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Avantor® Reports Third Quarter 2024 Results

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Net sales of $1.71 billion, decrease of 0.3%; organic decline of 0.7%Net income of $57.8 million; Adjusted EBITDA of $302.5 millionDiluted GAAP EPS of $0.08; adjusted EPS of $0.26Operating cash flow of $244.8 million; free cash flow of $204.0 million

RADNOR, Pa., Oct. 25, 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 third fiscal quarter ended September 30, 2024.

“Our team delivered another quarter of solid financial results, including outperformance in bioprocessing and a return to growth in our laboratory solutions segment. Our disciplined approach to working capital drove another quarter of best-in-class free cash flow conversion and we are raising our free cash flow guidance for the year,” said Michael Stubblefield, President and Chief Executive Officer.

“As we enter the fourth quarter, we remain on track to realize mid to high single-digit growth in our bioprocessing business, supported by continued momentum in order intake. Our cost transformation programs are running ahead of plan, and we are well positioned to achieve our full year guidance. Moving forward, we remain focused on delivering long-term growth for Avantor and differentiated value to our customers and shareholders,” Stubblefield concluded.

Third Quarter 2024

For the three months ended September 30, 2024, net sales were $1,714.4 million, a decrease of 0.3% compared to the third quarter of 2023. Foreign currency translation had a positive impact of 0.4%, resulting in a sales decline of 0.7% on an organic basis.

Net income decreased to $57.8 million from $108.4 million in the third quarter of 2023, and adjusted net income was $175.2 million as compared to $171.6 million in the comparable prior period. Net Income margin was 3.4%. Adjusted EBITDA was $302.5 million and Adjusted EBITDA margin was 17.6%. Adjusted Operating Income was $274.8 million and Adjusted Operating Income margin was 16.0%.

Diluted earnings per share on a GAAP basis was $0.08, while adjusted EPS was $0.26.

Operating cash flow was $244.8 million, while free cash flow was $204.0 million. Adjusted net leverage was 3.8x as of September 30, 2024.

Third Quarter 2024 – Segment Results

Laboratory Solutions

Net sales were $1,171.5 million, a reported increase of 1.1%, as compared to $1,159.1 million in the third quarter of 2023. Sales increased 0.6% on an organic basis.Adjusted Operating Income was $151.5 million as compared to $159.1 million in the comparable prior period. Adjusted Operating Income margin was 12.9%.

Bioscience Production

Net sales were $542.9 million, a reported decrease of 3.2%, as compared to $561.1 million in the third quarter of 2023. Sales declined 3.5% on an organic basis.Adjusted Operating Income was $138.1 million as compared to $148.2 million in the comparable prior period. Adjusted Operating Income margin was 25.4%.

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, October 25, 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.

Organic net sales growth (decline) eliminates from our reported net sales change the impacts of revenues from acquisitions and divestitures that occurred in the last year and changes in foreign currency exchange rates. We believe that this measurement 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 and divestitures as if those acquisitions and divestitures 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 flows from operating activities, less capital expenditures, plus the direct costs to close acquisitions and divestitures (including income tax effects, if any) in the period. 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
Eric Van Zanten
Head of External Communications
Avantor
+1 610-529-6219
Eric.Vanzanten@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,

2024

2023

2024

2023

Net sales

$   1,714.4

$   1,720.2

$   5,097.0

$   5,244.4

Cost of sales

1,150.0

1,141.6

3,380.6

3,451.0

Gross profit

564.4

578.6

1,716.4

1,793.4

Selling, general and administrative expenses

439.8

368.4

1,269.7

1,119.5

Impairment charges

160.8

Operating income

124.6

210.2

446.7

513.1

Interest expense, net

(48.7)

(72.4)

(173.9)

(219.5)

Loss on extinguishment of debt

(2.1)

(2.0)

(6.5)

(5.9)

Other income, net

0.7

0.7

3.4

3.3

Income before income taxes

74.5

136.5

269.7

291.0

Income tax expense

(16.7)

(28.1)

(58.6)

(68.4)

Net income

$        57.8

$      108.4

$      211.1

$      222.6

Earnings per share:

