DHR
#Thanks, Shannon.
Thanks, <UNK>.
<UNK>, we feel very good about that end market, as we, I think, pointed out in a number of our conversations about the Pall transaction.
We see the bio pharma market to be one of the most attractive markets from a sustainable growth perspective in the years to come.
You saw that in Pall's reported numbers coming out of their last quarter.
So we feel very good about the growth prospects there.
Specific to our business, I would probably point to SCIEX specifically as a business that performed very well.
Their approach in that market is broad based, in terms of the full range of pharma customers.
And we continued to see good growth.
They were one of our best performers in the life science platform, and specifically a very strong performer in North America.
So we remain very bullish on that market.
I don't think we would have announced the separation if we didn't see a significant opportunity there.
Just in the last 45 days, as we really geared up again the M&A activity for many of what will be Jim's businesses, we're already starting to see some bolt-ons that I think will come through in the next six months.
But I think there are also larger opportunities in time.
And that is a team, at Fluke, Gilbarco, that have executed extremely well on their bolt-on adjacent-type acquisitions.
And we feel very good about that opportunity going forward.
Thanks, <UNK>, and good morning.
Product ID, specifically Videojet, I will start with Videojet, has performed very well.
I would say that it is largely a function of very strong DBS oriented execution at BJ.
Some of the growth oriented tools of DBS that we've spoken about in the past, tools around funnel management and transformative marketing, have really been developed and brought to maturity at Videojet.
And we've seen the impact of the utilization of those tools in their commercial execution and the resulting growth performance and share gains.
So it's a great job by that team, and I think we'll continue to see good performance there.
That performance is replicated, or is very similar, when we look at ESKO and X-Rite, two terrific acquisitions that the platform has done, really broadening its footprint, bringing a broader suite of solutions to brand owners.
And so I think all is tracking in the right direction in terms of the platform.
Relative to Domino, we have not seen any particular impact to that.
The PID business in general and VJ specifically is performing exceptionally well in Europe, and so I think we're in good shape.
We will.
I think it will still be relatively modest.
But it would be better than what we've seen here in the first half.
We were encouraged by consumables returning to a more normal growth level, more typical margin performance.
And while equipment was a tad better, and the sell out numbers are fine, I'm not sure we're entirely done from a destock perspective.
I think we've got the biggest pieces behind us, but I still think there will be a little bit more here in the second half.
Yes.
On a sequential basis, clearly part of that's Nobel, which comes in with a direct selling model, so it's a pretty hefty selling expense.
But it should see some continued normalization.
I think these are the types of things that obviously take some time.
They work, <UNK>, in collaboration with our distribution partners.
You've got some balancing going on between different product lines.
And so it's really just an evolutionary process.
I think it might be a stretch for the full year, but I think in the second half, we'd be looking to try to achieve that kind of number.
Thanks, <UNK>.
Good morning, <UNK>.
We're pretty happy.
We did see the pace of bolt-ons ramp up last year.
That's continued here in the first half.
On the margin, some of the incremental choppiness in the macro environment is helping get some of these bolt-ons to the finish line.
Now that we're geared up here with Jim and many of his businesses, I expect that pace to continue.
We're not going to do any multi-billion dollar deals here the next 12 months, but I think you should see a very healthy continued pace of bolt-ons across the platform.
Sure.
Dean, we have a suite of products in our Hach portfolio, Hach line of portfolio, that we refer to as Hach Environmental.
And we use that term to reference the fact that that suite of products, those instruments and software and various communications modalities, allow us to provide capabilities outside of municipal and industrial water, namely in rivers, lakes, streams, tributaries, and all the way out into the blue ---+ the deep ocean areas, through businesses like Seabury.
What Sutron provides us is a bolt-on acquisition that adds capabilities in satellite communications and remote data transfer, that adds significant potential to instruments that are already installed in those applications.
So it's a tremendous add.
Its a business that we've known for a long time.
We've had an excellent relationship over many years with the leaders of that business, and we're thrilled to have them join the portfolio.
Thanks, <UNK>.
Thanks, everyone, for joining us today.
We're around all day for questions.
