TECH - Earnings call transcript Q3 2020

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Operator

Good morning, and welcome to the Bio-Techne Earnings Conference Call for the Third Quarter of Fiscal Year 2020. [Operator Instructions]

I would now like to turn the call over to David Clair, Bio-Techne’s Senior Director, Investor Relations and Corporate Development.

David Clair

Good morning and thank you for joining us.

On the call with me this morning are Chuck Kummeth, Chief Executive Officer; and Jim Hippel, Chief Financial Officer of Bio-Techne.

me our let harbor begin, we briefly safe cover statement. Before

in company’s results this the certain the The beliefs cause or projected may the pandemic well on new within website comments statements available made undertake differ update results. the of as identifies and call. those company’s Relations materially future impact Investor conference to the and statements results developments. its company’s potential as the any forward-looking made during about our this including Some as are XXXX well COVID-XX on result statements, the company to XX-K the events from XX-K could during call information section. or for of factors of year not as that forward-looking be company’s company’s does expectations actual The financial filings as operations other any future forward-looking The a SEC considered fiscal

financial non-GAAP measures are used Tables press to at the GAAP comparable call, Bio-Techne ongoing morning to most this reconciling in these Corporation the the performance. earlier to pertinent measures www.bio-techne.com. release available company’s business During on information measures provide be issued website may

call Chuck. over now I’ll the turn to

Chuck Kummeth

Thank Thanks, has quarter conference us been you Dave, call. an morning, and for good everyone. This joining for our third extraordinary quarter.

pandemic. through COVID-XX partners for their Bio-Techne the of exemplary want I and we the thank to have as suppliers First, worked employees, all service

to implemented employees. any in safety early We protect our are measures happy to and February have crisis cases that report proactive our in the of coronavirus we global sites no in very

position is sound with cash and leverage. low sheet Our a very balance strong

them of and diagnostics partners. or serving conducted date, furloughs not science easing research enabling the any clinical our minds focus to and life our We on customers restructuring employees to have

impact for and impacted fight academic quarter, role develop very we QX a tests the the COVID-XX were we pronounced growth. of our global to the But for in While virus. growth quarter so, our to the we even we organic the shutdown the Overall, closer X% on a the impact labs, in have primarily having mid-March. would in business organic playing business our cures been Adjusting this strong estimate to virus a X%. temporary due are pandemic ended of coronavirus quarter, critical had until with negatively

schedule in Our margins adjusted results flow. expanding team points delivered by strong cash basis operational QX, XXX of also operating strong and incredibly year-over-year to XX.X%, with with ahead

the was geography, XX%, low organically in from into In region was while quarter. of increased impact markets COVID-XX-related quarter. American experienced North Now general, market were strong some starting a the performance I’ll in details very double-digit market the both with by Biopharma get with growth the growth Starting disproportionate impacted our the academia negative mid-March, mid-single although digit. by academic our over end shutdowns virus. in

is news these good manufacturing not academic are labs, industrial that The large lines.

only virus, from an back we with research antibody likely sector the our varying to are will appears this believe industry. increase research be continuing significantly. I lab anticipate biopharma been that once our return we is private for at many under in life everyone of get work, operate knows to labs what control, this quickly. our now good back alone researchers As in capacities. pandemic Overall, impacted less has belief society It through consumables sciences is; snap governments will can activity and the the very utilization to by don’t

traffic forward that a brands growth are increases pandemic and optimization, more environment. and on will a customers digital spending company the even our going important current advertising across of in be engine our of for significant have refinement digital over of past Search time remain continual more our Therefore, the many much policies, time couple of stay-at-home online. website their our – focus efforts we continue will differentiator current With website to marketing the as years. in driven lever

We to customers. webinars out to our done digital have reach projects more never and

For are working whom over and example, Diagnostics urologists, held an had webinar Exosome many participants. recently for we now from of home XXX

Moving on was X%. recovery for last positioned a hit, virus to sequential Europe, finished from year with revenue by until the quarter which the down

by very seeing with as Here, as platform, strong strong patient is growth care we well storm had Biologics and in onset progression. which Simple Plex decisions a quarter monitoring our cytokine COVID-XX-related in

businesses Genomics, However, offset European begin this expecting shutdowns up, still the to in which to open this our and when to quarter. be was reagent country-by-country in It the March is process. will back strength but assay Western, not academia, uncertain impacted Simple we’re enough especially labs

So business Italy showing is of with far, German an our initial in signs far behind. not potentially April, recovery,

Our in largest in which Germany so behind process. is the likely month business or be is the U.K., to a recovery

Finally, QX we surprisingly had a in strong Asia.

we in with outstanding of prepared growth a mid-single were organic shutdown the quarter fantastic country, the This organic the in reflects China February, late done finish the there but by this Given for team. negative growth in digits. complete work finished positive in local

trend work Our and servicing market of back a to turned are has that China serving double-digit QX. to to growth employees on revert research – their expecting largely in in back long-term

extraordinary the well also mid-teens. The performed with in in rest growth QX of Asia

double-digit and China are Korea However, many expecting states including of in India outside QX. so are of of and we of lockdown currently countries, to remain varying negative most expected growth in QX. Accordingly, Japan, these for

on company over customers that the I to is I the turn would review, working call the update I like financial more some our some Jim our to come. help provide find growth to largest also initiatives that on Before COVID-XX. the on to strategic for our for initiatives impact an and will have for years the remedies provide to of company will detail tests develop

can assays. several providers components we are our with can pre-COVID-XX demand and using care that to experiencing assays Also, serological coronavirus profile sort we working that world testing resume reagents any the experts production ramping platform our detect in in normalcy. believe proteins in with ELISA Starting mass exposure antibodies individual in require significant something an of including perfecting economies of will initiatives, COVID-XX COVID-XX, are used research, many health that are before traditional health antibody

I interest demand mentioned commentary critical management. in that patients Europe, potentially a cytokine my as tool global to fatal Ella This experiencing detection potentially syndrome. in significant in condition of an point as automation disease dangerous leverage monitoring COVID-XX Also, experienced regarding we’ve and the represents and for are release

our we have to validated In and perform virus. both COVID-XX this Germany Munich, preparing are Pro Diagnostics, supplying for RNAscope tissue, confirm impacted organs in labs Exosome qPCR detection and real-time at we our the Massachusetts. by in COVID-XX that division, virus to allowing researchers testing are Waltham, Genomics in And

automate test we’ll rapid of Following reliable samples be the the capable will This active a over and and can we that. XXX and of processing detection to patients of provide implementation after processes lab-developed ramp day infections. COVID-XX test, instruments with further

