Bio-Rad Laboratories, inc (BIO) Q2 2021 Earnings Call Transcript

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Bio-Rad Laboratories, inc (BIO 0.91%)
Q2 2021 Earnings Call
Jul 29, 2021, 6:00 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good afternoon, ladies and gentlemen, and welcome to the Q2 2021 Bio-Rad Laboratories, Inc. Financial Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to your host, Mr. Edward Chung, Head of Investor Relations. Sir, please go ahead.

Edward Chung -- Vice President of Investor Relations

Thank you, Joanna. Good afternoon. Thank you all for joining us. Today, we will review the second quarter 2021 financial results and provide an update on key business trends for Bio-Rad. With me on the phone today are Norman Schwartz, our Chief Executive Officer; Ilan Daskal, Executive Vice President and Chief Financial Officer; Andy Last, Executive Vice President and Chief Operating Officer; Annette Tumolo, President of the Life Science Group; and Dara Wright, President of the Clinical Diagnostics Group. Before we begin our review, I'd like to caution everyone that we will be making forward-looking statements about management's goals, plans, expectations, our future financial performance and other matters. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Included in these forward-looking statements are commentary regarding the impact of the COVID-19 pandemic on Bio-Rad's results, operations and steps Bio-Rad is taking in response to the pandemic. Our actual results may differ materially from these plans and expectations, and the impact and duration of the COVID-19 pandemic is unknown. You should not place undue reliance on these forward-looking statements, and I encourage you to review our filings with the SEC where we discuss in detail the risk factors in our business. The company does not intend to update any forward-looking statements made during the call today. Finally, our remarks today will include references to non-GAAP net income and diluted earnings per share, which are financial measures that are not defined under Generally Accepted Accounting Principles. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release.

With that, I will now turn the call over to Ilan Daskal, our Executive Vice President and Chief Financial Officer.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Thank you, Ed. Good afternoon. Thank you all for joining us, and we hope that you and your families are well and staying healthy during these challenging times. And also, we want to officially welcome Edward Chung as our Head of Investor Relations. Before I begin the detailed second quarter discussion, I would like to ask Andy Last, our Chief Operating Officer, to provide an update on Bio-Rad's operations in light of the current pandemic-related environment that we are experiencing globally

Andy?

Andrew Last -- Executive Vice President and Chief Operating Officer

Thanks, Ilan. So I'd like to take a few minutes to review our current state of operations around the world. Overall, Bio-Rad has adapted well to the working constraints that COVID has imposed upon us, and we find ourselves able to respond and react well to everyday operational changes and demands. We continue to make solid progress on our core strategies, support of our customers and the safety of our employees. With improvement in our end markets after the significant downturn a year ago, we're responding well to increased demand. But as with other manufacturers in life sciences, we are having to work hard to procure raw materials in some challenged areas, such as plastics and electronic components, as well as dealing with increased pressure on raw material costs. We also continue to experience higher than typical logistics costs as indicated in our Q1 call. With the emergence of the COVID-19 delta variant, we are maintaining our work from home policies for the near term as we work on return to the workplace plans targeted for later this quarter, and we continue to monitor the global pandemic situation carefully given the fluidity the delta variance has created. Employee safety remains a principal focus, and we are pleased with our safety record and the growing vaccination status of our organization. As we enter Q3, we expect the emergence of the delta variant will continue to create some challenges, and we are maintaining vigilance and flexibility as a result. Overall, we expect to see continued improvement in our end markets through the second half of the year as our customers continue to adapt. However, the new delta variant clearly introduces an element of uncertainty as we move forward.

