Earnings call transcript Q1 2023

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Operator

Greetings and welcome to Balchem's First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Martin Bengtsson, Chief Financial Officer. Martin. you Thank

begin. You may

Martin Bengtsson

XXXX. and me our good results you you President hosting March everyone. Balchem Chief CEO. Martin Financial and Officer Ted morning call this Harris, joining and XXst ending conference quarter the call for for name morning is Corporation Bengtsson, with Thank this the Thank My is to of Chairman discuss our

forward-looking from like identified forward-looking refer measures. statement. facts and materially the Today's advice XX-K, forward-looking earnings made release including cause call SEC auditors at assumes in to for will correct of read recent The assurance Form I these time are can commentary to forward-looking the our call in our Following financial today's prove reflected no reconciliation and and most obligation and include would Statements actual details. factors historical Please X-K in the that reports. in statements. no statements. our this further our not to and factors expectations XX-Q the company differ risks various that statements give Balchem's update expectations counsel, to are We results considered could non-GAAP

President over call Ted I turn will now the Harris, and our to Chairman, CEO.

Ted Harris

X.X% morning earnings very prior year reported drove which from sales of Good $XXX the which the results. welcome our Martin. million, adjusted with up versus and call. first quarterly $XX we conference year's revenues quarter operations Thanks up These million, first to higher quarter. results prior This morning, our were record quarter financial strong were of higher versus X.X%

up the $X achieved basis EBITDA an points the of record versus of year year. margin of adjusted higher, prior from Our million EBITDA in And the sales, XX.X% increase $XX was quarter $XX results. million XX X.X% adjusted was million prior first

$XX $X.XX million, of a GAAP income net XX.X% of share a basis. on in earnings Our per first decrease quarter of resulted

an Overall, of $X.XX quarter first non-GAAP first of from with the of were the our solid XXXX $XX for cash Cash million. earnings a on were performance a million, XXXX, quarter non-GAAP versus of net environment. of quarter basis $XX $XX of a the an decrease in flows in basis. quarter first resulting share X.X% On strength with adjusted quarterly another flow that our for Balchem earnings million operations free resilience increase XXX% challenging business model and market highlights of per

overall detailed to in few to their reviewed results, Before a passing more a I and around progress progress what brief also cover we seeing, are some call highlight comments activities. science and commercial about and the market back the financial published XXXX as make sustainability exciting on report, Martin sustainability environment like around to would recently our update our provide

challenging be The market quite environment current to degree high with a of uncertainty. continues

higher and around really they are level of what volatility uncertainty economy sure are as which of direction degree demand still discussed inventory As of demand latter chains uncertain. XXXX, as There the became and in on the their down broader go planning and not we change with more high destocking customers than a reliable seeing is levels become the adjusting outlook part of supply earlier are early the future XXXX will customers experienced patterns, frequently. part for calls, order in normal more we and perspectives

have with through managed From dynamic Balchem perspective, environment. I how am we this a pleased

quite well. and markets these volatile positions market value serve maneuver various enabled we the Our to times propositions us have through in

operations sequentially. revenues were compared first to earnings our XXXX, of quarter the quarter gross relatively margins and flat fourth we our While grew from

we second the predict do to the are comes. continued year, half normalize believe, they improve well hard time growth, the is when to that markets and timing truly when will benefit it we for in positioned we of will and believe of While us the for reset

few we which making our our environmental, company's to our the Balchem's business to captures vision social are managing ago, and world integrated are commitment critical our strategy place. Just sustainability days sustainability and the a report, of XXXX into initiatives healthier published fully a governance performance.

We to took and welcomed, our meaningful a steps which and diversity inclusion our and diverse toward external and while belonging vision. Balchem inclusive share everyone at advancing inspiring to feels remain in equity stakeholders committed valued fostering culture, appreciated,

shareholders within report Balchem's sustainability we sustainability continuing gas both provide emissions which water for with promise and our and demonstrates Our XXXX customers', communities operate, goals initiatives includes withdrawal to information our the strategies on and progress greenhouse and on company's employees, the our reduction.

