UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______________to __________ Commission file number 1-7928 BIO-RAD LABORATORIES, INC. (Exact name of registrant as specified in its charter) Delaware 94-138 ...

Bio-Rad Laboratories, Inc. (NYSE:BIO) Q2 2022 Earnings Conference Call July 28, 2022 6:00 PM ET Company Participants Edward Chung - Head of Investor Relations Ilan Daskal - Executive Vice President & Chief Financial Officer Andy Last - Executive Vice President & Chief Operating Officer Simon May - President of Life Science Group Dara Wright - President of Clinical Diagnostics Group Conference Call Participants Patrick Donnelly - Citi Jack Meehan - Nephron Research Operator Good afternoon. Thank you for atte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______________to __________ Commission file number 1-7928 BIO-RAD LABORATORIES, INC. (Exact name of registrant as specified in its charter) Delaware 94-1381833 ...

Financial Data and Key Metrics Changes - Net sales for Q1 2022 were $700.1 million, a 3.7% decline from $726.8 million in Q1 2021, with a currency-neutral decrease of 0.8% [14] - Reported gross margin for Q1 2022 was 57.6%, up from 55.1% in Q1 2021, primarily due to a decline in expenses from a European restructuring initiative [23] - Reported net loss for Q1 2022 was $3.3696 billion, with a diluted loss per share of $112.57, compared to a net income of $977.4 million and $32.38 per share in Q1 2021 [28] Business Line Data and Key Metrics Changes - Life Science group sales were $347.2 million, a 5.3% decline on a reported basis, but a 12.9% increase in underlying currency-neutral core revenue growth when excluding COVID-related sales [18] - Clinical Diagnostics group sales were $351.8 million, a 1.9% decline on a reported basis, with a 1.7% increase in core revenue growth excluding COVID-related sales [21] Market Data and Key Metrics Changes - Currency-neutral year-over-year core revenue growth was experienced across all three regions, while COVID-related sales declined globally [16] - The Diagnostics group saw year-over-year currency-neutral sales growth in the Americas and Europe, but a decline in Asia [23] Company Strategy and Development Direction - The company anticipates a significant tapering in COVID-related sales compared to the last two years, with core revenue growth guidance for the full year set between 1% and 2%, or 8.5% to 9.5% when excluding COVID sales [36] - The Life Science group is expected to achieve core growth at the high end of the prior guidance, between 16% and 18% [37] Management's Comments on Operating Environment and Future Outlook - Management noted that while markets have recovered to near pre-pandemic levels, localized surges in COVID-19, particularly in China, have created uncertainty around logistics and near-term demand [9] - Supply chain challenges are expected to persist, particularly in securing raw materials and higher logistics costs, with easing anticipated in the second half of the year [12][17] Other Important Information - Total cash and short-term investments at the end of Q1 were $2.079 billion, significantly up from $875 million at the end of 2021, primarily due to proceeds from a $1.2 billion senior notes offering [33] - The adjusted EBITDA for Q1 2022 was $211.1 million, or 30.2% of sales, compared to $232 million, or 31.9% of sales in Q1 2021 [35] Q&A Session Summary Question: Insights on Life Science business performance - Management highlighted good performance from digital PCR and strong results from process media, leading to confidence in raising guidance for the Life Science business [41] Question: Margin expectations and tracking - Management discussed various factors affecting gross margin, including product mix and elevated logistics costs, while noting some discretionary expenses returning [43][44] Question: Diagnostics outlook and China lockdowns - Management indicated that the lower diagnostics outlook is largely tied to supply constraints, particularly in electronic components, affecting the ability to meet demand [52] Question: Capital allocation and share buybacks - Management expressed a continued opportunistic approach to share buybacks while balancing other capital allocation priorities [48] Question: Core growth expectations by segment - Management maintained guidance for full-year core growth, with expectations for Life Science to improve by midyear and Diagnostics to face challenges through the end of the year [61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______________to __________ Commission file number 1-7928 BIO-RAD LABORATORIES, INC. (Exact name of registrant as specified in its charter) Delaware 94-1381833 ...

