You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Joining in the Q&A after Bob's comments will be Jacob Thaysen, President of Agilent's Life Science and Applied Markets Group; Sam Raha, President of Agilent's Diagnostics and Genomics Group; and Padraig McDonnell, President of Agilent CrossLab Group.
You will find the most directly comparable GAAP financial metrics and reconciliations on our website.
Core revenue growth excludes the impact of currency and the acquisitions and divestitures completed within the past 12 months.
Also as announced, we will hold our virtual Investor Day in a few weeks on December 9th.
We look forward to having you join us on December 9th.
Today, I want to get straight to our quarterly results, because they tell a very compelling story.
The Agilent team delivered a very strong close to 2020.
We posted revenues of $1.48 billion during the quarter.
Revenues are up 8% on a reported basis and up 6% core.
Operating margins are a healthy 24.9%.
EPS of $0.98 is up 10% year-over-year.
These numbers tell the story of a strong resilient company that is built for continued growth.
Our better-than-expected results are due to the strength of our core business, along with signs of recovery in our end-markets.
Geographically, China continues to lead the way with double-digit growth.
From an end-market view, both our pharmaceutical and food businesses grew double-digits.
In addition, our chemical and energy business grew after two quarters of declines, exceeding our expectations.
We also saw a rebound in U.S. sales during the quarter.
Overall, COVID-19 tailwinds contributed just over 2 points of core growth.
Achieving these results in the face of a global pandemic is a tribute to our team and the company we've built over the last five years.
I couldn't be more pleased with the way the Agilent team has performed over the last quarter and throughout 2020.
We have again proven our ability to work together and step up to meet any challenge that comes our way.
During the quarter, all three of our business groups grew high-single digits on a reported basis.
Our Life Sciences and Applied Markets Group generated $671 million in revenue, up 8% on a reported basis and up 4% core.
LSAG growth is broad based.
The cell analysis and mass spec businesses both grew at double-digit rates.
In terms of end markets, chemical and energy returned to growth, food grew double-digits and pharma high-single digits.
LSAG remains extremely well positioned and is outperforming the market.
The Agilent CrossLab Group came in with revenues at $518 million.
This is up a reported 9% and up 7% core.
ACG's growth is also broad based across end-markets and geographies.
Our focus on on-demand service is paying off as activity on our customer labs continues to increase.
The ACG team continues to build on its already deep connections with our customers, helping them operate through the pandemic and continue to drive improved efficiencies in lab operations.
For the Diagnostics and Genomics Group, revenues were $294 million, up 9% reported and up 7% core.
Growth was broad based, with NASD oligo manufacturing revenues up roughly 40%.
The genomics and pathology businesses continued to improve during the quarter.
I'm also very proud of our NASD team for successfully ramping production at our new Frederick site this year.
We have built a very strong position in this attractive market with excellent long-term prospects for high growth.
Let's now shift gears and look at our full-year fiscal 2020 results.
Despite the disruption, uncertainty and economic turmoil of dealing with the global pandemic, the Agilent team delivered solid results.
We generated $5.34 billion in revenue, up 3% on a reported basis and up nearly 1% core.
To put this in perspective, it's helpful to recall the progression of our growth.
In Q1, we delivered 2% core growth, as you saw the first impact of COVID-19 in our business in China.
Both Q2 and Q3 declined low-single digits as the pandemic spread across the globe and governments instituted broad shutdowns.
With 6% core growth, 8% reported in Q4, we're seeing business and economies start to recover.
As a result, we are clearly exiting 2020 with solid momentum.
Our recurring types of businesses represented by ACG and DGG proved resilient, growing low-to-mid single digits for the year.
In a very tough capex market, our LSAG instrument business declined only 2% for the year and returned to growth in the final quarter.
China led the way for our recovery with accelerating growth as the year progressed.
In our end-markets, pharma remained the most resilient and food markets recovered most quickly.
Full-year earnings per share grew 5% during fiscal 2020 to $3.28.
The full-year operating margin of 23.5% is up 20 basis points over fiscal 2019.
As we head into 2021, we do so with tremendous advantage.
