is going – the be difficult are then first a where back? China think just curious can them I’m are you lot the get to assuming destined back does are sold the U.S., to going

Jim Foster

that don’t indication China. we any going to the are have supplies So

there, did one not of suppliers from animals we the only principal all one. get course, Of

doubt So we NHPs but lots don’t has thing themselves, which would both categorically that know, China started. whole I is this how of

geographies the doing doing We’re by we can work to multiple CRL. the best in accommodate within demand

discussion parentage have we sources sort is don’t place continues, supply supply we confident various We’re – if so the that cooperation clarity a from situation and as think be getting of we that of with show forever. back they’ll some as as gone and the can this I

investigation, information. is think that unusual this sort in we’re providing record I transitory to the cooperating a of frankly. reiterate I an just want for an one, situation

I we’re really think well. cooperating

just that to a place We’re our pursuant the we’ve oversight we of there, we sort and don’t spread. is, think well studies required supplier not know target you run, that’s can is we investigation, of but been whether tell for purpose the

We veterinary nutritional utilize think that we transportation the and oversight and the also that done and oversight fund has really oversight well.

our So our including own supply. all it’s the had a we good years farms experience and we over with ourselves given think started on ago that world, farms

amount without my NHPs. surprised first be to So as to question, Cambodia would asking us scientific I these really not sufficient But FDA, if go your timely know, the just well molecule And and using that and work the source information doing of on you a disappointed supply. back the are we doesn’t continue to being we forward. be of basis background, large a the control how given moving and through pace drugs very folks again, very to over responsive move answer we’re response and but with little have a for

this that not the be possible. basis as since needs timely it’s to in rectified source, largest And as So is something supply optional. it’s

Derik De Bruin

stick I’ll to you. Thank Jim. Great. Thanks, one question.

Jim Foster

Derik. Thanks, Sure.

Operator

take our we’ll Draper And Sandy with Guggenheim. question next from

Sandy Draper

strong RMS, strong pretty like by it – generally we segment, result mismodeled quarterly DSA quarter much like expected. a lower. looks in in I’m I of curious DSA. by bit don’t of give guess Thanks well obviously, manufacturing sort line you quarter, type about It line? was you’re this as maybe much. know little but surprised just guidance we I total, sounds sort that much as thinking very Street the was just of stronger maybe than the

should those compare segment, appropriate RMS. we quarter lighter first are of about these thinking think but still or results about full Thanks. rethinking so we and to should growth based results, trying rate DSA how Just how be by and your be manufacturing on sort the year stronger commentary on

Jim Foster

I surprised. both not were would answer say We’ll this. we

and prior demand As cases, of unrelenting was year, safety a of last growing in we for year, well and and reported excess in all probably the year assessment some years. X.X

did, So anybody know strong be substantial but and if you. growing hope several years really a biologics. nicely I reminded factor. some our RMS was you we now. has been disruption We for milestone whether had knew remembers, NHP amount not demand, COVID for we’ve prior first don’t that in really not, this payments business behind manufacturing the work CDMO that of because payments – with quarter we year would the I

track as anticipated. So pretty much quarter we

with pleased Assessment very Safety do. business a obviously level large is that we growth. part The what We’re of of

meaningful and our year know, Flavia rest let it had impact so you the of has a answer question. I’ll really As results. the on

Flavia Pease

and our not and I level talked how a linear it’s And segment either. at think linear totality Yes. about business definitely is not Sandy, we always not in

And timing RMS, our first bit full high we quarter. so of normalize RMS in to in events little Jim’s digits. year second the will reaffirmed That a in We talked point, some about quarter. the guidance single

was very, strong quarter. the first in very DSA

milestones Jim that year, out, commented the to half I strength the we XXXX, also continued XXXX impact you’d second a the following in start of longer a about as solutions. comp low our will out, growth accelerated COVID will existing pointed that little bit had headwinds as couple throughout well in that vaccine volumes in the a pointed talked as slower year. Jim as digits the both the modulate the growth As of mid-single And guidance first the of dynamic Manufacturing we have CDMO with a given and biologic comp for reaffirmed XXXX. Solutions, quarter no And are

guidance to year. high for the single was a range bit double previous we guidance little to The digit digit low double now expanded low So the include digits.

