Financial Data and Key Metrics Changes - The company reported second quarter revenue of $182 million, reflecting a 15% increase year-over-year, with an 11% organic growth excluding acquisitions and currency effects, and a 17% organic non-COVID growth [25][26][29] - Adjusted net income was $21 million, a decline of $1 million year-over-year, impacted by lower interest income and higher tax provisions [31] - Adjusted fully diluted earnings per share for the second quarter were $0.37, down 6% from $0.40 in the same period in 2024 [32] Business Line Data and Key Metrics Changes - Chromatography revenue grew over 40%, driven by large-scale column demand from Pharma and Europe [21] - Filtration revenue grew mid-teens, with strong orders and a record quarter for ATF order intake [20] - Capital Equipment revenue returned to growth in the high teens, with orders growing over 20% [10][11] Market Data and Key Metrics Changes - BioPharma revenues grew 20% year-over-year, with strong performance from large pharma accounts [9][10] - Orders from China rebounded significantly, growing over 40% year-over-year, indicating a potential recovery in the region [26][60] - Emerging Biotechs saw revenue growth in the high teens, although orders remained muted [10][62] Company Strategy and Development Direction - The company aims to be a global innovation leader in bioprocessing, focusing on differentiated data-driven solutions across therapeutic modalities [14][15] - Strategic investments are being made in manufacturing labor to meet customer demand and preserve lead times [7] - The company plans to double its size in the medium term with modest M&A assumptions, while maintaining profitability and driving gross margin expansion [16][37] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about the momentum in business, highlighting strong order trends and broad-based demand across the portfolio [6][9] - The company is focused on delivering on its strategy despite macroeconomic challenges, emphasizing customer-centricity and innovation [8][15] - Future growth opportunities are seen in Asia, new modalities like ADCs and cell therapy, and trends like digitization [15][16] Other Important Information - The company published its 2024 corporate sustainability report, highlighting a 25% reduction in waste generation [19] - The company has taken price actions to offset inflation, resulting in a slight benefit to 2025 revenue [18] Q&A Session Summary Question: Can you elaborate on the growth seen on the clinical trial side versus commercial campaigns? - Management noted very little pull forward in orders, except possibly a couple of million in China due to tariff uncertainties [45][46] Question: What is the exposure to gene therapy platforms? - Management indicated minimal incremental revenue expected from the gene therapy platform for the remainder of 2025, representing a 1% headwind versus prior guidance [50][51] Question: Can you discuss the strength in capital equipment and the situation in China? - Management expressed optimism about capital equipment performance and noted a significant rebound in orders from China, attributing it to new leadership and innovation [58][60] Question: What is the outlook for new modalities? - Management expects muted demand in the second half for new modalities but remains confident in overall portfolio strength compensating for this headwind [70][71] Question: What is the expected market growth and the company's growth strategy? - Management estimates market growth at 8-12% and believes the company can outpace this by 5% through a diversified approach across multiple modalities and customers [74][76]