Good morning. And welcome to the Bio-Techne Earnings Conference Call for the Fourth Quarter, for 2015 Year End. At this time, all participants have been placed in a listen-only mode and the call will be open for the questions following management's prepared remarks. I would now like to turn the call over to Mr. Jim Hippel, Chief Financial Officer. James T. Hippel - CFO, VP-Finance & Principal Accounting Officer: Good morning and thank you for joining us. Also on the call this morning is Chuck Kummeth, Chief Executive Officer of Bio-Techne. Before we begin, let me briefly cover our Safe Harbor statement. Some of the remarks made during this conference call may be considered forward-looking statements. The company's 10-K for fiscal year 2014 identifies certain factors that could cause the company's actual results to differ materially from those projected any forward-looking statements made during this call. The company does not undertake to update any forward-looking statements as a result of any new information or future events or developments. The 10-K as well as the company's other SEC filings are available on the company's website within its Investor Relations section. During the call, non-GAAP financial measures may be used to provide information pertinent to ongoing business performance. Tables reconciling these measures to most comparable GAAP measures are available in the company's press release issued early this morning or on the Bio-Techne Corporation website, at www.biotechne.com. One other item before we get started and as I mentioned in previous quarter calls, please note that the commentary today regarding the total company's Q4 organic growth by end market and geography does not include the performance of our Protein Platforms division. With that, I will turn the call over to Chuck. Charles R. Kummeth - President, Chief Executive Officer & Director: Thank you, Jim,…

Our first question is going to come from Dan Leonard from Leerink. Please go ahead. Dan?

Apologies. I had you on mute. Can you hear me now? Charles R. Kummeth - President, Chief Executive Officer & Director: Yeah, we can year you, Dan. James T. Hippel - CFO, VP-Finance & Principal Accounting Officer: Yeah.

Great. So my first question is on the Platforms business. Can you speak to the visibility you have on the 20% organic growth view and whether there's any sort of backlog to support that or new product funnel? Charles R. Kummeth - President, Chief Executive Officer & Director: There's a strong new product funnel. In fact ProteinSimple's organization has three different product lines, Simple Western, Biologics and some other analytics that go along with the imaging stuff. Biologics was the biggest issue for this bump in the road this quarter. Actually on a Simple Wes platform, we had a record quarter for installations, it was a record number. So the pipeline is strong. They've got deep programs in all the areas, including Biologics. So more products coming and announcements soon to be had.

Okay. And then my follow up. Is there anything we should be aware of as it relates to pacing throughout fiscal 2016, any days issues in any given quarter or anything you'd call out? James T. Hippel - CFO, VP-Finance & Principal Accounting Officer: Yeah, Dan, nothing I'd call out specifically. There may be a day here or there quarter-to-quarter, but nothing that we haven't seen in our pacing from last year.

Okay. Thank you.

And our next question is going to come from Matt Hewitt from Craig-Hallum. Please go ahead.

Hey. Good morning, guys. This is actually Dillon on for Matt. Digging into the Biotech segment growth, just wondering or trying to get a better sense of the customer mix that's driving that growth. Is that just new product growth, getting deeper with existing customers, or are you guys taking business from peers? Charles R. Kummeth - President, Chief Executive Officer & Director: Well, it's a combination of things. I mean, one is we've talked about announcing a new website. We've had strong traction with that. We've had a pretty good lift with our academia by the market this quarter. And the Fisher numbers were the strongest we've ever had as well. Biotech pharma was also kind of on par where it's been, right at around 10%, around there, which is also very good. All things considered, that's what's been adding up to the (19:39) growth in the Biotech side, a record for us while I've been here anyway, probably been many years. James T. Hippel - CFO, VP-Finance & Principal Accounting Officer: Yeah, I would just add it's too early to claim victory in terms of taking share from anywhere. What we've seen from reported results from other companies in our space, biopharma and academic has performed fairly well this quarter as well. So I think we're definitely keeping up with the market, but I think it's too early to say we're at the point of taking share. Charles R. Kummeth - President, Chief Executive Officer & Director: I think the thing to point out is we were much stronger than we have been in the past in antibodies. So that's our biggest, deepest, our broader investment area for the company. I mean, we're on the fence with Proteins, and that's going fine. It's about antibodies and we've make some pretty good strides there.

Okay. And then a quick follow up. Just in terms of the capital deployment strategy in 2016 in the form M&A, are we going to expect any changes in the form of pace or size of deals? Charles R. Kummeth - President, Chief Executive Officer & Director: Well, in terms of capital, we were kind of consistent with the capital the way we've been in the past and for operations. On the M&A side, we did officially one deal we bought in last, (20:42) most of these we did the first month into the fiscal year this last year. And we're on the way to integrating most of them. Novus is completely integrated at this plant. Looking forward, we've never worked any less hard than we are now. We're trying, like everyone does. We've got a strong funnel 60-some-plus targets that we've had. (20:58) They range in size from start-up to large transformational deals. We're on the hunt all the time for things that hit our strategy, but we think strategically first. That said, especially on the front where there's auctions, it's not a great for finding great deals. It's a good time for owners thinking that they should think about selling because everybody knows the market is pretty hot. So that's helpful, but you've still got to get a good price and it's hard on both the private and public side, so we're diligent. We're working the process. We have a deep and very rigorous process, but we won't do a dumb deal, we walked away from lot in this last year because the numbers weren't good enough for us. But strategy first, numbers second. And we'll keep hunting.