Our diverse industry-leading product portfolio has never been stronger.
Our building and buying growth strategy with a focus on high-growth markets continue to deliver.
Our ability to respond quickly to rapidly changing conditions is also serving us well.
The way our sales and service teams have been able to quickly pivot to meet customer requirements during the pandemic has been nothing short of remarkable.
Our approach is focused on delivering above market growth while expanding operating margins along with a balanced deployment of capital.
We prioritized deployment of our capital, both internally and externally, on additional growth.
A few proof points on our growth-oriented capital deployment strategy.
A year ago, we spoke about recently closing the BioTek acquisition and the promise of growth that BioTek represented.
Today, BioTek is no longer a promise but a driver of growth.
In total, the cell analysis business generated more than $300 million in revenue for us during the year, with double-digit growth in Q4 and continued strong growth prospects.
Similar to last year, I was talking about ramping up our new Frederick site facility, a $185 million capital investment.
In addition to successfully ramping Frederick as we planned, we did so with an expanding book of business.
We also recently announced additional $150 million investment to our future manufacturing capacity.
We are aggressively adding capacity to capture future growth opportunities in this high-growth market.
Even in the face of the pandemic, we stayed true to our build and buy strategy.
We have clearly seen the advantages of our approach.
I'm confident our strategy will tend to produce strong results for us.
The strength of our team and resilience of our business model has served us well, and as you can see from the numbers, our growth strategy is producing outstanding results for our customers, employees and shareholders.
While uncertainties remain, as we begin fiscal 2021, we're operating from a position of strength.
Because of this, we're cautiously optimistic about the future.
We have built and will sustain our track record of delivering results and working as a one-Agilent team on behalf of our customers and shareholders.
As I noted earlier, I couldn't be more pleased with the results the Agilent team delivered in the fourth quarter and throughout the year.
I will now hand the call off to Bob.
In my remarks today, I will provide some additional revenue detail and take you through the fourth quarter income statement and some other key financial metrics.
I'll then finish up with our outlook for 2021 and the first quarter.
We are very pleased with our fourth quarter results as we saw strong growth exceeding our expectations, especially considering the ongoing challenges associated with COVID-19.
For the quarter, revenue was $1.48 billion, reflecting core revenue growth of 5.6%.
Reported growth was stronger at 8.5%.
Currency contributed 1.7%, while M&A added 1.2 points to growth.
From an end-market perspective, pharma, our largest market, showed strength across all regions and delivered 12% growth in the quarter.
Both small and large molecule businesses grew, with large molecule posting strong-double-digit growth.
We continue to invest and build capabilities in faster growth biopharma markets and offer leading solutions across both small and large molecule applications.
The food market also experienced double-digit growth during the quarter, posting a 16% increase in revenue.
While our growth in food business was broad based, China led the way.
And as Mike noted earlier, our chemical and energy market exceeded our expectations, growing 3% after two quarters of double-digit declines.
While one quarter does not a trend make, we are certainly pleased with this result, and the growth came primarily from the chemical and materials segment.
Diagnostics and clinical revenue grew 1% during Q4, led by recovery in the U.S. and Europe.
We continue to see recovery in non-COVID-19 testing, as expected, although the levels are still slightly below pre-COVID levels.
Academia and government was flat to last year, continuing the steady improvement in this market, and revenue in the environmental and forensics market declined mid-single digits against a strong comparison from last year.
On a geographic basis, all regions returned to growth.
China continues to lead our results with broad-based growth across most end-markets.
For the quarter, China finished with 13% growth and ended the full year up 7%.
Just a great result from our team in China.
The Americas delivered a strong performance during the quarter, growing 5% with results driven by large pharma, food, and chemical and energy.
And in Europe, we grew 2% as we saw lab activity improved sequentially, benefiting from our on-demand service business in ACG, as well as from a rebound in pathology and genomics as elective procedures and screening started to resume.
However, while improving, capex demand still lags our service and consumables business.
Now turning to the rest of the P&L.
Fourth quarter gross margin was 55%.