Thank you for your attention, and I'll pass it back to Ilan now.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Thank you, Andy. Now I would like to review the results of the second quarter. Net sales for the second quarter of 2021 were $715.9 million, which is a 33.4% increase on a reported basis versus $536.9 million in Q2 of 2020. On a currency-neutral basis, sales increased 27.5%. On a geographic basis, we experienced currency-neutral growth across all three regions. Sales of our core products in the second quarter of last year were negatively impacted by the pandemic. And generally, we are seeing a continued gradual capacity improvement at both academic and diagnostic labs, which we estimate between 90% and 95% of pre-COVID levels. We estimate that the COVID-19-related sales were about $68 million in the quarter. Sales of the Life Science group in the second quarter of 2021 were $334.2 million compared to $252.1 million in Q2 of 2020, which is a 32.6% increase on a reported basis and a 27.1% increase on a currency-neutral basis. The year-over-year sales growth in the second quarter was driven mainly by increases in western blotting, Droplet Digital PCR and qPCR products. We have seen strong growth in the biopharma market for our Droplet Digital PCR platform. We are also seeing a healthy uptake for ddPCR in wastewater solutions. Government funding toward public health labs is driving increased demand for our ddPCR products that offer automated solutions with high accuracy and sensitivity.

Process Media, which can fluctuate on a quarterly basis, saw a year-over-year double-digit growth versus the same quarter last year. Excluding Process Media sales, the underlying Life Science business grew 29.1% on a currency-neutral basis versus Q2 of 2020. On a geographic basis, Life Science currency-neutral year-over-year sales grew across all regions. Before moving on, I would like to highlight the broad legal settlement with 10 times Genomics announced earlier this week. This settlement resolves the multiyear global litigation with 10 times over outstanding issues in the field of single cell and includes a global cross-license agreement. In addition to past and future royalties, Bio-Rad received broad freedom to operate in the single-cell market and maintained exclusivity to our microwell single-cell IP. We estimate that the future royalty payments from this legal settlement could total $110 million to $140 million over the life of the agreement, which runs through the year 2030. This includes payments of $32 million in the third quarter for back royalties owed to Bio-Rad for the period from November 2018 through December 2020 as well as for settlement fees and interests.

Sales of the Clinical Diagnostics group in the second quarter were $380.2 million compared to $283.2 million in Q2 of 2020, which is a 34.3% increase on a reported basis and a 28% increase on a currency-neutral basis. During the second quarter, the diagnostics group posted double-digit growth across all of its product lines. The year-over-year growth was driven by a recovery of routine testing. Elective surgery recovery is still progressing although at a slower pace. On a geographic basis, the diagnostics group currency-neutral year-over-year sales grew across all regions. Our diagnostics group announced last month a partnership with Seegene, which is a global leader in multiplex molecular diagnostics. Bio-Rad will exclusively market the Seegene tests in the U.S., pending regulatory approvals. Seegene's diagnostic products have high sensitivity and specificity and are optimized to work with Bio-Rad's CFX Real-Time PCR Systems. The reported gross margin for the second quarter of 2021 was 56.1% on a GAAP basis and compares to 54.6% in Q2 of 2020. Recall that the gross margin in Q2 of 2020 included an $8 million customs duty charge. And excluding that charge, the Q2 gross margin further improved this quarter as a result of our productivity and efficiency initiatives.

However, as mentioned, we currently see increased pressure on raw material costs and higher logistics costs. Amortization related to prior acquisitions recorded in cost of goods sold was $4.6 million and compares to $5 million in Q2 of 2020. SG and A expenses for Q2 of 2021 were $213.4 million or 29.8% of sales compared to $189.3 million or 35.3% in Q2 of 2020. Increases in SG-and-A expenses was mainly the result of employee-related performance compensation expense. Total amortization expense related to acquisitions recorded in SG and A for the quarter was $2.4 million versus $2.3 million in Q2 of 2020. Research and development expense in Q2 was $63.4 million or 8.9% of sales compared to $52 million or 9.7% of sales in Q2 of 2020. Q2 operating income was $124.8 million or 17.4% of sales compared to $51.7 million or 9.6% of sales in Q2 of 2020. Looking below the operating line, the change in fair market value of equity securities holdings added $1.031 billion of income to the reported results and is substantially related to the holdings of the shares of Sartorius AG. Also during the quarter, interest and other income resulted in net other income of $1.3 million primarily due to foreign exchange and compared to $10.7 million of income last year. Q2 of 2020 includes an $8.9 million dividend from Sartorius, which was declared in June and was paid in July. In 2021, the Sartorius dividend was declared in the first quarter. The effective tax rate for the second quarter of 2021 was 21% compared to 22.4% for the same period in 2020. The tax rate for both periods were driven by the large unrealized gain in equity securities. In addition, the second quarter of 2021 effective tax rate was lower also due to a lapse of statute of limitations of certain tax reserves.

