Ladies and gentlemen, thank you for standing by. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to Bio-Rad's second quarter 2026 results conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. I would now like to turn the conference over to Ruben Argueta, Bio-Rad's Head of Investor Relations. You may begin. Thank you, operator. Good afternoon, everyone, and thank you for joining us. Today, we will review the financial results for the second quarter ended June 30th, 2026, and provide an update on key business trends for Bio-Rad. With me on the call today are Norman Schwartz, our Chief Executive Officer; Jon DiVincenzo, President and Chief Operating Officer; and Roop Lakkaraju, Executive Vice President and Chief Financial Officer. Before we begin our review, I would 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. 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 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 Bio-Rad'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 will now turn the call over to our Chief Operating Officer, Jon DiVincenzo. Thanks, Ruben. Good afternoon, everyone, and thank you for joining us. Total company revenue in the second quarter was approximately $651 million, essentially flat as reported and down 1.9% on a currency-neutral basis compared with the prior year. Sequentially, revenue was up 10%, reflecting improved performance as our teams overcame challenging end market dynamics in the first quarter. Clinical diagnostics returned to modest currency-neutral growth, led by quality controls in our blood typing portfolio. In life science, results continue to be affected by softness in the academic research market. Excluding process chromatography, life science revenue was approximately flat on a currency-neutral basis, representing an improvement in the segment's underlying trend. Digital PCR was a particular area of strength, growing 6% in the quarter. In the academic and government market, demand remains below historical levels, particularly in Americas. NIH funding outlays have begun to increase year-over-year, but purchasing activity typically lags funding. The recent indicators are encouraging, but we need to see a more sustained pattern before concluding that the market has entered a durable recovery. In biopharma, we are seeing early signs of stabilization, consistent with broader industry commentary. Improvement is most evident among later-stage and commercial-scale biotech customers, where early-stage biotech companies remain more cautious as funding conditions have not yet fully normalized. Taken together, these indicators suggest the market is beginning a gradual recovery. Process chromatography, which represents less than 5% of Bio-Rad's total annual revenues, was sequentially up and declined year-over-year as expected. As a reminder, our current niche position in the polishing step of bioprocessing contributes to revenue concentration from a select number of commercial therapeutics and vaccines. For the remainder of the year, we expect the second half to mirror the first half. Turning to our regional performance, Americas remained soft, primarily due to continued pressure in the academic market. We saw improvement as we ended the quarter, and our teams are now cautiously optimistic as we enter the second half of the year. Asia Pacific, excluding China, grew 6% on a currency-neutral basis, with growth across most major product areas. China, which represents approximately 6% of Bio-Rad's total revenue, declined in the high teens, reflecting the timing of quality control orders and softer demand for life science instruments. For the remainder of the year, continued life science softness, coupled with order timing in clinical diagnostics, are expected to create an approximate $4 million headwind. That impact is already incorporated into our full -year guidance. We continue to adapt our business model to the changing market environment. Our in-China, for-China manufacturing capability is operational, and we are now participating in a broader range of tenders. Over time, these actions should improve our competitive profile in the China market. For EMEA, return to growth, with Middle East revenue increasing 7% year-over-year. Channel partners began replenishing approximately $3 million in inventory during the quarter, although underlying customer demand has not yet stabilized. The continuing conflict in the region has driven higher fuel and transportation costs globally. We want to recognize our teams for navigating these challenges while continuing to support our customers and channel partners. Volatility in the region is expected to continue during the second half, which is reflected in our guidance. Moving beyond the Middle East, our digital PCR franchise continues to be an important strategic differentiator for Bio-Rad. Currency-neutral dPCR revenue increased 6% year-over-year, with instrument revenue growing more than 20%. The QX700 continues to generate competitive wins and conversions from qPCR, supported by Bio-Rad's broad