Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2013 Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would like introduce our moderator for the call, Mr. Kenneth Apicerno, Vice President, Investor Relations. Mr. Apicerno, you may begin the call.

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our President and Chief Executive Officer; and Pete Wilver, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading Webcasts and Presentations until August 23, 2013. A copy of the press release of our 2013 second quarter earnings and future expectations is available on our website under the heading, Financial Results. So before we begin, let me briefly cover our Safe Harbor statement. Various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's quarterly report on Form 10-Q for the quarter ended March 30, 2013, under the caption, Risk Factors, which is on file with the Securities and Exchange Commission and available in the Investors section of our website under the heading, SEC Filings. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. Also, during this call, we'll be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available on the press release of our second quarter 2013 earnings and future expectations and also in the Investors section of our website under the heading, Financial Information. So with that, I'll now turn the call over to Marc.

Thanks, Ken. Good morning, everyone. Thank you for joining us today for our second quarter earnings call. I'm pleased to report that we delivered another solid quarter. Our growth initiatives are clearly creating value for our customers, and as always, we continue to carefully manage our costs. The result was good performance on the top and bottom line, and I'm proud of our teams for getting the job done. With a solid first half behind us, we're in a great position for the balance of the year. I'm confident that we'll continue our momentum to achieve the goals we've laid out for 2013. With that, let me move onto the highlights for the quarter, starting with the financials. Our revenue and adjusted EPS were both second quarter records. Revenues grew 4% and adjusted EPS increased 8%. Turning to operating income. Our adjusted operating income grew 6% and our adjusted operating margin expanded by 30 basis points. The environment is still challenging, and conditions remain similar to what we've seen during the past few quarters, but we've been very diligent as we always are about making sure that we're capitalizing on our growth initiatives and that we continue to fund them by controlling our costs. As you know, we use our PPI business system to make sure that we're delivering the best products and services to our customers as efficiently as possible. Our results clearly show that our formula is working. Let me take a moment now to put some color around our performance in the context of our key end markets. From a macro perspective, I would say that the dynamics are pretty consistent with what we've seen in prior quarters. Starting with academic and government, we grew here slightly in Q2. That said, our view on this end market…

Thanks, Marc. Good morning, everyone. I'll start with an overview of our financial performance for the total company, provide some color on each of our 3 segments, update you on our recent financing actions to fund the Life Technologies acquisition and then conclude with our guidance. As you saw in our press release, we delivered a solid quarter of top and bottom line results, resulting in an 8% increase in adjusted EPS to $1.32. GAAP EPS in Q2 was $0.76, up 21% from $0.63 in Q2 last year. Looking at the top line, Q2 total revenue increased 4% year-over-year and we delivered 2% organic growth. Q2 reported revenue includes 2% growth from acquisitions and a nominal negative impact from foreign exchange. Although the revenue impact of FX in the quarter was minimal, as a result of the mix of currencies, primarily weakening of the Japanese yen, the earnings impact was significant, resulting in about 50 basis points of adjusted operating margin dilution and $0.04 or 3% of adjusted EPS dilution year-over-year. Bookings were slightly less than revenue in the quarter, but bookings grew organically in all 3 segments. By geography, North America declined in the low single digits. Europe grew in the mid-single digits, and consistent with previous quarters, Asia-Pacific grew in the high single digits, with China once again delivering very strong growth of over 20%. Rest-of-world grew in the high single digits as well. Looking at our operational performance, Q2 adjusted operating income was up 6% and adjusted operating margin was 19.3%, up 30 basis points from the prior year. We continue to have very strong contribution from our productivity and cost actions, which was partially offset by foreign exchange as I mentioned previously. We initiated another $10 million of restructuring actions this quarter to help offset some…

[Operator Instructions] Our first question comes from Jon Groberg of Macquarie.

Marc, I just wanted to focus a little on the government and academic because it sounds like, if I heard you correctly, overall, you saw some growth in the quarter, and I think it was down in the first quarter. So I just wanted to get a little bit more insight geographically kind of how you saw things change, and maybe in the U.S., how much of a headwind that's being on the LP&S (sic) [LPS] business right now. And in China, maybe how much it's growing, given the industrial business is down.

