Bio-Rad Laboratories, Inc.

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the BioRad first quarter 2025 earnings results conference call and webcast. All lines having place on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star one. I would now like to turn the conference over to Edward Chung, Head of Investor Relations. You may begin.

Thanks, Desiree. Good afternoon, everyone, and thank you for joining us. Today, we will review the first quarter 2025 financial results and provide an update on key business trends for BioRad. With me on the call today are Norman Schwartz, our Chief Executive Officer, John DiVincenzo, President and Chief Operating Officer, and Luke and Rup Lakharaju, Executive Vice President and Chief Financial Officer. Before we begin our review, I would like to remind everyone that we'll be making forward-looking statements about management's goals, plans and 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. Our actual results may differ materially from these plans, goals and expectations. You should not place undue reliance on these forward-looking statements, and I encourage you to review our filings of 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 financials, including 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'll now turn the call over to our Chief Operating Officer, John DiVincenzo.

Hello, and thank you for joining today's call. Despite a challenging macro environment with academic market headwinds due to government funding and global trade disruptions from tariffs, we delivered solid Q1 results, exceeding consensus for both revenue and operating margins. Our clinical diagnostics business performs slightly better than forecast, while our life science segment experienced softness in academia and biopharma research. Notably, our bioproduction business saw positive momentum, with year-over-year growth returning to our process chromatography business. We continue to prioritize bringing innovative products to our customers. In Q1, we launched several key menu expansions for our core life science portfolio, including a new PCR-based salmonella test for food safety and advancements to our portfolio of DDPCR VeriCheck assays for cell and gene therapy. We are also strategically advancing droplet digital PCR as a valuable tool for oncology diagnosis and management through high-valued assays and key partnerships. Recent compelling clinical trial data published in Clinical Cancer Research utilizing Bio-Rad's DDPCR technology demonstrated a strong correlation between circulating tumor DNA changes and treatment outcomes in lung cancer. This highlights the significant impact of our GDPCR platform on clinical decision-making and patient outcomes. Our team also demonstrated exceptional execution in driving productivity improvements and effective cost management, building on our lean initiatives. We proactively evaluated and are implementing mitigation strategies for tariff impacts in response to escalating geopolitical and trade tensions. In diagnostics, we continue to show solid demand, offsetting reimbursement reductions in China with nearly 3% growth in the rest of the world. And in life science, we navigated academic and biopharma research funding headwinds, particularly in the U.S., while maintaining strong demand for consumables. Process chromatography returned to growth, as I stated, and our DD-PCR portfolio maintained its momentum and strong reagent and consumables growth. Our acquisition of Stila technology remained on track for closing by the end of the third quarter. We are excited about the Stila platform as it expands our offering in the digital PCR segment from gene expression to targeted rare mutation detection. We're planning a webinar following the close of the Stila transaction to outline our strategy in digital PCR with the addition of the Stila and Continuum platforms. During the quarter, I visited several of our global teams across three continents, including nine manufacturing sites, and customer visits for both our life science and clinical diagnostic segments. These visits reinforced my confidence in our team's commitment, strength of our global organization, and fantastic relationships with our customers. Our investments in efficiency and productivity within our manufacturing sites and distribution centers are yielding tangible results. My travels, including a meeting with the leaders of the German Red Cross Blood Donation Service, where we were recently awarded a multi-year contract renewal for our immunohematology platform, a testament to the quality and reliability of our solution. At Bio-Rad, we continue to advance in our ability to develop innovative products, drive operational excellence, and build upon our relationships with customers in over 133 countries, as we are laser-focused on delivering sustainable, profitable growth. We thank you for your ongoing support, and I will now turn the call over to Rup for a review of our financial performance.