Bio-Rad Laboratories Inc (NYSE:BIO) Q3 2020 Earnings Conference Call - Final Transcript

Oct 29, 2020 • 06:00 pm ET


Bio-Rad Laboratories Inc (NYSE:BIO) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2020 Bio-Rad Laboratories Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. And after the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Director for Investor Relations, Kevin Han, and you may begin.

Kevin Han

Thank you. Good afternoon and thank you all for joining us. Today, we will review the third quarter of 2020 and 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 would like to caution 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. Included in these forward-looking statements are statements regarding the impact of the COVID-19 pandemic on Bio-Rad's results and 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. We cannot be certain that Bio-Rad's responses to the pandemic will be successful that the demand for Bio-Rad's COVID-19-related products is sustainable or that Bio-Rad will be able to meet this demand. 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. Our remarks today will also include references to non-GAAP net income and non-GAAP diluted income 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.

I'll now turn over the call back to Ilan Daskal, our Executive Vice President and Chief Financial Officer.

Ilan Daskal

Thank you, Kevin. 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.

Now, before I begin the detailed quarterly 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

Thank you, Ilan. So I'd like to take a few minutes to review our current state of operations around the world. Before I begin, we would like to recognize our employees globally who have continued to work above and beyond to serve our customers during the pandemic. We truly appreciate the hard