These are horrible company examples every participate to our has COVID-XX on few resources innovative virus. a just for help a of solutions and division global pivoted how find eradicate this practically to of level

COVID-XX all We and reagents of these assays of helping solve problems. research for thrives and in diagnostics, are positioned provide mission uniquely and types to our aspects

to on platforms, to as gene update GMP and Starting factory. and of an progress cell two cell Exosome Diagnostics. therapy in our to therapy as of new strategic Construction we make dedicated facility provide the well fiscal of on GMP the and our provide remains on protein gene with proteins will of customers large-scale second gene XXXX. construction I by half track cell the our continue Next, important growth therapy,

protein encouraged very initial are coming GMP demand biopharma by actively We we customers capacities. from interest capabilities production as and market our in

during process making customer first a GMP still fiscal for fact, its the therapy, large-scale we the the protein agreement. making supply with approval In is way likely protein its executed regulatory through quarter, revenue our in GMP XXXX. This

continuity trials. in rapid customers engaging of clinical other to in at needs. clinical with of been and interest us with agreements been supply a GMP supply their their being cells pace studies to our Many a grow meet commercial cytokines long-term present used growing In the immune portfolio has ensure for have meantime, future number to

cell quarter. Also within venture operationalizing and Wolf joint Kabi and therapy Fresenius begun business, have with Wilson that last announced gene our we the we

a gene workflow three using this and therapy solution products all commercial As offers parties. and complete reminder, a simplified cell from consortium

structure, three parents’ all focused we a website customer-facing establishing offerings. impactful featuring QX, During sales and unified a point-of-sale on collateral, and marketing creating

leveraging In addition, genetic clinical therapies great the natural interest cloud, our killer engineering killer And platforms potential. well interest, to for natural grow positioned cell cell in is demonstrating been renewed emerging for proteins, media PC buster GMP killer oncology natural some cells. JV for difficult of the the and has

make to more developments becomes all painful expensive, in on risky Exosome sure There Diagnostics cancer were heightened test. prostate who much and update noninvasive there contemplating with the are to an ExoDx biopsy. available is PSA and more do tissue a still QX, positive Now levels this to patients and test prostate several

a final LCD, the NGS, preparing place payer. to Based the are process public we and potential to this experience, LCD decision, in or final Guidelines, steady local billing for NCCN anticipate summer, get will a Government Medicare the Recall have Following Administrative the on that accurately our size test. tests submitted coverage Services, followed Contractor which patient currently we prior MAC, tests our our National for from NGS the of to Medicare our in more receiving reconsideration period MAC, the by applicable with inclusive the the LCD are more take for expand market or been – fall. reimbursement we important mirroring comment

receipt General more system. the GSA, or Continuing Administration ExoDx government with we including on of available reimbursement Services entities, the test XX-year XXX announced care front, making health than the an Administration reimbursement Veterans contract the unlimited to prostate

but payer many published utility coverage to want conversations community favorable prior see continue Our clinical to private study issuing a progress, decisions. to with payers

either couple compared prostate publication a patient journal in improved study prostate clinical such The of implementing practice. expect test ExoDx shows urology peer-reviewed or the proceed compliance to biopsy when months. the clinical with the to next We in biopsy defer within arm utility control leading

significant study this biopsy, will biopsies, that cancer our of care increases and need the health saves conversations but cancer to of shown We coverage strengthening favorable standard compared detected resonate proceed the of detection system compliance to private increasing money also with decisions. increased in payer value to with high-grade not Due unnecessary prostate argument patients alarm. leading biopsies this more higher only clinical physicians control frequency Implementing cases to anticipate the XX% clinically the the avoiding the utility by EPI and rates. for community, economic or among compliance care

test month the pandemic impact the ultimately and on number number in health March, in thus of decline should saw out which We in collection unable into the We April. the an are to see and launching a had of tests had ExoDx a for by business an coronavirus has ExoDx care PSA the of has test, turn this on enabling conducted. play recently home tests men prostate at wellness kit of biopsy during be individual-seeking Currently, impact and prioritized. responded sheltering has an continued if a number prostate know our to professional who place

differentiator the was valuable ExoDx Facebook access launched marketing another from providing of campaign solution convenience competition. patients to Search test to and webinars prostate sample the strategy, do into of a key yet the patient-targeted the to will test. flexibility be patient at a a Optimization, with We office The go this that Engine believe the to the urine of including have not awareness urologist’s need drive

of opportunities, value with pipeline multiple companion tests, Exosome to create avenues partnership a applications are With Diagnostics. additional diagnostic there and

I’m We diagnostics and of applications of potential the fiscal in companies are a in quarter, considering especially way and biopharmaceutical team technology. proud active challenges Exosome several summary, with very created COVID-XX. executed in Diagnostics In the for global place few have by our third partnerships our discussions

our in cell deploy place. financial near-term very we underpenetrated realizing opportunities. I our to stronger The pandemic, the very and innings and and some and life to therapeutic for We extremely analytical vaccine tremendous and science pillars therapy from believe biopsy reagents discoveries liquid enable the of be also in positioned emerge and portfolio firmly even product proteomic remain for challenges, from current diagnostic are environment solutions. pandemic we gene research we the well fully remain these as some near-term creates a but and potential have this back opportunities genomic diagnostics opportunities. and in strength environment, early capitalize Stepping growth on And tools and that markets. will the as

turn to that, With I’ll call the over Jim.

Jim Hippel

segments, our on potential our an each additional I color scenarios QX Chuck. of financial the Thanks, give company, of provide some the and provide will thoughts performance overview on and our of QX. performance for initial for total some

due quarter impacting was by $XXX,XXX the $X.XX overall prior $X.XX. The investment $XX.X with with for EPS from EPS the acquisitions. cash $X.XX contribution in unfavorable impact to with X% in on our the exchange X% realized a compared of Adjusted arrangement. the year. in foreign pooling unrealized non-operating quarter X% positively compared unrealized was was year-over-year EPS the and Most Organically, having gains less the revenue QX with was driver foreign translation on in GAAP million increase was foreign financial revenue foreign $X.XX $XXX.X versus of an growth million, decrease performance. X%, an of exchange increased our ago, in to and reported related than biggest basis. gains GAAP exchange ChemoCentryx to Starting one-year the third EPS impact year. prior exchange for $X.XX in

geography, declined approximately while and grew in double U.S. By grew China Europe the digits. digits, low X% mid-single the

rest for digits. by the was Asia, which low-single other sales the customers, Asia, Diagnostics of the biopharma was mid-teens. decreased end the in in As low teens, growth division OEM academic organic while market, excludes growth our By and