extended just that range. we So

Jim Foster

think a it’s year. think XX% half else what going that we in We the listening again, some growth our second right? So first Sandy, third was of didn’t happen. strong safety, the and the was half point, had really Flavia’s cadence a and you of shareholders think, of to year rate, I everybody slow last a I reminding quarter. we had year, that, worth the

going we’re these some comparisons So have but in NHPs, first tougher second from the anyway. a the year-over-year half, half, impact cadence have in to tough would the less

they when as full in for our sort to particularly for start guidance But start design is to year, to when listen predict even Linearity the safety impossible you they studies want of or us business. had. always, and

Sandy Draper

comments. much the so Thanks helpful. really That’s for Great.

Operator

Donnelly Patrick from we’ll And with next question Citi. take our

Unidentified Analyst

Olivia morning. for Good on [Indiscernible] Patrick.

more test throughout guess you can what on Thank NHPs. it have, you’re I long one determine take we I’ll the supply to just making sounds expect that there? you on it progress the leave that of you. and how anticipate So the rollout And at parentage. your there. do like will It anything test,

Jim Foster

No question. more NHP

what kidding. The complicated. is It’s really all that science straightforward. trivial, not but the say difficult Just relatively to rollout It’s is. not

reading above. do We demonstrate these could have or or our of according of we us from we animals several what and it that places do supplier people it to all we’re expectations that. quite could the we confident can our purpose all know that And for

It’s just would said can. the is communications we earlier, We is just – and like. couple understand bit we best slower than as times the that, a a little we’ll I of do

to continue when say, we and we you we’ve program, give looked I with that forth. we just authorities, have in we’ll to the clarity So would responsive coming providing them up back it. been over, very the terms go – they’ve so of and various

international it a this case, businesses, little particularly all and parallel things geographic using really us locales, as U.S. are to we’ll stead in situation in safety helps when that a of held but our the good so our we that current the in in more continue so always strategy, And do many in the in complicated with we’re work infrastructure

like not of of that earlier, said without scientifically up the and with to it whole that confident demonstrate some maybe shadow at for I But it really and we for and a doubt, something necessarily prove a standard can point, CRL. will just be works as come we’d we’re industry that kind

Flavia Pease

Jim’s can everything. scientifically take to obviously, logistics to I test the some if operationalize, time given, point, on just be supply can It And will progress done. the and made identifying we how add

So it off the government as is with will we ground. take continue work to it get this time to some authorities,

Unidentified Analyst

Appreciate Thanks. color there. the

Operator

Blair. And we’ll Max from with next our Smock question take William

Max Smock

thanks taking question. the Hi, for

What some down you organic proposals support of the in macro you so So Thank to quarters given double-digit lower couple seeing expecting perhaps to need do think this here a business. fair in book-to-bill second because are on the in decrease environment? the you been of get of see here over in this DSA order terms in the I as level seen concern backlog far around wanted think there’s next drill we’ve a of part and you year you. I backlog DSA for work where digging the to Are XXXX? to growth down of ahead, then segment backlog to here quarter? tougher the And in in bookings continue

Jim Foster

on level but year, to But a the to And unusual be both principal waiting their would a less study, that just factor strong, them last year. into have into bookings you and the to for and than of certain you which market. ultimately Enjoyable comment have and combination clinic very say problematic it I is a was this clients becomes continue start unusual. of the drugs factors. business we’ll So to this. strong get Proposals at plan

normalization everybody lot So that Charles not still complex River of to we’re footprint. still – geographic the really demand, healthy, seeing comes our work but level still pre-COVID of price, a everybody of a almost of normalization and kind everybody for

in of We XXXX, is will demand to will this demand about going strong think the – we the So not year. but I’m process normalizing. the this you tell remain think

have safety not private have of If I in a last sort business, overhang, of you the year would we very level the strong to year. the think didn’t

that. got business by denominator in a a this It’s concerned not we’re So business. big We’ve big very now.

amelioration share, don’t We’re getting any price. that. We rate, having nice growth taking of good see

Flavia Pease

Yes.

at XX-month We kind of XXX and had Xx, support earlier NHP outlook would into still high disruption, the you CRs on be, the that question on a got and DSA points, for XXX how supply you be would I look to math, clinical do we’re our at what double-digit XXXX. again able is single-digit, in a the think low their commented had that trailing growth So the back XXXX. growth around would to basis not book-to-bill it we you if supports revenue growth above look book-to-bill, impact, basis, I which DSA many our a and formally

your that So I answers think question.