Financial Data and Key Metrics Changes - Net sales for Q4 2021 were $732.8 million, a 7.2% decrease from $789.8 million in Q4 2020 [15] - On a currency-neutral basis, sales decreased 6.9%, primarily due to lower COVID-related sales and a $32 million litigation award included in Q4 2020 [16][36] - Reported gross margin for Q4 2021 was 54.7%, down from 58.3% in Q4 2020, mainly due to the prior year's settlement payment and increased costs [24] - Reported net loss for Q4 was $1.574 billion, with a diluted loss per share of $52.59, largely influenced by changes in the valuation of Sartorius Holdings [29] Business Line Data and Key Metrics Changes - Life Science group sales in Q4 2021 were $326.6 million, a 23.8% decline from $428.5 million in Q4 2020; however, excluding COVID-related sales, core revenue grew 7.9% [20] - Clinical Diagnostics group sales in Q4 were $404.9 million, a 12.6% increase from $359.6 million in Q4 2020, with core revenue growth of 12.1% excluding COVID-related sales [22] Market Data and Key Metrics Changes - Currency-neutral year-over-year core revenue growth was experienced across all three regions, while COVID-related sales declined globally [19] - The Diagnostics group saw mid-single-digit growth in the Americas and double-digit growth in Europe and Asia [23] Company Strategy and Development Direction - The company is focusing on three key areas: employee safety, maintaining manufacturing operations, and advancing core strategies [9] - The company anticipates ongoing supply chain constraints into Q2 2022 but expects recovery and growth acceleration in the second half of the year [12][48] - The Life Science group is expected to see year-over-year currency-neutral revenue growth between flat and 1.5%, with significant declines in COVID-related sales [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of core product demand, which has returned to near-normal levels despite ongoing supply chain challenges [14] - The company expects lower year-over-year growth in the first half of 2022, with higher growth anticipated in the latter half [47][49] Other Important Information - Total cash and short-term investments at the end of 2021 were $875 million, down from $997 million at the end of 2020 [42] - The company plans to hold an in-person Investor Day on February 25 at the New York Stock Exchange [52] Q&A Session Summary Question: Outlook on top line growth - Management indicated that the guidance reflects execution of core strategies, with growth driven by biopharma and digital PCR [55][56] Question: Supply chain pressure points - Supply constraints are primarily related to electronic components, with expectations for improvement in Q2 [66][68] Question: Digital PCR growth outlook - Management remains confident in the growth potential of Droplet Digital PCR, anticipating strong double-digit growth [72] Question: Capital deployment and share buybacks - The company has $223 million available for potential share buybacks and remains opportunistic in capital deployment [76] Question: Demand outlook in China - The company views China as an underpenetrated market with significant growth opportunities, particularly in biopharma [82]

Title of Each ClassTrading Symbols Name of Each Exchange on Which Registered UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________________ to _________________________________ Commission file number 1-792 ...

Financial Data and Key Metrics Changes - Net sales for Q3 2021 were $747 million, a 15.4% increase from $647.3 million in Q3 2020, with a currency-neutral growth of 13.8% [10] - Reported gross margin improved to 58.6% from 56.7% in Q3 2020, driven by settlement payments and productivity initiatives [14] - Reported net income for Q3 was $3.928 billion, with diluted earnings per share of $129.96, significantly influenced by changes in the valuation of equity securities [16] Business Line Data and Key Metrics Changes - Life Science Group sales increased to $373.5 million in Q3 2021 from $324 million in Q3 2020, a 15.3% increase on a reported basis [11] - Clinical Diagnostics Group sales rose to $372.2 million in Q3 2021 from $322.2 million in Q3 2020, marking a 15.5% increase on a reported basis [13] - Excluding COVID-related sales, the underlying Life Science business grew 4.1% on a currency-neutral basis [11] Market Data and Key Metrics Changes - Strong currency-neutral growth was observed in the Americas and Asia, while Europe experienced a slight decline due to tough year-over-year comparisons [11] - COVID-19-related sales were estimated at $57 million for the quarter, with expectations for a sequential decline in COVID-related demand in Q4 [11][8] Company Strategy and Development Direction - The company is focusing on addressing supply chain constraints and has implemented careful management to balance supply and demand [7] - The acquisition of Dropworks for approximately $125 million is expected to enhance Bio-Rad's entry into the lower-end segment of the digital PCR business [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued supply chain constraints into 2022, impacting customer delivery timing [22] - Full-year 2021 non-GAAP currency-neutral revenue growth is now guided to be between 12% and 13%, up from prior guidance [22] Other Important Information - The company introduced a mandatory vaccination requirement for all U.S. employees, reflecting its commitment to employee safety [8] - The effective tax rate for Q3 2021 was 21.8%, slightly lower than 