to leverage extent, basis acquisition. prior on company to the to in by XX.X% P&L. foreign prior the and, leverage, lesser improvement was in revenue, the volume was Moving headwinds XX.X% adjusted a margin Adjusted year. with a compared of SG&A currency the QX offset point of the XX partially year, to B-MoGen partially XX.X% quarter due gross details was second was lower to in core and compared operating points volume increase QX The business Total increase an the period growth. adjusted investments margin basis our for of in near XX XX.X%, result. from and drive by fiscal basis higher volume XXX primarily due prior QX than points long-term leverage. R&D offset our X.X% The the expense quarter year of basis was XXX revenue, the to points than year, to resulting prior in

numbers our decrease prior decreasing was The half below million, interest Looking to expense the substantial of to $X.X $X.X at operating the during reduction of our debt QX period. first was fiscal bank Net XXXX. million compared in due income. year a

primarily related to end exchange Other pooling from as to other the the of foreign for bank million. QX balance last debt the on $X stood sheet income non-operating quarter Our $X.X compared million the of expense QX adjusted at arrangements. was of $XXX cash year, reflecting million impact our

unrealized reporting, For ChemoCentryx. gains other non-operating investment income realized from our in and GAAP includes

we further to tax in closer the tax P&L, Moving QX’s are down be XX.X%. our effective rate adjusted anticipating to rate year-to-date adjusted QX was our of XX.X%, and rate

cash of operations cash from the last year. of $XX.X was quarter, to capital. Turning generated million over flow up QX of and return XX% in

quarter. approximately We monetizing investment also added to our our $XX million by the during cash of ChemoCentryx position

expenditures $XX schedule In remains calendar outstanding new of was $XX.X QX, million the on our our in shareholders which to capital returned at leaving construction buybacks, shares net capital of we quarter. driven $X.X million the by of average with mostly XX.X dividends investment year. share end million, the the million protein QX, diluted during of for And by factory, of end completion and GMP approximately

growth. customer revenue performance exchange growth Next, growth with unfavorable I’ll discuss of foreign increasing foreign of impacts due segment exchange segment. X%, our Plex sales B-MoGen $XXX.X margin impact contributing for of and XX our driven million, was Protein XX.X%, revenue X% and a the was points the basis segments, with year-over-year platforms, of segment offset acquisition. on reported the reporting Protein instrument Operating for Growth the Sciences the to protein Simple Sciences the demand to was having with Organic acquisitions decrease and were reagents strong by reported QX X%. partially both unfavorable X% shutdowns. revenue an also COVID-XX by starting and in Biologics

an exchange Genomics and $XX.X Turning the year. Diagnostics with revenues increase to revenue. X% X%, also the translation reported were of foreign from million, grew having QX on sales prior segment. impact Organically, immaterial an

RNAscope approximately partially by contributed the Medicare the growth Diagnostics offset COVID-XX NGS December. in in growth as China coverage QX, the Our lab decision million double-digit to well customer Exosome X% Americas, collections as Genomic divisions growth but in $X shutdowns over solid segment’s this was with Europe. following contributed in by final

Diagnostics the XX.X%, from Moving from segment, margin the Genomics operating in gains for and from segment’s X.X% prior in on leverage our Diagnostics, year. improved our less productivity at division margin a operating operating Genomics volume increase to and division. tools profit due to diagnostic reported reflects the Exosome from The dilution near double

plan. high annual some how our relative As pandemic plan. on to in business impact many was is play provide not our I the and plan longer-term perform could policy we seen color, long-term strategic be to in customer thought it quarterly provide possible Clearly, related the not of helpful how it and far to for strategic from it’d we’ve instead or of QX. our April to specific and shorter-term annual out COVID-XX level contemplated nor a our our you but color guidance, so scenarios provide COVID-XX Therefore, anticipate some know, impact evolving

off me it regions. and gradually becomes systematically universities begin return for talk run reagent range this put U.S. about down April. in product rate on academic do safe is to headwinds by conduct their XX% Americas seen and to nonessential depending both returning considerably shut will if year far research, minus Europe most recent geographies of even Europe levels the run businesses in action, the and and up in so there in institutions minus when rates about the our with Encouragingly, biopharma, our Let to XX%, so pause these the their we’ve from uncertain research assay students professors talk and as With some the and labs. researchers fall. prior has line been opening the in on improve and dropped specific have Obviously, in to slowly in

we mentioned Japan India. Asia already headwinds in to as Singapore China reoccurrences the face walk-down of the as well due places has in Chuck and like outside the virus of in full

and looking is our the QX Other China QX instrument into for product like a However, rebounding tailwinds nice Plex in well tailwind double Biologics digits. include for us growth lines. with Simple

Simple to treatment-related they for growth just these in strong in we high to which needs. Just started especially continue, platform, QX, the led as out is a specific them COVID-XX as platforms April, and our expect have demand Plex

our from previously some should as development, And under these initiatives how But finally, QX all currently knowing being revenue the is said, the contribute we results somewhere COVID-XX tailwinds being between growth estimate to of a exactly other and experience to range minus they XX% will this will XX%. of many difficult that are QX variables project. minus how organic Chuck play these discussed. out, best products still All in in much

reagent do will impact the higher-margin our because the on business for that have anticipate a anticipate likely shutdown. severely reagent – will so be margins material not This negative business that gross higher-margin do we more quarter. our Because by we impacted

from on here. and our emerge of executing we they and be gradually as margin April, in that pressured now, impact will are have from operating we we improve our lower assuming seen key being we base COVID-XX relatively prior the much even strategic continue likely growth cost company operating initiatives. further plans year by And our as do, path worst down Right will will stronger Our an conditions on revenues. to flat when that

summary, unprecedented delivered the quarter. we in conditions growth X% despite created third by organic In COVID-XX,

for of global of this investments with the of and and stronger than analysis are is has tools, we for times. a a ratio life will demand million thing highlighted and it global position X.X financial that clearly discovery excess pandemic proteomic need leverage this drug and research, our and in short-term strength just $XXX We production, from in and which genomic diagnostic solutions cash emerge sciences began. enable believe when One pandemic

are headwinds to virus-related addition portfolio demand to the capture positioned product plans stronger in when and teams that our global subside. growth original Our

operator that, for call With I will questions. comments, turn and over the prepared to line my for the that back concludes the

Operator

comes you. the from with Thank question. of Souda Puneet your Leerink with Please Partners. Our [Operator question line Instructions] first proceed

Puneet Souda

Hi, great, thanks.

of in solid and year. it’s quarter compares the So Chuck, very on resiliency already from good first you a see despite all, congrats that China last to disruption here had and the tough

how academic April, you comments, in the So the of biopharma if given here in the more seeing signs have or view academic has for that behavior thanks but April segments, picture Any part questions. biopharma for segments? you the give do academic been better just a – of wanted into could that I in recovery and sort I here early a impacted understand sort to May the Then the you either segments of of latter couple of you’re heavily?

