Bio-Rad Laboratories, Inc.

Thank you for standing by. My name is Gil and I will be your operator for today's call. At this time, I would like to welcome each and everyone of you to the Bio-Rat Second Quarter 2025 results conference call and webcast. All lines will be placed in mute to prevent any background noise. After the speakers 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 read your question, simply press star one again. It is now my pleasure to turn today's call over to Bio-Rat's head of investor relations, Mr. Edward Trump. Please go ahead.

Good afternoon, everyone. And thank you for joining us. Today, we will review the Second Quarter 2025 financial results and provide an update on key business trends for Bio-Rat. With me on the call today are Norman Schwartz, our chief executive officer, John DiVincenzo, president and chief operating officer, and Rupe Lacaraju, executive vice president and chief financial officer. Before we begin our review, I'd like to remind everyone that we will 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 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 financials, including net income and diluted earnings per share, which are financial measures that are not defined under generally accepted accounting principles. In addition to the excluding certain atypical and non-recurring items, our non-GAAP financial measures exclude changes in the equity value of our stake in Sartorius AG in order to provide investors with a better understanding of BiRAD's underlying operational performance. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release. We have also posted a supplemental earnings presentation in the investor relations section of our website for your reference. With that, I'll now turn the call over to our Chief Operating Officer, John DiVincenzo.

Thank you, Ed. Good afternoon, everyone, and thank you for joining us today. We are pleased to share our second quarter 2025 results, which reflect solid execution across the business. Both revenue and operating margin exceeded consensus expectations. Underscoring the strength of our portfolio and the discipline of our teams in a challenging and rapidly evolving macroeconomic environment. Our clinical diagnostics business remains stable, while our life science segment benefited from the strength in our process chromatography portfolio. Product mix and a continued focus on cost control and discretionary spending help drive and outperformance in operating margin for the quarter. While we continue to face headwinds in the academic market due to constrained government funding, we saw signs of stabilization, particularly in consumables. This resilience highlights the enduring demand for our differentiated assays and reagents, including droplet digital PCR consumables, which saw high single digit revenue growth versus 2024. The second quarter was a busy one for our DDPCR team. As we completed the development of the QX Continuum platform and successfully closed the acquisition of Stilla Technologies, adding new platforms and a fantastic team of colleagues to buy red. Synchronized with the closing of the Stilla acquisition, we launched the rebranded QX700 series DDPCR instruments. The combination of the QX Continuum and QX700 series products are positioned to expand our droplet digital PCR portfolio for customers requiring a simplified workflow and flexibility at various budget levels. Although it is early, customer feedback has been very positive. We look forward to showcasing these innovations at the upcoming DDPCR World Conference in Seoul, Korea this September, along with a series of satellite events across APAC, AMIA, and the Americas. Also during the quarter, several of our key DDPCR partners made progress in bringing this technology to the diagnostic market. InSight Molecular Diagnostics, formerly Oncocite, announced positive clinical data for its assay and kidney transplant monitoring. We are supporting its path toward FDA approval in 2026 and the development of a kitted IVD solution, an exciting advancement for the transplant community. Geneoscopy advances Colasense colon cancer screening tests, which is powered by our DDPCR technology. The assay was recently included in the National Comprehensive Cancer Network Guidelines, a critical enabler for clinical adoption and reimbursement. We're encouraged with their progress and the potential of Colasense. Operationally, our teams continue to drive improvements through strong execution of lean initiatives, careful cost management, and actions to actively mitigate tariff impacts. In diagnostics, strength outside of China helps offset local reimbursement pressures, resulting in .7% growth in our rest of world markets. In China, volume-based procurement, or VBP, has not impacted our portfolio. Beyond the previously noted diabetes testing reimbursement reductions, we haven't faced any new reimbursement challenges. While we factored headwinds from the recent diagnosis-related group, or DRG policy changes affecting diagnostic panels, into our first quarter guidance, the impact was not significant in the second quarter. Our local team continues to diligently monitor the evolving landscape of Chinese government policies. And finally, I'm excited to welcome Rajat Mehta as BiRAD's new executive vice president of global commercial operations. Rajat brings deep experience across diagnostics and life sciences, most recently leading a large regional diagnostic division of LabCorp. He has lived and worked globally and brings expertise in commercial transformation, digital innovation, and customer-centric strategies. Rajat succeeds Mike Crowley, who is retiring after a remarkable 26-year career with BiRAD. I have enjoyed working with Mike during my first year and personally thank him for his support. We all wish Mike all the best in his retirement. So thank you again for your continued support. I'll hand the call over to Rup for a detailed review of our financial results. Thank you, John, and good afternoon.