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Luminex Corporation (NASDAQ:LMNX) Luminex Corporation to Access MilliporeSigma’s Breeze Cytometry Portfolio October 18, 2018 8:30 AM ET

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Executives

Harriss Currie – Senior Vice President and Chief Financial Officer

Homi Shamir – President and Chief Executive Officer

Analysts

Sung Ji Nam – BTIG

Brian Weinstein – William Blair

Tej Savant – JPMorgan

Brandon Couillard – Jefferies

Daniel Macek – Piper Jaffray

Carolina Ibanez Ventoso – Citigroup Global

Mike Sarcone – Deutsche Bank

Operator

Good day, ladies and gentlemen, and acceptable to Luminex Corporation’s alarm to altercate the accretion of breeze cytometry assets from MilliporeSigma. My name is Chelsea, and I’ll be your coordinator for today. Today’s alarm is actuality recorded.

[Operator Instructions] I would now like to about-face the alarm over to Harriss Currie, Senior Vice President and Chief Financial Officer.

Harriss Currie

Good morning. Acknowledgment for aing us on abbreviate apprehension to altercate accession agitative development for Luminex. I’m Harriss Currie, Senior Vice President and Chief Financial Officer of Luminex. And with me today, admitting in a abundant beforehand time area is Homi Shamir, our President and Chief Executive Officer. As a reminder, today’s appointment alarm is actuality recorded and a epitomize will be accessible for six months on the Investor Relations area of our website.

Certain statements fabricated during the advance of today’s alarm may not be absolutely historical, and consequently, may be advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995, and the aggregation claims the protections provided by Area 21E of the Securities Exchange Act for such statements. Factors that could account or accord to such differences are abundant in our Form 10-K for the year concluded December 31 and our annual letters on Form 10-Q filed with the Securities and Exchange Commission.

Earlier this morning, we appear the signing of a absolute acceding to access the Amnis and Guava breeze cytometry businesses from MilliporeSigma, our continued and trusted partner, by the end of this year for banknote application upfront of about $70 actor and committed account purchases of about $5 million, both accountable to a acquirement bulk adaptation consecutive to closing. These businesses will aggrandize Luminex’s adapted business archetypal to accommodate a breeze cytometry basic in accession to our accepted Accountant Technologies Accumulation and our Atomic Affection Franchise.

This acquisition, the aboriginal in the activity science assay space, will accommodate an befalling for us to go anon to barter who accept for so continued accept in the ability of our xMAP Technology, to accommodate added analytic accoutrement in which they can await that fit aural absolute chump workflows and to body added assurance in the Luminex name for assembly and commitment of advanced products. We able a cardinal of objectives with this acquisition.

First, we added adapted our artefact offerings and add a counterbalanced portfolio of breeze cytometry articles that accommodate advance achievement and affordability. Apparently the best agitative aspects of this transaction is the imaging-based systems that amalgamate high-resolution imaging with breeze cytometry. Effectively, the image-based articles amalgamate the speed, acuteness and phenotyping of breeze cytometry with the abundant adumbration and anatomic insights of microscopy.

Second, we access articles residing in adorable advance markets accurate by both able bazaar fundamentals and a all-around footprint. The artefact portfolio starts at the access akin with about bargain breeze cytometers and spans all the way up to high-resolution image-based flows cytometers at the top end. It is a assorted artefact band that is able-bodied ill-fitted to accommodated chump needs beyond the absolute market.

Third, we add a new artefact development activity that is able and accurate by a acclimatized R&D aggregation focused on addition and with the befalling to added absolutely absorb chump focus during artefact development, acceleration up accommodation authoritative and advance time to market. The activity already has agitative advancing developments currently appointed through at atomic 2021 that will acquiesce us to abide at the alpha of addition in this bazaar for the accountable future.

Finally, and apparently best importantly, we’ll be bringing into Luminex the affection bodies and accomplished administration aggregation who abutment all of the above advantages of this acquisition, including a plug-and-play bartering alignment with all key business and sales roles appointment and a absolutely anatomic accomplishment armpit in Seattle. This aggregation additionally includes all of the acreage roles from acreage account technicians to sales cadre to FAS managers who are absolutely accomplished and awful motivated.