Chuck Kummeth

Sure. really lot I ever. think still we think I Well, hotter that resilient. instrumentation Biologics there upside some biopharma about, have we well. a pretty is is with even is of And as doing than talked

to see starting therapy that are We drift and into qualification. gene cell

with a So we of unlike little expect because is well. Western bit softer. to that do Simple continue XX-XX a biologics, under so kind it’s to platform little academia; pressure

start more yes, And things you’re creative lot doing. And are including hearing opening anyone are seeing with will And webinar people – out then can fatigue a reopen. to up. with when work. it of go that, There’s I what state-by-state, want activity lot they also back of People labs and getting there. a we think lawsuits. mean, I to activity. already It’s online start

Certainly, end to By in some. we starting QX, of back. so material. to we’re so And May, April, hoping things maybe come not see much expect

versus hoping U. more V So we’re long it. at this of looking And is where kind we’re that’s a of a

Jim Hippel

that in of lot think be can potentially at for while general, way require to types practices of about made is too go other in industries. argument practices another it’s to to put easier social to is economy the distancing work. work. perhaps those in There’s it be back labs, place, gradually to it an going opening we’re in Puneet, A up that

starts to science gradually the life think of we phases it will does, So be once research that. reopen the economy of another why earlier up one reason that

Chuck Kummeth

which lab, on pretty People in remarkably anyway. labs, Well, in own another we’re know our I one distant like a lot of every labs. that social top is these other aren’t just

I it. will a for kind things. time that that There anyway. world But be different. masks and acknowledge quite a work wore our get sure, some and – gloves stuff different just the think people be to So time, for lot lot is and of But to it’s of going there’s good take to into I’m that a of people going

been much I think issue So don’t there’s too there.

Pretty amazing reescalation. to mask, see follow that good have and a China looks just a kind we any of distancing, turned promise wears data like come back good back social you that everybody on. it don’t If point there if a good there’s

two, we’re anyone too, that but over billion one, go very, is all happens that, years. dramatically. coming there’ll $XX I’m to three the wave be this very So up done, some what next over the sure paltry guess with is budget optimistic of when going NIH

and for thrown here what’s year to rounding around been what’s a lost been it’s stimulus. compared So

positioned. is research and to going So perfectly go up, we’re

we’re be that it But some and know behind than quality could tell you’ll serological really early R&D the or it’s with come more positive when other, the plugging going brand-new working here release too which we you, alluded I COVID-XX by we’re type we to had we too hole wish And press on news some to. many way, to that but with to projects, them. give out of you. will have this systems scale. tests, projects If

sensitivity there antibodies and we’re differentiated technology won’t proteins high specificity, – around something be we’re and everybody and working on be platforms that who can good with it out from and it is So chasing and will at, the stuff. what remarkable

to more tuned come. stay So

Puneet Souda

That’s Okay. helpful.

the to to for COVID here? this, of antibodies that, know the on research the portfolio, allocation benefit following portfolio – what breadth testing what to the COVID infectious portfolio the do to could billion because some fund? that as likely and expect you any diseases in it’s quantify terms you $XX think other but expect relief potential should when towards mean, the part tough cytokines. areas? of in versus your parts could from that are Just And of I testing So of of that XXXX? that traditional should about – And research, to benefit benefit have, expectation the and expectation other the happen coronavirus directed what’s see I from that we we NIH from how so increase NIH in is research there oncology more portfolio parts be

Chuck Kummeth

anyone’s in guess how infectious go in be it. amazing but one can’t I the in other interest way much the portfolio, all that terms that Well, proteins will it’s continuing versus diseases, our developed. were imagine won’t an of of there

a poly monos, lot going proteins research, a a that some and selling with categories are of this almost We We’re exciting. also are things pretty it’s used up And can’t in keep lot in of lot that been antibodies. through in up areas.

resupport partners serological. like So we’re that for working on can things solutions scalable

with to something negativity there and relaxation there’s have try that. around lot – there’s been FDA been and of work the For some a out

well. guarantee top I are The of our reagencies fronts going But to on and going well. can you and this to really that involved in do we’re many are tools do

stuff. You got to measure this

Kits. ELISA it’s Kit ELISA best cheapest, the are the And to in do a way Everybody leader worldwide It’s serologic. automation. has We is the fast.

it’s another world market like overnight? there. a flavor plus a in vast. we’re their in leader lot Luminex up And Luminex many with So just got deals. and about different attack open way partners. trillion see so of here, you these Everyone’s $X talked is do become new we of partnerships to a when stuff And

for get lot chase here, something opportunities of a are to both do worlds we also society. best there – the and it’s of And but the wonderful new market,

virus. help this to eradicate We’re going

We’re you. involved even more than on fronts we tell can

employees been others, to XXX pivoted, but others may lose in in projects a it And is they fast always the touch trickle to a And of around And business. down or lot over going many out. lot may have follower We long be virtually in our a a more, win the time. resources of parts these funding of refocused all things company. innovation, terms in stuff. of the these some, In been lead work not or around

but hard to even There’s in got going no my beyond now, to to mind. – It’s QX. be quantify right QX and you doubt it’s look

into got and year just we’re therapy on still business, our going have new You this it. the be and gene Exosome business cell base and incremental after, all of to next we’re ramp. to top Diagnostics than have going ever And platform then to is year we look to starting and with stronger the

So than a for it’s ever. us, better story

I mean, looking out one, in opinion, start we three years, two, As QX. our in

had make pretty We that just Our good indicative. of QX darn quarter. a results kind

Puneet Souda

expectation? Last we could given ask that quarter was if That into. your virus. think the How There good sustainable? you’re curve. heading is what’s were one, sort how resiliency sort on there of some of compared being on what of long I I raised to recurrence do the are surprisingly of mean Obviously, of seeing was that shape the questions The – Yes. long China. you a ahead China currently;

