Press Releases

Avantor® Reports Second Quarter 2024 Results
  • Net sales of $1.70 billion, decrease of 2.4%; organic decline of 2.0%
  • Net income of $93 million; Adjusted EBITDA of $306 million
  • Diluted GAAP EPS of $0.14; adjusted EPS of $0.25
  • Operating cash flow of $281 million; free cash flow of $235 million

RADNOR, Pa., July 26, 2024 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today reported financial results for its second fiscal quarter ended June 30, 2024.

"Our teams delivered another solid quarter with sequential improvements to all key financial metrics. Improved mix from increased bioprocessing revenue together with the accelerated impact of our cost transformation initiative drove more than 100 basis points of sequential Adjusted EBITDA margin expansion, while disciplined working capital management led to free cash flow conversion above 100%," said Michael Stubblefield, President and Chief Executive Officer.

"We are reaffirming our fiscal year 2024 guidance and remain focused on executing our long-term growth strategy and delivering value to our customers and shareholders," Stubblefield concluded.

Second Quarter 2024

For the three months ended June 30, 2024, net sales were $1,702.8 million, a decrease of 2.4% compared to the second quarter of 2023. Foreign currency translation had a negative impact of 0.4%, resulting in a sales decline of 2.0% on an organic basis.

Net income increased to $92.9 million from ($7.3) million in the second quarter of 2023, and adjusted net income was $168.0 million as compared to $186.4 million in the comparable prior period. Net Income margin was 5.5%. Adjusted EBITDA was $305.6 million and Adjusted EBITDA margin was 17.9%. Adjusted Operating Income was $277.2 million and Adjusted Operating Income margin was 16.3%.

Diluted earnings per share on a GAAP basis was $0.14, while adjusted EPS was $0.25.

Operating cash flow was $281.1 million, while free cash flow was $235.3 million. Adjusted net leverage was 3.9x as of June 30, 2024.

Second Quarter 2024 – Segment Results

Laboratory Solutions

  • Net sales were $1,155.7 million, a reported decrease of 3.2%, as compared to $1,193.8 million in the second quarter of 2023. Sales declined 2.7% on an organic basis.
  • Adjusted Operating Income was $150.9 million as compared to $179.7 million in the comparable prior period. Adjusted Operating Income margin was 13.1%.

Bioscience Production

  • Net sales were $547.1 million, a reported decrease of 0.5%, as compared to $550.1 million in the second quarter of 2023. Sales declined 0.3% on an organic basis.
  • Adjusted Operating Income was $144.0 million, as compared to $154.2 million in the comparable prior period. Adjusted Operating Income margin was 26.3%.

Adjusted Operating Income is Avantor's segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company's business segments.

Conference Call
We will host a conference call to discuss our results today, July 26, 2024, at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor's website.  

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedInX (Twitter) and Facebook.

Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in reports filed with the SEC in their entirety and not rely solely on any one single financial measure or communication.

The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow, and free cash flow conversion.

  • Sales growth (decline) on an organic basis eliminates from our reported net sales growth (decline) the impacts of revenues from any acquired businesses that have been owned for less than one year and changes in foreign currency exchange rates. We believe that this measure is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.
  • Adjusted Operating Income is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) and certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.
  • Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) and certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.
  • Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) and certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.
  • Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.
  • Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions as if those acquisitions had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company's capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.
  • Free cash flow is equal to our cash flow from operating activities, plus acquisition-related costs paid in the period, less capital expenditures. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company's ability to generate cash for use in financing or investment activities. These measures are used by our management for the same reason.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "assumption," "believe," "continue," "estimate," "expect," "forecast," "goal," "guidance," "intend," "likely," "long-term," "near-term," "objective," "opportunity," "outlook," "plan," "potential," "project," "projection," "prospects," "seek," "target," "trend," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
+1 805-617-5297
Christina.Jones@avantorsciences.com

Media Contact
Emily Collins
Vice President, External Communications
Avantor
+1 332-239-3910
Emily.Collins@avantorsciences.com

 

