RADNOR, Pa., June 28, 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, announced that it will release its second quarter 2024 financial results before the market opens on Friday, July 26, and will hold a conference call on the same day at 8:00 a.m. Eastern Time to discuss the results. To hear a live audio webcast of the session, visit Events & Presentations in the Investo ...

RADNOR, Pa. , June 21, 2024 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technologies industries, today announced that Corey Walker has rejoined the company as President of Avantor's Laboratory Solutions business, reporting to CEO Michael Stubblefield.© 2017 - www.chorusphotography.com"Corey's deep knowledge of our end markets and industry, coupled with his familiarity with our organization and ...

Achieves 2025 Greenhouse Gas Emission reduction goals two years ahead of scheduleRADNOR, Pa., June 18, 2024 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technologies industries, released its 2024 Sustainability Report today. The report highlights the meaningful progress Avantor made in 2023 against four Science for Goodness sustainability pillars: People & Culture, Innovation & Environment, Comm ...

Core Points - Avantor, Inc. is a leading global provider of mission-critical products and services in the life sciences and advanced technologies sectors [1][2] - The company will have its President and CEO, Michael Stubblefield, participate in a fireside chat at Bernstein's 40th Annual Strategic Decisions Conference on May 30, 2024 [1] - The event will be accessible via a live audio webcast, with a replay available for 30 days [1] Company Overview - Avantor is a Fortune 500 company that collaborates closely with customers throughout the scientific journey to facilitate breakthroughs in medicine, healthcare, and technology [2] - The company's portfolio is utilized in nearly every stage of significant research, development, and production activities across over 300,000 customer locations in 180 countries [2] - Avantor maintains a presence on various social media platforms including LinkedIn, Twitter, and Facebook [2]

Group 1 - Avantor, Inc. is a leading global provider of mission-critical products and services to the life sciences and advanced technologies industries [2] - The company will have its President and CEO, Michael Stubblefield, participate in a fireside chat at the BofA Securities 2024 Health Care Conference on May 14, 2024 [1] - The event will be available for live audio webcast, with a replay accessible for 30 days [1] Group 2 - Avantor operates in over 300,000 customer locations across 180 countries, emphasizing its extensive reach in the life sciences sector [2] - The company is recognized as a Fortune 500 entity, highlighting its significant position in the industry [2] - Avantor's portfolio supports critical research, development, and production activities, contributing to advancements in medicine, healthcare, and technology [2]

Avantor, Inc. (AVTR) reported first-quarter 2024 adjusted earnings per share (EPS) of 22 cents, down 24.1% year over year. However, the bottom line surpassed the Zacks Consensus Estimate by 10%.GAAP EPS for the quarter was 9 cents, down 50% year over year.Revenue DetailsRevenues grossed $1.68 billion in the reported quarter, down 5.6% year over year. However, the metric was in line with the Zacks Consensus Estimate.Avantor's foreign currency translation reflects a 0.7% favorable impact in the reported quart ...

Avantor Inc. (NYSE:AVTR) Q1 2024 Earnings Conference Call April 26, 2024 8:00 AM ET Company Participants Christina Jones – Vice President-Investor Relations Michael Stubblefield – President and Chief Executive Officer Brent Jones – Executive Vice President and Chief Financial Officer Conference Call Participants Michael Ryskin – Bank of America Dan Leonard – UBS Dan Brennan – TD Cowen Luke Sergott – Barclays Vijay Kumar – Evercore ISI Jack Meehan – Nephron Research Doug Schenkel – Wolfe Research Rachel Vatn ...

Q1 2024 EARNINGS PRESENTATION April 26, 2024 Disclaimer ...

