- Net sales of $1.72 billion,
decrease of 7.3%; core organic decline of 7.9%
- Net income of $108.4 million;
Adjusted EBITDA of $317.8
million
- Diluted GAAP EPS of $0.16;
adjusted EPS of $0.25
- Operating cash flow of $230.7
million; free cash flow of $193.0
million
- Adjusted net leverage of 3.9X; repaid more than $650 million of debt year to date
RADNOR,
Pa., Oct. 27, 2023 /PRNewswire/ -- Avantor,
Inc. (NYSE: AVTR), a leading global provider of mission-critical
products and services to customers in the life sciences, education
and government, advanced technologies and applied materials
industries, today reported financial results for the third quarter
ended September 30, 2023.
"We delivered third quarter business results in line with our
guidance for the quarter and end market conditions remained stable,
as anticipated. Disciplined execution, driven by the Avantor
Business System, resulted in more than 110% free cash flow
conversion and enabled ongoing debt paydown. Enhanced commercial
intensity drove notable customer wins and contract renewals in
biopharma as well as momentum across our biomaterials and education
platforms," said Michael
Stubblefield, President and Chief Executive Officer.
"We are confident in our long-term outlook. Our focus on
productivity and operational excellence, balanced with investments
in our growth strategy, including proprietary product innovation
and the formation of our Scientific Advisory Board, has
positioned Avantor to emerge stronger from the current
environment," Stubblefield concluded.
Third Quarter 2023
For the three months ended September 30,
2023, net sales were $1.72
billion, a decrease of 7.3% compared to the third quarter of
2022. Foreign currency translation had a favorable impact of 2.3%
resulting in an organic sales decline of 9.6% and core organic
sales (excluding COVID-19 headwinds) decline of 7.9%. Adjusted
EBITDA was $317.8 million and
adjusted EBITDA margin was 18.5%. Net income decreased to
$108.4 million from $167.0 million in the third quarter of 2022 and
adjusted net income was $171.6
million as compared to $231.2
million in the comparable prior period.
Diluted earnings per share on a GAAP basis was $0.16, while adjusted EPS was $0.25.
Operating cash flow in the quarter was $230.7 million, while free cash flow was
$193.0 million.
Adjusted net leverage was 3.9X as of September 30, 2023, and we have repaid more than
$650 million of total debt in the
first three quarters of 2023.
Third Quarter 2023 – Segment Results
Management uses Adjusted EBITDA to measure and evaluate the
internal operating performance of our Company's business segments.
Adjusted EBITDA is also our segment reporting profitability measure
under generally accepted accounting principles.
Americas
- Net sales were $1,019.2 million,
a reported decrease of 9.3%, as compared to $1,123.2 million in the third quarter of 2022.
Core organic sales decreased 7.9%.
- Adjusted EBITDA margin decreased approximately 140 basis points
to 22.0%.
Europe
- Net sales were $579.8 million, a
reported decrease of 2.6%, as compared to $595.1 million in the third quarter of 2022. Core
organic sales decreased 8.6%.
- Adjusted EBITDA margin decreased approximately 420 basis points
to 17.7%.
AMEA
- Net sales were $121.2 million, a
reported decrease of 12.3%, as compared to $138.2 million in the third quarter of 2022. Core
organic sales decreased 5.4%.
- Adjusted EBITDA margin increased approximately 210 basis points
to 27.9%.
Conference Call
We will host a conference call to
discuss our results today, October 27,
2023, 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®, a Fortune 500
company, is a leading global provider of mission-critical products
and services to customers in the biopharma, healthcare, education
& government, and advanced technologies & applied materials
industries. Our portfolio is used in virtually every stage of the
most important research, development and production activities in
the industries we serve. Our global footprint enables us to serve
more than 300,000 customer locations and gives us extensive access
to research laboratories and scientists in more than 180 countries.
We set science in motion to create a better world. For more
information, please visit www.avantorsciences.com.
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 measurements 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 measurement or communication.
The non-GAAP financial measures used in this press release are
sales growth (decline) on an organic basis, sales growth (decline)
on a core organic basis, Adjusted EBITDA, adjusted net income,
adjusted EPS, adjusted net leverage and free cash flow.
- Sales growth (decline) on an organic basis eliminates from our
reported net sales growth (decline) the impacts of earnings from
any acquired or disposed businesses that have been owned for less
than one year and changes in foreign currency exchange rates. Sales
growth (decline) on a core organic basis eliminates from our
organic growth (decline) the impacts of any COVID-19 related net
sales. We believe that these measurements are useful as a way to
measure and evaluate our underlying commercial operating
performance consistently across our segments and the periods
presented.