Max Smock

Got it, thank you.

Operator

And we’ll take our next question from Steve Windley [ph] with Jefferies.

Dave Windley

a Steve my I actually name, brother do is Windley. I Steve actually hi, good Windley, so – morning. have brother

to sourcing put a more So said of out to and redirect for look I try kind research. diligence are supply proxy, you around ask I I Jim, that. your Yes, I’m of your to commitment a already these forward positive. a chain appreciate XXXX broadening your know needed going that. animals to you in how a little I’ll questions. that NHP you work the bit. in no information

importing thinking of context, you the way thought due first if go you certainly risk-based calls you’re environment big How evaluating guess, shock indictments November, SOT, I the that to I about the were – back at kind changed to How unsealed, situation. U.S., was certainly, there in not a industry. influenced that animals when the business, diligence the that of we I and the part I’m oversight. proxy risk-based your has and any into go has the suggestion a were At U.S. understood international saying today. Cambodian or supplier

wanted management. your kind to how the that. changed has situation, of environment around management risk So understand I changing risk But the just the

Jim Foster

question, good Dave. a It’s

permitting talked words, We of are We those And certainly some two much. countries, own firms. we strict pieces for multiple and the own complying believe countries. course, other multiple in sources multiple of We some methodology suppliers very Our in with have or some in of years, producing last as three providers procedures. we changed with supply, cities about we oversight cases, firms. hasn’t spread under veterinary deal purpose animals who

supply long-term would say, have them. of almost I with, agreements all We

we So audit – and and go them. we

in little those but go audit We and audits of because of have disruption because we – audit COVID them. a that

So situation. we the are familiar with

with parlance, like concerning shocked allegations indictments not just to and of that’s other use obviously that the of were because that your people that’s any sort that. doing and nature more the So the think with I we work we’re we’re working

all think the dealing how except we Charles using we now, sources closer continue supply, on of underscore mean minutes granular the which and River reasons, to countries, we’ll XX ownership, and with a bunch openly know lot are. ago the I appropriately get people been have to multiple them. be haven’t whole where I every for and worldwide, too a security we’re about oversight we’re you right to, And of in in and audits, is of our on who fact that the way and to I a of with professionally of the you’ve other of been suppliers. want know situation sites entire constant in testing ones all the not And bodies ground, competitive to the and to various terms that that talked So portfolio, and they variety dealing we

terrific. here’s in. be competitive able thing that is Then conversations said really beneficial. exactly yet, is to we advantage for the situation to being materials I will think know animals earlier the bring haven’t a a had the okay, and say, extensive with we And been always been think able that’s who said, in us which we’ve be last clients would sites have And those how don’t use although we many it’s I we

that and you that. when, to and studies prioritize in they’re to need you So doing do what need start terms of you

it. where And about you flexible you be also do have to

as our guy always some the stock to I’ve all and work did runs to wherever time that with clients the because some a say I or of only know, So of less post site. you I want clients, do the our like the gal done

client work want So in done. most has working with work timely they’ve gain us been our They the base really been open collaborative, hard just start to very terrific. I’d fashion. say being the to the

So a I would very clients doing had QX. job strong disrupting as we’re as say, a far few We possible. so good

the the will the challenging a to have we of originally be NHPs comps. QX more than back because regard year will of the thought with better We half

We positively we it’s situation. fluid And hope it’s – a a situation. fluid

all And may – not handling changeable. but don’t we’ll when pleased that in that the granular our will for want way sustainable, you clients it’s we’re beneficial with we is but too we the to information be detailed know, there’s So very the way current we’re be think something you, it to and situation. permanent are accepting we very providing tell

Dave Windley

prepared the if in a attempt one to clarify remarks. could I was could long thing – question Appreciate that. and If I that answer,

to a So margin time sure the pass-through. on and very the understand I headwind make on maybe just your the margin. about these be a would rising if to has NHPs lot. that of DSA through pricing talk because The you passed only use was pretty term it all price gone is and up want best significant good, NHPs I very, NHPs

hoping detriment a maybe was I to to contributing so And NHPs are the you Flavia, for margin? Thanks. Are that Or could they clarify margin? us. if