PART I — FINANCIAL INFORMATION [Item 1. Financial statements](index=7&type=section&id=Item%201.%20Financial%20statements) The company presents its unaudited Q1 2024 condensed consolidated financial statements and discloses a change in its operating segments Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $2,321.1 | $2,384.9 | | **Total assets** | $12,763.4 | $12,972.7 | | **Total current liabilities** | $1,441.9 | $1,480.3 | | **Total liabilities** | $7,427.1 | $7,720.1 | | **Total stockholders' equity** | $5,336.3 | $5,252.6 | Consolidated Statements of Operations (in millions, except per share data) | Metric | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net sales | $1,679.8 | $1,780.3 | | Gross profit | $570.5 | $624.8 | | Operating income | $146.3 | $231.2 | | Net income | $60.4 | $121.5 | | Diluted EPS | $0.09 | $0.18 | Consolidated Statements of Cash Flows (in millions) | Cash Flow Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $141.6 | $219.5 | | Net cash used in investing activities | $(34.2) | $(27.3) | | Net cash used in financing activities | $(130.2) | $(275.0) | | Net change in cash | $(28.5) | $(78.0) | - Effective January 1, 2024, the company changed its operating model and reporting structure from three segments to two: **Laboratory Solutions and Bioscience Production**[33](index=33&type=chunk)[42](index=42&type=chunk) Segment Net Sales and Adjusted Operating Income (in millions) | Metric | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | **Net Sales** | | | | Laboratory Solutions | $1,157.1 | $1,203.0 | | Bioscience Production | $522.7 | $577.3 | | **Total** | **$1,679.8** | **$1,780.3** | | **Adjusted Operating Income** | | | | Laboratory Solutions | $148.2 | $172.2 | | Bioscience Production | $126.9 | $167.5 | | Corporate | $(16.7) | $(16.6) | | **Total** | **$258.4** | **$323.1** | Total Debt Summary (in millions) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total debt, gross | $5,360.9 | $5,580.0 | | Less: unamortized deferred financing costs | $(37.9) | $(43.4) | | **Total debt** | **$5,323.0** | **$5,536.6** | - The company engages in hedging activities using interest rate swaps, cross-currency swaps, and foreign currency forward contracts to reduce exposure to interest rate and foreign currency exchange rate fluctuations[89](index=89&type=chunk)[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management analyzes a 5.6% net sales decrease to $1.7 billion in Q1 2024, driven by reduced demand across its newly defined segments Q1 2024 Key Financial Results (in millions) | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Net sales | $1,679.8 | $1,780.3 | $(100.5) | | Net income | $60.4 | $121.5 | $(61.1) | | Adjusted EBITDA | $283.0 | $346.2 | $(63.2) | | Adjusted Operating Income | $258.4 | $323.1 | $(64.7) | - Key factors affecting the business include the ongoing **normalization of customer demand post-COVID-19**, global supply chain disruptions, inflationary pressures, and fluctuations in foreign currency rates[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) Organic Net Sales Growth (Decline) by Segment - Q1 2024 | Segment | Net Sales Growth (Decline) | Foreign Currency Impact | Organic Net Sales Growth (Decline) | | :--- | :--- | :--- | :--- | | Laboratory Solutions | (3.8%) | 0.7% | (4.5%) | | Bioscience Production | (9.5%) | 0.5% | (10.0%) | | **Total** | **(5.6%)** | **0.7%** | **(6.3%)** | - Gross margin for Q1 2024 contracted by **110 basis points to 34.0%**, primarily due to unfavorable product mix[129](index=129&type=chunk)[130](index=130&type=chunk) - Operating income decreased by **$84.9 million**, driven by lower gross profit and higher operating expenses, which included restructuring, severance, and transformation costs[131](index=131&type=chunk)[132](index=132&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $60.4 | $121.5 | | Interest expense, net | $64.3 | $73.7 | | Income tax expense | $20.2 | $34.3 | | Depreciation and amortization | $99.6 | $101.1 | | Other adjustments (restructuring, transformation, etc.) | $36.5 | $15.6 | | **Adjusted EBITDA** | **$283.0** | **$346.2** | Reconciliation of Net Income to Adjusted Operating Income (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $60.4 | $121.5 | | Interest expense, net | $64.3 | $73.7 | | Income tax expense | $20.2 | $34.3 | | Other adjustments | $2.5 | $1.7 | | **Operating income** | **$146.3** | **$231.2** | | Amortization & other adjustments | $112.1 | $91.9 | | **Adjusted Operating Income** | **$258.4** | **$323.1** | Liquidity Summary (in millions) as of March 31, 2024 | Source | Amount | | :--- | :--- | | Unused availability under credit facilities | $1,018.4 | | Cash and cash equivalents | $234.9 | | **Total liquidity** | **$1,253.3** | Free Cash Flow (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $141.6 | $219.5 | | Capital expenditures | $(34.7) | $(28.0) | | **Free cash flow** | **$106.9** | **$191.5** | [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) The company reports no material changes to its market risk disclosures from the 2023 Annual Report - There were **no material changes** during the quarter ended March 31, 2024 to the market risk information reported in the Company's 2023 Annual Report[160](index=160&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2024[161](index=161&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter that have materially affected or are reasonably likely to materially affect internal controls[162](index=162&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20proceedings) The company reports no outstanding litigation expected to result in material losses as of March 31, 2024 - As of March 31, 2024, the company did not have any outstanding litigation that it believed would result in **material losses** if decided unfavorably[66](index=66&type=chunk)[163](index=163&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20factors) No material changes to the risk factors disclosed in the 2023 Annual Report have occurred - There have been **no material changes** to the risk factors previously disclosed in the company's Annual Report[164](index=164&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20information) Two executive officers adopted Rule 10b5-1 trading plans for future sales of company stock in March 2024 - On March 7, 2024, Christophe Couturier, EVP, adopted a **Rule 10b5-1 trading plan**[166](index=166&type=chunk) - On March 8, 2024, James Bramwell, EVP, adopted a **Rule 10b5-1 trading plan**[167](index=167&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including agreements and executive certifications - A list of exhibits filed with the report is provided, including credit agreement amendments, consulting agreements, and required **executive certifications**[169](index=169&type=chunk)[170](index=170&type=chunk)[173](index=173&type=chunk)

Exhibit 99.1 Avantor® Reports First Quarter 2024 Results • Net sales of $1.68 billion, decrease of 5.6%; organic decline of 6.3% • Net income of $60 million; Adjusted EBITDA of $283 million • Diluted GAAP EPS of $0.09; adjusted EPS of $0.22 • Operating cash flow of $142 million; free cash flow of $107 million RADNOR, Pa. – April 26, 2024 – Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, toda ...