Reported net income for the second quarter was $914.1 million, and diluted earnings per share were $30.32. This is a decrease from last year and is related to changes in valuation of the Sartorius holdings. Moving on to the non-GAAP results. Looking at the results on a non-GAAP basis, we have excluded certain atypical and unique items that impacted both the gross and operating margins as well as other income. These items are detailed in the reconciliation table in the press release. Looking at the non-GAAP results for the second quarter. In cost of goods sold, we have excluded $4.6 million of amortization of purchased intangibles and $1.2 million of restructuring-related expenses. These exclusions moved the gross margin for the second quarter of 2021 to a non-GAAP gross margin of 56.9% versus 55.5% in Q2 of 2020. Non-GAAP SG-and-A in the second quarter of 2021 was 29.2% versus 33.9% in Q2 of 2020. In SG-and-A, on a non-GAAP basis, we have excluded amortization of purchased intangibles of $2.4 million, legal-related expenses of $8.8 million and restructuring and acquisition-related benefits of $7 million. Non-GAAP R-and-D expense in the second quarter of 2021 was 9.1% versus 9.8% in Q2 of 2020. In R-and-D, on a non-GAAP basis, we have excluded $2.1 million of restructuring benefits. The cumulative sum of these non-GAAP adjustments result in moving the quarterly operating margin from 17.4% on a GAAP basis to 18.5% on a non-GAAP basis. This non-GAAP operating margin compares to a non-GAAP operating margin in Q2 of 2020 of 11.8%. We have also excluded certain items below the operating line, which are the increase in value of the Sartorius equity holdings of $1.031 billion and the $1.8 million loss associated with venture investments. The non-GAAP effective tax rate for the second quarter of 2021 was 21.5% compared to 23.8% for the same period in 2020.

The lower rate in 2021 was driven by the geographic mix of earnings. And finally, non-GAAP net income for the second quarter of 2021 was $106.6 million or $3.54 diluted earnings per share compared to $48.3 million or $1.61 per share in Q2 of 2020. Moving on to the balance sheet. Total cash and short-term investments at the end of Q2 were $1.167 billion compared to $1.025 billion at the end of Q1 of 2021. During the second quarter, we did not purchase any shares of our stock. For the second quarter of 2021, net cash generated from operating activities was $154.6 million, which compares to $92.1 million in Q2 of 2020. This increase mainly reflects higher operating profits. The adjusted EBITDA for the second quarter of 2021 was 22.3% of sales. The adjusted EBITDA in Q2 of 2020 was 18.6% and excluding the Sartorius dividend was 16.9%. Net capital expenditures for the second quarter of 2021 were $23.4 million, and depreciation and amortization for the second quarter was $33.7 million.

Moving on to the guidance. Andy previously alluded to continued uncertainties surrounding the pandemic, which could create some challenges and we look -- sorry, as we look to the better half of this year. That being said, with customers continuing to adapt in this environment, we assume a gradual return to pre-pandemic activity and the more normalized business mix during the second half of 2021. We are now guiding non-GAAP currency-neutral revenue growth to be between 10% and 10.5% for 2021 versus our prior guidance of 5.5% to 6%. This updated outlook assumes the full year COVID-related sales to be between $200 million and $210 million, of which approximately $40 million to $50 million are projected for the second half of 2021. Excluding COVID-related sales, the non-GAAP year-over-year currency-neutral sales growth in the second half is expected to be between 13% and 14%. This represents between 4.5% and 5.5% growth in the second half of 2021 over the first half of 2021. Full year non-GAAP gross margin is now projected to be between 57% and 57.5%. Full year non-GAAP operating margin is forecasted to be about 19%, which assumes higher operating expenses in the second half of 2021 versus the first half as we are anticipating continued gradual return to more normal activity levels. This guidance excludes any benefit related to the settlement with 10 times Genomics. Our updated annual non-GAAP effective tax rate for 2021 is projected to be between 23% and 24%. Full year adjusted EBITDA margin is forecasted to be between 23% and 23.5%.

That concludes our prepared remarks, and we will now open the line to take your questions. Operator?