Avantor, Inc. and subsidiaries 

Unaudited condensed consolidated statements of operations 

 

(in millions, except per share data)

Three months ended
June 30,

 

Six months ended
June 30,

2024

 

2023

 

2024

 

2023

Net sales

$   1,702.8

 

$   1,743.9

 

$   3,382.6

 

$   3,524.2

Cost of sales

1,121.3

 

1,153.9

 

2,230.6

 

2,309.4

Gross profit

581.5

 

590.0

 

1,152.0

 

1,214.8

Selling, general and administrative expenses

405.7

 

357.5

 

829.9

 

751.1

Impairment charges

 

160.8

 

 

160.8

Operating income

175.8

 

71.7

 

322.1

 

302.9

Interest expense, net

(60.9)

 

(73.4)

 

(125.2)

 

(147.1)

Loss on extinguishment of debt

(1.9)

 

(1.6)

 

(4.4)

 

(3.9)

Other income, net

1.6

 

2.0

 

2.7

 

2.6

Income (loss) before income taxes

114.6

 

(1.3)

 

195.2

 

154.5

Income tax expense

(21.7)

 

(6.0)

 

(41.9)

 

(40.3)

Net income (loss)

$       92.9

 

$        (7.3)

 

153.3

 

114.2

               

Earnings (Loss) per share:

             

Basic

$       0.14

 

$      (0.01)

 

$       0.23

 

$       0.17

Diluted

$       0.14

 

$      (0.01)

 

$       0.22

 

$       0.17

Weighted average shares outstanding:

             

Basic

679.4

 

675.3

 

678.7

 

675.0

Diluted

682.6

 

675.3

 

681.9

 

677.9

 

Avantor, Inc. and subsidiaries 

Unaudited condensed consolidated balance sheets 

 

(in millions)

June 30, 2024

 

December 31, 2023

Assets

     

Current assets:

     

Cash and cash equivalents

$                272.6

 

$                262.9

Accounts receivable, net

1,129.0

 

1,150.2

Inventory

795.6

 

828.1

Other current assets

132.0

 

143.7

Total current assets

2,329.2

 

2,384.9

Property, plant and equipment, net

753.8

 

737.5

Other intangible assets, net

3,582.8

 

3,775.3

Goodwill, net

5,659.6

 

5,716.7

Other assets

368.1

 

358.3

Total assets

$            12,693.5

 

$            12,972.7

Liabilities and stockholders' equity

     

Current liabilities:

     

Current portion of debt

$                258.4

 

$                259.9

Accounts payable

657.4

 

625.9

Employee-related liabilities

146.1

 

133.1

Accrued interest

49.9

 

50.2

Other current liabilities

352.8

 

411.2

Total current liabilities

1,464.6

 

1,480.3

Debt, net of current portion

4,856.6

 

5,276.7

Deferred income tax liabilities

575.4

 

612.8

Other liabilities

361.9

 

350.3

Total liabilities

7,258.5

 

7,720.1

Stockholders' equity:

     

Common stock including paid-in capital

3,897.5

 

3,830.1

Accumulated earnings

1,644.8

 

1,491.5

Accumulated other comprehensive loss

(107.3)

 

(69.0)

Total stockholders' equity

5,435.0

 

5,252.6

Total liabilities and stockholders' equity

$            12,693.5

 

$            12,972.7

 

Avantor, Inc. and subsidiaries 

Unaudited condensed consolidated statements of cash flows 

 

(in millions)

Three months ended
June 30,

 

Six months ended
June 30,

2024

 

2023

 

2024

 

2023

Cash flows from operating activities:

             

Net income (loss)

$      92.9

 

$      (7.3)

 

$    153.3

 

$    114.2

Reconciling adjustments:

             

Depreciation and amortization

102.6

 

102.6

 

202.2

 

203.7

Impairment charges

 

160.8

 

 

160.8

Stock-based compensation expense

11.1

 

9.2

 

23.8

 

21.9

Provision for accounts receivable and inventory

15.5

 

30.6

 

39.5

 