Sure. So Jon, essentially, the end markets, the conditions are the same, the academic and government. The nuance in the quarter was we had our first full quarter of sequestration, right? So you had it slightly weaker in the U.S. That was offset by a little bit of strength in the markets outside the U.S. so we reported slight growth, but I wouldn't read much of a trend or change from what we saw in previous quarters. In terms of where you see the headwind most, as you mentioned correctly, lab products and services are going to have the largest exposure to the U.S. academic and government proportion so that's where the headwind would be the most significant.

And just to be clear, is that --- how much of a headwind is that right now to the life -- to the LPS business?

It's probably in the range of 1% to 2% for that segment.

Okay. And then just a quick follow-up on your comments on life, Marc, I'm guessing you're spending a lot of time getting to know the business quite a bit better, the products, end markets and customers. And I'm just curious, as you kind of you look through and think of the potential, the combined in proteomics and genomics, and what you both have in forensics and opportunities in bio production. I just -- I don't know, as dig into it, do you have any kind of further thoughts or some of your early discussions with customers about where you think there's some -- what's getting you even more excited, I think, was your comment on the call.

Yes. Since our last update, which was at the Analyst Meeting, we have -- our integration teams are really in the full action mode at this point. So I've had an opportunity to interact with several thousand of our soon-to-be new colleagues at life technologies through Town Halls, and at the same point, really get to know the integration teams and their progress. We're excited, I mean, obviously about what the potential is in the future and the feedback we get from our customers. Obviously, we're still 2 separate companies, but the feedback we're getting kind of inbound calls has been very, very, very positive. And I think there's great opportunities in the life science research area over time when you think about the workflows that have an intersection between proteomics and genomics. I actually thought that at the Analyst Meeting, the microbiologists that we had talked, give you a good example of how their work has both genomics and proteomics and literally side by side in dealing with the challenges of infection in the healthcare system so I thought that was a good example that our collaborator in the U.K. highlighted that particular venue.

Our next question is from Dan Brennan of Morgan Stanley.

Just wanted to get a little more clarity on the Pharma customer base for you. It certainly continues to perform quite well, maybe just 2 questions there. Number one, anything notable, Marc and Pete, on kind of spending patterns in the quarter? You can hear some rumblings already this quarter about maybe some capital budget restraints as we end -- kind of get towards the end of the quarter. I'm just wondering in your high single digit growth kind of, any further clarity you can provide on the pacing and/or the dynamics underneath that.

Pharma has been really strong for us. It's clear that we're continuing to gain share, which we have for a number of quarters. We've seen really good strength across the portfolio, obviously, highlighted by our clinical trials logistics business, where our value proposition is just -- is really is phenomenal in terms of the ability to have a very high quality offering that reduces our customers' costs, and we are benefiting from our BioProcess Production capabilities, which is coming from demand for vaccines and bio-therapeutics from around the world. In terms of the pattern for the quarter, no. In fact, the quarter ended fairly strong for us so we feel good about the pacing of the orders, and we thought that gave us confidence that when we thought about our guidance for the year that we have slightly raised the organic outlook on the low end as we post solid for 6 months behind us.

Great. And then maybe one more customer question, Marc and Pete, just in terms of industrial. I know you said things kind of trended as you expected in the quarter, but since that business is the one that you've incorporated the biggest headwind within your full year guidance, just interested to hear kind of anything notable kind of within pacing or geographic on industrial just -- if it's spot in line or are there any kind of opportunity maybe to see some improvement in industrial as -- while China is weak and the rest of the world looks like we're gaining some traction.

So Dan, in terms of industrial, in the industrial and applied markets, we were down low single digits, which was similar to last quarter. It was actually at the low-end of our expectations in terms of the end market. We have not seen the inflection point in the core industrials. So we continue to remain cautious on the outlook. And to give you a little bit more flavor or color, on the core industrial side, we had good strength in molecular spectroscopy, which is primarily a result of strong new products that we've launched over the last 18 months or so. But in certain parts of the industrial segments, driven primarily by commodity materials, pretty weak. Examples there would be portable instruments used for scrap metal sorting would be a weak end market right now. And then on the applied side, we continue to see pockets of strength, and that's helping offset some of the weakness in core industrial.