So hearing you what on are from ground the there? team your

Chuck Kummeth

very we country leaders strict quarantine go country. guidelines too, including team our we get back had The has got through our have in, our very, in management and to and get whole the in. in, to Well, have to go in

in quarantine. anybody So going they’re letting not without through

our part why of to big a according is team. probably. staying wearing Everybody they’re masks, safer that’s So

there’s change been in and going If a It’s resurgence. and this you’re was material very point China not countries And so a there’s lines of small up to is is where it one social to changing. distance – of those distance. lot a

or resurgence, like there’s already we we if to double-digit think this no said, it’s, quarter. higher So back

place, nothing the more resurgence frankly, we’ll a So But nothing much as now and Korea little I’m India. concerned about happens worry and right there. there’s rules going Japan new about adjust. well. If what but to And up. there’s there’s are in in now, right both to a curve have behind

had it’s were we lockdowns. really, although just the So a wonderful QX, of the to game because late they

did. So hopefully, China lockdowns that same we’ll out their as through coming the quarter, they’ll they have hit, work but have that this

fine hit. Europe until were having forward. think after is but a materially, not But put risk I like per years We country-by-country. risk. with in year is But into outstanding and but already, India judging and I do think track and five execution-wise, we don’t place. But seeing And we’re platform growth of slower what this will fixing it could seeing are moving is big now, looking quarter think And a right – in hit. an real really think I that. is its be of lot I because so see Japan at for here. I out, some quarter Brazil Europe – which Korea a a We that’s se China on this a don’t that recovery

they much to as go as so be think been better in phenomenal. has we’ll back labs a work well. I spot and reopen, And Europe in U.S.

lot where remains to we’re And this So growth – going this and beyond. and quarter is a see incremental our it so. of COVID-XX

we’ll extra hopefully, nothing positive show have So but to news there.

probably a Ella is quarter this again. XX% this is see And we’re sadly looking up we for day. for expect in event to going So year almost and double growth finally Ella the its for, next Ella. we’re –

all So platform, is a when said clearances it’s ability through And FDA-related easier, all has become material to done. the going and get become it our obviously. finally, to this

So...

Operator

Our next line of question Schulte with Catherine from proceed comes the your question. Please Baird. with

Catherine Schulte

a companies to and just academic quarter. congrats Thanks on reopening. lagged China. Hey, back question for government have We’ve labs guess, guys. heard of going from in terms the I that first, nice other and

XX% in And did to seeing as at low well? are just to you curious like but point Sounds hear, like? down that what look the to Was recovery X that was not China? watermark for path XX% what that, activity

Chuck Kummeth

negative. thinking, do we it expecting process, and monthly got maybe X, and we minus digit. That’s digit. never the minus we a a we up We X. team like mid-single we And got were mid-single flash. everyone, monthly expecting there, – were but ended We It ended was never had went down it

I think others heavier other a instrumentation level have versus their us we lot difference peers in than and you’re seeing a do. portfolio

not also We’re that right? big,

quick speed that’s in things us. So kind of can up lab, the front and on the reagents that to back

a it’s So recovery. quicker

slower. If HPLC things it’s to spec you’re be and dealing going mass like in and that,

think on we a – you’re that. seeing anyway. And I level but of nice So some were growth

expect are in we lot did that we reopen. with level research a reagents with see So The U.S. following I’m that’s at which made about will as this to do recovery a comments to back of the they we also well quickly, back long surprised testing kind that us of not something labs is work. as snap why as Europe once fast and labs see

Jim Hippel

Yes, fall Catherine, Chuck percent ever never zero below following growth. quarter the China is saying Jim, and that that this correct throughout is on just what Chuck cumulatively and said, in

at extremely January how look However, was out. played quarter you the strong. actually

it in into complete of in was by very rapidly that’s was picking momentum early we strong, we January. strong February, a was into basically January up a that and on And It terms started practically it of would the when for got even a you China. expect, then very, again. But it was not off, shutdown. trickle. record kind as QX kind it – it finished mid-March, when it – was growth China, of as organic Just very on, that in And in was time was continued

Chuck Kummeth

their And than strong we a one confused the impact virtually quarter I there Because instrument have demand. with you less is think for door that the off the shouldn’t instrumentation a comments little of month I’m a you, only come instrumentation it’s tell on quarter cycle can don’t – those. sales of like less, out been and before, because the April two. pent-up with an lot quarter way or out is there’s for been see shutdown, because big in our or of said by a players a shutdown with first, one it of or some I

our strong these – were are all bookings take right there there. really somebody And So now orders our we’re And now China in to delivery. instrumentations. and there’s

Catherine Schulte

commentary helpful. to seeing you’re very there the Diagnostic Or Is on growth comments more meaningful... business? in And Diagnostics your then drive appreciate the sub-segment? COVID-related what portfolio April. activity OEM the that Any I in are enough Okay, in core reagent on trends

Chuck Kummeth

a unnoticed, being in the without ever quarter And great had quarter third be negative. there. think in a we Well, I fact, that’s this happened. is don’t row – shouldn’t

So pipeline for headed there of and stated, is towards to lot diagnostics, into is it’s reagents starting But lot our well. dissolve. got our go lumpiness of as the COVID-XX a under I’ve control. as a our glucose that We’ve

strong very in the now. And work at is strong. Diagnostics, general, we Hematology we’re the do San So upstream that strong. right Marcos very is

A lot of orders. large

a know, and you of lot ship IgM we As IgG.

are everything lot – they’re there of players that make. we So a can want

starting now issue to serologic level look own than anything possible our at is of else. Our we’re

stuff the a need of we So lot ourselves.

had we’ve never we – had we’ve this can’t don’t make before, but never so we – we – And can’t enough.

really focused on that. we’re So

Diagnostics call – So – – is yes, Tools will the our I our remain think division it’s strength strong. in we

Its do I it’s area not margins leverage and with very we quarter. one good – that, with were scale mean, it we So the still this get see continuing.

and And quarters coming better. been. the have customers visibility. it’s pipeline we and never China, building newer companies stronger. stronger Companies many and been best has we’re for I’ve on very strong in told Mindray So like it’s board, getting been more you and getting

building. is business the So

So it’s great.

Catherine Schulte

you. Thank Okay.