- Adjusted EBITDA is to measure and evaluate our operating
performance exclusive of interest expense, income tax expense,
depreciation, amortization and certain other adjustments. We
believe that this measurement is useful as a way to analyze the
underlying trends in our business consistently across the periods
presented.
- Adjusted net income is our net income or loss first adjusted
for the following items: (i) amortization of acquired intangible
assets, (ii) net foreign currency remeasurement gains or losses
relating to financing activities, (iii) losses on extinguishment of
debt, (iv) charges associated with the impairment of certain
assets, (v) other costs or credits that are either isolated or
cannot be expected to recur with any regularity or predictability.
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 measurement is useful as a way to analyze the business
consistently across the periods presented.
- 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 measurement is an additional way
to analyze the underlying trends in our business consistently
across the periods presented.
- 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 measurement is a useful way to
evaluate and measure the Company's capital allocation strategies
and the underlying trends in the business.
- Free cash flow is equal to our cash flow from operating
activities, excluding acquisition-related costs paid in the period,
less capital expenditures. We believe that this measurement is
useful as it provides a view on the Company's ability to generate
cash for use in financing or investment activities.
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, 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
September 30,
|
|
Nine months ended
September 30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net sales
|
$
1,720.2
|
|
$
1,856.5
|
|
$
5,244.4
|
|
$
5,717.4
|
Cost of
sales
|
1,141.6
|
|
1,205.8
|
|
3,451.0
|
|
3,729.1
|
Gross
profit
|
578.6
|
|
650.7
|
|
1,793.4
|
|
1,988.3
|
Selling, general and
administrative expenses
|
368.4
|
|
374.9
|
|
1,119.5
|
|
1,109.9
|
Impairment
charges
|
—
|
|
—
|
|
160.8
|
|
—
|
Operating
income
|
210.2
|
|
275.8
|
|
513.1
|
|
878.4
|
Interest
expense
|
(72.4)
|
|
(67.3)
|
|
(219.5)
|
|
(196.0)
|
Loss on extinguishment
of debt
|
(2.0)
|
|
(2.9)
|
|
(5.9)
|
|
(10.8)
|
Other income,
net
|
0.7
|
|
2.7
|
|
3.3
|
|
4.8
|
Income before income
taxes
|
136.5
|
|
208.3
|
|
291.0
|
|
676.4
|
Income tax
expense
|
(28.1)
|
|
(41.3)
|
|
(68.4)
|
|
(131.6)
|
Net income
|
108.4
|
|
167.0
|
|
222.6
|
|
544.8
|
Accumulation of yield
on preferred stock
|
—
|
|
—
|
|
—
|
|
(24.2)
|
Net income available
to common
stockholders
|
$ 108.4
|
|
$ 167.0
|
|
$ 222.6
|
|
$ 520.6
|
|
|
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
|
|
|
|
Basic
|
$ 0.16
|
|
$ 0.25
|
|
$ 0.33
|
|
$ 0.81
|
Diluted
|
$ 0.16
|
|
$ 0.25
|
|
$ 0.33
|
|
$ 0.80
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
676.0
|
|
674.1
|
|
675.4
|
|
643.0
|
Diluted
|
678.5
|
|
679.3
|
|
678.1
|
|
680.4
|
Avantor, Inc. and
subsidiaries Unaudited condensed consolidated balance
sheets
|
|
(in
millions)
|
September 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
236.9
|
|
$
372.9
|
Accounts receivable,
net
|
1,150.3
|
|
1,218.4
|
Inventory