Questions and Answers:

Operator

Thank you. [Operator Instructions] Your first question comes from the line of Patrick Donnelly from Citi. Your line is open.

Patrick Donnelly -- Citi -- Analyst

Thanks, guys. Maybe to start on the margin, Ilan. I mean really strong performance. Nice to see kind of flow through [to the raise] in the back half. Can you just talk through, I guess, the levers you're seeing? How much of it is just the high-margin COVID stuff coming through versus -- I know a lot of the restructuring is kind of the out years, but just in terms of some of the cost initiatives you have going. Just kind of wondering the moving pieces on the margin side, what levers you guys are pulling there.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Hi. Good afternoon, Patrick. Thanks for the question. Yes, when you think about the margin, and let's start with the gross margin, we do see already a lot of benefit from the various initiatives that we had [Indecipherable] around the efficiencies and productivity. And that was definitely part of the results for this quarter and will continue to be part of the guidance in the second half of the year. There were some headwinds associated with FX, etc. But for the most part, the benefit is associated with the ongoing initiatives around productivity and initiative. Similarly, we continue to see the fall-through not only from the higher guidance on the top line and obviously improved utilization in the second half, but continued also benefits from those efficiencies and productivity.

Patrick Donnelly -- Citi -- Analyst

Are you seeing [Speech overlap] Yes, go ahead.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

And then -- sorry. And then you have the mix impact for the COVID versus -- first half versus second half. Obviously, the drop of the COVID-related sales to about $40 million to $50 million in the second half does create kind of some level of headwind to the overall margins.

Patrick Donnelly -- Citi -- Analyst

And are you seeing anything in terms of the offset in terms of input costs or supply chain issues? I've been hearing that from a few peers. Just wondering what you guys are seeing on that front.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Do you want to take that, Andy?

Andrew Last -- Executive Vice President and Chief Operating Officer

Well, I mean, I don't think we're breaking it out, but we are certainly experiencing and absorbing some higher costs coming through from logistics. And the rest is really some modest raw material increases and then just challenges in procurement.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Yes, and freight.

Andrew Last -- Executive Vice President and Chief Operating Officer

And freight, yes.

Patrick Donnelly -- Citi -- Analyst

Right. Okay. And then maybe one for Annette on the single cell side. It's great to see the litigation will be over for you guys. With Celsee, I know you guys had previously talked, I think, about seeing some products maybe roll out potentially later this year. Is that still the plan? And again, it feels like the 10 times stuff clears the decks for you guys. So I just wanted to get an update on that front in terms of timing and expectations.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Yes. Annette, if you're on the -- if you're able to respond?

Annette Tumolo -- Executive Vice President and President of Life Science Group

Sure. So we're -- we acquired Celsee, and their technology was pretty early stage. And I will admit that we were slowed down a little bit by COVID and getting all the staff on board for the investment we want to make in R-and-D. That said, we're making really good progress, and we expect products to start rolling out in early 2022.

Patrick Donnelly -- Citi -- Analyst

Okay. That's helpful. And one quick last one for Norm just on the balance sheet, capital allocation. Any changes in terms of your thoughts on Sartorius or large M-and-A? I know you guys are always looking. Would love just an update in terms of what the pipeline looks like and your desire there.

Norman Schwartz -- Chairman of the Board, President and Chief Executive Officer

Yes. I mean, I guess, I would say we continue to evaluate a robust number of what I call both tuck-in and technology opportunities and candidate to look for something more transformational. So we continue to work on all of that.

Patrick Donnelly -- Citi -- Analyst

Understood. Thank you, guys.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Thank you, Pat.

Operator

Your next question comes from the line of Brandon Couillard of Jefferies. Your line is open.

Brandon Couillard -- Jefferies -- Analyst

Hi. Thanks. Good afternoon. Ilan, so you took up the core growth guidance for the year by 400 basis points, of which the COVID revenues only account for 100 bps of that. Can you just talk about what areas of the business you're seeing the most upside in? And could you share sort of an updated view on the two segments, what you're penciling in for the full year in terms of organic growth between Life Sciences and DX?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Sure. Andy, do you want to start?