43.1

Deferred income tax benefit

(34.8)

 

(38.3)

 

(52.7)

 

(64.7)

Amortization of deferred financing costs

2.8

 

3.3

 

5.8

 

6.7

Loss on extinguishment of debt

1.9

 

1.6

 

4.4

 

3.9

Foreign currency remeasurement (gain) loss

(2.2)

 

(1.9)

 

3.1

 

(0.1)

Changes in assets and liabilities:

             

Accounts receivable

(2.7)

 

60.1

 

 

7.9

Inventory

(3.2)

 

(8.8)

 

(14.2)

 

(1.7)

Accounts payable

89.5

 

(75.0)

 

45.9

 

(74.4)

Accrued interest

9.2

 

9.9

 

(0.3)

 

(0.6)

Other assets and liabilities

(2.9)

 

(78.4)

 

6.4

 

(34.3)

Other

1.4

 

(0.2)

 

5.5

 

1.3

Net cash provided by operating activities

281.1

 

168.2

 

422.7

 

387.7

Cash flows from investing activities:

             

Capital expenditures

(45.8)

 

(30.1)

 

(80.5)

 

(58.1)

Other

0.9

 

0.7

 

1.4

 

1.4

Net cash used in investing activities

(44.9)

 

(29.4)

 

(79.1)

 

(56.7)

Cash flows from financing activities:

             

Debt borrowings

(28.9)

 

 

12.3

 

Debt repayments

(172.7)

 

(190.8)

 

(383.0)

 

(460.3)

Payments of debt refinancing fees and premiums

 

(2.3)

 

 

(2.3)

Proceeds received from exercise of stock options

5.3

 

2.1

 

50.8

 

4.7

Shares repurchased to satisfy employee tax
     obligations for vested stock-based awards

(0.8)

 

(5.2)

 

(7.4)

 

(13.3)

Net cash used in financing activities

(197.1)

 

(196.2)

 

(327.3)

 

(471.2)

Effect of currency rate changes on cash and cash equivalents

(1.6)

 

(0.7)

 

(7.3)

 

4.1

Net change in cash, cash equivalents and restricted cash

37.5

 

(58.1)

 

9.0

 

(136.1)

Cash, cash equivalents and restricted cash, beginning of period

259.2

 

318.9

 

287.7

 

396.9

Cash, cash equivalents and restricted cash, end of period

$    296.7

 

$    260.8

 

$    296.7

 

$    260.8

 

Avantor, Inc. and subsidiaries 

Reconciliations of non-GAAP measures 

 

Adjusted EBITDA and Adjusted EBITDA Margin 

 

(dollars in millions)

Three months ended June 30,

 

Six months ended June 30,

2024

 

2023

 

2024

 

2023

$

 

%

 

$

 

%

 

$

 

%

 

$

 

%

Net income (loss)

$ 92.9

 

5.5 %

 

$  (7.3)

 

(0.4) %

 

$  153.3

 

4.5 %

 

$  114.2

 

3.2 %

Amortization

74.9

 

4.4 %

 

78.9

 

4.5 %

 

150.2

 

4.4 %

 

157.3

 

4.5 %

Loss on extinguishment of debt

1.9

 

— %

 

1.6

 

0.1 %

 

4.4

 

0.1 %

 

3.9

 

0.1 %

Integration-related expenses1

 

— %

 

(0.6)

 

— %

 

 

— %

 

8.1

 

0.2 %

Restructuring and severance charges2

9.7

 

0.6 %

 

7.2

 

0.4 %

 

32.9

 

1.0 %

 

11.9

 

0.3 %

Transformation expenses3

16.2

 

1.0 %

 

 

— %

 

29.5

 

0.9 %

 

 

— %

Other4

(0.3)

 

— %

 

(0.7)

 

— %

 

(0.8)

 

— %

 

(0.8)

 

— %

Impairment charges5

 

— %

 

160.8

 

9.2 %

 

 

— %

 

160.8

 

4.6 %

Income tax benefit applicable to
     pretax adjustments

(27.3)

 

(1.6) %

 