21.9% in Q3 2020, influenced by unrealized gains in equity securities [16] Q&A Session Summary Question: Can you elaborate on the margin guidance in the fourth quarter? - Management clarified that operating margin guidance is slightly higher than previous quarters, with increased operating expenses expected [25][27] Question: What is the progress on restructuring initiatives announced in February? - Management reported that progress is on track, with most performance enhancements expected in 2023 [28] Question: Can you discuss supply and demand issues in more detail? - Management indicated that supply chain challenges are broad and affect various components, with expectations for these issues to persist into 2022 [30][31] Question: How is the diagnostics market in China performing? - Management noted that there has been no significant negative impact from centralized purchasing initiatives in China, and the company is monitoring the situation [38][39] Question: What is the growth outlook for the Life Science business? - Management expressed optimism about sustained double-digit growth in the Droplet Digital PCR portfolio, particularly in the biopharma market [34][42] Question: Can you provide insights on the Dropworks business? - Management refrained from providing detailed financials but emphasized that Dropworks is well-suited for cost-sensitive segments in the digital PCR market [49][50]

Part I – Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended September 30, 2021, show significant growth in total assets, primarily driven by the increased fair value of equity investments. Net income saw a substantial increase year-over-year, largely due to gains on these equity securities. Cash flow from operations also improved, reflecting higher sales and operational performance [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased significantly to **$19.95 billion** as of September 30, 2021, from **$12.97 billion** at December 31, 2020. This was primarily driven by a substantial rise in 'Other investments' from **$9.56 billion** to **$16.23 billion**. Total liabilities grew to **$4.62 billion** from **$3.09 billion**, mainly due to an increase in deferred income taxes. Consequently, total stockholders' equity rose to **$15.33 billion** from **$9.88 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total current assets** | $2,466,286 | $2,139,835 | | **Other investments** | $16,230,635 | $9,561,140 | | **Total assets** | **$19,953,380** | **$12,972,618** | | **Total current liabilities** | $649,916 | $631,536 | | **Deferred income taxes** | $3,569,332 | $2,076,785 | | **Total liabilities** | **$4,621,002** | **$3,092,678** | | **Total stockholders' equity** | **$15,332,378** | **$9,879,940** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the third quarter of 2021, net sales grew to **$747.0 million** from **$647.3 million** in Q3 2020. Net income surged to **$3.93 billion**, compared to **$1.31 billion** in the prior-year quarter, primarily due to a **$4.87 billion** gain from the change in fair market value of equity securities. For the nine months ended September 30, 2021, net sales increased to **$2.19 billion** from **$1.76 billion**, and net income rose to **$5.82 billion** from **$2.97 billion** year-over-year Q3 Financial Performance (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | Net sales | $747,049 | $647,263 | | Gross profit | $437,435 | $367,311 | | Income from operations | $156,804 | $109,600 | | Change in fair market value of equity securities | $4,868,659 | $1,580,350 | | Net income | $3,928,033 | $1,314,824 | | Diluted EPS | $129.96 | $43.64 | Nine-Month Financial Performance (in thousands, except per share data) | Metric | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | | Net sales | $2,189,776 | $1,755,787 | | Gross profit | $1,239,660 | $977,667 | | Income from operations | $382,448 | $235,715 | | Change in fair market value of equity securities | $7,078,753 | $3,591,509 | | Net income | $5,819,561 | $2,967,165 | | Diluted EPS | $192.76 | $98.46 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, net cash provided by operating activities increased to **$498.6 million** from **$290.6 million** in the same period of 2020. Net cash used in investing activities was **$230.0 million**, a significant increase from **$10.1 million** in the prior year, mainly due to higher net purchases of marketable securities. Net cash used in financing activities decreased to **$60.1 million** from **$101.2 million**, primarily due to lower treasury stock purchases Nine-Month Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $498,597 | $290,594 | | Net cash used in investing activities | ($229,954) | ($10,141) | | Net cash used in financing activities | ($60,064) | ($101,157) | | **Net increase in cash** | **$197,405** | **$182,450** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes to the financial statements detail revenue recognition policies, fair value measurements of significant investments, segment performance, and a new restructuring plan. A notable event was the recognition of **$31.6 million** in revenue from an intellectual property litigation settlement. The company's investment in Sartorius AG continues to be a primary driver of non-operating income. A strategy-driven restructuring plan was initiated in February 2021, primarily impacting European operations, with a liability of **$58.0 million** accrued as of September 30, 2021. Subsequent to the quarter, the company