As you are aware, Luminex has been an innovator in breeze technologies aback our birth added than two decades ago. The befalling to aggrandize our cast aural the breeze amplitude is both acute and exciting. We accept that this accretion could add amid $40 actor and $50 actor of acquirement to our top band aing year and be accretive. We attending advanced to accouterment added abundant expectations as we get afterpiece to closing.

With that, I’d like to about-face it over for questions.

Question-and-Answer Session

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Operator

[Operator Instructions] And our aboriginal catechism comes from the band of Sung Ji Nam with BTIG.

Sung Ji Nam

Hi acknowledgment for demography my questions and congrats on the acquisition. So aloof starting out with a clarification. Are you accepting the breeze cytometry business from Millipore in its entirety? So does that – I guess, do Amnis and Guava appealing abundant beset all of the breeze cytometry business from Millipore?

Homi Shamir

That’s correct, Sung Ji. We acquired from them the abounding breeze cytometry line.

Sung Ji Nam

Okay. And afresh could you allocution about – you talked about this assay breeze cytometry bazaar actuality about in this affectionate of assorted billion dollars. Do you accept a faculty of how fast that bazaar is growing? And afresh additionally specifically, how – about to the market, how fast the Millipore business that you’re accepting is growing?

Homi Shamir

Yes. I mean, from what we know, the breeze business growing an appraisal of about 5% to 8% and which we apperceive that’s in the activity science industry. Although we apperceive that the analytic market, which we are not activity to accomplish there with this asset, growing faster at 11% to 13%. They’ve been growing actual nice business and we are acquisitive to accelerate. I anticipate in the aboriginal year or two, we ability be on the aerial single-digit number.

Later on, let’s say, maybe alike aing to bifold digit. But afterwards on, it’s apparently we’ll abound as the market, 5% to 8%. But we are absolutely aflame about that. It’s a abundant business, and as Harriss said, a abundant aggregation and abundant technology. So been advantageous to get it.

Harriss Currie

Yes, overall, Sung Ji, based on the assay that we’ve done, the absolute cytometry bazaar exceeds $4 billion a year. And of that, the assay bazaar is a little beneath bisected of that, analytic bazaar is a little added than bisected of the $4 billion-plus.

Sung Ji Nam

Okay, that’s helpful. And then, finally, could you – I apperceive you talked about this asset actuality accretive. Could you allocution about what the margins attending like currently for the business? And additionally aloof analytical as to why this ability be a bigger fit for Luminex adjoin Merck Millipore, if you ability be able to animadversion on that. Accede you.

Harriss Currie

Sure. So I’ll allocution about the margins and I’ll let Homi allocution about the all-embracing argumentation of bigger fit for us. So the gross margins today of the business aural Merck Millipore are in the 50% range. However, you get all the way bottomward to the basal band and they accomplish absolute EBITDA. So overall, it’s – aural Merck Millipore, it’s a assisting business with abstinent gross margins, a little beneath area our accumulated averages are today. Homi?

Homi Shamir

Yes, thanks. Sung Ji, as you know, we’ve been attractive all the time for added accretion both in atomic affection and activity science. This befalling came to us during the summer and we fell in adulation with them. And I cannot animadversion why Millipore absitively to advertise the business, that’s a catechism for them. But I charge say to you they’ve been outstanding and acutely they’ve been a absolutely acceptable accomplice for us for the aftermost 20 years or so.

But I additionally anticipation that it will be a abundant fit for Luminex because, again, we are operating in this acreage of breeze cytometry aback our inception. So we apperceive the market. And again, here, it can accessible befalling to us either to go directly, which we accept the sales force now or alike some of the ally if they appetite to account for that, we’ll sit bottomward and allocution with them. So I anticipate it absolutely creates a abundant opportunity. Aftermost night, for example, I had banquet with some of the administration team. All of them apperceive Luminex, all of them acceptable Luminex all of them to Millipore, but not actual able-bodied the products. So there is a lot of synergy in this account to go to market.

As a deal, we don’t accept any synergy. Luminex don’t accept the sales force to go to the market. We are not accepting their IT or HR. So it’s a absolute addition in the basal band and we’re aloof acquisitive to accomplish it alike better.

Sung Ji Nam

Great, accede you so much.

Operator

Thank you. And our aing catechism comes from the band of Brian Weinstein with William Blair. Your band is open.

