Good day, ladies and gentlemen, and welcome to the Bio-Rad Laboratories, Incorporated Fourth Quarter and Full Year 2015 Financial Results Conference Call. At this time, all participants' are in listen-only mode. Later we will conduct a question-and-answer session. And instructions will follow at that time. As a reminder, this call is being recorded. I'd now like to introduce your host for today's conference, Ron Hutton, Treasurer. Please go ahead. Ronald W. Hutton - Treasurer & Vice President: Thank you. Before we begin the call, I would like to caution everyone that we will be making forward-looking statements about management's goals, plans and expectations, our future financial performance and other matters. Because our actual results may differ materially from these plans and expectations, you should not place undue reliance on these forward-looking statements and 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. With that, I'd like to turn over the call to Christine Tsingos, Executive Vice President and Chief Financial Officer.

Thanks, Ron. Good afternoon, everyone, and thank you for joining us. Today we will review the fourth quarter and full year financial results for 2015 as well as provide some insight into our thinking for 2016. With me today are, Norman Schwartz; John Goetz; Shannon Hall, President of our Life Science Group; and John Hertia, President of our Diagnostics Group. Let's start with a review of the quarterly results. We are pleased to report net sales for the fourth quarter of fiscal 2015 of $570.6 million, a decrease of 4.6% when compared to the year ago period sales of $598.2 million. On a currency neutral basis however, quarterly sales actually grew 2.8%. This dramatic difference represents a currency headwind of more than $44 million on the top line. During the quarter, we experienced good currency neutral sales growth across many of our product lines, most notably in our Life Science group including continued strong sales of our Droplet Digital PCR products, process media, and our Cell Biology product line. Our Diagnostics Group also posted good growth for the quarter with strong sales of our diabetes monitoring, autoimmune and blood typing products as well as quality control. The consolidated gross margin for the quarter was in-line with expectation at 54.1% and compares to last year's gross margins of 53.1%. The improvement in gross margin is largely the result of approximately $8.4 million of one-time cost in the fourth quarter of last year associated with the discontinuation of a small product line. In addition, during this fourth quarter, we've recorded a total of approximately $6.6 million in cost of goods sold for the non-cash purchase accounting expenses related to acquisition. This compares to $7 million of amortization expense in the year ago period. SG&A expense for the fourth quarter was $193.1 million…

Thank you ladies and gentlemen. Our first question comes from the line of Dan Leonard with Leerink. Your line is open. Please go ahead.

Thank you. First of all, on the ERP, is there any way to think about – if you had any boost in the fourth quarter from resolving some backlog that was left over from the third quarter issues? Or do you consider the fourth quarter organic sales growth to be a run rate number?

Dan, that's a really great question. And you may remember on the third quarter call, we were kind of estimating that disruption could have been $5 million to $10 million range and it's really hard to pinpoint that number. But I think we made up at least 90% of whatever that number was, pick something in the middle, $7 million, $8 million. I think that was part of the growth in Q4, but it's difficult to pinpoint exactly how much is make up from Q3 and how much is Q4. Without a doubt, we knew going into Q4 where the orders were coming in and the demand wave that was in front of us. So I don't want to take away from the organic nature of the fourth quarter either.

Got it. And I know you said China grew across both Diagnostics and Life Sciences, can you quantify the growth rate at least ballpark. Was it mid-single digits? Was it high single digits? And what's your expectation for China in 2016?

Sure, so I'll talk a little bit about 2015 and then maybe John and Shannon want to chime in on 2016, and you know, Dan we don't talk about sales specifically per region or growth rate per region, what I can tell you is that Diagnostics continues to grow at a really nice double-digit rate in China. Life Science I think because of a lot of what happened in the beginning of the year, some slowing has been system related. Much of that impacted China. They ended up with a growth rate in China that's in the single digits for the year, which was probably lower than what we would have expected at the beginning of the year. But both exited 2015 with pretty decent momentum in China. I don't know if there's anything – 2016 China? John Hertia - EVP & President-Clinical Diagnostics Group: For Diagnostics, this is John Hertia. China continues to represent good opportunities in immunology and quality control and diabetes. There's still a little bit of a challenge with respect to registration they have, the China FDA. And that's a little bit of a wild card going into 2016. So we're probably a little conservative on how that could impact us going into the next year.

Yeah, good point.

Got it. And then my final question I guess for you John. How are you contemplating the potential introduction of the IH 1000 in the U.S.? How is that being contemplated in the guidance for 2016? Could that present potential upside to guidance or is that the kind of launch that would take a little bit longer to fully show-up in numbers? John Hertia - EVP & President-Clinical Diagnostics Group: So we were targeting three FDA approvals for 2015. We did get two of them in. We got T100 cleared in December and the infinity blood typing system also cleared in December. The FDA did ask for some additional data, the North American gel and the IH 1000, we're in the process of getting that back to them. And we'll just have to wait for some additional guidance from them. From the time that we get clearance to introduction isn't a very long runway.

And I think in terms of the outlook in the plan, Dan, we don't have the clearance yet, I think we remain very optimistic that we will receive it. But at the time as we've said all along coming into the North American market with the gel technology while quite compelling for the customers. It is a long sales cycle and not something that happens overnight. So I think we've been very conservative in our expectations all along as to how quickly we would ramp up and take share in the U.S. market, and I think that's true for the 2016 plan as well.

Got it. Thank you.

Thank you. . Our next question comes from the line of Brandon Couillard with Jefferies. Your line is open. Please go ahead.

Thanks. Good afternoon.

Hi, Brandon.

Christine, did you disclose the impact on the operating profit dollar line from currency in the fourth quarter?

I don't think I said what the...

But do you have it on – at your fingertips? Or do you have it at your fingertips by chance?

If I can get this stack of papers. Yeah, I think the operating margin was – well, that's year-to-date. Wait a minute, you want the quarter?

Yeah. Just the fourth quarter number.

Yeah. I think the operating margin was closer to 11% for the quarter instead of the 10.5% on a currency neutral basis.

Okay. So maybe about – okay, all right. A question on the Propel flow cytometer acquisition. Could you speak to the financial implications of that? Is that dilutive near-term and sort of what do you see is the competitive differentiation of that system? And do you think there is an opportunity to bundle it with the (29:19) you picked up back in 2012?

So in terms of – in terms of impact on operating expense, going into 2016 is all included within our outlook. In terms of market opportunity, you are talking about the new flow cytometer?

Yeah. The press release you put out I think last week or two weeks ago?

Yeah. So I think Shannon's probably a better person to speak about the opportunity and how it fits in our product family. Shannon Hall - Executive VP & President-Life Science Group: So, we've been pursuing the cell biology market as an area for growth for Bio-Rad, it fits really closely with our overall approach to doing protein and DNA and RNA analysis at the bench. Our cell biology portfolio was oriented towards accessing a broader user base which is part of what S3 is about and the cytometer builds on that by offering a user centric cytometer that offers features really aimed at creating an accessible cytometer across multiple levels of users and multiple levels of analytical capabilities.

Christine, any chance you can quantify the near-term drag on the OP line from that?

It's about $10 million in the fourth quarter.

All right. I think that's all I got. Thanks.

Thank you. And I am showing no further questions at this time. I'd like to turn the call back over to Christine for any closing remarks.

Okay, well thank you everyone for taking the time to join us today. We appreciate your interest and of course, we are available for any follow-up questions that you may have. Bye-bye.