acquired Dropworks, Inc. for approximately **$125 million** - In Q3 2021, the company recognized **$31.6 million** in revenue from a settlement of an intellectual property litigation for infringing product sales from November 2018 through July 2021[30](index=30&type=chunk) - The company's investment in Sartorius AG accounted for a significant portion of its equity securities, with gains of **$4.87 billion** and **$7.08 billion** recognized for the three and nine months ended September 30, 2021, respectively[56](index=56&type=chunk)[57](index=57&type=chunk) - A restructuring plan announced in February 2021, impacting European operations, resulted in a liability of **$58.0 million** as of September 30, 2021, with total charges of **$67.9 million** for the nine-month period[98](index=98&type=chunk)[99](index=99&type=chunk) - On October 15, 2021, the company acquired Dropworks, Inc. for approximately **$125 million** to complement its Digital PCR product offerings in the Life Science segment[110](index=110&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **15.4%** sales growth in Q3 2021 to strong performance in both the Life Science and Clinical Diagnostics segments, driven by demand for Digital PCR and Process Media products and recovery in lab operations from the COVID-19 pandemic. Gross margin improved to **58.6%** in Q3 2021 from **56.7%** in Q3 2020, aided by favorable product mix and a one-time royalty revenue. The company maintains a strong liquidity position with **$1.34 billion** in cash and short-term investments and an undrawn **$200 million** credit facility [Results of Operations](index=33&type=section&id=Results%20of%20Operations) For Q3 2021, net sales increased **15.4%** (**13.8%** currency-neutral) year-over-year, with the Life Science segment growing **15.3%** and Clinical Diagnostics growing **15.5%**. The growth was driven by Digital PCR, Process Media products, and higher lab utilization post-pandemic. For the nine-month period, sales grew **24.7%** (**21.2%** currency-neutral), with Life Science up **33.7%** and Clinical Diagnostics up **17.5%**. Gross margins expanded in Q3 due to favorable product mix and a **$31.6 million** royalty revenue settlement Q3 2021 vs. Q3 2020 Sales Growth | Segment | Sales Growth | Currency-Neutral Growth | | :--- | :--- | :--- | | **Consolidated** | **15.4%** | **13.8%** | | Life Science | 15.3% | 13.9% | | Clinical Diagnostics | 15.5% | 13.7% | - Life Science segment growth in Q3 was driven by Digital PCR and Process Media products, and also included **$31.6 million** of royalty revenue from an IP litigation settlement[124](index=124&type=chunk) - Clinical Diagnostics segment growth was attributed to higher utilization in lab operations as businesses recover from the COVID-19 pandemic[125](index=125&type=chunk) - Consolidated gross margin for Q3 2021 was **58.6%**, up from **56.7%** in Q3 2021. The one-time royalty revenue contributed **2.0 percentage points** to the Life Science segment's gross margin improvement[126](index=126&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2021, the company had **$1.34 billion** in cash, cash equivalents, and short-term investments. It also has access to a **$200 million** unsecured revolving credit facility, which was undrawn. Operating cash flow for the first nine months of 2021 increased to **$498.6 million** from **$290.6 million** in the prior year, driven by higher sales and dividends from Sartorius AG. The company repurchased **$50.0 million** of its Class A common stock in Q1 2021, with **$223.1 million** remaining under the share repurchase program - The company holds **$1.34 billion** in cash, cash equivalents, and short-term investments, with approximately **29%** held in foreign subsidiaries[151](index=151&type=chunk) - Net cash from operations increased to **$498.6 million** for the nine months ended Sep 30, 2021, up from **$290.6 million** in the prior year period, due to higher sales, increased dividends, and lower interest payments[154](index=154&type=chunk) - In Q1 2021, the company repurchased **89,506 shares** for **$50.0 million**. As of September 30, 2021, **$223.1 million** remained available under the Share Repurchase Program[158](index=158&type=chunk)[249](index=249&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that there have been no material changes from the disclosures about market risk provided in its Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes in market risk disclosures were reported for the nine months ended September 30, 2021[163](index=163&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the period. No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2021[165](index=165&type=chunk) - No material changes to internal control over financial reporting were identified during the third quarter of 2021[166](index=166&type=chunk) Part II – Other Information [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to various claims, legal actions, and complaints that arise in the ordinary course of business. Management does not believe that the ultimate liability from these matters will have a material adverse effect on its financial position or liquidity - The company is involved in various legal proceedings arising in the ordinary course of business but does not expect them to have a material adverse effect[96](index=96&type=chunk)[167](index=167&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company identifies several key risks, including the ongoing impact of the