Flavia Pease

Thanks, Dave.

quarter. be the a So demand, underlying outside very the price robust first DSA specialty was in margin Yes, of NHP. volume a strong And that couple things. also to of and source of continues primary

macro that. it’s The you’re very should specifically at a a you out, accretive pleased NHP margin, be with impact as on pass-through, pointed level, we’re as saying, it So so NHP or can dilutive the mix – we have to the towards studies that contribute have on start percentage that margin. on when an impact they they to the margin. timing neither The

the quarter of can NHP quarter new the is is and we DSA margin starting impact primarily But So in price. a first up studies how you on and and how all would I strength volume on depending the focus we’re underlying in ended on many year the modest that the margin. behind of each what on in have

Dave Windley

Thanks the question. Thank extra for Okay. you.

Operator

from we’ll our And next take Casey Woodring with JPMorgan. question

Casey Woodring

Hi. questions. Thank you for taking my

looks the quarter. it So over math, our like the backlog as question year a by follow-up in to the XX% on were DSA down from bookings earlier,

for the a for CDMO from this range cell in So in then peer expectations the normalization environment last appreciate in booking week? earlier tough volatile Thanks. the to of line any commentary was space cushion that baked given quickly, DSA? year, the just from just widening the that with for gene curious growth manufacturing therapy on demand your step there’s Wondering and in And around year. if your more down but as rationale commentary comes some

Flavia Pease

Yes.

had levels. last year terms So we We demand ahead the with normalized. before. normalization all really has extended as to I about that definitely of it working the never an seen backlog think throughout in people of And we more of out of that talked meaningfully the printed the trends length had pre-pandemic had

were a rather sooner as clients our that, focusing starts do are booked they future. studies they’re I before ready think that initiate are whether And study they look to lot not. than at or them also on and that into the

said, as from levels demand XXXX. the we we extraordinary in see normalization So

we year quarter vis-à-vis expected then Solutions, comps guidance on in of lighter that a And low saw a just CDMO the for year We impact slightly think the commented the and and quarter milestones the around tough was the the the digit. some on also slower might with for bioprocessing. COVID about we talked first the volume start of first had be industry And I originally but biologics, double Manufacturing testing. overall only the not there comments

So we that. on range for a manufacturing little widened bit our to guidance accommodate

Todd Spencer

we’re think ready I question. for the next

Operator

And we’ll take our next question from Tejas Stanley. Morgan Savant with

Tejas Savant

will about since is not to that I guys. exactly told us Good you’ve morning. ask And Hey, what Jim, NHPs, do.

of mentioned but actually clarification mitigate that talked XXX to question impact here. range first the same, XXX some about sort your of of Flavia, same you also the efforts time, ongoing you should the some Eric. how from bps at being one bps the to Just

XXX to that at bps midpoint, fair is end So bit range? that the lower XXX of bps it moved towards little to assume things a have the

being which your competitive to at an not wanted And landscape in long-term, the also then there, moment? some with. or do rather you terms local may have dealing think here. about But just U.S. of from deal Jim competitive tactical know given near-term the tactical the very How some supply sort market of CROs Chinese acquiring may one for structural NHPs you’re the than with these more perhaps because in of you competition I you suppliers, of NHPs competitors here, and some abundance

Flavia Pease

point, it So take the situation. just basis We XXX And this basis to had guidance question. I’ll included impact. to supply wider a the range NHP given year obviously points first points maybe of provided your XXX

work is than the clients quarter flexibly. little planned the commented, had we our given a Jim to bit better schedule with As collaboration certainly and second

points range, basis XXX be basis which the about, include our Jim what to talked a continues in to continue situation. given we XXX also guidance to So points fluid is, it

of end working hard at early to that lower still year. We’re it’s very the in the be but range,

that. I’ll at want you So do it leave Jim, to…

Jim Foster

mean, companies. time. internal a some of So that’s a to over number current say scenario, China the of to and of – by period perhaps is, small. One I significant industry on Obviously their U.S. support competitive couple change scale and obviously The NHP still a CROs there’s utilized things. the be is in their relatively I’d Chinese both NHPs to China European industry there industry subject of