Operator

your Dan line question. comes Arias question proceed from of next with Please Our the Stifel. with

Dan Arias

terms there that made, there ask think pre-pandemic you through talk should saw Good just serology revenue you’re And just the to when these average? testing guys. versus we comes totality How about days? can efforts points morning, it discovery the you that the that expecting Chuck, of to that and Thanks. activities big growth of is you drug how the and sort – wanted of the about the maybe you’re portfolio in some antibodies. to I expecting

Chuck Kummeth

as bulk as and like we redistribute there tail, lot to a of This long of reagents, for you to. always And antibodies. make mentioned, source have runners. saw of things the are or over thousand Yes. sell some know, we have. should Well, to of There’s IgM orders ourselves, a half in though, and another big those we couple you lot eyes Diagnostics, and we want imagine, and just heavy ability hundred And in us then XX,XXX gives over the more. do of out a I we can

And with to by partners our world-class have reagents to us into been who want work so their tests. under we attack many quality have

XX a assays have We their can Anybody got you’ve make week. make decent do something. in much to Here’s and that. million deal qualification through to X look get It’s a way kitchen like out figure issue. can when they bigger tests a make and the it a

it’s that division. the we’re or out in of on just division So component of roughly give of working around still but don’t our scaling that. that, still a numbers We actual so like one-third

been – And we’ve the growth talking you’ve about rates.

until lot kind for and and websites taking coming have across all AdWords and recently, campaign across rates processes to the these growth everywhere digital our attributing SEO of so we’ve have and able and in double-digit strong, together very do being strong been We’ve up been more really lot Our et payment antibodies and been that’s digital worked a such; world. to portfolio. us. cetera, But share a and that our the

super now, can trick high very how tests. are demand scale to you looking world Can is right these for on a be at and a scale in scalable focus line, can how these means form, few The And can that them them? you bulk of in the monos really companies probably. of handful the So the it, do the we because make is winners when to these of that you’ve one in this. got a we the do which do that can looking And world it. in cell we are we’re to say

stay So tuned.

Dan Arias

Okay.

come or about that for growth these think companies of assume I said be was be talking seen it we in in than quarters? greater the guess XQ? XQ just XQ? might few scale derived taken if that And manufacture being in maybe that one trying you we that understand to rate can the that has of – So some you’re I you’ve above place I’m what what in digits the would double about, low-double digits you should versus are and think to way benefit previous

Chuck Kummeth

it’s wasn’t of It’s going where QX, but still going that’s hit. QX, so we’ve the Well, be – be. down bad with research, had about labs amount to talked to our mix. And right? a that portfolio It starting academic so in vast for we

antibody all the gap So will general? the research these for in offset tests academic new from work

It’s guess. hard to

If of going look depend quarter. gap be back up in think if this new But we don’t, double-digit world think have you we’ll it, in some to well. And we It’s that we these the of – if to going I probably we’ll we’ll it. or deal be make on Some are ahead all be as And we’ll be not. out strength we portion opportunities. about and we’ll get massive I a won’t antibody. – have if talking a year, get full able

really if thriving doing favor. better from now. much, expect a multiples least. be I opportunities couple to So And points got pin at we these some of it we land until how year in than a up that antibody It’s this of think, would down I but to to hard could of in our be business our get were be quarter,

Dan Arias

Got it.

and marketing activities on right Jim, just Exosome. Maybe Okay. you’re prioritizing now. sure sales the I’m

and force to comes then it maybe And So in what Are to been on there? trying expansion its stay sales thinking do are when on course promotion? on in that’s you other on Is what heads-up a study of might be publication there anything you’ve versus ExoDx the you about the to tests investment terms Thanks. in head-to-head way. works? those lines, along the that somewhat appreciate able the

Jim Hippel

talked – Yes. on digital focusing the urologists right I mostly now, home investments reality at as we’re With is about in are the of the regards script. marketing I as aspects Chuck it, mean, on now. clearly, definitely side, his commercial mean, right to

rates and some our response from forth. because and websites and on to very questions encouraging actually good we’re And and so so getting – them we’re hits webinars actually

frankly, with our doctor’s product we So to able be and it going office. advantage turn their contact this could into more during they’re a be them with and this bit education our actually time not, to if nice of more have would when them

they office until – that’s back then forward the there’s need sales we force so And – get But immediate to see we’ll a the from there. lifted, in we’ll to what then no start as as come and from going start plan. restrictions

Chuck Kummeth

we the in dilution quarter-to-quarter about the sequential because improvement are Talk making money.

that’s We’re kind investment working. our of watching

Jim Hippel

quarter this far quarter date. is Yes. is the been. That Yes. the the dilution business had to most over we mean, XX% Exosome regards you obviously, this from our a meaningful operating so being lot if company. has results, our Exosome be would revenue still exclude of this the I it to all than in with margin less rest we’ve with said, And Exosome

So...

Chuck Kummeth

about I’ll days, the could that ever, then And multiple there’s utility to the cover had and – We’ve now webinars with over no of add a last urologists. study. than but more mentioned few We need. I XXX. since successful harder, invest very webinar actually XXX

out. launch, out really small study going kinks the tuning kind all it this I a KOLs is they’re application. the in. with going very home And a be already of and is home started mean, to work a So remarkable had good of a this with do of Exact helpful. get But you set Sciences example and success. to what It’s we can get

We’re expanding immediately. it

So great. this I think is

And do so to you a there, all a or home. can’t at blood you competition out DRE, have do either our those sample

So a differentiatable solution. now real have we clearly

on then partnerships still And have And done focused long So we and talking to some well. there’s that’s platform. a more entities. hopefully and as One do soon all we’re will multiple going well. we announcing deal pretty coming be term

forward down bladder. side. out. kidney obviously, at is with Things the the the the rejection partnerships we’re in electable not with patients, moving for midst still being well, of are study as pushed blood but We clinical have things negotiating, And on looking slowed

We but these tests and things a lung breast time. interest, lot of and have take for validated

it’s that’s right or it’s one, three really get there, whether all two, XX, there going to run So in but the and years going I don’t it know, platform a a home in it’s as takes direction.

in amazing it a hands but to control patients, out month, as it ready said been study we are has it’s done the it’s months nothing well. pretty has And pictures but they’re their for within come getting study expect in to for it’s we The utility so more to transcript today, two we and an It’s supposed good the can it and better May. and the do. X,XXX while, making be element it Its print. in and a

to lot going of get it’s So a notice.

So of they pre-released have the course, it’s a want we, payers. going to the it but in they before any impressed, to impact. it decision. have And see coverage can of And they’re print make an course, lot to of formal –

well. quarter we’ll that direction, And it’s onward keep to going forward, in right So as expect grinding. all and this the happen

Operator

Please Dan with from proceed line your Our Leonard of the question. next question Fargo. Wells with comes

Dan Leonard

Thank you.