XXXX In XXXX, and gas X and This emissions the greenhouse XXXX target. reduction us achieve versus in good and goal a reduction execute XX% plans absolute growth of Scope a gas we Scope X to on before. greenhouse position reduction our our achieved our year exceeded combined strategic XX% puts

XXXX of our Balchem below below and four water XXXX level XXXX, than Additionally, X% in slightly our a meters consumed million baseline results. X% cubic less

we intensive recycling improvements. to and water As reuse we other also are work efficiency implementing implement projects,

to these of of efficiencies planned and these in The withdrawal our significant changes initiatives. will ensure that see improvement of water a water our combination We are pleased process in absolute perspective trend result work balchem.com you use published the XXXX on to or encourage report broader exceed meet of I to we our we get to a read doing. goal. to great all recently go will are the would from

excited Nutrition a our Turning Health Activities Within for organic we to our Human USDA minutes. Science were our KXVITAL & segment, MCT our as recently attention launch few and to Commercial certified.

MK-X organic meeting ever products. And is for market the organic need it to rising We the further in the are Balchem differentiating marketplace. U.S. certified proud KX say the first solution on vitamin that

iron higher GI of effects meta-analysis mineral in product results a nearly all nine ferrous [ph], in systematic XX%. salts, reducing was branded review resulted from women was in with published Additionally which chelated controlled in other supplementation showed pregnant and Balchem's than our the the significantly that data hemoglobin X,XXX support over February including pooled Albion and of by trials some side randomized iron in trials bisglycinate Vericel cited while in

efforts development. for active in drive of XX Most conducted penetration minerals. will team stages studies our also are This being number our half exciting Scope. well in further studies studies clinical by that studies of dozen has provide market as This chelated the States are Nutrition supported to investigators the is Human by only as being world-class a United Science an Africa. protocol currently but Balchem market-leading various increase study increased our independent of the support a and that Europe the with significant in is not

steps. of their nutrient consistent the Universities State studies Nutrition industry a continued continues being also the production priorities areas strategic During with advance young business. health the market-leading of was demonstrating to This Wisconsin calf and for to ReaShure as mothers completed research no three feeding the immunological the presented matter value choline. seminal The segment dairy the all first at choline our our Balchem as with first progress & quarter significant level and of events. XXXX our required well of supplemented ReaShure rumen-protected across use Animal several milk made Health Florida during for quarter the supporting proposition cows Michigan as research production several of or benefit results the ReaShure, for to the support benefit of research key

recently released efficiency. for offering encapsulated would scientific Additionally, presentations such four learned function in Science to functionality Canada. abstracts will completed accepted and research Dairy urea be we These American as NitroShure our the the Meeting superiority at on our ruminant products a products time Association in of supporting recently presentation Annual Ottawa, precision to for that advantage cows roman our help demonstrate dairy to release unique optimize upcoming

the a highlighting the accepted in of learn PetShure published the food acids our some our And effect pleased along or of to study strong had This first unique Salmonella raw and products. in are reduce especially diet, other pet recently acids the recent business, release across additives. helped to in lastly, demonstrate nature research time production. Journal with the This encapsulation the kind microbial position that we antimicrobial been encapsulated our mixed its further to is due when companion research PetShure formulation esteemed encapsulated of of exposure to validated into meat-based times such that

in being Health our both further the Animal penetration. market our progress behind business products science Human Nutrition made Nutrition segments. and & ultimately drive Health and Building good So, to helping

that, results. I will to Martin call now with turn back And financial over to detailed the through the go

Martin Bengtsson

you, Thank Ted.

quarter very strong As Ted Balchem, of mentioned, in XXXX. context first overall was first the particularly of half another quarter the the solid for

Our first year. prior X.X% were quarter million $XXX higher than sales the of net

X.X%. a foreign our impact contributed from currency Sales acquisitions the while had growth negative of sales our approximately the to to exchange sales weaker our growth X.X% from driven impact primarily by recent euro

compared first dollars year. $XX $X or Our million to quarter prior margin were gross million the of up X.X%,

Our to XX.X% the percent first compared sales of quarter in XX was points XXXX. the gross quarter margin XX.X% of in basis up