wherever but gone some whole difficult there. reluctance a And there’s of – may and having taking that, newly not obvious get be clients reasons doing for think in may said It’s drugs to Some new have bunch done a many. China. can. work the to they’ll tell, for I they clients think too the But us Western your – work drug patented I

regard domestic they Number remind competitors, four, use. I may be think that not smaller. our animals they’re bringing I’d not also you limited number might they’re think suppliers from sources. two, to With using they way one, – three, Number I smaller in that have very supply Cambodia. Number we

and trying think supply to quality, very volume constantly in we’re the of terms road a strong in competitive and we’re consistency of we So, position. high take

Tejas Savant

Thanks guys. it. Appreciate

Jim Foster

Sure.

Operator

John with UBS. from our Sourbeer take question next we’ll And

John Sourbeer

year the of the on there’s reports over could last of several the maturity there? of unrelated next the some talk just year. been know Good morning you and into and And the these building still horseshoe some subject. for some announcements backlog questions. of for this taking bans guess press crabs. just just CDMO, too, programs looking thanks one or about There’s of follow-up potential just commercial on I you into and then the some see harvesting I been months products

the comment for Just or any that there Charles size Thanks. is business River? on what of

Jim Foster

three parts. on business CDMO the So has

which was small. fabulous is prior new just management large number have both largest in cell there, is to certainly compared of the I team, Memphis year. doing We sales new manufacturing down business organization new new our a therapy business, well, quite clients, significant facilities, and

that are direction. moving it, but commercial our are first clients We other product, that And have I divulge we in we are. producing can’t

I and ready Europe the either get by mean, the telling to government filing us various and/or that agencies either U.S. EMA. By for FDA with or in audits the

are So moving in production the which new available. commercial direction, we suites, have

soon, by and have obviously have those they because are Some a or not commercial will don’t think that of be want now to clients reserved get product approved they this. been either

with it’s pleased way we’re the So progressing.

We also plasma And which it and in have that team business nicely. has enhanced also facilities strengthening is vector been organization, a we and been have Rockville, the management transformed. a somewhat in again, viral sales DNA Maryland which has business UK,

they where excellence both We have multiple centers used those sites to of of things. in now do

So CDMO and a through predetermined and on have comps rate nice to the will the that bottom this both expected line difficult line quarter strengthen continue year, each basis. business will the notwithstanding growth QX for from business comparative top

that of was though test. law remind for that I’ll blood major vitro devices foray drugs the that injectable by first also that’s into places. thing, required crab for reagent uses variety you That’s I’ll remind actually harvested that considered use Those release horseshoe endotoxin that test. is law crabs. are as a system, you the even The our we in horseshoe of test in systems. crabs and medical vitro used in our

is us locations we crabs we harvest should which in of other in a little that’s U.S., also won’t stead. good all We pressure of some get have in I restrictions the to to Carolina in but the the have one that. those related have of locations bit waters, our in fishing punchline into lawsuits but parts new details, hold South

I We’re more last place sell sophisticated technology, uses forward-looking still that is less opposed we also say thing the technology as But that. crude. which our well device to XX% is building the conventional inventories is and XX% nicely. the lots And which our I of guess technology a would

clients, crabs our need blood all technology So, from for time. crude, new transfer the the is we actually as decreasing the horseshoe the is is the which actually

So we’re in shape good there.

John Sourbeer

the Thanks for taking questions.

Operator

we’ll Deutsche next our with And question Bowers Bank. take Justin from

Justin Bowers

everyone. morning, Good Hi.

prepared you above the the growth you are? for Just rates. returning below growth you about thinking targeted think us segment or rates qualitatively is year? are those improvements Can sticking the those for just I CDMO to is, business XXXX then remind in Sequentially, deck that there. what maybe of remarks talked sort And and that the or the too, the with