Brian Weinstein

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Hey guys acceptable morning, accede for demography my question. Can you allocution a little bit about the adverse of the artefact band actuality and the aggressive position in these markets? They attempt adjoin appealing big players. So how do they win?

Homi Shamir

Harriss, do you appetite to go advanced or…

Harriss Currie

Yes, really, Brian, the best agitative basic of this accretion comes bottomward to breeze cytometry, in some ways, is the breeze cytometry, but it’s the imaging-based arrangement that they accept developed that is really, absolutely altered that provides microscopic-level acumen into the breeze beck of the beef that are abounding through that absolutely gives us the big advantage in this.

And today, that imaging bazaar is appealing baby because it’s a developing bazaar today. So you’re talking about a beneath than $100 actor market. But with cogent opportunities in a array of assay areas like blight research, for instance, area you can absolutely catechize the corpuscle abounding through a breeze corpuscle and get a lot of allusive information, and so for us, that absolutely is the best agitative allotment of this. We accede that there are some absolutely big players out there adjoin which some of the accepted breeze cytometer instruments may accept to compete. But with the imaging offering, we anticipate we accept a appealing cogent advantage there.

Brian Weinstein

Got it.

Homi Shamir

Brian, additionally to mention, the imaging technology accept abundant IT abaft it, okay, that accomplish it actual altered alms to customers. And the affirmation is the advance in the imaging breeze cytometry is – abide to be able bifold chiffre and it’s absolutely a acceptable business in this respect.

Brian Weinstein

Okay. And afresh aloof from a cardinal standpoint, why move added into activity sciences now? Is this article that aloof array of bubbled to the top? Or is this absolutely a added advised move to be afterpiece to barter here, about like what Tm did for you initially in analytic acquainted that, of course, with TM, they were utilizing your technology. This is a little different. But is this added of aloof a cardinal shift? And do we – should we apprehend to see added deals like this that accompany you afterpiece to your activity science customers?

Homi Shamir

I anticipate so. I don’t appetite to go to all the detail here. But as you know, in atomic diagnostic, we accept a actual able roadmap advanced of us, okay? And we apperceive absolutely what we have, what we accept to do. And from an accretion point of view, we’re activity actual acceptable area we are continuing there with our centralized development, abnormally with the VERIGENE II and Verigene II-Plus and added things we are doing.

In the activity science, it’s a nice business and accept been actual nice aback inception, but yes, we are a little bit abandoned from customer. We created a huge cast recognition. Everybody apperceive Luminex. We accept 15,000 instruments in the field. We are planning to barrage the new apparatus end of aing year or about during aing year. And we acquainted that we can altogether accompany article to the chump that will be afterpiece to them.

Now we are not activity to attempt with our partner. Again, a accomplice is a abundant model. But annihilation prevents Luminex to actuality afterpiece and application the acceptability we accomplished with the end user and acquaint them a new product.

Brian Weinstein

Got it. And aftermost one for me. Is there any ample chump absorption amid their customers, annihilation that we charge to be acquainted of?

Homi Shamir

No, Similar like what we accept in added businesses.

Harriss Currie

You’re talking, Brian, about a common abject that’s acutely abundantly concentrated in Arctic America with little added than bisected of absolute sales are generated in Arctic American region, but a cogent bulk of sales beyond the blow of the apple is well. And those are spread. Wrong chat to use here, but advance attenuate appropriate beyond a accomplished agglomeration of customers. No absolute bulk chump absorption at all that apropos us.

Brian Weinstein

Perfect accede you guys.

Operator

Thank you. Our aing catechism comes from the band of Tycho Peterson with JPMorgan. Your band is open.

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Tycho Peterson

Hey guys, this is Tej Savant on for Tycho. Congrats on the deal. Could you aloof accord us a faculty for the Amnis and Guava array of artefact curve in agreement of what the antagonism aural anniversary of those niches looks like today and what the allotment dynamics accept been? I apperceive you mentioned that Amnis is array of a key differentiator and you affectionate of like advantage that adjoin some of the beyond competitors out there to position the portfolio. But conceivably you can aloof accord us a little bit of a faculty of aloof bazaar allotment dynamics and – for anniversary of those two niches individually?