The XX.X% the with XX.X% pricing of in margin, saw taken XXXX, in recover to lower we a gross higher pressure. inflationary improvement input and we the it's XX% result significant XXXX QX costs in actions QX and the saw to combination

did to our compared the inflation While sequential year-over-year it margin net we to support see gross relates net continue which perspective, modest we raw improvement. purchases experience XXXX, from deflation finally to QX a as helped material

to million, as prior million quarter increase year. were $XX for Consolidated primarily $XX due amortization acquisitions. first The the Kappa the incremental expenses from and and expenses operating was the of XXXX compared in to Bergstrom

adjusted earnings $X first from prior X.X% On from the A an this $XX our million. to up quarter quarter. of were to release basis $XX compared for XX.X%, morning, year million million earnings GAAP decrease prior operations detailed non-GAAP of as in year earnings were the operations quarter. compared the or

first million, prior million million quarter Interest of was compared of to increase XXXX. above XXXX year. the or an first was quarter the X.X% million EBITDA $XX $X the Adjusted of expense of for $X $X

XXXX both interest increased debt interest expense following environment. acquisitions higher the in increase and This significantly level rate is our by driven the

was debt basis net ending with an $XXX quarter ratio first X.X. on Our leverage net debt overall of a million

decrease for XXXX tax taxes. was quarters state the compensation certain from prior respectively. rate of XXXX stock-based company's increase year effective lower XX% from tax the The the tax due credits effective and first benefits were XX.X% to primarily and certain and rates higher tax The in in an

along to driven income higher with expense the the at Consolidated $XX down year, closed acquisitions. the net expenses from XX.X% interest the amortization quarter related by the XXXX prior primarily million,

income net share XX.X% $X.XX quarter. comparable decrease quarterly of translated $X.XX diluted or year's into last earnings per of a net from This

earnings diluted X.X% year driven by adjusted prior primarily $X.XX Our were the first $XX the per net expense. compared million increased interest with quarter quarter or share, down

an out on closed the XXXX, we flows versus quarter the first balance as were $XX sheet. and the operations increase of of of XXX% earlier, million with $XX cash Cash mentioned from million quarter

a more cash conversion squeeze of level first to last returned the our quarter chains supply In flows normal after when first in the protracted cash escalating quarter, year, negatively we cash experienced the and inflation cycle. impacted

our prior at Nutrition segment lower driven was Beverage segment sales from million, it business year. sales for by As of and Human perspective, from by the we look the markets. acquisitions, and nutrients from increase Minerals generated an a & and quarterly partially the increase X.X% offset of quarter $XXX The Health the recent within contribution Food

Our year. quarterly which & decrease recent This by delivered from earnings acquisitions, related compared prior was segment selling to were to of amortization average higher Human by driven million, of X.X% expenses prices. operations and offset $XX Nutrition Health partially a

$X million this of earnings were an or operations adjusted segment for from quarter $XX First increase XX.X%. million,

resulted earnings last strong Human experienced we As in year. sales experiencing softness very strong our demand demand particularly half market, the first Nutrition following the in discussed of is we're market dietary where in in Health the our supplements during segment, the & normalizing call, which particularly demand pandemic, in some last

versus data still improving Recent quarter levels negative for for But of the fourth year-over-year provided above remain by supplements XXXX, period. sequentially US first retail pre-pandemic the show Nielsen the growth quarter. dietary and sales sales modestly

Human Overall Nutrition X.X% Health segment sales for & sequentially. Balchem's were up

return our its that will to trajectory. in supplements growth expectation the is the of Over line market the course with growth historical year,

America. of sales sales in X.X% foreign million, was and both sales the Our and The Animal market decrease partially in markets a in impact offset compared lower sales decrease in North quarterly of result by prior year. exchange $XX higher monogastric of currency & an in and Health rates, Nutrition ruminant ruminants Europe, segment to the generated to both changes monogastric in unfavorable related

Animal $X lower Overall & Nutrition sales quarter prior to decrease of Nutrition flat Health million, earnings from were the Balchem's sequentially. XX.X% delivered segment a of for from Health Animal essentially the primarily sales. operations & due year

early the a third recover experienced environment rapid of inflationary year-over-year XXXX, first on year. as from of quarter declined was following gradually improvement straight we basis we operations quarter While earnings last the margins the sequential

$XX decrease Nutrition our for also of in from what segment quarter increased to & particularly XX.X%. million, were First earnings Similar & segment Human discussed is this operations demand Nutrition Health, volatility adjusted Health Europe. in experiencing we a Animal