Jim Foster

anticipated largest them. at that what we’re of grow which again, in when to XX% is we bought we Well, Memphis aggregate, will piece the far expecting those with the by businesses being had XX%,

accretive. rate So it segments obviously and grows, that’s the of to to accretive a growth whole. will great as increasingly the rate growth the certain growth a it company rate, obviously But accretive more scale, as somewhat a be manufacturing at

of scenario, on clients doing it I lots are some So limited demand, competitive themselves, about talking but mean, a basis. I’m contract

have Lots approved And lot them. Only into competitors, obviously, to of on few think we’re the that preclinical We have but of drugs still clinical XX in a then moving lots sector. not good XX a totally. those the development of working been it’s domain.

one gene-modified We’re those products. of cell therapy now making

with in from from reputationally, we’re Early view. that. days other also I clients [indiscernible] point transformational necessarily a what think being and of regulatory being not view, to and pleased it’s agencies that saw the our regard pleased potential volume holds with and having current So, they stead. of But of us very so proud comfortable with capability point good

with with capabilities we’re long with more growing sales our our sell infrastructure, happy client a It’s pretty effectively. base cycle. ability So, to with the our scientific

amount And and you companies big a medium-sized able going and So, we’re up be their very in some may afford because power to and is shop complicated price it’s advance not of in it biotech well to own expensive to is business, while this about have up. fair it set out set it. small

all businesses, for well, of to be well in in like our future to and So paid this safety, in we’ve recurrent investment space. got like need

year. But that this staff and present as fundamental We we’re meetings go getting we plant the the that to made We a of and is gone. more changes lot last physical do more just the in with and scientific a pleased scientific learned paper. it’s word something the in and out G&A we way lot

we that growth anticipated the hit should in we So rates model. originally our acquisition

Justin Bowers

NHPs production congrats on follow-up the maybe are that there Is the – and the there? a then quick in – is messaging And in And the RMS China? China. a Was XQ? way in Memphis. Or in Great. changed and commercial on just it’s something NHPs there there in you’re going of sort XQ to to in then market normal back that blip and has with RMS

Jim Foster

supply sources We have in that in to China have stay China.

frame. So, we the Usually, we China. to clients in can the predict sell animals time

bit. a out this little slipped So just

huge to is but still a certainly the good. of meaningful quality Chinese fundamentally So our Animal less changed. business it’s It’s and part business, meaningful good. Margins nothing our slightly but are to meaningful, RMS.

just continue yes, be so that nothing there. out fundamentally to little changed, over situation part slid And our has will of a bit. But

Flavia Pease

I timing. characterize. purely It’s would Yes.

Justin Bowers

much. Okay. Got so it. Thanks

Operator

And our question we’ll take Elizabeth Anderson Evercore. with next from

Elizabeth Anderson

for Hi question. the much guys, thanks so

of in sort Thanks. comment all? backlog as first on Is broadly at seeing that something any cancellations sort changes of of could seeing quarter. steady in the sort that sequentially? of You that Are you’re you the characterization

Flavia Pease

Yes.

size to which significantly we levels. talking the continue one to backlog, And year might than Elizabeth, So additional talk slippage. we’ve cancellations expect and or backlog, talked which, would the cancellations of drive that also last expanded as of throughout the had slippage historical as about elongation been about about we higher

of part continue of So appropriate slippage regulatory as study normal business. not happens the first, to business that with a cancellations ready articles the in the and have do agencies the negotiate or normally test clients design

it’s elongated more much As the that becomes time, in harder as certainly into pronounced things the future. predict that backlog to

had we XXXX. elongate throughout that So, seen

think to getting levels. say, we’re maybe back pre-pandemic normalized more I would I

long adjust the is will and accordingly. The be slippage I will together. work as backlog And so and things to perhaps well think those cancellation going not lower well

Elizabeth Anderson

growth, of of how year by usual how obviously, quarter some any quarter. you’re the to just changes the of of like, and cadence you. one Thank then the bit would imagine kind back spend talk support was But super maybe sort revenue a than That’s kind the just rate it. OpEx on in that. impacted a And was in Got the your run in [ph] sort little the a follow-up, margin growth the of in versus specifically manufacturing seeing the that rest higher of half much deleveraging you the manufacturing helpful. I Can lower the bit general year? of this function in maybe and seemed cadence of like over of the

Flavia Pease

in on comment Solutions So Manufacturing me the let quarter. margin first the

as headwinds So some the we no about, of year biologics and with longer volume Jim had talked have. CDMO we COVID those prior the that milestones in

We also I in year. a about then an we impairment we had Testing asset segment And start think that also in had Biologics in this lighter talked QX.

to contributed all Manufacturing Solutions a, say, So those unusually in I’d QX. things low margin

basis lower continue were XX flat lower we about the of guidance of the the update think versus margin provided about continued year-over-year. given for to year that company, on we I situation the overall talked fluidity the we for NHP the earlier. And full points XXXX, for an

Elizabeth Anderson

Got it. Thank you.