Basic

$        0.08

$        0.16

$        0.31

$        0.33

Diluted

$        0.08

$        0.16

$        0.31

$        0.33

Weighted average shares outstanding:

Basic

680.3

676.0

679.3

675.4

Diluted

683.0

678.5

682.1

678.1

 

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated balance sheets

(in millions)

September 30, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$                  285.3

$                  262.9

Accounts receivable, net

1,087.7

1,150.2

Inventory

779.6

828.1

Other current assets

135.6

143.7

Assets held for sale

216.5

Total current assets

2,504.7

2,384.9

Property, plant and equipment, net

722.8

737.5

Other intangible assets, net

3,522.7

3,775.3

Goodwill, net

5,670.6

5,716.7

Other assets

419.8

358.3

Total assets

$             12,840.6

$             12,972.7

Liabilities and stockholders’ equity

Current liabilities:

Current portion of debt

$                  229.7

$                  259.9

Accounts payable

673.5

625.9

Employee-related liabilities

183.3

133.1

Accrued interest

39.9

50.2

Other current liabilities

401.7

411.2

Liabilities held for sale

101.7

Total current liabilities

1,629.8

1,480.3

Debt, net of current portion

4,691.4

5,276.7

Deferred income tax liabilities

547.3

612.8

Other liabilities

418.9

350.3

Total liabilities

7,287.4

7,720.1

Stockholders’ equity:

Common stock including paid-in capital

3,924.5

3,830.1

Accumulated earnings

1,702.6

1,491.5

Accumulated other comprehensive loss

(73.9)

(69.0)

Total stockholders’ equity

5,553.2

5,252.6

Total liabilities and stockholders’ equity

$             12,840.6

$             12,972.7

 

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of cash flows

(in millions)

Three months ended
September 30,

Nine months ended
September 30,

2024

2023

2024

2023

Cash flows from operating activities:

Net income

$      57.8

$    108.4

$    211.1

$    222.6

Reconciling adjustments:

Depreciation and amortization

102.4

98.0

304.6

301.7

Impairment charges

160.8

Stock-based compensation expense

11.9

9.8

35.7

31.7

Non-cash restructuring charges

16.4

16.4

Provision for accounts receivable and inventory

16.3

19.4

55.8

62.5

Deferred income tax benefit

(22.6)

(29.4)

(75.3)

(94.1)

Amortization of deferred financing costs

2.8

3.2

8.6

9.9

Loss on extinguishment of debt

2.1

2.0

6.5

5.9

Foreign currency remeasurement (gain) loss

(0.1)

(3.0)

3.0

(3.1)

Changes in assets and liabilities:

Accounts receivable

34.2

47.2

34.2

55.1

Inventory

(7.3)

10.8

(21.5)

9.1

Accounts payable

(4.0)

(21.4)

41.9

(95.8)

Accrued interest

(16.2)

(9.7)

(16.5)

(10.3)

Other assets and liabilities

56.6

(4.2)

63.0

(38.5)

Other

(5.5)

(0.4)

0.9

Net cash provided by operating activities

244.8

230.7

667.5

618.4

Cash flows from investing activities:

Capital expenditures

(40.8)

(37.7)

(121.3)

(95.8)

Other

0.3

0.7

1.7

2.1

Net cash used in investing activities

(40.5)

(37.0)

(119.6)

(93.7)

Cash flows from financing activities:

Debt repayments

(214.3)

(197.6)

(585.0)

(657.9)

Payments of debt refinancing fees and premiums

(2.3)

Proceeds received from exercise of stock options

16.5

9.4

67.3

14.1

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

(0.8)

(0.2)

(8.2)

(13.5)

Net cash used in financing activities

(198.6)

(188.4)

(525.9)

(659.6)

Effect of currency rate changes on cash and cash equivalents

7.9

(5.4)

0.6

(1.3)

Net change in cash, cash equivalents and restricted cash

13.6

(0.1)

22.6

(136.2)

Cash, cash equivalents and restricted cash, beginning of period

296.7

260.8

287.7

396.9

Cash, cash equivalents and restricted cash, end of period

$    310.3

$    260.7

$    310.3

$    260.7

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures

 