assay menu, industry-leading install base, and expanding body of scientific publications. Digital PCR consumables revenue was down slightly year-over-year, but increased sequentially. Consumables pull-through has not yet reached the level we ultimately expect. However, the strength in instrument sales is an encouraging indicator of customer demand and establishes a larger foundation for future recurring consumables revenue. We've also reached the first anniversary of our acquisition of Stilla Technologies. The expanded portfolio has accelerated revenue growth, and it's delivering margin performance ahead of our original expectations. The progress reinforces our approach to disciplined, focused M&A, acquiring differentiated commercial products that strengthen our portfolio, complement our existing capabilities, and create durable value. Turning to our operational priorities, since 2024, we have been working to make Bio-Rad a faster, more agile, and efficient enterprise. Earlier this week, we announced the next phase of that work, including changes to our organizational structure, workforce, and physical footprint. These actions are designed to reallocate resources toward the capabilities most important to our future. Cost savings are one outcome, but this is not simply a cost reduction program. We are reshaping the organization, strengthening critical capabilities, simplifying how work gets done, and directing more of our resources toward innovation, customer needs, and sustainable growth. Artificial intelligence is an important enabler of our transformation. Employees are using AI to accelerate analysis and decision-making, and we are seeing tangible results. For example, agentic AI enabled our product development teams to complete 12 months of software development in just six weeks. In another instance, our teams developed new cloud-based functionality in approximately one month, avoiding thousands of hours of conventional engineering work. In closing, the second quarter demonstrated meaningful sequential progress. Clinical diagnostics returned to growth, underlying life science trends improved, and digital PCR delivered strong instrument performance. At the same time, we recognize that several end markets continue to evolve and that we must continue to improve how Bio-Rad operates. The organizational actions announced this week are the next step in an ongoing process to build a faster, leaner, and more competitive company with resources and capabilities closely aligned to innovation, customer needs, and growth. With that, I will turn the call over to Roop. Thank you, Jon, and good afternoon. I'd like to start with a review of the second quarter 2026 results, then move to guidance. Overall, net sales for the second quarter of 2026 were approximately $651 million on a reported basis versus $652 million in Q2 of 2025. On a currency-neutral basis, this represents a 1.9% year-over-year decrease and was driven by lower sales in the life science segment. Life science sales in the second quarter of 2026 were $252 million, a decrease of 4.1% compared to Q2 of 2025 on a reported basis, and a 5.1% decrease on a currency-neutral basis. This was primarily driven by ongoing challenges in the academic research market and a tough process chromatography year-over-year comparison. Currency-neutral sales decreased in Americas and Asia Pacific, partially offset by increased sales in EMEA. Clinical diagnostics sales in the second quarter of 2026 were approximately $399 million compared to $389 million in Q2 of 2025, an increase of 2.6% on a reported basis and 0.3% on a currency-neutral basis. Regionally, growth in Americas was offset by revenue declines in the broader Asia Pacific region. Ex-China, the Asia Pacific region grew 6%, and EMEA was roughly flat as the Middle East region rebounded 7% growth. Turning to gross margin, consolidated gross margin was 53.1% for the second quarter of 2026, compared to 53% in Q2 2025. On a Non-GAAP basis, second quarter gross margin was 53.9% versus 53.7% in the year -ago period. Non-GAAP gross margin improved sequentially from 53.1% in the first quarter due to favorable manufacturing absorption and partially offset by an unfavorable product mix and elevated logistics costs. SG&A expense for the second quarter of 2026 was $212 million, or 32.6% of sales, compared to $208 million, or 31.9%, in Q2 of 2025. Second quarter Non-GAAP SG&A expense was $209 million versus $201 million in the year -ago period. The increase in SG&A expense is primarily due to higher employee-related costs. Research and development expense on a GAAP and Non-GAAP basis in the second quarter of 2026 was $61 million, or 9.4% of sales, compared to $61 million, or 9.3% of sales, in Q2 of 2025. Q2 operating income was approximately $73 million, compared to approximately $77 million in Q2 of 2025. On a Non-GAAP basis, second quarter operating margin was 12.5% compared to 13.6% in Q2 of 2025. This represents a sequential improvement from 6.6% in the first quarter of 2026. Second quarter 2026 