|
850.3
|
|
913.5
|
Other current
assets
|
147.3
|
|
153.1
|
Total current
assets
|
2,384.8
|
|
2,657.9
|
Property, plant and
equipment, net
|
698.3
|
|
727.0
|
Other intangible
assets, net
|
3,788.1
|
|
4,133.3
|
Goodwill
|
5,637.7
|
|
5,652.6
|
Other assets
|
289.2
|
|
293.5
|
Total
assets
|
$
12,798.1
|
|
$
13,464.3
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
debt
|
$
335.6
|
|
$
364.2
|
Accounts
payable
|
655.8
|
|
758.2
|
Employee-related
liabilities
|
120.0
|
|
122.4
|
Accrued
interest
|
39.6
|
|
49.9
|
Other current
liabilities
|
337.1
|
|
364.1
|
Total current
liabilities
|
1,488.1
|
|
1,658.8
|
Debt, net of current
portion
|
5,290.5
|
|
5,923.3
|
Deferred income tax
liabilities
|
648.8
|
|
731.4
|
Other
liabilities
|
271.3
|
|
295.4
|
Total
liabilities
|
7,698.7
|
|
8,608.9
|
Stockholders'
equity:
|
|
|
|
Common stock including
paid-in capital
|
3,817.5
|
|
3,785.3
|
Accumulated
earnings
|
1,393.0
|
|
1,170.4
|
Accumulated other
comprehensive loss
|
(111.1)
|
|
(100.3)
|
Total stockholders'
equity
|
5,099.4
|
|
4,855.4
|
Total liabilities and
stockholders' equity
|
$
12,798.1
|
|
$
13,464.3
|
Avantor, Inc. and
subsidiaries Unaudited condensed consolidated statements
of cash flows
|
|
(in
millions)
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$
108.4
|
|
$
167.0
|
|
$
222.6
|
|
$
544.8
|
Reconciling
adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
98.0
|
|
100.6
|
|
301.7
|
|
304.8
|
Impairment
charges
|
—
|
|
—
|
|
160.8
|
|
—
|
Stock-based
compensation expense
|
9.8
|
|
12.1
|
|
31.7
|
|
35.8
|
Provision for accounts
receivable and
inventory
|
19.4
|
|
15.7
|
|
62.5
|
|
43.9
|
Deferred income tax
benefit
|
(29.4)
|
|
(22.3)
|
|
(94.1)
|
|
(61.8)
|
Amortization of
deferred financing costs
|
3.2
|
|
3.6
|
|
9.9
|
|
12.1
|
Loss on extinguishment
of debt
|
2.0
|
|
2.9
|
|
5.9
|
|
10.8
|
Foreign currency
remeasurement (gain) loss
|
(3.0)
|
|
5.5
|
|
(3.1)
|
|
4.9
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
47.2
|
|
(0.8)
|
|
55.1
|
|
(99.0)
|
Inventory
|
10.8
|
|
(21.0)
|
|
9.1
|
|
(114.1)
|
Accounts
payable
|
(21.4)
|
|
(7.3)
|
|
(95.8)
|
|
65.1
|
Accrued
interest
|
(9.7)
|
|
(10.3)
|
|
(10.3)
|
|
(11.2)
|
Other assets and
liabilities
|
(4.2)
|
|
17.4
|
|
(38.5)
|
|
(98.0)
|
Other, net
|
(0.4)
|
|
(4.8)
|
|
0.9
|
|
(0.1)
|
Net cash provided by
operating activities
|
230.7
|
|
258.3
|
|
618.4
|
|
638.0
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Capital
expenditures
|
(37.7)
|
|
(39.0)
|
|
(95.8)
|
|
(99.8)
|
Cash paid for
acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
(20.2)
|
Cash proceeds from
settlement of cross currency
swap
|
—
|
|
42.5
|
|
—
|
|
42.5
|
Other
|
0.7
|
|
0.6
|
|
2.1
|
|
1.0
|
Net cash (used in)
provided by investing
activities
|
(37.0)
|
|
4.1
|
|
(93.7)
|
|
(76.5)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Debt
borrowings
|
—
|
|
35.0
|
|
—
|
|
245.0
|
Debt
repayments
|
(197.6)
|
|
(259.1)
|
|
(657.9)
|
|
(783.0)
|
Payments of debt
refinancing fees and premiums
|
—
|
|
—
|
|
(2.3)
|
|
—
|
Payments of dividends
on preferred stock
|
—
|
|
—
|
|
—
|
|
(32.4)
|
Proceeds received from
exercise of stock options
|
9.4
|
|
4.8
|
|
14.1
|
|
16.4
|
Shares repurchased to
satisfy employee tax
obligations for vested stock-based
awards
|