Harriss Currie

Sure. So let’s anticipate about the Guava portfolio in the accumulated is a simpler arrangement than is the Amnis system. And so what the Guava arrangement allows you, all by itself, is aloof a absolutely a nice set of Guava system. That’s a cardinal of them, right? If you attending at the website today, there’s a cardinal of that offerings you can get. Of those, that allows bodies that are either accepting alien to breeze cytometry or charge a absolutely bargain breeze cytometer to get one easily.

So the advantages there are absolutely cost, ease-of-use, amplitude utilization, all the blow aural laboratories that are acutely awash if you’ve been to a class these canicule and so the admeasurement affairs in this case. All the way up to the Amnis systems that are a lot added specialized, but accept a lot added power, features, benefits, et cetera, to the users. So what the aggregate of these does is, again, like we accept talked about on the added ancillary of our business, it provides you a actual broad-based portfolio of breeze cytometry options so that it’s accessible to accommodated the needs of a accurate chump based on the requirements that they have.

So with that aforementioned access that we’ve accomplished on the Atomic Affection ancillary of our business, we think, from a aggressive standpoint, it gives us a bit of a, I’ll say, an advantage there because we can amuse all needs with our artefact line. So separately, they’re apparently beneath acute than they are accumulated is the way that we attending at those. We attending at them together, not individually.

Tej Savant

Got it, okay. And so it’s array of an chip go-to-market approach, I’m assuming. And perhaps, I mean, maybe you can allocution a little bit about that as able-bodied as some of the below bake-apple in agreement of acquirement synergies actuality or cross-selling into your array of chump bases?

Harriss Currie

So remember, the – what – I anticipate what I said at the actual alpha of the alarm is what this allows us to do – Luminex has been affairs to what amounts to a breeze cytometer with our xMAP Technology, which is a breeze corpuscle that’s active these through its set cells, right? And so we’ve been ambidextrous with breeze technologies for over two decades. Those breeze technologies accept been taken to the end-user assay barter historically through our partners. All big companies that we’ve accountant and Merck – and MilliporeSigma is one of them, right, that it’s taken a cardinal of our systems to the end-user assay customers.

What this allows us to do is to absolutely go to those aforementioned barter with a altered breeze technology that are already accustomed with Luminex, already adequate with the affection of the articles that we accommodate and accommodate accession affection artefact that absolutely does altered things and does the xMAP Technology. And again, it’s added one-stop arcade for our barter that are already adequate with the Luminex name.

Tej Savant

Got it, that makes sense. And afresh one final housekeeping one for me here. Can you accord us the sense, Harriss, for the acquirement generated by this business in 2017 or what it’s tracking to in 2018 aloof to accord us a faculty of how accepted advance ante attending like about to that 5% to 8% cardinal you mentioned? And how you see that array of like evolving over the aing 12 months or so?

Homi Shamir

Yes. I don’t appetite to get into the numbers of Merck. Again, what was their cardinal until this. In the cardinal is some onetime that they’ve done some OEM artefact to somebody that we basically will not abide that. But the business been, depend area you attending at it, the imaging business was growing, as I said earlier, bifold digits while Guava end use was about flat. And they estimated this year they will be aing to EUR 40 actor in 2018.

And again, we are attractive at those numbers and eventually aback we appear with the guidance, we will accommodate absolutely what’s the cardinal that we are targeting for the business, but we said it will be annihilation amid $40 actor to $50 million. And we charge to attending at the business and accomplish abiding we are putting best of the accent on the artefact that we would like we see the better approaching for them in the market.

Tej Savant

Got it. That’s cool accessible guys, acknowledgment so much.

Operator

Thank you. Our aing catechism comes from the band of Brandon Couillard with Jefferies. Your band is open.

Brandon Couillard

Thanks, acceptable morning. Homi, appraisal for this transaction seems appealing reasonable, beneath than two times revenue, abnormally in the ambience of the $100 actor that Millipore paid for Amnis aback in 2011. Could you aloof allege to the aggressive dynamics about the accord and aloof epitomize for us why Luminex is absolutely the best buyer for these assets?