Non-GAAP net income, which excludes the impact of the change in equity value of the Sartorius shares of $70 million, or $2.62 diluted earnings per share versus $71 million or $2.61 diluted earnings per share for Q2 2025. For full details on the balance sheet, cash flow, tax, and Sartorius valuation, please refer to our earnings presentation, press release, and 10-Q filed today, all available on our investor relations website. During the second quarter of 2026, we repurchased approximately 110,000 shares for our buyback program at a total cost of approximately $32 million at an average price of $281.57. Moving on to our Non-GAAP guidance for 2026. While we made progress in the second quarter on both revenue and margin, we are taking a measured view of the back half of 2026, given a few items that we are watching closely. First, we are encouraged by early signs of improvement in the academic and government end markets. We want to see a more sustained pattern before treating it as a recovery. Second, we continue to actively manage the China dynamics discussed, which represent an estimated $4 million headwind for the remainder of the year. Third, our opportunity funnel remains healthy, though a tougher process chromatography comparison from the prior year will be a modest drag on third quarter growth. Fourth, in the Middle East, one of our previous higher growth markets, our local teams are actively working to keep product flowing to the region. Collectively, these actions add some near-term variability to both revenue and margin. Based on these considerations, we reaffirm the full-year Non-GAAP guidance framework. We continue to expect full-year currency-neutral revenue growth to be between -3% and +0.5%. We expect the life science segment's currency-neutral growth to be between -3% and -1%, and the clinical diagnostic segment's currency-neutral revenue growth to be between -3% and +1%. Sequentially, we expect third quarter revenue to be flat to Q2, which is our typical pattern. We model a sequential mid-single-digit revenue percentage ramp from Q3 to Q4, reflecting continued growth in life science from ddPCR, as well as improvement in clinical diagnostic from quality controls and blood typing products. We continue to expect full-year Non-GAAP gross margin to be between 53% and 54%. The following dynamics influence our outlook. The Americas' academic end market continues its gradual recovery. China life science continues to be soft, and the Middle East continues to see intermittent volatility, which is globally impacting our freight and logistics. Our product mix has skewed more towards instrument revenue, which carries a lower margin profile than consumables. We have factored all of these variables into our gross margin guidance. In OpEx, we expect a modest sequential step-up in SG&A and R&D in Q3 to support investments in product innovation. Now I'd like to provide further color on the actions that Jon mentioned. The restructure within the functional OpEx areas involves headcount reductions, facility rationalization, and adding critical skills in support of growth and innovation. This announced restructuring is already underway and expected to be substantially completed by the end of 2027. On an annualized basis, we expect to achieve $30 million-$35 million of net cost savings after reinvestment, with most of this realized by the end of 2027. Due to the timing of the actions, we expect minimal savings in 2026, and in 2027, we estimate approximately 40-50 bps of operating margin expansion. We continue to evaluate opportunities to optimize our operating model and expect to share more in the future. We expect full-year Non-GAAP operating margin to be between 10% and 12%. We are reaffirming our 2026 full-year free cash flow estimate to be in the range of approximately $290 million-$340 million. Finally, we will continue to be opportunistic with our share repurchases, and as of June 30th, we have approximately $206 million available for additional buybacks under the current board-authorized program. I'll now turn the call over to Norman. Thank you, Roop. Jon and Roop have covered the quarter's mechanics well, so I wanted to spend some time on the key areas of focus for us. First, I wanted to talk about how our team is approaching the evolution of our business. We have organized around two distinct actions: improving execution and sharpening capital allocation. And I would emphasize the word organized. There's not been one action. It's been a series of deliberate steps building on each other over the past two years. In 2024, we began our review of the broader portfolio and strategy. In 2025, we took action to rationalize parts of our portfolio, pivoting towards higher return areas like digital PCR, and we've completed a restructuring program, which is reflected in our current cost structure. Our reprioritization has been paired with a deliberate push to improve product vitality, which has been foundational. What we're focused on this year is a performance culture, which includes clearer