European As some show this we call, earnings the shared direct contrast food is softness, last in demand demand during animal year. which experienced feed the continues the to last strong market relatively to time

costs, impact key the of demand Europe dairy measures swine Lower the economic animal a factors in the environmental much in linked costs welfare markets feed poultry, driven combination to animal increasing diseases, our has and been spread of Ukraine. across and higher utility war by including and of of policy

through European progress believe food XXXX. disinflation, costs feed energy and some in as lower we markets and we stabilizing we see animal the will With normalization

been larger experienced the has demand volatility. been near same of market While type more our US fairly stable lately, anywhere and has has Europe challenged not

sales Performance prior selling Our impact rates, segment Specialty Balchem's Overall, partially versus primarily year operations Specialty of decrease year prices. delivered delivered to to X.X% segment currency primarily increase by were Products the changes quarter, prior X.X% related foreign for driven sales million, products of lower sales quarterly Products sales $X in quarter offset in nutrition the Specialty Products up an X.X% gases average of of compared due and the by higher of plant unfavorable business. earnings exchange increased a million, sequentially. from $XX to

to in the pricing segment costs continue an we input of costs million, pandemic. higher actions also increase adjusted were the during to started the improvement following sequential Specialty material Performance Margins continue Products, negative earnings raw benefiting experienced for $X operations we X.X%. to Within see some and as in taken reductions this improve Gases have quarter we our from we see impact business to business. recover First have

the With in by Western as driven has QX softness regards pushed into sales to States conditions. plant some out wet unusually nutrition, we been experienced United the

going Ted to I'm call closing for now back over to some turn the remarks.

Ted Harris

Thanks, Martin.

financial year-over-year and in We of and light the uncertainties strength of are continued are prior sales particularly facing in reported economic and adjusted solid this in the comparable the earlier we growth pleased EBITDA, with the the morning results marketplace. the year's

to elevated manage challenging economic continue market time and We market this to and show uncertainty resilience dynamic during of through environment. ability

our in healthier we of purpose stewards published efforts acting with detailed our stakeholders. that good our of week. making pleased toward of this sustainability progress and very make sustainability also is a report world of as I'm around our the while Sustainability earlier our we continue as at goals place to higher heart our all strong the progress company's

growth continue our and positioned on beyond. serve growth well are markets and we the our We remain confident we for outlook in in long-term markets, as to the focus in strategic XXXX progressing initiatives

call the hand to for over call like will the now Martin? would up questions. back open Martin to I who

Martin Bengtsson

formal the we this the up point, of questions. conference open will call concludes This the Ted. now you, for portion At Thank conference.

Operator

you. Thank

conducting you. [Operator session. Thank question-and-answer now a will Instructions] We

is Sidoti. first Ramgopal your Please Our question with Mitra with proceed question. from

Mitra Ramgopal

Yes, good morning.

impact of it. you couple volume a on if price and saw? the topline we have versus FX I Just mentioned of things as in might it missed growth QX to relates the also The

Martin Bengtsson

Yes.

part second about catch So, the I the And X.X% impact FX in a of first the Mitra. quarter didn't question. was quite negative of your

Mitra Ramgopal

versus The pricing? much was topline how of say growth, it volume

Martin Bengtsson

was primarily it down. Yes, slightly pricing. were Volumes

a across business obviously if the it's it by depending on mostly units really look driven like up you cetera. which et But if it out sum part pricing bit business, pricing. of So, primarily adjust you portfolio and the legacy for if you acquisitions, generalize little varies it was

Mitra Ramgopal

that challenges necessarily on great. able have it's a it a room looks And how you being think pricing. still environment this pretty of on done volume? with a obviously inflation you've like that's then Okay, in But lot to you especially the of much without that lot front. mitigate And do job impacting front good

Martin Bengtsson

have would of demand we're you It mean the little impact some to parts the go? inflation. we as I are a I much offset point where direct the over there think the a How we're to can increases on of pockets destruction varies needed portfolio sort a -- -- on last look portfolio where again where there you XX has still bit priced I further to pricing drive in think gotten where where further are The there's months more we price and be had. demand lot some

I generalize if there where less and more further the a about there. But think bit deflate capturing prices sort will to band raw you out the on available materials see basis environment we're the little raising we sequential us now right starting a that's to of be with in

lot So, I further sort going across portfolio. think price the to increases pursue a don't of aggressively we're of

Ted Harris

Yes.