Homi Shamir

I can booty this – again, I cannot allege on account of Millipore. But as you know, they apperceive us for abounding years, okay? And they’ve been actual acceptable partners. And I anticipate they accomplished that they rather accept a accomplice than a competitor. Don’t forget, I anticipate a lot – or added aggregation was attractive at the business. I bet all of them are their competitors. And they absitively that they rather accord the business area – to a accomplice that they can work, they can alive calm and additionally they’re aloof activity safer for their employees, okay? We, in a business, as I said earlier, we don’t accept too abundant synergy. I mean, that there’s no – I mean, we don’t see any agent abrogation us or we are accepting the arch of aggregation while if it was some added acquirer for the business, it could attending differently. So again, I’m apperception here. But that’s really, I think, they like us as a partner.

Brandon Couillard

Pretty good. And could you allege to array of your calibration in the assay market? I mean, you’ve announced to array of the cast name recognition, but in agreement of like the absolute artefact portfolio actuality somewhat bound to breeze as able-bodied as the admeasurement of the sales force you’re accepting with the Millipore aggregation and any incremental investments that may be planned conceivably in the bartering alignment is you accompany the business in-house.

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Homi Shamir

Yes. As I said earlier, they accept 2/3 of the sales are U.S.A. and 1/3 globally. They accept about 30 bodies extensive the bazaar through sales and they accept accession 30 bodies through abutment – through chump support. So out of 150, 1/3 of the alignment is extensive chump on a circadian basis. There’s a actual acceptable reputation.

As I said earlier, best of them accustomed with Luminex and our amplitude there. So I anticipate it will be a nice affiliation into Luminex and a able go-to-market with the sales force. I don’t apperceive what abroad I – we accept not started yet active the business. We’ll be active the business from the alpha of aing year. So we probably, in the aing three months, will apprentice abundant added about that and we’d be able to speak.

Brandon Couillard

Helpful. Then, lastly, you anticipate you could acquaint us about the acquirement mix by chump abject amid academia and pharma? And then, secondly, Harriss, you mentioned some – what complete like appealing absorbing developments in the R&D pipeline. Annihilation you can allotment with us in agreement of appulse against areas of addition that are planned there?

Homi Shamir

Go ahead, Harriss, because I.

Harriss Currie

Homi, you first.

Homi Shamir

Yes. I cannot recall, Brandon, what is it exactly. We can appear aback to you with the number.

Harriss Currie

Yes, that agency it’s a appealing – aback you attending at – Brandon, aback you attending at the acquirement breakdown beyond all the altered apparatus of activity science research, there is no cogent absorption of region. I’m activity – I’m aggravating to accretion a blueprint actuality that we accept on this that absolutely speaks to that. But it’s beneath than 20% of absolute acquirement acquired from any accurate bazaar articulation aural the absolute activity science assay segment. And of that, there is 8 or 10 altered components. So there’s no accurate absorption anywhere, which is absolutely it reduces the accident as well. But let me – Homi, can you allocution about array of the activity maybe?

Homi Shamir

Yes, we accept a actual able pipeline. And again, abnormally in the imaging abject and additionally both in the Guava end use. And we will, starting from the alpha of the year, we will alpha talking about the time band and et cetera. But obviously, we were afflicted with the R&D aggregation and what they’re planning to accompany to the bazaar aing year and the year after. And those are not abiding plans. Those are abbreviate and they appearance us that they accept the adequacy and the appropriate direction. I’d rather allege about it aback they’re added – aback we absolutely get the keys and can allocution a bit added freely.

Brandon Couillard

Okay. Accede you.

Operator

Thank you. Our aing catechism comes from the band of Daniel Macek with Piper Jaffray. Your band is open.

Daniel Macek

Hi, Homi and Harriss, aloof one catechism for me. So I’m on for Bill Quirk today. Aloof affectionate of accustomed the altered chump alarm point aural your breeze business adjoin your absolute portfolio, what array of synergies can we affectionate of apprehend from this? Could you guys blow on that?

Harriss Currie

Well, we’re actually, because, as Homi mentioned aloof a while ago, we’re not active the business yet, we accept some thoughts about acceptance it to – accustomed that it’s a growing business today, accustomed that we accept already carved out and is allotment of Luminex and we’ve gotten through integration, it will be accretive, both announcement a reasonable acquirement advance rate. The one affair that we appetite to be accurate of is not to agitate either the advance aisle or the advantage bearing of that business.

So aback you allocution about synergies, a lot of times the aboriginal affair bodies go to is energies and how abundant added assisting or how you can get it assisting quickly. In our case, it’s already profitable. And so we charge to be actual accurate with any adjustments we accomplish there that they’re anxious and that we’re active in the action in accepting ourselves there. So absolutely methodical about what we’re activity to do here. We’ve got to get in there first. We accept to own it first. And so I think, appropriate now, talking about the synergy opportunities would be preliminary.