COVID-19 pandemic on demand and supply chains, challenges of international operations, and intense competition. Other significant risks include potential breaches of information systems, foreign currency fluctuations, and the material impact of changes in the market value of its Sartorius AG investment. The company also highlights risks related to government regulation, healthcare industry changes, and the controlling ownership by the Schwartz family - The COVID-19 pandemic continues to pose risks, including fluctuating product demand, supply chain challenges for raw materials and components, and transportation issues[170](index=170&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk) - Significant international operations (**61%** of net sales) expose the company to complex foreign laws, currency fluctuations, and geopolitical risks like Brexit[176](index=176&type=chunk)[177](index=177&type=chunk)[190](index=190&type=chunk) - Changes in the market value of the company's investment in Sartorius AG materially impact financial results and could potentially cause the company to be deemed an 'investment company' under the Investment Company Act, limiting access to capital markets[192](index=192&type=chunk)[193](index=193&type=chunk) - The company faces risks from cybersecurity threats, potential disruptions from its ongoing global ERP system implementation, and product quality or liability issues[184](index=184&type=chunk)[199](index=199&type=chunk)[219](index=219&type=chunk) - The Schwartz family holds a significant majority of voting stock, enabling them to elect a majority of directors and control matters affecting the company, which could lead to conflicts of interest[243](index=243&type=chunk)[244](index=244&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the third quarter of 2021. As of September 30, 2021, **$223.1 million** remained available for future repurchases under its authorized Share Repurchase Program Share Repurchase Activity (Q3 2021) | Period | Total Shares Purchased | Average Price Paid | Value Remaining in Program | | :--- | :--- | :--- | :--- | | Jul 2021 | 0 | $0.00 | $223.1 million | | Aug 2021 | 0 | $0.00 | $223.1 million | | Sep 2021 | 0 | $0.00 | $223.1 million | - As of September 30, 2021, **$223.1 million** remained under the authorized Share Repurchase Program[249](index=249&type=chunk)

Financial Data and Key Metrics Changes - Net sales for Q2 2021 were $715.9 million, a 33.4% increase from $536.9 million in Q2 2020, with a currency-neutral growth of 27.5% [12] - Reported gross margin for Q2 2021 was 56.1%, up from 54.6% in Q2 2020, reflecting productivity and efficiency initiatives [21] - Reported net income for Q2 was $914.1 million, with diluted earnings per share at $30.32, a decrease attributed to changes in valuation of Sartorius Holding [26] Business Line Data and Key Metrics Changes - Life Science Group sales in Q2 2021 were $334.2 million, a 32.6% increase from $252.1 million in Q2 2020, driven by growth in western blotting, Droplet Digital PCR, and qPCR products [14] - Clinical Diagnostics Group sales in Q2 were $380.2 million, a 34.3% increase from $283.2 million in Q2 2020, with double-digit growth across all product lines [18] Market Data and Key Metrics Changes - The Life Science segment saw currency-neutral year-over-year sales growth across all regions, with strong demand in biopharma and wastewater solutions [15][16] - The Diagnostics Group also experienced currency-neutral year-over-year sales growth across all regions, with recovery in routine testing and elective surgeries [19] Company Strategy and Development Direction - The company is focusing on adapting to the pandemic's impact while maintaining employee safety and operational efficiency [9][10] - A partnership with Celgene for multiplex molecular diagnostics is expected to enhance the Diagnostics Group's offerings [20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued improvement in end markets despite challenges posed by the COVID-19 Delta variant [11] - The company updated its guidance for non-GAAP, currency-neutral revenue growth to be between 10% and 10.5% for 2021, up from previous guidance [34] Other Important Information - A legal settlement with 10x Genomics could yield future royalty payments estimated between $110 million and $140 million through 2030 [17] - Total cash and short-term investments at the end of Q2 were $1.167 billion, an increase from $1.025 billion at the end of Q1 2021 [31] Q&A Session Summary Question: Can you discuss the levers affecting margins? - Management noted that gross margin benefits are primarily from efficiency initiatives, with some headwinds from foreign exchange [39][40] Question: What areas of the business are seeing the most upside? - The core business is recovering across academic, institutional, and industrial sectors, with strong growth expected in both segments [49][50] Question: What is the outlook for COVID-related revenue? - Management expects COVID-related sales to decrease to $40 million to $50 million in the second half of 2021, with wastewater solutions potentially providing more durable revenue [64] Question: What are the demand drivers in Life Sciences? - Strong funding in translational medicine and infectious disease is driving growth, with a broad product portfolio meeting customer needs [58] Question: Any updates on capital allocation and M&A? - The company continues to evaluate various tuck-in and transformational acquisition opportunities [46]