say and lost kind raised despite really that we to that three lost just inflation, margin. dollar-for-dollar our we've at experienced so see the that back of overall on adjusted a for little last XXs margin the that back to we financial we're two bit get prices it's were with goals look me overarching Let over our strategic And XXs. EBITDA costs years think we've regaining very having of all the I as to the focused margin add in Mitra really or let's pleased

is back course XXX back and But XXs so let's pleased milestone we're points that sequential we're good I XX or another in focused next really year. think the the say the of the the getting into improvement a get on basis over

stabilization, the of do increases already you based some can announced if and the or we've inflation that in we price believe we cost. the on And reduction that will

Mitra Ramgopal

to big that? is that expense, And and Kappa Thanks. there the operating driving Bergstrom, in pretty is or related increase much Okay. any

Martin Bengtsson

acquisitions. XXX% the related to

Mitra Ramgopal

acquisitions. force early, cetera. both if give of opportunities, integration still I et you the just cross-selling regarding And is us update an very in terms along, sales know Okay. going can But reorganization, how the it's

Ted Harris

I'll our we and company. in. have Bergstrom Yes. really respective kick and of both can it part teams and their Maybe Kappa off But chime are excited, Martin, you to a

we are in think integration. I of various stages

of talking I It been in, products. in starting think including and sales was organization, we're their commercial come say easier. single legacy commercial call was and is from see the but would team facility, complete. portfolio team our bit States. United we integration, MSM little the It integrated the Bergstrom one that was that with It all the a to we has the about reports essentially have products the

So, I going would susceptible complete that the Obviously, very business to Kappa some destocking is say, and slowdown. a that integration of is and dietary supplement largely also along well. with

And businesses. of that's perspective, about so, impacted feel integration those growth long-term an integration. the both excited from good remain perspective, and But we

Kappa very because slower, that bit is reach little business, of the going a well. it's but the of just of also complexity international

have organization We now. one

have that's we're clarity last now going we're We around as I leaders the going now very we and place, through again, all the focused structure. We're on well one as on call, system. company. mentioned training, in that well. one ERP And organizational think operating And really on

-- So both our on that we've Microsoft Kappa, that Dynamics the and office activity, and certainly and back helps simplifies we Bergstrom have XXX integration.

to so far the so about. feel good relative integrations, good we So,

Mitra Ramgopal

more just it I'm not fair? as debt that Okay. Is right are capital a relates now, on assuming focus acquisitions to And allocation, reduction. probably

Ted Harris

our for like just again wouldn't far Martin, said, join our plant in, We think in will. and actively and on chime But, thematically, I'll investing of you you clearly, a needed. acquisitions and our further stabilization, pipeline debt. like down in the can are or it would integration I the color. along focused growth, We get to still investing very but you're But quite maybe not say, you some off. relative we little some if pay full organic bit are equipment Yes, where managing I portfolio, to acquisition

some progress So to make like we would there. further

ratio net the year we And to is as a pretty good X.X coming place be. down at being progresses. Although, leverage do times that see debt

But right So and remain you now strategic an our organic and on But really to pay we pointed is out, to can little keeping think a as in debt. we at I strategic active important and our continue acquisitions. eye invest growth preference acquisitions we're good there. down do look still some

Mitra Ramgopal

Okay. taking questions. Thanks for the

Ted Harris

Thanks, Mitra.

Operator

CJS Our Securities. next Bob [Operator with question. from Please, question Instructions] your proceed is Labick with

Bob Labick

margin on sequential quarter Congratulations the rebound. morning. particularly Good strong and the gross

Ted Harris

you. Thank

Bob Labick

kind of I to wanted there. Yes. start

color gave a now? we and normal EBITDA the acquisitions. goals nice there of of back much you've margin us some on to Are taking Obviously, few more back whatnot. -- there's that kind margins there? gross is expectations Maybe room to well. How You just made as kind

it's changed look to composition. So hard back historically the It's entirely.

