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 first fiscal quarter ended March 31, 2024.
"The year is off to a good start as first quarter organic revenue growth was in line with our guidance and disciplined execution drove outperformance on margins and profitability. We are encouraged by the relative stability of our end markets, the impact of our commercial intensity on customer wins and contract renewals, and the sequential improvement in our bioprocessing orders," said Michael Stubblefield, President and Chief Executive Officer.
"We made significant progress in implementing our new operating model and accelerating our multi-year cost transformation initiative, unlocking efficiencies and strengthening alignment with customer needs. We are reaffirming fiscal year 2024 guidance and remain focused on executing our long-term growth strategy," Stubblefield concluded.
First Quarter 2024
For the three months ended March 31, 2024, net sales were $1.68 billion, a decrease of 5.6% compared to the first quarter of 2023. Foreign currency translation had a favorable impact of 0.7%, resulting in sales decline of 6.3% on an organic basis.
Net income decreased to $60.4 million from $121.5 million in the first quarter of 2023, and adjusted net income was $150.6 million as compared to $195.4 million in the comparable prior period. Net Income margin was 3.6%. Adjusted EBITDA was $283.0 million and Adjusted EBITDA margin was 16.8%. Adjusted Operating Income was $258.4M and Adjusted Operating Income margin was 15.4%.
Diluted earnings per share on a GAAP basis was $0.09, while adjusted EPS was $0.22.
Operating cash flow was $141.6 million, while free cash flow was $106.9 million. Adjusted net leverage was 4.0x as of March 31, 2024.
First Quarter 2024 – Segment Results
Laboratory Solutions
Bioscience Production
Adjusted Operating Income is our 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 CallWe will host a conference call to discuss our results today, April 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 AvantorAvantor®, a Fortune 500 company, 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 LinkedIn, X (Twitter) and Facebook
com and find us on LinkedIn, X (Twitter) and Facebook
Use of Non-GAAP Financial MeasuresTo evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U. 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
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 and free cash flow.
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 StatementsThis 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
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, as such risk factors may be updated from time to time in our periodic filings with the SEC
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, 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 ContactChristina JonesVice President, Investor RelationsAvantor+1 805-617-5297[email protected]
Media ContactEmily CollinsVice President, External CommunicationsAvantor+1 332-239-3910[email protected]
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Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced...
Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced...

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