(53.5)

 

(3.1) %

 

(50.9)

 

(1.5) %

 

(73.6)

 

(2.1) %

Adjusted net income

168.0

 

9.9 %

 

186.4

 

10.7 %

 

318.6

 

9.4 %

 

381.8

 

10.8 %

Interest expense, net

60.9

 

3.6 %

 

73.4

 

4.2 %

 

125.2

 

3.7 %

 

147.1

 

4.2 %

Depreciation

27.7

 

1.5 %

 

23.7

 

1.4 %

 

52.0

 

1.6 %

 

46.4

 

1.4 %

Income tax provision applicable
     to Adjusted Net income

49.0

 

2.9 %

 

59.5

 

3.4 %

 

92.8

 

2.7 %

 

113.9

 

3.2 %

Adjusted EBITDA

$  305.6

 

17.9 %

 

$  343.0

 

19.7 %

 

$  588.6

 

17.4 %

 

$  689.2

 

19.6 %

━━━━━━━━━

1.

Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.

Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company's publicly-announced cost transformation initiative.

3.

Represents incremental expenses directly associated with the Company's publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

4.

Represents net foreign currency (gain) loss from financing activities, other stock-based compensation expense (benefit) and charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

5.

Related to impairment of the Ritter asset group.

 

Avantor, Inc. and subsidiaries 

Reconciliations of non-GAAP measures (continued) 

 

Adjusted Operating Income and Adjusted Operating Income Margin 

 

(dollars in millions)

Three months ended June 30,

 

Six months ended June 30,

2024

 

2023

 

2024

 

2023

$

 

%

 

$

 

%

 

$

 

%

 

$

 

%

Net income (loss)

$ 92.9

 

5.5 %

 

$  (7.3)

 

(0.4) %

 

$  153.3

 

4.5 %

 

$  114.2

 

3.2 %

Interest expense, net

60.9

 

3.6 %

 

73.4

 

4.2 %

 

125.2

 

3.7 %

 

147.1

 

4.2 %

Income tax expense

21.7

 

1.3 %

 

6.0

 

0.3 %

 

41.9

 

1.2 %

 

40.3

 

1.1 %

Loss on extinguishment of debt

1.9

 

— %

 

1.6

 

0.1 %

 

4.4

 

0.1 %

 

3.9

 

0.1 %

Other income, net

(1.6)

 

(0.1) %

 

(2.0)

 

(0.1) %

 

(2.7)

 

— %

 

(2.6)

 

— %

Operating income

175.8

 

10.3 %

 

71.7

 

4.1 %

 

322.1

 

9.5 %

 

302.9

 

8.6 %

Amortization

74.9

 

4.4 %

 

78.9

 

4.5 %

 

150.2

 

4.4 %

 

157.3

 

4.5 %

Integration-related expenses1

 

— %

 

(0.6)

 

— %

 

 

— %

 

8.1

 

0.2 %

Restructuring and severance charges2

9.7

 

0.6 %

 

7.2

 

0.4 %

 

32.9

 

1.0 %

 

11.9

 

0.3 %

Transformation expenses3

16.2

 

1.0 %

 

 

— %

 

29.5

 

0.9 %

 

 

— %

Other4

0.6

 

— %

 

0.9

 

0.1 %

 

0.9

 

— %

 

1.0

 

— %

Impairment charges5

 

— %

 

160.8

 

9.2 %

 

 

— %

 

160.8

 

4.6 %

Adjusted Operating Income

$  277.2

 

16.3 %

 

$  318.9

 

18.3 %

 

$  535.6

 

15.8 %

 

$  642.0

 

18.2 %

━━━━━━━━━

1.

Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.

Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company's publicly-announced cost transformation initiative.

3.

Represents incremental expenses directly associated with the Company's publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

4.

Represents other stock-based compensation expense (benefit) and charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

5.

Related to impairment of the Ritter asset group.