(0.2)
|
|
(0.1)
|
|
(13.5)
|
|
(13.1)
|
Net cash used in
financing activities
|
(188.4)
|
|
(219.4)
|
|
(659.6)
|
|
(567.1)
|
Effect of currency rate
changes on cash
|
(5.4)
|
|
(16.2)
|
|
(1.3)
|
|
(33.7)
|
Net change in cash,
cash equivalents and restricted
cash
|
(0.1)
|
|
26.8
|
|
(136.2)
|
|
(39.3)
|
Cash, cash equivalents
and restricted cash, beginning
of period
|
260.8
|
|
261.0
|
|
396.9
|
|
327.1
|
Cash, cash equivalents
and restricted cash, end of
period
|
$
260.7
|
|
$
287.8
|
|
$
260.7
|
|
$
287.8
|
Avantor, Inc. and
subsidiaries Reconciliations of non-GAAP
measures
|
|
(in
millions)
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income
|
$
108.4
|
|
$
167.0
|
|
$
222.6
|
|
$
544.8
|
Amortization
|
75.4
|
|
79.8
|
|
232.7
|
|
239.8
|
Loss on extinguishment
of debt
|
2.0
|
|
2.9
|
|
5.9
|
|
10.8
|
Net foreign currency
gain from financing activities
|
(0.5)
|
|
(1.2)
|
|
(2.3)
|
|
(0.2)
|
Other stock-based
compensation expense (benefit)
|
0.1
|
|
(1.6)
|
|
0.1
|
|
(3.3)
|
Integration-related
expenses1
|
0.2
|
|
6.4
|
|
8.3
|
|
13.6
|
Purchase accounting
adjustments2
|
—
|
|
—
|
|
—
|
|
9.4
|
Restructuring and
severance charges3
|
6.1
|
|
1.3
|
|
18.0
|
|
3.7
|
Reserve for certain
legal matters4
|
3.0
|
|
—
|
|
4.0
|
|
—
|
Impairment
charges5
|
—
|
|
—
|
|
160.8
|
|
—
|
Income tax benefit
applicable to pretax adjustments
|
(23.1)
|
|
(23.4)
|
|
(96.7)
|
|
(77.1)
|
Adjusted net
income
|
171.6
|
|
231.2
|
|
553.4
|
|
741.5
|
Interest
expense
|
72.4
|
|
67.3
|
|
219.5
|
|
196.0
|
Depreciation
|
22.6
|
|
20.8
|
|
69.0
|
|
65.0
|
Income tax provision
applicable to Adjusted Net
income
|
51.2
|
|
64.7
|
|
165.1
|
|
208.7
|
Adjusted
EBITDA
|
$
317.8
|
|
$
384.0
|
|
$
1,007.0
|
|
$
1,211.2
|
___________________
|
1.
|
Represents
non-recurring 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.
|
Represents the non-cash
reduction of contingent consideration related to the Ritter
acquisition and the amortization of the purchase accounting
adjustment to record inventory acquired from Masterflex at fair
value.
|
3.
|
Reflects the
incremental expenses incurred in the period related to initiatives
to increase profitability and productivity. Typical costs included
in this caption are employee severance, site-related exit costs,
and contract termination costs.
|
4.
|
Represents 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 Ritter asset group.
|
Avantor, Inc. and
subsidiaries Reconciliations of non-GAAP measures
(continued)
|
|
Earnings per
share
|
|
(shares in
millions)
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Diluted Earnings per
share (GAAP)
|
$ 0.16
|
|
$ 0.25
|
|
$ 0.33
|
|
$ 0.80
|
Dilutive impact of
convertible instruments
|
—
|
|
—
|
|
—
|
|
—
|
Fully diluted Earnings
per share (non-GAAP)
|
0.16
|
|
0.25
|
|
0.33
|
|
0.80
|
Amortization
|
0.11
|
|
0.11
|
|
0.34
|
|
0.35
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
—
|
|
0.01
|
Net foreign currency
gain from financing activities
|
—
|
|
—
|
|
—
|
|
—
|
Other stock-based
compensation expense (benefit)
|
—
|
|
—
|
|
—
|
|
—
|
Integration-related
expenses
|
—
|
|
0.01
|
|
0.01
|
|
0.02
|
Purchase accounting
adjustments
|
—
|
|
—
|
|
—
|
|
0.01
|
Restructuring and
severance charges
|
0.01
|
|
—
|
|
0.03
|
|
0.01
|
Reserve for certain