Our next question is from Tycho Peterson of JPMorgan. Tycho W. Peterson - JP Morgan Chase & Co, Research Division: You made a comment on the health care channel about a little bit of a slowdown there, and I guess, we -- going back to Q2 '09 when you had a bigger slowdown there, I'm just wondering if you can talk in your visibility. I don't think it's anything close to the de-stocking issues you had before, but can you talk about your visibility in the healthcare channel and maybe just elaborate on the comments you made?

Yes. So Tyco, for the quarter, in aggregate, the conditions were incredibly similar to Q1, right? So the performance was almost identical, but we did provide a little more color because as we look at the broad healthcare industry, there's clearly, in the U.S., some headwinds that aren't particularly significant, but there's a little bit of a headwind on utilization, and we saw that nicely offset by some strength in Europe, really, Europe is stabilizing for us and continued momentum in emerging markets. So we provided a little bit more color, but the results in terms of organic growth in that customer set was pretty much identical between Q1 and Q2. Tycho W. Peterson - JP Morgan Chase & Co, Research Division: Okay. And then on the new mass spec systems, can you help us just think about the sizing and the market opportunity for the Orbitrap, the new fusion and the 2 triple quads? And these things always take a couple of quarters to gain traction, but when do you think those start to actually have some impact on revenues?

So the triple quad market is one of the largest, if not, the largest market in mass spectrometry. We're one of 4 participants in that market that have been in that market forever, and we're the company now with the new systems, right? So we have 2 new systems launched, and that will allow for both the replacement cycle for our current customers and a share gain opportunity for taking share from other competitors. On the Orbitrap Tribrid product, the Fusion, we're very excited. Actually, the feedback from our collaborators have been incredibly positive, and it's a little early to call how big it will be, but I would say that when I thought about the enthusiasm I have for the Q Exactive a couple of years ago and said that was going to be a whole new category of instruments, that was clearly the case and I would say my early read on the feedback is that this could be very significant in 2014. We clearly -- we're already starting to ship the product so it's not as if it's all in the future, but I think this can be a really significant growth driver 6 months out from now with some nice momentum in the short term. Tycho W. Peterson - JP Morgan Chase & Co, Research Division: And last quick one on life, have you guys filed in China at this point for anti-trust? And then secondly, as we think about the integration, how easy are things like PPI to transfer over to their business and how easy is it with the life products in your catalog? Can you just talk about some of those metrics as well?

Yes, so the integration team, so I'd do that one first, then we'll go to regulatory. So from an integration team perspective, in terms of getting the right products on the right e-commerce platform and then the right training, the right commercial teams for that, that stuff is all being thought through, and that will get metered out over the first year or 2. If you look at how we phased our synergies, revenue synergies typically really start to roll in, in year 2 and 3. Cost synergies start on day 1. So there's a little bit of time, and obviously, we try to shorten that window as much as we can, but we feel very confident with our ability to not only successfully integrate the business, but drive good growth out of it. In terms of the regulatory process, we are continuing to go through that process. It's going according to our expectations. We're still anticipating exactly as we have before that we're going to close early in 2014 and we don't really comment on the specific filings and the nuances of where we are with those things, but it's going according to the plans we've laid out.

Our next question is from Ross Muken of ISI Group.

On Europe, we got some decent PMI data today. I know most of the weakness you've seen has been more so focused on the Specialty Diagnostics business for Phadia. I mean, as we think about sort of the general trajectory there in the region, if we do get sort of a modest recovery, or at least, a modest return to growth overall, what's the correlation between that and some of those businesses that have struggled and maybe have been more reimbursement or utilization related? And what are you sort of assuming for that in the back half of the year in terms of growth?

So when we looked at the quarter, our Specialty Diagnostics business, which has a significant exposure to Europe primarily because of our immuno diagnostics business, which as you mentioned, we definitely saw a stabilization there. So we -- and the question is, is it one quarter or is it the beginning of a trend? And that's hard to tell, but we're watching it closely and we were happy with the stabilization that we saw. Now in terms of what we're assuming in our outlook for the full year, we really haven't changed the geographic outlook particularly significantly. We thought about it more from an end market perspective as we look at the remainder of the year, Ross.