XX this So us maybe the give see gross we months? just of where of next are playing recovery how and out margin you sense six kind in a that over to

Martin Bengtsson

was I we're Yes, in very the quarter. third in here the XX.X%. it margin Bob. mentioned as of and fourth gross the in QX was I And sort XX% pleased of XX.X% Absolutely, the mean, performance that with quarter

Balchem getting normalized XX% improving is, sort before back margin back. that where mentioned been we gross that and we it we've sure sequentially So of, and gets it's of sort where to for to. range in and make historically want And somewhere talked around often was

to quarters a timing, margins XX%. further our obviously, deflation, raw see our sort that of a able happening portfolio that. that of taken material increases costs. I QX. But, towards of other get is, cost input pricing in in the current restore to we price to coming equation but should think parts the the if of an we here actions And we and couple quarters. of have to side of the give want I There the sequential be to back exact were sort continuation over what's don't over trend other with

if just that and taken. think already margins current a actions based the get there'll in where just in doesn't the it end But to a up our more actions plateau on be cost restore trends we've really sort of back it they we there. the in over we anymore sort quarters, and then are, input days the obviously, will see few now needed But, deflate of right

Okay.

the to first think fourth see the all not thing quarter. here quarter I just one their it I also is in margins was spot. that nicely, in sequentially, would add, nice gross was improvement last three Bob, the that versus segments improved margin Actually, the

Bob Labick

end then Yes. about difficult talked it environment where or great. encouraging you obviously your customer kind bit No of do where little where inventories? a visibility? that's visibility? into of demand? demand matching a you cetera. your most macro are How And there. market as Are is where normalized? is et Very a And are And stands -- agreed Can searching those visibility -- you for have the we most still you

Ted Harris

is do It some is the in But us But in into see QX to as still there is ended it that some QX. on. remarks the our behind uncertainty. headed behind destocking as But is of assess. And we we going of general we there is difficult we the normalizing QX. worst is of do just prepared But really element and orders kind really us. worst said think of

think as customers demand unsure I for. plan to what scenario are to our

that's kind unusual the in so uncertain pattern we order feel like of really And a and way. pretty impacting

isn't worst behind we say watching it of and the is is closely. very, it it as normally just But would as clear we us. very So certainly we're it believe

Bob Labick

well. XX you exciting trials as interesting Really is then and going for you benefits. on study have think actuated then And Great. the as new information the me. the gave on one with iron I kind the of And Okay. well and information

your you do driving effort market and play and time? that out So take and that that of And you you expect and marketing stand of how maybe over you're about your drive kind talk products fits can size away in you the to adoption now and stuff? how where

Ted Harris

Yes.

I Animal a Health. great of a Health comments is think it's that to specific Human -- Human strategic Nutrition Driving us awareness But think support those Nutrition large really Nutrition significant in continuing Bob. we were have growth, earlier our overall question and and businesses pillar both the to Health. the we're end day we helps because claims. it the And new lot do new a at and by invest of science while of studies in for

of awareness. and a investing driving it lot have about We is marketing behind us and studies in

whether KX needs well idea is as products, or our it to it's as be. Unfortunately, chelated known of even not choline or minerals the

particular are in capability job of are has the And a And and of of was regard awareness like the KX so at because deeper from to we it awareness midst Bergstrom great good and in help that very to where a helping we albeit acquisitions but both this Kappa and done team driving not be building KX drive awareness. marketing up. would still driving Kappa

about leveraging And a that. study needing little study. it And capabilities you order the if so marketplace new and kind prowess we're awareness. that from really that more building skills to it's came marketing down one that bit or does less perfect will of marketing drive that accelerate capability Kappa our in to come to But the in driving and

in in awareness Again, but media, advocates and real we're through influencers invest the social advertising, traditional to we going targeting continue studies that need to build marketplace.

came on that to the at Bergstrom. focused us and and Kappa that we're every of because So part in talent least getting from day very better

Bob Labick

you. Thank Super. Okay.

Ted Harris

Okay. Bob. Thanks,

Operator

questions any time. Thank back turn floor to over no There this the further closing you. Ted at are like Harris to I'd comments. for

Ted Harris

the Great. for our appreciate today your time Thanks, We Paul. and And reporting out once much thank you today. your call joining again as our forward look Virtual as in Small well June Cap results XX. Wells Fargo's as Industrial well on Chicago will at Conference Sidoti in XXXX the presenting as July. very meantime, Conference support to all XX really June QX be on we In

you those conferences or of elsewhere. one hope at see of to So we some

So Appreciate for thanks again joining it. today.

Operator

conference. today's concludes This

time. this Thank disconnect at lines your You may for participation. you your

Balchem (BCPC) 28 Apr 232023 Q1 Earnings call transcript