Andrew Last -- Executive Vice President and Chief Operating Officer

Sure. So I think the uptick that we are forecasting, Brandon, is fairly broad-based. Clearly, the core business is coming back on both academic and in the institutional side as well as the industrial side, which has been more robust in the background anyhow. Clinical is coming back nicely across all the regions, maybe with the exception of elective surgeries, which still seem to be lagging a little bit behind the more routine testing, and that's broad-based as well. So -- and as we look to the second half, it's really across all of our product lines in both market segments in all regions. So I think that's the summary version of our second half.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Yes. And Brandon, I will add also that also when we compare it to the 2019 kind of results on a two-year stack, overall, for Bio-Rad it represents over 10% for the two-year stack growth.

Andrew Last -- Executive Vice President and Chief Operating Officer

Right. Right. Yes.

Brandon Couillard -- Jefferies -- Analyst

Okay. As a follow-up on that, I mean, any color you can share with us, Ilan, in terms of the phasing of revenues and margins between 3Q and 4Q? I mean 4Q is typically your highest revenue quarter and as a result, your most profitable seasonally. Any just color you're able to share as we sort of update our models for the back half?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Yes. Obviously, as you mentioned, Brandon, the fourth quarter seasonally usually is higher. But this year is a little bit kind of unpredictable. The first half was a very good first half. Generally speaking, there is some benefit always from the fall-through to the utilization and the gross margin when you have a higher top line. So it's a gradual improvement on the bottom line as well as the gross margin. But again, it will depend on how the top line will shape up.

Brandon Couillard -- Jefferies -- Analyst

Got you. Okay. One for Annette in terms of the ddPCR business. Can you just talk about what you see as kind of the top three drivers of growth right now in terms of end markets or applications? And any color you can share between how the mix of demand has evolved between the QX ONE and the legacy platform about a year into that launch now?

Annette Tumolo -- Executive Vice President and President of Life Science Group

Sure. We're seeing really strong demand in pharma and biopharma for the QX ONE system because it was really, frankly, developed for that market segment. So really strong growth. It's [adding] a lot of incremental growth to the business from the QX ONE. But we also have strong demand for our QX200 system. The wastewater surveillance market is evolving, and we're now seeing more uptake in EMEA. We -- it started in the U.S. We don't expect that to slow down. And we still sell an awful lot of QX200 systems into pharma and biopharma as well, so really strong. And our academic market has always been strong, and it's a good mix across all three segments of platforms and the consumables that go along with it.

Brandon Couillard -- Jefferies -- Analyst

[Indecipherable] I'll come back in the queue. Thanks.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Thank you, Brandon.

Operator

Your next question is coming from the line of Dan Leonard from Wells Fargo. Your line is open.

Dan Leonard -- Wells Fargo -- Analyst

Thank you. So I was hoping maybe you could elaborate further on the demand drivers in your Life Sciences business, even excluding COVID. If you look at the two-year stack compared to 2019, the growth rates are double digits in Life Science, and that is not the trajectory we're used to seeing from that business. So any further color you could offer on the big demand drivers?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Annette, do you want to take that one?

Annette Tumolo -- Executive Vice President and President of Life Science Group

Sure. Sure. We're definitely seeing a strong recovery, so that's part of what's behind it. But you're right. Our growth, if you look at growth over 2019 pre-COVID, is really strong. It's a strong funding environment. One of the benefits maybe of the pandemic is that government, certainly in the U.S. and to some extent the EU, have really poured a lot of funding into translational medicine, infectious disease, vaccine development. And we have a broad product portfolio that speaks to customer need across all of that. So we think that that's really driving a lot of the growth, and we're optimistic about the environment moving forward.

Dan Leonard -- Wells Fargo -- Analyst

So that touches a bit on my next question. Do you think that this is sustainable? Or is this something you worry about as a challenging comparison as we roll into 2022?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

So Dan, we cannot comment today on the 2022 numbers, generally speaking. I mean let's save it when we guide for that.

Dan Leonard -- Wells Fargo -- Analyst

Ilan, a couple of quick clarifications on the royalty settlement. First off, did you say you're going to not include any royalties from 10 times Genomics in your P-and-L, your non-GAAP result?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

So no, I'm not sure that I'm going to non-GAAP, but it was not included in our guidance that I provided.