June April we revenue for it, first reagent it to XX% improvement much we to assume company? for that, to possible June business. appreciate the quantify get trends an April like and May color assess the do total So of call on result to XX% how Just the can question, you Is number negative quarter? need trends negative the for could so

Chuck Kummeth

Well, we’re hoping quarter. of the it’s the bottom

that gave. take Dan, can as that, you give get to to more than you and now. So hard may you right XX% your XX%, minus much we It’s

Jim Hippel

portfolio, the that heavier back the of quarter overly the in it flow about than because is The the about tailwinds order is mentioned Simple other seeing specifically reality off the our so April. reason half in is getting very instruments Plex. order what we’re is we’re in optimistic we’re half. more in of of based one that because But of those cautious for that It’s is instruments first in far I and rates Biologics Dan seeing much

strong, it’s very low number the off very, though a year-over-year is improvement even So begin with. to very

that’s why specifically. we to numbers out give those hesitate so And

Chuck Kummeth

you can tell I though.

make platform growth only XX% any Ella in that is more. the expected because We we can’t

than have a that it just quickly think, story, it’s year very growing you a XXX% instruments in of We’re levels, to as and scale now; those make good cartridge, it’s just to alone we so. One success mean We material anymore. can’t I I quarter-on-quarter growth at of will it kind know, – over from – can’t It’s platform. that, in that part a but keep it’s going going more this quarter hopefully, now, division. be complicated

Dan Leonard

shovel in bit comments the putting therapy. and to a the you first the prior ground? would committing that post regarding a that supply you new the to you. then Or is Any that Thank Was a on elaborate funnel gene could your agreement appreciated. that. Appreciate something facility color cell materialized further had Chuck, partnership? something in you on follow-up. that and just be And

Chuck Kummeth

have Yes. been valuations. dozens of Well, there pre-clinicals and

We’re basically GMP selling GMP because why now. of factory. in research they’re very Unfortunately, small our That’s facility. lot a they’re lots a we’re building proteins

for – a testing on while, to and but there’s it. the many equal So the looking it equality we’re been This and programs at in many first up, or was clinicals close come things one one right that’s fronts. one many, is in more behind now mix

said, to just place, to in go with because a agreement they going get time races take mean to IIIs timing. to and supply get doesn’t that their volume. ready and there’s that Now It’s Phase the we’re here ramped finish

to there’s try other out test that their be a stigma did in come at XX-month early people the of stuff, a of get agreement side that’s and do like this you’re – said, on anything they’re – to place, us going around seeing the to supply people clinicals to a therapies about five vector and done before they’re with company coming these they’re the something think make or four get to to make you viral one know these a waiting they try But access quarters like it’s can they sure of like we are quarter going see So seeing year a and get two sure there’s times and all this and what cell to expect start without one to they or such end. until whole I scared supply. approaches continuation lead I

the at is expect part feel [ph] still stuff business to we that, J-curve J-curve. a a that for tell our novo they activity. it’s there, instrument through of but the buster, through the part biggest it’s the gene kind funnel XXX best over going so I of cell Everything as and and evaluating. of happen. are from lot JV five of out. We So get $XXX the of protein cloud, a does division have the thing PC of you the de to through front so. be therapy that growth end assets a that, years be potential – can there’s as to GMP that don’t This million level our will customers And

Operator

line your the next question. Please Our from with of Jacob question Stephens. Johnson comes proceed with

Jacob Johnson

that more strong Exosome. was Genomics XX% level this and But margins sounds A you of in I the that think some Mean, this, color And it margin a the you there we margins alluded us bit thanks. forward? segment the floor really this for kind dilution segment? Hey, could a in Diagnostics is from less quarter? it some benefits Jim, segment. Or this quarter? helped new on were like give you of the think should in as little going

Jim Hippel

benefits. wasn’t are be some it those from orders variable, others. real would If more flows our order of large No, can customers, tools. really it that there there and any than diagnostic in profitable was any They be had one-time

be parts in should Genomics Exosomes, something favorable expecting segment, from But do addition this mix segment. All had expanding they have So put well they mid-teens to productivity year-over-year. our did I in place. Tools some as as Diagnostic we forward believe that division three going margins is their measures of

Chuck Kummeth

out many Sysmex, we’ve many, now. working know, waiting into back years when you been and that’s to As get

a expired has is area there ago, it that involved. think and arrived, the world this and before So others year, after I of growing full them, lost which all And and the that here eight, years this after we’re it one in account, is pipeline the IP well. in IP of And with I us. and for so we’re nine controls, was accounts it’s then they’re as lawsuit biggest big past with they

a out So the this never of mind, and division leveling looked is in in terms never growth. potential better – evening my

Jim Hippel

And is again. Jake, Jim this

I’d significant be believe my going point in of segments, in statement. believe, do just basis forward both should exception Let should volume a drop the be because going I say QX, we that floor me going the in we at normalized will time. just an unfortunately, is on that be to forward, clarify this expect off to

Chuck Kummeth

here, big okay, V takeaway in versus think more I U that a is hoping we’re the long-standing of recovery. a for

business level have to with a and virus to more work states come really if stuff, and and and So open got after all quickly. watch if does reopen maybe take the up, under just these lot to And fatigue And up get labs ways see we’ll to going we’re what watch we’ve of the over resurgence. under new lockdowns – happens that.

they from So hopefully, on look these help. they strong a news vaccine, now like antivirals and is know come there can now year people reaching it are the as when a possibly

going of extra being new I an be is year to but out it. will stuff we’re coming business, bunch but normal back I I on a think added a for got about to trust But get talked vaccine, going already in the also think to to it people it’s – that year take think the into to layers we’ve top. research investment

way us there’s for to. I have We’re going no to mean, to. not

just too much everywhere. We’re

Jacob Johnson

couple is And you marketing to environment. It like helpful. this times. Chuck, a very digital COVID the That’s Europe? on effort in progressing that How in sounds touched implement efforts they’ve of helped

Chuck Kummeth

our on results saw you overspent, There’s area this area. great quarter. one that’s that OpEx Well, only we’re and

investment what keep XX:X, and doing seeing investments. getting more a and to continue our data basically to we $X revenue. in we on So for we’re lot digital get than $XX of analytics And

So in in or we’re platform, back invest we digital dollar XX better getting every the revenue.

so it SEO, far team, spending, buying U.S. Europe it’s it, told in working they’re and it’s getting to more computer and the to on keep into going as searching, keep It’s as keep keep laptops the environments I’ve business, is as So keep lead and important just our customers’ working. doing AdWords,

a that’s Much different. But And for Asia we local we’re early German now also language that’s involved that, upside, think little we’re more of more well I version days in I think. also everything that’s as as sure help. to but there. and expanding have a Europe others, doing make is going to

Operator

Our Citi. your with line question. with Please next Donnelly question the comes of proceed Patrick from

Patrick Donnelly

results quarter, the on labs potential the portfolio Maybe current put? side, the anything if any just with in activity solidly? Great. stocking chain Thanks Just guys. pretty disruption the there’s came did question, on out for forward you figure taking for just supply as onetime see pull consumable to preparing trying