accountability, tighter operating rigor, better forecasting discipline. All of this is intended to accelerate revenue growth and improve profitability. On capital allocation, again, discipline has shaped how we're deploying capital. Our acquisition of Droplet Digital PCR company, Stilla Technologies, is a good example of the kind of transaction we want to keep doing. Focused, growth, and margin-accretive business that strengthens our portfolio. Also on capital allocation, just to reinforce the point on Sartorius. Consistent with previous quarters, our view has not changed. We see it as a valuable asset that provides us with optionality, and it is monetizable at the right time and price. Jon and Roop spoke earlier about the restructuring program we announced this week. I do see this as a necessary part of our evolution as markets continue to move faster and demand more agility. The program is about shaping our workforce around the skills that we need to continue to be competitive in the longer term. We do believe the capabilities we're building will underpin our path to robust growth and profitability. I do want to emphasize that this is not the end of our work. Bio-Rad's evolution is, of course, ongoing, and we'll keep acting deliberately and with urgency on the opportunities to see, to strengthen the business, and to create durable value for all stakeholders. Finally, before we take questions, let me just briefly address our engagement with Elliott Management. We have been in active, I would say constructive dialogue, helping them to understand the journey that we are on. We believe that we are broadly aligned on the objectives, including improving execution, sharpening capital allocation, and closing the gap between Bio-Rad's value and its share price. We do look forward to continuing those conversations. Maybe with that, operator, I think we'll now open up the line for questions. Thank you, sir. At this time, I would like to remind everyone in order to ask a question, press star, then the number 1 on your telephone keypad. Your first question comes from Jack Meehan, Operon Research. Thank you. Good afternoon, guys. Good afternoon, Jack. Had a few questions around the quarter. Then wanted to ask about the engagement at the end. The first is the digital PCR instrument growth over 20% in the quarter. Was there anything one time, or stock—stocking might not be the right word, but like anything one time-ish that helped the results? Was this a comp dynamic or something else going on in terms of market growth that you would flag? Hey, Jack. Jon DiVincenzo here. It really is broad-based. We're very proud that right out of the gate, when we closed the acquisition at the end of June last year, we were well prepared to make the transition from our legacy portfolio to include these new systems from Stilla. We worked very quickly to move and qualify our catalog of assays onto that platform. In fact, we accomplished it ahead of time. It was very motivational for our commercial team to have this broader portfolio and to go out and take some share from qPCR, have some competitive wins. We saw wins across the board in all the geographies we operate in. A lot of our business is in the academic market, which is not the strongest, but we still grew significantly in both academic and biopharma segments. Great. On the engagement with Elliott, appreciate the color on that. One question we get a lot, and I feel like where some of the uncertainty around the value of the Sartorius stake is, if this is truly monetizable, how you treat the tax effect, if any, related to that? I was wondering if there was anything you could comment that if there were a monetizable event related to that, like what structures you might have considered and what structures you could put in place to minimize any tax leakage related to that? Hey, Jack, it's Roop. I'll try and give some thought to that. In terms of the possible tax efficiency of monetizing, it's going to depend upon the particular situation as to what creates the monetizable event, if you will. That's one thing to keep in mind. The second thing to keep in mind is that, again, a case by case. The second aspect is from a P&L standpoint; we do accrue the tax effect of the Sartorius shares today on our balance sheet. There's a deferred tax liability there. Obviously, that's a P&L effect, that cash flow- We still leave the company to pay for those taxes, but at least the P&L is taken into account. Okay. The last one, and I'll go back in the queue, is, one thing that didn't come up was related to just succession planning as it pertains to CEO Norman, I didn't know if there was anything more you could add in terms of what's in place in terms of formalized CEO succession plan and timeline related to that, and who's on the list in terms of internal versus external candidates? Yeah. This is obviously kind of a standing responsibility of the board at the end of the day, which is reviewed on an annual basis as part of its kind of regular kind of governance process. I think, when