Dan Leonard -- Wells Fargo -- Analyst

Okay. And is that $110 million-plus number, is that a net number net of the royalties you might owe them? Or is that what they'll owe you potentially between now and 2030?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

So net of what are you referring to, Dan, exactly, sorry?

Dan Leonard -- Wells Fargo -- Analyst

So it was a cross-license agreement, right? So presumably, there's some chance you pay them some money, they pay you some money. Is the $110 million a net number? Or is it a gross number?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

So that's -- these are the amounts that we anticipate to receive from 10 times.

Dan Leonard -- Wells Fargo -- Analyst

From 10 times. Okay. Thank you.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Sure.

Operator

Your next question is from the line of Jack Meehan from Nephron Research. Your line is open.

Jack Meehan -- Nephron Research -- Analyst

Thank you. Good afternoon. I was wondering if you could give a little bit more color on the duration of the COVID revenue that you see. So you have $40 million to $50 million in the back half of the year. Just as you kind of look at the tail here, do you have any view as to what might carry on beyond 2021? How much -- is there some portion that seems more durable to you like wastewater in there?

Andrew Last -- Executive Vice President and Chief Operating Officer

So it's Andy. So there's potential for wastewater to be more durable. Again, that very much depends on the funding environment. But as you know, the majority of our revenues have been driven by instrumentation, and we do view that market is becoming very saturated in terms of capacity right now. We do have some test revenue, but it's very small in relation to the instruments and to our peer set. So we currently see COVID tailing off to a relatively small number by the end of this year, and then we'll see what '22 brings in our guidance for next year when we get there.

Jack Meehan -- Nephron Research -- Analyst

Got it. And this is the second consecutive quarter you've called out western blotting as an area of strength within Life Sciences. I was wondering if there is anything specific that's been driving that demand, or if you just think it's more kind of funding in general that's been supportive.

Andrew Last -- Executive Vice President and Chief Operating Officer

I think it's more a general funding trend, and it's kind of a staple in labs. So we view it as labs are getting up and running and just kind of doing the routine kind of characterization work that they typically do. And it did dry up during COVID, and now the labs are coming back. And it's broad-based, broad-based return.

Jack Meehan -- Nephron Research -- Analyst

Great. And then maybe just on the diagnostics side, was just curious, you called out the elective procedures. But if you look at kind of the product families within Clinical Diagnostics, do you think any are taking longer to come back than you might have expected or could have some lingering impact as you exit the year?

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Dara, do you want to answer that question?

Dara Wright -- Executive Vice President and President of Clinical Diagnostics Group

Sure. No, just that one really. I mean blood typing is a product family that's associated with elective surgery. So that's the area that's most impacted when the hospital systems get overwhelmed by COVID cases. But all other areas of routine testing, diabetes, quality controls, etc., are all in line with what Ilan said, right around 95% to pre-COVID levels. So a really good recovery across the core and across all regions.

Jack Meehan -- Nephron Research -- Analyst

Great. That's all I have. Have a good night.

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Thank you, Jack.

Dara Wright -- Executive Vice President and President of Clinical Diagnostics Group

Thank you.

Operator

Thank you. [Operator Instructions] I am not showing any other questions as of this moment. I would like to turn the conference back to the management.

Edward Chung -- Vice President of Investor Relations

Thank you for joining today's call. We appreciate your interest, and we look forward to connecting soon. Bye-bye.

Operator

[Operator Closing Remarks]

Duration: 36 minutes

Call participants:

Edward Chung -- Vice President of Investor Relations

Ilan Daskal -- Executive Vice President and Chief Financial Officer

Andrew Last -- Executive Vice President and Chief Operating Officer

Annette Tumolo -- Executive Vice President and President of Life Science Group

Norman Schwartz -- Chairman of the Board, President and Chief Executive Officer

Dara Wright -- Executive Vice President and President of Clinical Diagnostics Group

Patrick Donnelly -- Citi -- Analyst

Brandon Couillard -- Jefferies -- Analyst

Dan Leonard -- Wells Fargo -- Analyst

Jack Meehan -- Nephron Research -- Analyst

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