Adjusted EBITDA and Adjusted EBITDA Margin

(dollars in millions, %
     based on net sales)

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

$

%

$

%

$

%

$

%

Net income

$   57.8

3.4 %

$ 108.4

6.3 %

$ 211.1

4.1 %

$ 222.6

4.2 %

Amortization

75.4

4.3 %

75.4

4.4 %

225.6

4.4 %

232.7

4.4 %

Loss on extinguishment of debt

2.1

0.1 %

2.0

0.1 %

6.5

0.1 %

5.9

0.1 %

Integration-related expenses1

— %

0.2

— %

— %

8.3

0.2 %

Restructuring and severance charges2

49.4

2.9 %

6.1

0.4 %

82.3

1.7 %

18.0

0.3 %

Transformation expenses3

17.1

1.0 %

— %

46.6

0.9 %

— %

Reserve for certain legal matters4

7.9

0.5 %

3.0

0.1 %

7.9

0.2 %

4.0

0.1 %

Other5

0.4

— %

(0.4)

— %

(0.4)

— %

(2.2)

— %

Impairment charges6

— %

— %

— %

160.8

3.1 %

Income tax benefit 
     applicable to pretax
     adjustments

(34.9)

(2.0) %

(23.1)

(1.3) %

(85.8)

(1.7) %

(96.7)

(1.8) %

Adjusted net income

175.2

10.2 %

171.6

10.0 %

493.8

9.7 %

553.4

10.6 %

Interest expense, net

48.7

2.8 %

72.4

4.2 %

173.9

3.4 %

219.5

4.2 %

Depreciation

27.0

1.6 %

22.6

1.4 %

79.0

1.5 %

69.0

1.3 %

Income tax provision
     applicable to
     Adjusted Net income

51.6

3.0 %

51.2

2.9 %

144.4

2.9 %

165.1

3.1 %

Adjusted EBITDA

$ 302.5

17.6 %

$ 317.8

18.5 %

$ 891.1

17.5 %

$ 1,007.0

19.2 %

____________________

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.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.

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

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.Represents net foreign currency (gain) loss from financing activities and other stock-based compensation expense (benefit).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, %
     based on net sales)

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

$

%

$

%

$

%

$

%

Net income

$  57.8

3.4 %

$ 108.4

6.3 %

$ 211.1

4.1 %

$ 222.6

4.2 %

Interest expense, net

48.7

2.8 %

72.4

4.2 %

173.9

3.4 %

219.5

4.2 %

Income tax expense

16.7

1.0 %

28.1

1.6 %

58.6

1.2 %

68.4

1.3 %

Loss on extinguishment of debt

2.1

0.1 %

2.0

0.1 %

6.5

0.1 %

5.9

0.1 %

Other income, net

(0.7)

— %

(0.7)

— %

(3.4)

(0.1) %

(3.3)

— %

Operating income

124.6

7.3 %

210.2

12.2 %

446.7

8.7 %

513.1

9.8 %

Amortization

75.4

4.3 %

75.4

4.4 %

225.6

4.4 %

232.7

4.4 %

Integration-related expenses1

— %

0.2

— %

— %

8.3

0.2 %

Restructuring and severance charges2

49.4

2.9 %

6.1

0.4 %

82.3

1.7 %

18.0

0.3 %

Transformation expenses3

17.1

1.0 %

— %

46.6

0.9 %

— %

Reserve for certain legal matters4

7.9

0.5 %

3.0

0.1 %

7.9

0.2 %

4.0

0.1 %

Other5

0.4

— %

0.1

— %

1.4

— %

0.1

— %

Impairment charges6

— %

— %

— %

160.8

3.1 %

Adjusted Operating Income

$ 274.8

16.0 %

$ 295.0

17.1 %

$ 810.5

15.9 %

$ 937.0

17.9 %

_____________________

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.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.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.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.Represents other stock-based compensation expense (benefit).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
September 30,

Nine months ended
September 30,

2024

2023

2024

2023

Diluted earnings per share (GAAP)