legal matters
|
—
|
|
—
|
|
0.01
|
|
—
|
Impairment
charges
|
—
|
|
—
|
|
0.24
|
|
—
|
Income tax benefit
applicable to pretax adjustments
|
(0.03)
|
|
(0.03)
|
|
(0.14)
|
|
(0.11)
|
Adjusted EPS
(non-GAAP)
|
$ 0.25
|
|
$ 0.34
|
|
$ 0.82
|
|
$ 1.09
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Diluted
(GAAP)
|
678.5
|
|
679.3
|
|
678.1
|
|
680.4
|
Incremental shares
excluded for GAAP
|
—
|
|
—
|
|
—
|
|
—
|
Share count for
Adjusted EPS (non-GAAP)
|
678.5
|
|
679.3
|
|
678.1
|
|
680.4
|
Avantor, Inc. and
subsidiaries Reconciliations of non-GAAP measures
(continued)
|
|
Free cash
flow
|
|
(in
millions)
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net cash provided by
operating activities
|
$
230.7
|
|
$
258.3
|
|
$
618.4
|
|
$
638.0
|
Capital
expenditures
|
(37.7)
|
|
(39.0)
|
|
(95.8)
|
|
(99.8)
|
Free cash flow
(non-GAAP)
|
$
193.0
|
|
$
219.3
|
|
$
522.6
|
|
$
538.2
|
Adjusted net
leverage
|
|
(dollars in
millions)
|
September 30,
2023
|
Total debt,
gross
|
$ 5,672.7
|
Less cash and cash
equivalents
|
(236.9)
|
|
$ 5,435.8
|
|
|
Trailing twelve months
Adjusted EBITDA
|
$ 1,366.5
|
Trailing twelve months
ongoing stock-based compensation expense
|
41.6
|
|
$ 1,408.1
|
|
|
Adjusted net leverage
(non-GAAP)
|
3.9 x
|
Avantor, Inc. and
subsidiaries Reconciliations of non-GAAP measures
(continued)
|
|
Net
sales
|
|
(in
millions)
|
September 30,
|
|
Reconciliation of
net sales growth (decline) to organic and
core organic net sales growth (decline)
|
Net sales
growth
(decline)
|
|
Foreign
currency
impact
|
|
Organic
net sales
growth
(decline)
|
|
COVID -
19
|
|
Core
organic
net sales
growth
(decline)1
|
2023
|
|
2022
|
|
|
Three
months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
$
1,019.2
|
|
$ 1,123.2
|
|
$
(104.0)
|
|
$ 1.0
|
|
$
(105.0)
|
|
$
(16.9)
|
|
$ (88.1)
|
Europe
|
579.8
|
|
595.1
|
|
(15.3)
|
|
41.1
|
|
(56.4)
|
|
(5.4)
|
|
(51.0)
|
AMEA
|
121.2
|
|
138.2
|
|
(17.0)
|
|
—
|
|
(17.0)
|
|
(9.5)
|
|
(7.5)
|
Total
|
$
1,720.2
|
|
$ 1,856.5
|
|
$
(136.3)
|
|
$ 42.1
|
|
$
(178.4)
|
|
$
(31.8)
|
|
$
(146.6)
|
Nine
months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
$
3,076.8
|
|
$ 3,423.2
|
|
$
(346.4)
|
|
$ (3.7)
|
|
$
(342.7)
|
|
$
(110.4)
|
|
$
(232.3)
|
Europe
|
1,816.9
|
|
1,899.3
|
|
(82.4)
|
|
19.4
|
|
(101.8)
|
|
(46.2)
|
|
(55.6)
|
AMEA
|
350.7
|
|
394.9
|
|
(44.2)
|
|
(8.0)
|
|
(36.2)
|
|
(18.8)
|
|
(17.4)
|
Total
|
$
5,244.4
|
|
$ 5,717.4
|
|
$
(473.0)
|
|
$ 7.7
|
|
$
(480.7)
|
|
$
(175.4)
|
|
$
(305.3)
|
_____________
|
1.
|
Core organic net sales
growth (decline) eliminates from our organic net sales growth
(decline) the impact from the change in sales of COVID-19 related
offerings from 2022 to 2023. Numbers in this column are calculated
by removing the impact of COVID-19 sales from the numbers in the
"Organic net sales growth (decline)" column.
|
Adjusted
EBITDA
|
|
(in
millions)
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Americas
|
$ 223.8
|
|
$ 262.3
|
|
$ 711.4
|
|
$ 846.3
|
Europe
|
102.9
|
|
130.3
|
|
335.8
|
|
393.0
|
AMEA
|
33.8
|
|
35.7
|
|
93.7
|
|
101.1
|
Corporate
|
(42.7)
|
|
(44.3)
|
|
(133.9)
|
|
(129.2)
|
Total
|
$ 317.8
|
|
$ 384.0
|
|
$
1,007.0
|
|
$
1,211.2
|
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SOURCE Avantor and Financial News