 

Avantor, Inc. and subsidiaries 

Reconciliations of non-GAAP measures (continued) 

 

Earnings per share 

 

(shares in millions)

Three months ended
June 30,

 

Six months ended
June 30,

2024

 

2023

 

2024

 

2023

Diluted earnings (loss) per share (GAAP)

$      0.14

 

$     (0.01)

 

$      0.22

 

$      0.17

Dilutive impact of convertible instruments

 

 

 

Fully diluted earnings (loss) per share (non-GAAP)

0.14

 

(0.01)

 

0.22

 

0.17

Amortization

0.11

 

0.12

 

0.22

 

0.23

Loss on extinguishment of debt

 

 

0.01

 

0.01

Integration-related expenses

 

 

 

0.01

Restructuring and severance charges

0.02

 

0.01

 

0.05

 

0.02

Transformation expenses

0.02

 

 

0.04

 

Other

 

 

 

Impairment charges

 

0.24

 

 

0.24

Income tax benefit applicable to pretax adjustments

(0.04)

 

(0.08)

 

(0.07)

 

(0.12)

Adjusted EPS (non-GAAP)

$      0.25

 

$      0.28

 

$      0.47

 

$      0.56

               

Weighted average shares outstanding:

             

Diluted (GAAP)

682.6

 

675.3

 

681.9

 

677.9

Incremental shares excluded for GAAP

 

2.4

 

 

Share count for Adjusted EPS (non-GAAP)

682.6

 

677.7

 

681.9

 

677.9

 

Free cash flow 

 

(in millions)

Three months ended
June 30,

 

Six months ended
June 30,

2024

 

2023

 

2024

 

2023

Net cash provided by operating activities

$    281.1

 

$    168.2

 

$    422.7

 

$    387.7

Capital expenditures

(45.8)

 

(30.1)

 

(80.5)

 

(58.1)

Free cash flow (non-GAAP)

$    235.3

 

$    138.1

 

$    342.2

 

$    329.6

 

Adjusted net leverage 

 

(dollars in millions)

June 30, 2024

Total debt, gross

$      5,148.3

Less cash and cash equivalents

(272.6)

 

$      4,875.7

   

Trailing twelve months Adjusted EBITDA

$      1,208.5

Trailing twelve months ongoing stock-based compensation expense

42.3

 

$      1,250.8

   

Adjusted net leverage (non-GAAP)

              3.9 x

 

Avantor, Inc. and subsidiaries 

Reconciliations of non-GAAP measures (continued) 

 

Net sales by segment 

 

(in millions)

June 30,

 

Reconciliation of net sales growth
(decline) to organic net sales growth
(decline)

 

Net sales
growth
(decline)

 

Foreign
currency
impact

 

Organic
net sales
growth
(decline)

 

2024

 

2023

 

Three months ended:

                   

Laboratory Solutions

$   1,155.7

 

$   1,193.8

 

$      (38.1)

 

$        (5.4)

 

$      (32.7)

 

Bioscience Production

547.1

 

550.1

 

(3.0)

 

(1.3)

 

(1.7)

 

Total

$   1,702.8

 

$   1,743.9

 

$      (41.1)

 

$        (6.7)

 

$      (34.4)

 

Six months ended:

                   

Laboratory Solutions

$   2,312.8

 

$   2,396.8

 

$      (84.0)

 

$         3.6

 

$      (87.6)

 

Bioscience Production

1,069.8

 

1,127.4

 

(57.6)

 

1.7

 

(59.3)

 

Total

$   3,382.6

 

$   3,524.2

 

$    (141.6)

 

$         5.3

 

$    (146.9)

 

 

Adjusted Operating Income by segment 

 

(in millions)

Three months ended
June 30,

 

Six months ended
June 30,

2024

 

2023

 

2024

 

2023

Laboratory Solutions

$      150.9

 

$      179.7

 

$      299.1

 

$      351.9

Bioscience Production

144.0

 

154.2

 

270.9

 

321.7

Corporate

(17.7)

 

(15.0)

 

(34.4)

 

(31.6)

Total

$      277.2

 

$      318.9

 

$      535.6

 

$      642.0

 

 

 

SOURCE Avantor and Financial News