$      0.08

$      0.16

$      0.31

$      0.33

Dilutive impact of convertible instruments

Fully diluted earnings per share (non-GAAP)

0.08

0.16

0.31

0.33

Amortization

0.11

0.11

0.33

0.34

Loss on extinguishment of debt

0.01

0.01

Integration-related expenses

0.01

Restructuring and severance charges

0.07

0.01

0.12

0.03

Transformation expenses

0.03

0.07

Reserve for certain legal matters

0.01

0.01

0.01

Other

Impairment charges

0.24

Income tax benefit applicable to pretax adjustments

(0.05)

(0.03)

(0.13)

(0.14)

Adjusted EPS (non-GAAP)

$      0.26

$      0.25

$      0.72

$      0.82

Weighted average shares outstanding:

Diluted (GAAP)

683.0

678.5

682.1

678.1

Incremental shares excluded for GAAP

Share count for Adjusted EPS (non-GAAP)

683.0

678.5

682.1

678.1

 

Free cash flow

(in millions)

Three months ended
September 30,

Nine months ended
September 30,

2024

2023

2024

2023

Net cash provided by operating activities

$    244.8

$    230.7

$    667.5

$    618.4

Capital expenditures

(40.8)

(37.7)

(121.3)

(95.8)

Free cash flow (non-GAAP)

$    204.0

$    193.0

$    546.2

$    522.6

 

Adjusted net leverage

(dollars in millions)

September 30,
2024

Total debt, gross1

$      5,001.6

Less cash and cash equivalents

(285.3)

$      4,716.3

Trailing twelve months Adjusted EBITDA

$      1,193.2

Trailing twelve months ongoing stock-based compensation expense

43.9

$      1,237.1

Adjusted net leverage (non-GAAP)

              3.8 x

____________________

Includes $51.4 million of Finance lease liabilities attributed to Clinical Services business and classified as held for sale.

 

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

 

Net sales by segment

(in millions)

September 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

$   1,171.5

$   1,159.1

$        12.4

$          5.3

$          7.1

Bioscience Production

542.9

561.1

(18.2)

1.9

(20.1)

Total

$   1,714.4

$   1,720.2

$        (5.8)

$          7.2

$      (13.0)

Nine months ended:

Laboratory Solutions

$   3,484.3

$   3,555.9

$      (71.6)

$          8.9

$      (80.5)

Bioscience Production

1,612.7

1,688.5

(75.8)

3.6

(79.4)

Total

$   5,097.0

$   5,244.4

$    (147.4)

$        12.5

$    (159.9)

(dollars in millions, % based on net sales)

September 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

$   1,171.5

$   1,159.1

1.1 %

0.5 %

0.6 %

Bioscience Production

542.9

561.1

(3.2) %

0.3 %

(3.5) %

Total

$   1,714.4

$   1,720.2

(0.3) %

0.4 %

(0.7) %

Nine months ended:

Laboratory Solutions

$   3,484.3

$   3,555.9

(2.0) %

0.3 %

(2.3) %

Bioscience Production

1,612.7

1,688.5

(4.5) %

0.2 %

(4.7) %

Total

$   5,097.0

$   5,244.4

(2.8) %

0.2 %

(3.0) %

 

Adjusted Operating Income by segment

(dollars in millions, %
represent Adjusted
Operating Income margin)

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

$

%

$

%

$

%

$

%

Laboratory Solutions

$ 151.5

12.9 %

$ 159.1

13.7 %

$ 450.7

12.9 %

$ 511.0

14.4 %

Bioscience Production

138.1

25.4 %

148.2

26.4 %

409.0

25.4 %

469.9

27.8 %

Corporate

(14.8)

— %

(12.3)

— %

(49.2)

— %

(43.9)

— %

Total

$ 274.8

16.0 %

$ 295.0

17.1 %

$ 810.5

15.9 %

$ 937.0

17.9 %

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/avantor-reports-third-quarter-2024-results-302286767.html

SOURCE Avantor and Financial News

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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

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NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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BOE continues to launch new products and solutions in the field of high-end displays

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LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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