And maybe just on China, you guys have done a tremendous job there. There's been a lot of noise. I mean, you kind of talked about it. One of the prior questions in terms of some of the commodity-related businesses, industrial-related businesses being softer, but as you think about sort of the go-forward, I mean, today, there was a big piece about them continuing to do hospital reform. It seems like healthcare and the multinationals are investing. I mean, as you try to put all the pieces together of your performance versus sort of the perception of what's going on in that market, where do you feel like the biggest disconnect is to where you're kind of insulated from maybe some of the concerns that people have had?

So when you look at our business in China, we're using our scale to our advantage, right? We have manufacturing. We have an R&D center. We have multiple training centers. We have a business headquartered there. We're closing in quickly on 3,000 colleagues. We recruit from the best universities. We are clearly very well-positioned in the market, and that's helping us drive significant growth, having quite a number of quarters of 20%-plus growth and this being one of our stronger quarters that we've had. When I look at why, so that's sort of our strategy, but we're very well aligned with the societal needs and the 5-year plan, right, which is around environmental protection, food safety and expanding health care capabilities, particularly in the west. And while I mentioned in my prepared remarks, to get multiple hours with an entire government for 100 million people in a province to really talk about our capabilities and their challenges and what the opportunities are for alignment, gives you a sense of the importance, even though they brought up in the dialogue that, yes, the industrial economy in their own province is a little bit weaker, right, and that has an effect on their GDP growth, but nonetheless, they thought it's important enough to actually talk through what we could do and collaborate together to really meet their needs on their own priorities as well.

Our next question is from Derik De Bruin of Bank of America Merrill Lynch.

I just sort of want to follow-up on Tyco's question on Specialty Diagnostics. I mean you -- basically, over the last couple of quarters, you've seen organic revenue growth go from 6% in Q4, 4% last quarter, 2% this quarter. I'm just wondering how we should think about that business on a go-forward basis. And just given that, particularly, since the next couple of quarters, the comps actually get tougher on that from an organic basis. Can you just help us think about what's going on the overall dynamics of that business?

I think it's always most helpful to think about what the long-term trends are for that business as opposed to the next 2 quarters. And my view is in the long-term, given the portfolio and the societal needs for our products, that's a solid mid-single-digit growth business for us, and we feel good about that in the midterm outlook. In terms of the comparison, yes, you're right, we have tougher comparisons, and I would say that we're not expecting significant changes in the organic growth in the second half of the year in Specialty Diagnostics, nothing particularly meaningful.

Great, and then just one quick follow up on this. It's like so what do you see in terms of your plans for Specialty Diagnostics business once you have the Life Technologies capabilities there? I mean, what sort of -- I mean, how much do you intend to expand this business? What are sort of some of the augments you can do with the life portfolio?

Yes, so I think -- let me talk through it from a couple of perspectives. Let me step back one level, which is our priority post-close is to successfully integrate Life Technologies, maximize the value for our customers and deliver on the expectations for our shareholders. So when we think about our priorities, it's going to be around organic growth, and we do see really great capabilities of leveraging the infrastructure that we have in Specialty Diagnostics to continue the theme that we've had for many, many years, which is taking life sciences tools and moving them into clinical applications and I think that when you look at the portfolio of Life Technologies and you look at next-gen sequencing and you look at QPCR, you think about our own mass spectrometry, there are a number of great technologies that can be moved into the clinic and some are already happening, and I think you'll see us continue to leverage those capabilities to drive growth over time.

Our next question comes from Doug Schenkel of Cowen and Company.

I have, I guess, a couple of questions on the separation analysis market. So let me just run through those, and I'll get back into the queue. So early data from a couple of your competitors in mass spec suggests the market's growing at mid-single-digit to high-single-digit levels. Would you agree with that and what are you seeing at different product classes and end markets? And then on the liquid chromatography front, are there any changes in competitive dynamics or notable changes in demand patterns, either on the QA/QC or non-QA/QC front? And are you confidently gaining share via Dionex and if so, should we view this as an example of how you can gain share via both growing breadth and innovation in line with the 2 -- I guess, 2 of 3 components of your value proposition?