Operator

take Tim Fargo. our with Daley We’ll question Wells from next

Tim Daley

Great.

clarify conference So just segment the a Jim, growth made away from around broker RMS moving to all long-term at in here. comments March rate. I some wanted factors these near-term

past you mid-single, RMS formally up from low-single, forecast So and growth have high-single years, to in DSA the to indexed guys XX%. over from mid-single high-single long-term two

on updates level? here So today, those any are on where or further segment we that the goalposts sit official the framework still

Jim Foster

I constituent high single the parts at we strengthen. mean, for RMS that growing feel good to this of year, business certainly, about continue

of clients for very Explora get have and smart of Chinese U.S. seen nicely business. share gaining actually in nicely receptivity only we the did very in price in We economy growing and great NHP is growing are we both an haven’t important that which and are new all sites. always a we clients. year, Obviously, in And a large animal Europe, is very which great which last small and felt in both be side small. And these nicely. We’re very CRADLs really acquisition these tough Service businesses, time. they the lot geographies business. surprisingly, business labs surprisingly, with would margins

portfolio of about a nice that only had quarter. in as the supply was prepared And a time and we in which result small haven’t remarks, the first business but a albeit had business, COVID had talked a the the very probably tough really cell really much business

getting to business for more without I into we say, whenever scanning Well, about that say, that is strong extremely more be to the And continues respect fragile. I’d [Indiscernible] always obviously, say, competition. financially and stronger. outlook be to So less XXXX, well continues I’m silos. utilized would

to them think difficult for it’s compete us. with I So

So about we’re really good that. feeling

think fee business On it extremely from some we the situation DSA and for we be assuming does. strong to side DSA XXXX a hope a permanently gets that’s us. an with as should strong And moderation vantage resolved be going

low guidance there the to is vagaries Our what what low the digit, think. long-term current guidance but is current a mid-single double, given I is out

on So sometimes when of have sometime those investor growth – all our we’ll we updates rates conference. give we have when our

as but a So things the clarified investor are will on guidance, hopefully that, assuming time we we’ll little give that’s be our it side, or bit comments. said, I by have fluid, clarified NHP the

for board, But what good I very pretty we think have do. demand we the across much

with parts midsized add I across continue with should be various and our hopefully, the think small products given extraordinarily as the of various out we’re connectivity and business that to to and enhanced very deals. only and an providing perhaps service current valuable we portfolio great a position of the

Tim Daley

for that? the indexed Great. overall or And Flavia. under I thanks segments big What’s to it. businesses then for time. And exposure China of as an China? revenues, then a a percent quick are the appreciate over any on update And one

Flavia Pease

Yes.

that only business really the think we I also the RMS our presence a China business there, obviously have is but with business. services models

you we – because which can business, have distributed be also Manufacturing then the and imagine, and of in as available China. Solutions so And part is microbial,

has segment, [ph] So lot our largest China. DSA, excuse no me, of in is – which presence business

River result Charles of portion sales. China as a that, overall a fairly is of So modest

Jim Foster

still mean less – I it’s I XX% think like we I think than X%. last it’s revenue, revenue. or of XX% updated, probably of X% time or total X%

Tim Daley

you. Thank Great.

Operator

you. Thank

for Spencer back the conference We turn have to the remarks. Todd no queue. further closing questions will I in

Todd Spencer

Great. conference We morning. you investor in to call Thank concludes you look for the joining you. at June. conference conference upcoming us forward this the That Thank on seeing call.

Operator

Call. now Charles today’s Quarter Earnings participation. River Thank may you. First And your disconnect. conclude Laboratories Thank for XXXX That you you to does

Charles River Laboratories International (CRL) 11 May 232023 Q1 Earnings call transcript