Great. Thanks. And congrats on good quarter.

And our next question is going to come from Jeff Elliott from Robert W. Baird. Please go ahead. Jeff T. Elliott - Robert W. Baird & Co., Inc. (Broker): Yeah, good morning. Nice quarter, guys. Chuck, can you provide any other color on the issues you had in the Protein Platforms division? Charles R. Kummeth - President, Chief Executive Officer & Director: Yeah, we've been digging into it pretty hard, as you might imagine. We had a lot of integration typical type concerns. We had some market conditions as well. We had, as you already know and others know, we had some bumps in some running buffers from some ancillary products that go with instruments. We have those corrected this last quarter, but that probably flowed through a little bit. Everything is caught up there, the backlog is caught up As I mentioned, it was a record quarter for shipping Wes systems (22:32). Biologics is little bit lumpy. And on the Biologics side, we have some larger platforms there, hundreds of thousands of dollars. And that's where we've had some issues. I mean, you miss a couple of those and you're off a quite a bit. So could be timing in some of those orders, but they didn't hit. I think also I've got to point out the FX in Europe. This has affected us in demand and our numbers in Europe quite a bit. And we see all that returning. Things are looking much better. We did have some commercial team attrition, fully expected. We knew that a lot of that team would move on with Tim and Terry when they transitioned out of the business, and they did. I will mention we brought in an individual from my past at Thermo Fisher that ran the entire mass spec…

And our next question is going to come from Drew Jones from Stephens. Please go ahead.

Hi, guys. This is actually Garrett on for Drew. But first question. You talked about placement strength with Simple Wes in the quarter. Was any of that seen on the academic market? Did you kind of... Charles R. Kummeth - President, Chief Executive Officer & Director: I'm sorry, Garrett, you're breaking up. We can't understand the question.

Hear me better now? Charles R. Kummeth - President, Chief Executive Officer & Director: Yes, that's better.

Okay. Hi, guys. This is Garrett on for Drew. You talked about the Simple Wes placement strength in the quarter. Did you see any of that coming from the academic market as you kind of talked about addressing that market with ProteinSimple in the past? Charles R. Kummeth - President, Chief Executive Officer & Director: It's been even mix. So one of the major factors of us even making the acquisition, if you might recall, with ProteinSimple was that the desktop platform, the Wes, would find a significant following with academia because we were concerned academia wouldn't make the switch, and they did. Half their sales have been roughly with academia and I do believe that is continuing about the same trend.

Okay. Great. And then also just on China, given the strength we've seen in the quarter, is this something where you think that strength will continue given more released funding or is this kind of a flood coming through of the funding that you saw in the quarter? Charles R. Kummeth - President, Chief Executive Officer & Director: We were pretty bullish all last year, even when others were flat to low-single digits, we still on strong double-digit growth. And we're largely a run rate business there. And not having instruments ship, (28:51) that's probably part of it. But we're still very much in an expansion mode. And while we're near 100 people, we're still in the front end of our opportunities in China. So as we open and grow in Beijing and other cities, I think we're going to find more growth as these institutions keep driving for healthcare. I think the audit activities are probably progressing and travelling from this space to the next space they want to look at in terms of markets. And I think we're moving through that. I think the next riff of course is their market in general, with everything crashing over there and the government stepping in. I think there's a lot of unknowns for all of us if any of that's going to trickle down into the way purchasing happens within these programs they're funding. Right now we believe and we hear that all funding in these areas is still there, still strong, as it was through the audit (29:43) operations this year, it's just people waiting for the process from the government how to actually spend the money. They're putting in place templates and processes actually how to account for their funding, which they didn't have a lot of controls…

All right. Thanks, guys.

And our next question is going to come from (31:08). Please go ahead. He disappeared. One moment. And our next question is going to come from Karen Padgett from Bio-Techne. Please go ahead. Charles R. Kummeth - President, Chief Executive Officer & Director: Hello, Karen. Might be a mistake. She's probably listening in but...

And our next question is going to come from John Souter from Rail-Splitter. Please go ahead. Your line is live. Mr. Souter, did you have a question? Our next question is going to come from Paul Knight from Janney Montgomery. Please go ahead.

Hi, Chuck. I think everybody's confused on the star 1 or 1 star. We figured it out now. Charles R. Kummeth - President, Chief Executive Officer & Director: We know you know how to do this, Paul.

How big is China do you think? Can you say? Charles R. Kummeth - President, Chief Executive Officer & Director: How big. What do you mean?

$30 million revenue, is it $35 million? Charles R. Kummeth - President, Chief Executive Officer & Director: I think all-in this year we're in the $35 million-ish range, with ProteinSimple and everything in. We're mid to high $20 million in the core reagent side of the business.