That's very well said, Doug. I have to go back to the transcript and put that on my script next time. Let's do the second half first, which is about chrome and the value proposition. We had a very strong quarter in our chromatography business. HPLC did very well, and while all of the competitors haven't reported yet, at least, from the early read, it looks like we gained share again. So that's a good thing, and I think customers respect our technology, the great people that we have and the fact that we have incredible commercial reach, all right? I mean, we just have a huge scale sort of capabilities and our customers are very collaborative, right, so the great momentum in chromatography and food safety as an example, and that's a good area to highlight. So we feel good about the momentum in HPLC. In terms of the market growth, on mass spectrometry, I mean, it's somewhere in the mid to high single digits. I think that seems like a reasonable assumption. We feel good about our performance. We're particularly excited about the new products that we launched, and feel like that positions us for continued momentum going out into the balance of this year and into 2014.

Our next question is from Brandon Couillard of Jefferies.

Pete, could you parse out the puts and takes around the gross margin experience in the quarter between mix, currency, acquisitions and productivity? I'm assuming the medical device tax was still around, I don't know, 15 basis points of headwind, but what exactly changes in the second half to get you towards the operating margin expansion goal for the year?

Well, so I'll do it at the EBITDA margin expansion level rather than gross margins just because the numbers are more relevant probably to our full-year guidance of 30 to 50 basis points. In the quarter, we had, as I said, 50 basis points of FX dilution. We actually had over 200 basis points of productivity, which is consistent with what we've had in the past and even net of inflation, we were still over 100 basis points. We spent about 80 basis points on investments, which I said in my comments, is really around emerging markets, and then we got 50 basis points of benefit from acquisitions, which is really around our One Lambda acquisition, which really performed very well in the quarter. That's what nets down to the 30 basis points. For the full year, the numbers aren't dramatically different than that other than, obviously, FX. The acquisition will be only for basically 3 quarters of the year. FX is around 30 basis points for the full year and then the productivity and investments, I would assume, is about the same numbers in the full year bridge.

That's helpful. And then Marc, I realize Japan's a relatively small market for you, but could you speak to how that market performed, and in particular, did you see any impact from any stimulus-related orders yet?

Yes. So in terms of Japan, you're right. It's not a huge market for us, but given our scale, we actually have a large organization there. It grew in line with the company a little better than the company average. I would say that we have seen some meaningful orders on the stimulus, and those should translate into revenue in the second half of the year, which is clearly a good thing.

Our next question is from Dan Arias of UBS.

Pete, any change on the yen assumption for the year relative to last quarter?

It's deteriorated a little bit. We're now using an assumption of 100.

Okay. And then maybe, Marc, to follow-up on the China question, as we get these sort of up-and-down macro data points and kind of go back and forth on whether we're doing better or worse. Are you finding that ordering patterns at all move with the macro sentiment intra-quarter, or for the most part, is spending fairly smooth? I mean, clearly, the growth speaks for itself there, but I'm trying to get a sense of whether you do see any fluctuation maybe month-to-month?

We've had incredibly stable business in aggregate in China for the last few years, right. So we haven't noticed particularly big patterns in the quarter. So we had a very strong quarter, well over 20% growth. I was in the quarter in -- I was in China in late May, early June, and the business was doing -- was kind of about that rate then and it obviously finished then. So we saw a nice stability in terms of the strong momentum. So we clearly read the headlines that we see about -- there is ups and downs, but at least in the end markets that we're serving in aggregate, they continue to be strong and quite stable.

Our next question is from Isaac Ro of Goldman Sachs.

I just want to ask a little bit about market share trends and specifically, with regards to trends in LPS, I think earlier, in your comments, you did mention that you saw some broad market share gains in the business, and that's been in the last few quarters, of course. And if you look at the sales funnel, going forward, do you think it's possible that you could see continuation or acceleration in those share gains? Or is it fair to say that over the last 12 or 18 months, you've been unusually strong on the market share front?

Yes. My view is that we like our prospects, and we feel like our value proposition's such that it will continue to deliver good organic growth for us going forward. So we're not assuming big changes in the end markets. We're not assuming big changes in our performance, meaning that the share gain momentum we have, we expect it to continue, right? And as obviously when we think about our guidance range, stronger end markets mean we'll raise our aspirations and weaker end markets means we'll come in more in the lower end of things so that we try to drive that same steady share gain momentum, and the variable change is just what are the market conditions.

Sure. And then just one follow-up, sort of a big picture question, if you look broadly at your portfolio, can you maybe comment as to what percentage of your products and services are purchased via maybe a centralized procurement method and maybe what percentage are purchased by the individual user? And the reason I ask is I'm trying to just assess kind of how that modality will change post life.