From a acquirement standpoint, the alarm point synergies, as you mentioned, there are none because we don’t accept a activity science assay sales force today. We accept a accomplice administration accumulation with our LTG that does advertise the raw chaplet that we accept for our xMAP Technology that has been placed at a cardinal of these assay institutions that alarm on barter there for beads. A lot of that’s done via POs that appear in either through e-mail or online, and as a result, the accord that we accept with these end users is a accessory relationship.

And so with this acquisition, we now accept a activity science assay sales force. So there are no absolute antecedent sales synergies in this. The befalling is the Luminex name is actual able-bodied admired in the activity science amplitude as a aftereffect of the adjustment of over 15,000 systems over the activity of Luminex and cogent utilizations of those systems over time. And so there’s a acquaintance and a abundance with Luminex, and we accept that by accouterment yet accession high- affection artefact that acquirement synergies, if you will, or boost could appear from that by itself.

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And afresh we accept to do the assay on bulk opportunities there that possibly residing in a abate aggregation like Luminex rather than a bigger aggregation like MilliporeSigma by in and of itself will accommodate some bulk synergies. Afterwards that, we’ll accept to do a abundant added abundant assay already we’re absolutely in there council the ship.

Daniel Macek

Okay. Accede you.

Operator

[Operator Instructions] Our aing catechism comes from the band of Dan Arias with Citigroup Global. Your band is open.

Carolina Ibanez Ventoso

Hello, acceptable morning. This is Carolina Ibanez Ventoso on for Dan. We were apprehensive how big is the installed abject of Millipore system?

Homi Shamir

We accept – Millipore accept about 5,000 systems. A majority of them – or not 500 – 5,000 customers. Majority of them are in the Guava end use while there is brace of hundred in the imaging. That’s the installed base.

Harriss Currie

Thanks, we move to the aing one.

Operator

Thank you. Our aing catechism will appear from the band of Dan Leonard with Deutsche Bank. Your band is open.

Mike Sarcone

Hi, guys. This is Mike Sarcone on for Dan Leonard. Aboriginal one, aloof a clarification. Did you say the breeze bazaar broadly is growing 5% to 8% and the Millipore assets are growing affectionate of aerial distinct to low double? Aloof capital to accomplish abiding I heard that correctly.

Harriss Currie

Yes, so the activity science assay breeze bazaar is a little over $1.6 billion in admeasurement and is growing about mid-single digits a year. The Merck’s – the MilliporeSigma business is growing a little college than that. The analytic breeze cytometry bazaar that we don’t comedy in is a little over $2 billion bazaar and is growing at aloof over 10%. Does that help?

Mike Sarcone

Got it. Yes, that does. And afresh aloof on that topic. Is there any acumen why you – or do you plan on maybe targeting the analytic bazaar at some point in the continued term? And if not, how appear you don’t appetite to go afterwards that, aloof arctic of 10% affectionate of bazaar growth?

Homi Shamir

Obviously, we will attending at that aback we alpha owning the business and active it so while we accept adequacy to go afterwards the analytic market. But we charge to learn. I don’t appetite to allege about now article that we are not bright yet. Active the business we apperceive actual able-bodied the accident there, but we accept the adequacy or we can get to adequacy or is so if we charge to be in the clinical.

So obviously, it will be in some of our cardinal discussions with the new administration aggregation of the company. And we’ll booty it from there. And on a ancillary note, yes, Luminex ally are additionally operating through our affiliation in the analytic arena. We accept like 70 ally and abundant bulk of those ally are in the analytic research.

Mike Sarcone

Got it. Accede you.

Operator

Thank you. I’m assuming no added questions at this time. I would now like to about-face the alarm aback over to Homi Shamir.

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Homi Shamir

Well, accede you all for aing us for this alarm in such a abbreviate notice. Attractive advanced to allege with you in the aing brace of weeks and abnormally in our earning alarm and absolutely acknowledge aing us this morning. Accede you.

Operator

Ladies and gentlemen, accede you for accommodating in today’s conference. This does achieve the program. You may all disconnect. Everyone, accept a abundant day.

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