And on ProteinSimple, what are people saying? What would be their complaint or what do you see is the issue? Is it not enough people on the ground, is it applications? Charles R. Kummeth - President, Chief Executive Officer & Director: I think it's just, as I said, it was a bit of perfect storm. We had a plan in the low-double digit growth because it was a 48% growth comp from last year. We had a backlog issue to clear out from the quarter before on some of the, it's called running buffers, they're reagents that work with the system. That's all been corrected. Remember, that whole company, whole business moved to a new building in the past year. And there were a lot of new building start-up issues which were all – we're through all that. The FX piece is a strong component. When you're in the instrument business, these are big ticket items. There's a lot of currency issues in Europe around that, so that was a hit for the quarter. That, too, has come around. And we have had some commercial turnover. Terry had the commercial of the company before moving on six months to nine months ago. We've had to transition through that. We've gone with an incumbent, actually the person that trained in Terry years ago as Head of Commercial for the company now. She has 20-some years experience. She's wonderful we think and knows all the people. And we're filling in around that. And then on the other operations side, with one of my people from my past at Thermo Fisher, in operations I think we're on track. For us, always was, always probably will be and was the plan going forward, our deepest concern was the R&D team. The development team, with…

Okay, got it. And then lastly, Europe was a problem in the first quarter. I guess that's over now? Charles R. Kummeth - President, Chief Executive Officer & Director: In the fourth quarter, last quarter, you mean?

Sorry, in the March quarter. Charles R. Kummeth - President, Chief Executive Officer & Director: It was certainly a problem. It's less a problem this quarter. Is it over? Is Europe ever over? We're comfortable saying that we think we've seen the coming back of lot of projects with our Biotech pharma, our largest customer base in the German region. So I can say right now on that, we like what we see. The numbers are improving. It was still a low-negative single-digit drag, but that's a lot better than double-digits like last quarter.

Did the quarter's orders finish stronger, or was it even throughout the period? Charles R. Kummeth - President, Chief Executive Officer & Director: They finished strong at the end of the quarter. It's definitely been a trend.

Okay. Charles R. Kummeth - President, Chief Executive Officer & Director: Another quarter or two and we hope to have Germany something like last year. Remember, last year was double-digit growth and so it is a little bit cyclical there.

Lastly, what do you think market growth is for your core Protein ELISA business, antibody business? Charles R. Kummeth - President, Chief Executive Officer & Director: Yeah, I think as a composite in the market is probably 5% to 6%. I think the best one, of course, are antibodies. We did all the primary research, like you guys do, it's high-single digits. And Proteins we think are 2% to 3% as a market, being the smallest market of the bunch. We've been in the mid-single digits. We definitely think we've been taking some share back the last couple years from these ankle biters that have been chasing us. Our brand new strategies I think are working. We think the website has been phenomenal. Our traffic and our orders are up 8% in only in the first month of this new website. And I think I'd tell you that the website previously was about flat the two years I've been here. So we had immediate response on the new website. And, again, that's coming off a lot of the infrastructure, the process system, tools and experience the Novus team brought with them, who already run this whole thing for us now. And it's been really wonderful, on time, on target, on budget. And I hope the growth in the traffic keeps going.

Great. Thank you.

Our next question is going to come from Amanda Murphy from William Blair. Please go ahead. Amanda L. Murphy - William Blair & Co. LLC: Hi. Good morning. So just a couple on the competitive dynamics. So I appreciate all the commentary around the antibody business and it sounds like Fisher is doing pretty well for you. But have you seen any change – it sounds like you're gaining share, but any change in terms of pricing from any of the competitors? And then I guess you mentioned some pricing pressure in the blood glucose segment, so maybe just talk a little bit about that as well. Charles R. Kummeth - President, Chief Executive Officer & Director: I'll go in reverse. The glucose is kind of old history, it's old news. That really happened almost a full year ago and we kind of worked through it. Amanda L. Murphy - William Blair & Co. LLC: Okay. Charles R. Kummeth - President, Chief Executive Officer & Director: Jim's comment was really quarter-on-quarter the same. So we're through that. It's almost a last man standing kind of strategy here. So we don't think there's a lot more downside, one of the reasons we bought the business. And for us, it's all about building out that funnel to ever-increasing content. It's a bit of a super specialized high-content packaging organization with high volume processes, so we love it for that. And the other side, antibodies, I would say no overall pricing differences there. We're still building who we are in antibodies. We're not at the same level of clout that we are in Proteins, of course. We are probably officially the largest supplier in the world right now, but that's not to say that we're maybe selling the most. We have processes and…

There are no questions in queue at this time. James T. Hippel - CFO, VP-Finance & Principal Accounting Officer: All right. Well, I want to thank everybody for joining in. The number of people listening in here is increasing every quarter. We're happy to see that and see the interest and the following. We're excited and happy about our quarter and we hope to keep delivering for you. And we'll see you again next quarter. Thank you.

Thank you, ladies and gentlemen, for joining this conference call. You may all disconnect. And I hope you have a wonderful day.