Yes, so in terms of -- it's a very tricky question because it's always collaborative, right. There are some customers that the end user just buys it with very little business insight, and there are others that business has a heavier weighing, but people don't buy things without the end-user involved. I would say my best estimate of the customer base that is more heavily business-oriented is very much in the biopharma area. It's going to be your biggest area. So that represents 25% of our revenue and a meaningful proportion, the business community plays a significant role. And when you look at the mix, it doesn't change all that much when you combine the company in terms of the exposure.

Our next question is from Amit Bhalla of Citi.

Pete, a question for you on some of the cost actions. You've added some incremental cost actions in each of the first 2 quarters. I'm just wondering how you're thinking about the remainder of the year, and any incremental cost savings you're assuming to put in place in 3 and 4Q?

Yes, so the $10 million that we put in place this year -- or excuse me, this quarter, brings the total for the year to $85 million. So those are actions that we didn't actually shut down the factories in this quarter or do the restructuring actions there. They will actually be executed in Q3 and Q4. So that's when we'll realize the benefits. We're expecting $85 million for the full year. We've realized $45 million through the first half, so that would say we're going to get around $20 million a quarter for the rest of the year.

I guess, anything you're seeing that would make you put additional cost savings in place? That's the [indiscernible].

Well, certainly, we've continued to put cost actions in place and primarily because of the FX headwind. So we're trying to offset the negative impact of the FX headwinds. So at this point, we're not expecting that to deteriorate further. If our markets deteriorated further and/or FX deteriorated further, then we would potentially put more actions in place, but at this point, we don't have any plans to do that.

Okay, great, and just on pricing, any comments you can give just on the global environment for pricing, and if there's anything notable within diagnostics?

So it's very similar to this quarter to what it's been in previous quarters. The split in pricing between consumables and equipment, it's stronger on consumables and relatively weak on equipment, somewhere between 0% and 0.5% net for the total company. Specifically, in diagnostics, it's probably around that same range. I mean, obviously, that's the consumables business for the most part so we do get some price in that business.

Our next question is from Steve Willoughby of Cleveland Research.

I just wonder if you could provide a little bit more color regarding your business in China. And just maybe remind us, what it looks like in China compared to your overall business in light of some of your comments regarding the LC and mass spec, seeing some strength there, and also in light of maybe some industrial slowdown going on in China these days.

So when you think about the end markets in China, the LC and mass spec, clearly used very heavily in food safety, used in the academic settings for life sciences research, which are the big drivers and the other big business we obviously have there is environmental, which the minute you get off the airplane, in China, you realize that the environmental opportunity is huge, which is why the business is actually headquartered in China. Healthcare is a strong growing market for us as well. Industrial has been weak now for quite some time, as infrastructure build hasn't been particularly strong. So those businesses have felt the softening, but we've been able to power through that softening, actually deliver very consistent, strong, 20% or better organic growth now for the last couple of years.

Is the mix in your business in China, is it any different than the overall company really?

Yes, I mean, the answer is yes. There's going to be less exposure in aggregate lab products and services and Specialty Diagnostics, more exposure to the Analytical Technologies portion.

Our last question is from Jeff Elliott of Robert W. Baird. Jeffrey T. Elliott - Robert W. Baird & Co. Incorporated, Research Division: When you look at the clinical trials logistics business, where do you think we're at in terms of the overall shift towards outsourcing? And what do think the long-term growth prospects are for that business?

We feel good about the prospects for our clinical trials logistics business. In fact, we delivered very strong growth now consistently for quite a few quarters, and feel like there's still a huge amount of in-house activity that goes on in biopharma that allows us to continue to drive significant growth. So we feel like that business is well positioned for quite some time ahead, and it's been traditionally growing somewhere between the mid and high single digits on a fairly consistent basis. So let me just make a couple of quick closing comments. First of all, I want to just note that I am pleased with our solid first half performance. We remain confident that we'll continue our momentum to achieve our goals for the year. And we, of course, look forward to updating you on our progress in the Q3 call, and finally, thank you for the continued support of Thermo Fisher Scientific. Thanks, everyone.

Ladies and gentlemen, this concludes today's conference. Thanks for your participation and have a wonderful day.