Bio-Rad Laboratories, Inc.Class A Bernstein Insights: Healthcare Leaders and Disruptors – 3rd Annual Healthcare Forum
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Let's do it. All right. Good morning, everyone. Thanks so much for being here. First fireside of the day, so you guys all get brownie points and as much coffee as you want for being here. For anyone that I haven't met yet, my name is Eve Burstein. I cover U.S. life science tools and diagnostics here at Bernstein. No relation. It's Bernstein. I promise. Not nepotism. It's my pleasure to have Bio-Rad's CFO, Roop Lakkaraju, with us here today. Roop, you joined Bio-Rad in April 2024 from Benchmark Electronics, where you served as Executive Vice President and CFO since 2018.
Roop, I know this is not your first conference this month.
Yes. Thank you for being here.
Of course. And we're going to skew a little bit more long-term, a little bit more- Great strategic.
Hopefully touch on some topics that you don't always get to cover in these conversations.
Fantastic. And I certainly have my list of things that I want to ask, but want to make sure that we cover things that are interesting to you guys as well.
The Slido account is open. If you have questions, please throw them on there and we'll make sure to ask them. All right. Let's jump in. This is a really interesting time for Bio-Rad.
There's a lot of change both outside of the company- in the end markets and life science tools in general, and then within the company as well.
You've got a lot of the management team that's Yep quite new over the last three years.
What does this new team bring to the table, and where are you focusing at this time?
First of all, Eve Burstein, thanks for having us here at the conference. We appreciate the opportunity to chat with you and all of you in the audience. We've got a relatively new executive team that's come on board within the last two to three years. Norman Schwartz, who's been CEO for a bit of a time really brought this new team on board, and when you look at the pedigree of this team that we have today, they come from what I would say, we are operators. We come from environments where we've seen what good looks like, and we understand the work it takes to evolve a company, if you will, especially in today's challenging markets.
You alluded to the end markets being challenging and these sort of things, and they definitely are, and that has an impact on our business, whether it's on the tools side or the diagnostics side. For us as a team, we really have been focused on understanding the business from the ground up. What is our portfolio? Where do we have a right to win? How do we do more where we have a right to win? Where we don't have a right to win, how do we need to evolve our portfolio and our technology? If we can't, then what do we need to do?
How do we look at M&A as a supplement to helping us get to market growth rates, which we've not consistently done from a historical standpoint, but also then expanding the margins for us and driving further free cash flow generation. All of these things are outputs, if you will, from a financial standpoint, but it really is dependent on what's your strategy, what markets are you going after, and what technology and unique differentiation do you have within the marketplace, because you have a right to win and therefore you can drive growth.
Makes sense. We're going to talk about your technology in a minute, but let's stay on sort of this corporate governance topic first. I'm sorry to have question number 2 actually be about another company that's not you, but Bio-Rad has a meaningful stake in Sartorius.
Yes. I'm not going to ask you about tax which is usually what comes up when you get that question.
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