the time comes, I would expect the board will run a process, evaluating both internal and external candidates, with the idea of, obviously, mid-cap public company experience and the relevant qualifications to really continue to drive the company. I think it'll be grounded in all of that. Sounds good. Thank you, Norman. Your next question comes from Tycho Peterson, Jefferies. Okay, thanks. I think I'll start with the restructuring. You said restructuring adds 40, 50 basis points next year. I just want to make sure that's incremental and additive on top of underlying margin expansion. There was some confusion about that based on my inbounds. Can you just talk about the pacing of these actions as we think about just building from the 10%-12% from this year and any more kind of granularity you can provide on, is this more SG&A-focused, R&D? Just give us a little bit of a sense of where you think you might get the leverage. Hey, Tycho, it's Roop. It is incremental from a margin expansion standpoint. That's number one. The predominance of the actions, which are phased over time, and that's why we won't see the full realized savings, till the end of 2027, is primarily in the OpEx areas. There is some facility aspects to it that also contribute to it, which also take time between now and throughout 2027. Okay. How are you thinking about, I guess, input costs in the meantime? You've mentioned shipping materials costs. That was in kind of the context of the Middle East comments, I think. Just how are you thinking about input costs here? Yeah, I think, obviously, we're in the middle of 2026 still, right? We've still got a planning process to go through in 2027. As we think about it, we understand the need to drive margin expansion over time, and especially towards kind of that mid-teens number that we've spoken about recently. With that said, beyond these actions, things like the freight costs, logistics costs are current headwinds. We are taking actions to try and mitigate some of that, which we'll continue to do. That could be an opportunity for us to help support margin expansion. The other aspect is continued operational execution, both from an absorption standpoint, but also from a procurement leverage standpoint over time that we'd be able to drive. As we continue to evaluate other efficiencies that we can drive, Jon spoke about AI and how that's enabling things. We think that there's opportunities potentially there as well. The incremental actions from the restructuring are intended to be additive, but we're still thinking through additional ways to drive margin expansion beyond this restructuring action. Tycho, it's Jon. Maybe just to add a little bit. We're looking across the board in the P&L for cost reduction. Above the gross margin line, we're actively pursuing some product cost reductions. Also, the new products coming online between now and the end of 2027 will be of a higher margin overall. We're driving in kind of improved cost structure in the product portfolio, as well as managing the mix. Where we can, as Roop said, looking for ways to leverage our existing OpEx and grow the top line. That's helpful. Maybe pivoting to end markets. China, I'm curious, down mid-teens. Obviously, it's been a tough market. That's known. Did something get worse here in the quarter, and how are you thinking about it for the remainder of the year? Not from a reimbursement standpoint, from a diagnostic standpoint. It was just, I think, softness that we saw within the life science portfolio. We did start manufacturing product locally there, as we said. That helps us participate in some tenders that are mandating a certain percentage of the products are built in China. We'll expand that over time. For us, it was more pressure in the academic market, for life science instruments with softness, and overall kind of status quo feel for diagnostics. Tycho, maybe just one additional thing to add to Jon's. It's order timing of things like quality controls and some of our other products there on the diagnostic side. There's a little bit of order timing there that we think comes through later in the year. Okay. Last one, just the inventory restock, you said $3 million. I guess, is that drag completely over, or how do you think about incremental catch -up on any restock in there? Yeah, we don't necessarily see it catching up through the year. We actually see the Middle East being somewhat consistent with Q2 levels. Obviously, there was that immediate restock that we expected to see from a safety stock replenishment standpoint, and that played out as we thought. The rest of the year in the Middle East, and all of that is specific to the Middle East in terms of that restock, is relatively consistent quarter between Q2, Q3, and Q4. Okay. Thank you. Thanks. Thanks, Tycho. Your next question comes from Dan Leonard, RBC Capital Markets. Thank you very much. I wanted to follow up on the organizational actions first, both on magnitude as well as timing. I think you said $30 million-$35 million in savings with a $90 million one-time cost number associated with that. It's about a three-year payback. Is that a conservative estimate, or do you think that's the right number? Those are the numbers, Dan. That's right from a cost standpoint and what we project right now. One thing I want to reinforce here, that's a net cost savings. One of the things that we've commented on within the script is we are adding back certain capabilities that we feel are necessary to drive further innovation and growth on a longer -term basis. Yes, there's a restructuring action. However, there's incremental investments that we're making as part of this, which nets the savings down to that sort of $30 million-$35 million on an annualized basis. Got it. Understood. From a timing perspective, the 18 months to accomplish the restructuring, is that linear? What are the pushes and pulls on that timeline? Yeah, there's various things, right? Some of this is facilities -related, and therefore it takes some incremental efforts around the facilities. That's the most significant driver in terms of it being over time, if you will. As we manage those facilities exit, that could move a little bit ahead or a little bit further behind. We anticipate getting it all done by the end of 2027 at the latest. Okay. Thank you. My final clarification, as you mentioned, you're lapping now the acquisition of Stilla. Presumably that means the comps get tougher in digital PCR. How are you thinking about the durable growth rate then in that category as you lap against the instrument placements from prior years? Yeah, I guess there's a couple of different things. We actually still feel very confident on the long-term growth prospects of ddPCR. If you think about it, yes, the comps become a little bit tougher, especially considering the success of the recent quarters. We think that there's more opportunity in the marketplace from an instrument placement standpoint. The other aspect of it, if you will, is, as we've indicated, the consumable pull-through takes six to 12 months, and it's kind of still a soft academic market. We would anticipate consumable pull-through to start adding or being additive to our overall ddPCR growth rate. With all that said, we still see anear- term, mid-single-digit kind of growth rate from a ddPCR standpoint. Over time, we think success really looks like if we can take that to a high-single-digit kind of range, if you will. Yeah, Dan, one way I like to think about it, that acquisition accelerated some of our product development efforts. First of all, the products that we acquired and put on the marketplace were similar to things that we had a couple of years out. We've pulled forward some things. The growth would be driven by the current portfolio we have and some strength there in taking share by expanding the marketplace and competitive wins, but also products that we have in our pipeline to come in the next few years. We're very, very confident that that product line will be a leader for us. Okay. Thank you very much. Thanks, Dan. Your next question is from Daniel Gross, LightShed. Daniel, your line is open. Hi, this is Albert Hu on for Daniel. Thanks for taking the question. If I'm not mistaken, I didn't catch this in the prepared remarks, but have you guys quantified the process chrome decline for the quarter? Can you just share some confidence about getting to, let's say, low single-digit grower again in 2027 and maybe mid-to-high single-digit growth in the long term? Can you speak to the visibility, the actions you're taking, and the confidence to get there, please? Thank you. Hey, Albert. Maybe I'll start. In terms of visibility, we've got good visibility with our end customers and seeing what their forecasts look like. Our commercial teams work actively with them, as do our business group teams. In terms of, you're right, the year-over-year comp is a little bit tough, because as if you remember in Q2 and Q3 of last year, process chromatography was very strong, above usual run rates that we've seen on a quarterly basis as customers moved orders around between the year and later in the year into earlier quarter like Q2 and then Q3 as well. We're going to see that difficult comp again in Q3. With all that said, we do think that because of the strength of our customers in the clinical phases, and obviously over time, those need to translate to commercial success. Between the success we have with the customers we have in commercial phase, and those that we see advancing through the clinical phases, it gives us confidence in looking at a low-to-mid single-digit near-term growth rate from a process chromatography standpoint, then ultimately trying to drive towards high single-digits, which is more similar to the markets. With all that said, we are in this niche area of polishing phase, if you will. We don't support the broader bioprocessing market. I think, as we've always said, we will see lumpiness on a quarter-to-quarter basis as a result of where we play and our customer concentration. Got it. Okay, thank