This was down 150 basis points year-over-year, primarily by a shift in revenue mix and an unfavorable impact of FX on margin.
In terms of operating margin, our fourth quarter margin was 24.9%.
This is down 20 basis points from Q4 of last year, as we made some incremental growth-focused investments in marketing and R&D, which we expect to benefit us in the coming year.
The quarter also capped off in full-year operating margin of 23.5%, an increase of 20 basis points over fiscal 2019.
Now wrapping up the income statement, our non-GAAP earnings per share for the quarter came in at $0.98, up 10% versus last year.
Our full-year earnings per share of $3.28 increased 5%.
In addition, our operating cash flow continues to be strong.
In Q4, we had operating cash flow of $377 million, up more than $60 million over last year.
And in Q4, we continued our balanced capital approach, repurchasing 2.48 million shares for $250 million.
For the year, we repurchased just over 5.2 million shares for $469 million and ended the fiscal year in a strong financial position with $1.4 billion in cash and just under $2.4 billion in debt.
All in all, a very good end to the year.
Now let's move on to our outlook for the 2021 fiscal year.
We and our customers have been dealing with COVID-19 for nearly a full year and are seeing our end-markets recover.
Visibility into the business cadence is improving.
And as a result, we are initiating guidance for 2021.
There is still a greater than usual level of uncertainty in the marketplace across most regions, and so while we're providing guidance, we're doing so with a wider range than we have provided historically.
It is with this perspective that we're taking a positive but prudent view of Q1 in the coming year.
For the full year, we're expecting revenue to range between $5.6 billion and $5.7 billion, representing reported growth of 5% to 7% and core growth of 4% to 6%.
This range takes into account the steady macro-environment we're seeing.
It does not contemplate any business disruptions caused by extended shut downs like we saw in the first half of this year.
In addition, we're expecting all three of our businesses to grow, led by DGG.
We expect DGG to grow high-single digits, with the continued contribution of NASD ramp and the recovery in cancer diagnostics.
We believe ACG will return to its historical high-single-digit growth, while LSAG is expected to grow low-to-mid single digits.
We expect operating margin expansion of 50 basis points to 70 basis points for the year, as we absorb the build out costs of the second line in our Frederick, Colorado NASD site.
And then helping you build out your models, we're planning for a tax rate of 14.75%, which is based on current tax policies and 309 million of fully diluted shares outstanding, and this includes only anti-dilutive share buybacks.
All this translates to a fiscal year 2021 non-GAAP earnings per share expected to be between $3.57 and $3.67 per share, resulting in double-digit growth at the midpoint.
Finally, we expect operating cash flow of approximately $1 billion to $1.05 billion and an increase in capital expenditures to $200 million, driven by our NASD expansion.
We have also announced raising our dividend by 8%, continuing an important streak of dividend increases, providing another source of value to our shareholders.
Now let's finish with our first quarter guidance.
But before we get into the specifics, some additional context.
Many places around the world are currently seeing renewed spikes in COVID-19 that could cause some additional economic uncertainty.
And while we're extremely pleased with the momentum we have built during Q4, we are taking a prudent approach to our outlook for Q1, because of the current situation with the pandemic.
For Q1, we're expecting revenue to range from $1.42 billion to $1.43 billion, representing reported growth of 4.5% to 5.5% and core growth of 3.5% to 4.5%.
And first quarter 2021 non-GAAP earnings are expected to be in the range of $0.85 to $0.88 per share.
To be where we are now after knowing where we stood in March is truly remarkable.
Add to this, the strong momentum we saw in Q4, I truly believe we are well positioned to accelerate our growth in fiscal 2021.
With that, Ankur, back to you for Q&A.
David, let's provide the instructions for Q&A.

user
q4 non-gaap earnings per share $0.98.
q4 revenue $1.48 billion versus refinitiv ibes estimate of $1.4 billion.
sees q1 revenue $1.42 billion to $1.43 billion.
sees fy 2021 revenue $5.6 billion to $5.7 billion.
sees q1 non-gaap earnings per share $0.85 to $0.88.
sees q1 revenue up 4.5 to 5.5 percent.

assistant