Chuck Kummeth

bit may probably in Not have seemed they was of in talked we’ve Year coming. New a any that. No. think or any. seen it don’t getting was, There been Yes. a little ahead than January it noticed of pandemic China, things, I about but more it the have for

those we V labs larger orders, here, I now, investments for a is instance, I it, But are quick think orders do we’ll are to and think won’t go if bigger we like have a at if right looking that. a there see U, capital away. not impact snapback, on I shut honest. and down year, think be then a all don’t But that

Patrick Donnelly

markets? then to kind that each the back feeling And little V market are the coming in labs cetera? ability Okay. terms you the a et like the of right you’re away, be end broadly different online, of Or are of about, could order expecting you kind across end talking

Chuck Kummeth

all at else is least clearly. shutdown. all and But staged partially, Yes. less They’re working shifting. everyone Biopharma right? we are V, lab steeper – They’re have

how there’s And We’ve Academia be about extensive So sites going our university-to-university, be going so it’s all realize, we to reopen, of work got with come locally within slower. we as to open. all be and state-by-state. their to – it’s map, going so. with they’re is little out you be their plans all states which how on to very the once less going but guidelines, activity, a they are over state

Operator

comes Janney question Scott. Knight your with the proceed of next line with Montgomery Paul Please from question. Our

Paul Knight

those $X.X when any of is billion? the Are if you hit start to or like that Or in getting – the starting academically? monies seeing you those seeing you clients the develop? to expect it stimulus NIH see are would with Chuck, Hey, discussions you customers do and

Chuck Kummeth

the everybody research grand else, early. where we is it’s buy think Like going. to I the know money

And know, so we’ll that everywhere. But we as be you else. everybody chasing sell like

X%, get increase kind years, a of growth And And last point the good our talked X% that it’s about to of because the in last three, going piece a years, to of NIH, times that. So right? talked four been it’s been two, X% we’re we’ve for adding roughly to it. we organic our annually few

So And if can I piece get go those yes, we’re of yes, you a have early. do – be yourself, I we think. it’s to but going involved. on kind it. this you think we’re ratios, do And of And kinds to the influx, can math going I but of think still

Paul Knight

period in, guess, back first that possibility ramp versus do customer now this your with shutdown their that there we of platform where the think maybe do penetration? really – Western blot. think ProteinSimple and the come with you traditional faster? ProteinSimple that, people transition penetration is question And Chuck, that are mean, I to you I is your will but up a

time So in a you operations period? up – and this the it have while to can they little can time when think quiet plan pick you

Chuck Kummeth

down Yes. in The was that platform was only because reason they’re truly academia. half

under XX% we penetrated, still So we’re think.

all I double-digit to are of back things when So that. And consistent. growth we’re back think online, it’s been

being I come ago, about we has in and Europe. that QC-related happening platform, quarters in and couple the using a nice and including therapy think gene activity, remain it’s consistent. Biologics and talked more cell more of interest that’s happening. everywhere, And a been and around here, it’ll really

higher that’s So not in see. right? to we after that and good only have penetration game a obviously, going we’re the really And town biologics,

is So of assays. – Plex flavors and of doing then of Simple multiplexing lots type there’s different –

results fast really do sensitive, is one cytokine in like Ours, few problem. you storm hour course, for a panel an the problem and microfluidic. of good a a because it’s that of highly platforms give can It’s very

easily. going as a into a aren’t to hospital wheel lock You Quanterix

us for business winning we’re pretty quickly. the for very menu because size results. that the price very to a all speed So ability of use, make of box, in panels a and and bread reasonable of the the anybody of for It’s big panels fast ease custom the

of about those years. making And all business make that from be panels has it’s up cartridges this ride been So now we to can’t able on, quarter rocket those scale enough. and couple last and a

the always it changing never A instrument. for well big be and are that just research-type has it. clinical, and they now that’s they So works we’ve being us because it’s – and for geared but for want drawback really still been a we’ll it diagnostics people so at And patient see. and doing that

good is doing it. they’re example. So Italy a

Operator

Our line with the your Craig-Hallum. from Nowak final of question question. comes proceed with Alex Please

Alex Nowak

morning in everyone. pre-COVID challenges had Europe. Chuck, some good Very you

would business? coming double-digit two Just for expect out now, ignoring where you back that be growth? reworking COVID, COVID that in with you to would are right to And quarters at three of geography

Chuck Kummeth

about talk in especially to nice in vacation Europe ready they’re was Heck, even this. hit were down. track, Europe, this all the on today, on and and we which recovery Pre-COVID, question. just after biologics Great shut is

So it it what is is.

changes. We have made

I comments think the I last quarter. in made those

hopeful. So we’re on the and early changes made commercial I’m – we

in can We’re – just things that and recovery the do, going that we there, not on big front There’s on front. execution yet is to happen Europe.

a Italy work a going of again, needed lot example. then is a they they testing. of a and got the opportunities, system, good when lot And care lot their Italy, health exhausted of growth, especially We’ve in

measure for platform that can the it spike cycle. So in because perfect early that analytes the LS is

and more. but February, starting bear fruit probably lot our through a it’s get opportunity and – quarter so. to, were of after So see decisions next quarter we’ll if there’s not, there, And we’ll or they

Alex Nowak

private And are Understood. the finding Okay. this on better some valuations time. companies might capital some hard having during side. time access private That then mean to

a aggressive quarters? next the more with expect be should to So Bio-Techne to we several bit M&A months over several

Chuck Kummeth

looking We’re for Alex. always a deal,

So we’re always hunting.

and denial see. good We’ll this to ones. I done, but cheaper some we’ll They’re of the some they’re things after on but get We’re expect some that system, is all leaves right now. kind see. smaller, working there’s

Operator

I the of have over the question-and-answer floor like session. the We comments. reached for would end turn to now to management closing back

Chuck Kummeth

how and that They thanks. we’ve like know we’ve coming all tell all can I that, employees team partners in great place a – Again, everybody, and harder, worked want that work you crisis Thanks, to was through for Well, I to online. great with our resumes. a thank come got this. never

the things. doing We’re all right

very as We’re well. ethically working

new are make We’re trying help trying to as and as these we solve to problems much business.

forward to better look quarter a So and quarter out. a

out. wide I see is the range. It’s And how a everyone drill range, turns it we’ll a wide you given think but know This quarter, there.

do next to we’ll quarter. Bye. can, the safe, stay we’ll and talk best everyone and you we So

Operator

conclude and gentlemen, teleconference. does Ladies today’s this

your at You participation, may you this for Thank disconnect a have your lines day. time. wonderful and

Bio-Techne (TECH) 1 May 202020 Q3 Earnings call transcript