you. Maybe moving to China; obviously, we've seen some ever-changing dynamics here, especially on the diagnostic landscape. What can we expect going forward here? What should we be watching besides Bio's diabetes asset? Just because it seems like it's an ever-changing dynamic, things can come up. How is Bio thinking about it at the moment? Appreciate that. Albert, this is Jon DiVincenzo. Thanks for joining today. Obviously, for several years now, the China government has been trying to bring healthcare to more and more of its population, at the same time, control the costs. They've taken a number of actions there. I think that majority of the actions they've taken, we've absorbed. We had one or two areas that affected us. Most did not. Moving forward, we expect that they're going to continue to try to control the costs and bring the healthcare to more and more of their population. I think that's the reality of it. We think there's probably one more, maybe change in reimbursement, but we're monitoring now some of the developments there with our China team. Got it. Okay, thank you. Last one from me, just on the ddPCR growth, I think you previously mentioned earlier in the call that maybe it's still a mid-single digit grower this year in the near term, but eventually that can get into high single digits. Is that strictly through pull-through, or how are you guys thinking about getting from mid-single to high single after having very strong instrument placements in the recent quarters? Thank you. Yeah. First of all, it is about instrument placements; it's about the pull-through on reagents. Just the expanding use of the technology in general and the value that it's bringing to science, I think that's probably going to continue to be a pretty good driver for us. As people also pivot from qPCR to ddPCR with applications, kind of another avenue for us. Those are probably the principal ones. You can also think about, as you move ahead with the technology, diagnostic application. A number of directions to go in. Perfect. Thank you. Thanks, Albert. If you would like to ask a question, please press star, then the number one on your telephone keypad. We'll now take a follow-up from Jack Meehan, Operon Research. Thanks, guys. Wanted to ask about one of the topics du jour this earnings season, which is tariff dynamics. Just wondering if you were anticipating any meaningful refunds or payments back to customers. Yeah. Hey, Jack. This is Roop. From a tariff standpoint, we've obviously applied for refunds. Obviously, there's this appeals process that's ongoing from a government standpoint. I think as that gets settled out, we will then have some conclusion on it from a tariff standpoint and hope to be able to see some tariffs running through the P&L at that time. Yeah. Jack, we did not charge a surcharge, so there's nothing going back to our customers at this point in time. Got it. Okay. Back on ddPCR, one of your flagship diagnostic partners, Geneoscopy, got Medicare final coverage in the quarter. I was wondering if there was anything you could share about whether there could be any step up in contribution to sales from them this year or next year, how you're thinking about that as an opportunity for the ddPCR business. We're excited about the partnership and the application of the technology. They have a strong partnership with Labcorp as well. We haven't modeled anything to our plans yet. We're kind of waiting for final confirmation from them as we end 2026 and then plan for 2027. So far, we've let the development happen between Geneoscopy and the marketplace. We're bullish overall. We just haven't put anything to our plan yet. Okay. Last, phasing question, maybe for Roop. In life sciences, you did call it down 4.5 constant currency in the first half of the year. To get to down 1-3 for the year, it calls for kind of a nice improvement in the second half. Can you talk about what is stepping up from a business perspective from phasing? It's broad-based, actually, in terms of what steps up as we go through the rest of the year, Jack. We see digital PCR, ddPCR specifically, and some of the applied markets associated with ddPCR as growth contributors, but really it is broad-based across life science. It includes partnerships that we have that their business is going strongly in some applied markets as well as diagnostic applications for some of our gene expression portfolio. Maybe in the fourth quarter, a little easier comp with process chromatography. Got it. Thank you, guys. Thanks, Jack. At this time, there are no further questions. I'd like to hand the conference back to Mr. Ruben Argueta for any additional or closing remarks. Thank you for joining us today. Looking ahead, we'll be attending two investor events in September, the Wells Fargo Healthcare Conference and Bernstein Healthcare Forum. We appreciate your interest in Bio-Rad and hope to connect with many of you there. Ladies and gentlemen, that does conclude today's call. Thank you for joining, and you may now disconnect your lines. Goodbye.