Technology

Avantor® Reports Fourth Quarter and Full Year 2024 Results

Published

1 year ago

February 7, 2025

Fourth Quarter 2024

Net sales of $1.69 billion, decrease of 2%; organic growth of 1%Net income of $500.4 million; Adjusted EBITDA of $307.7 millionDiluted GAAP EPS of $0.73; adjusted EPS of $0.27Operating cash flow of $173.3 million; free cash flow of $222.1 million

Full Year 2024

Net sales of $6.78 billion, decrease of 3%; organic decline of 2%Net income of $711.5 million; Adjusted EBITDA of $1,198.8 millionDiluted GAAP EPS of $1.04; adjusted EPS of $0.99Operating cash flow of $840.8 million; free cash flow of $768.3 million

RADNOR, Pa., Feb. 7, 2025 /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 fourth fiscal quarter and year ended December 31, 2024.

“Our fourth quarter results highlight our team’s commitment to commercial intensity, operational discipline, and enabling breakthrough therapies. As anticipated, we returned to growth in the fourth quarter and delivered sequential and year-over-year growth in adjusted EBITDA margin, adjusted EPS, and best-in-class free cash flow conversion. We grew our bioprocessing platform high-single-digits and expect continued strength driven by our focused execution and improving end market conditions,” said Michael Stubblefield, President and Chief Executive Officer.

“Looking ahead, we’re entering the year with strong momentum and a clear focus on innovation-driven revenue growth, margin expansion, and continued deleveraging. Our new operating model is driving greater efficiency, and our cost transformation program is ahead of schedule. With our industry-leading portfolio, resilient supply chain, and relentless efficiency, we are confident in achieving both our near-term and long-term financial goals,” Stubblefield concluded.

Fourth Quarter 2024

For the three months ended December 31, 2024, net sales were $1,686.6 million, a decrease of 2% compared to the fourth quarter of 2023. Foreign currency translation and our Clinical Services divestiture had a negative impact, resulting in sales growth of 1% on an organic basis.

Net income increased to $500.4 million from $98.5 million in the fourth quarter of 2023, and adjusted net income was $183.9 million as compared to $166.7 million in the comparable prior period. Net Income margin was 29.7%. Adjusted EBITDA was $307.7 million and Adjusted EBITDA margin was 18.2%. Adjusted Operating Income was $279.4 million and Adjusted Operating Income margin was 16.6%.

Diluted earnings per share on a GAAP basis was $0.73, while adjusted EPS was $0.27.

Operating cash flow was $173.3 million, while free cash flow was $222.1 million.

Full Year 2024

For the full year ended December 31, 2024, net sales were $6,783.6 million, a decrease of 3% compared to 2023. Modest foreign currency translation benefit was offset by our Clinical Services divestiture, resulting in a sales decline of 2% on an organic basis.

Net income increased to $711.5 million from $321.1 million in 2023, and adjusted net income was $677.7 million as compared to $720.1 million in the comparable prior period. Net Income margin was 10.5%. Adjusted EBITDA was $1,198.8 million and Adjusted EBITDA margin was 17.7%. Adjusted Operating Income was $1,089.8 million and Adjusted Operating Income margin was 16.1%.

Diluted earnings per share on a GAAP basis was $1.04, while adjusted EPS was $0.99.

Operating cash flow was $840.8 million, while free cash flow was $768.3 million. Adjusted net leverage was 3.2x as of December 31, 2024.

Fourth Quarter 2024 – Segment Results

Laboratory Solutions

Net sales were $1,125.8 million, a reported decrease of 5%, as compared to $1,182.4 million in the fourth quarter of 2023. Foreign currency translation and our Clinical Services divestiture had a negative impact resulting in sales decline of 1% on an organic basis.Adjusted Operating Income was $147.4 million as compared to $157.3 million in the comparable prior period. Adjusted Operating Income margin was 13.1%.

Bioscience Production

Net sales were $560.8 million, a reported increase of 4%, as compared to $540.4 million in the fourth quarter of 2023. Sales also increased 4% on an organic basis.Adjusted Operating Income was $149.2 million, as compared to $132.0 million in the comparable prior period. Adjusted Operating Income margin was 26.6%.

Full Year 2024 – Segment Results

Laboratory Solutions

Net sales were $4,610.1 million, a reported decrease of 3%, as compared to $4,738.3 million in 2023. Modest foreign currency translation benefit was offset by our Clinical Services divestiture resulting in sales declines of 2% on an organic basis.Adjusted Operating Income was $598.0 million as compared to $668.3 million in the comparable prior period. Adjusted Operating Income margin was 13.0%.

Bioscience Production

Net sales were $2,173.5 million, a reported decrease of 3%, as compared to $2,228.9 million in 2023. Sales also declined 3% on an organic basis.Adjusted Operating Income was $558.2 million, as compared to $601.9 million in the comparable prior period. Adjusted Operating Income margin was 25.7%.

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, February 7, 2025, 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 LinkedIn, X (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) gain on sale of business, (vii) 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) gain on sale of business, (viii) 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) gain on sale of business, (v) 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 direct transaction costs and income taxes paid related to acquisitions and divestitures (as applicable) 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 investing 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
Allison Hosak
Senior Vice President, Global Communications
Avantor
908.329.7281
Allison.Hosak@avantorsciences.com

Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
Eric.VanZanten@avantorsciences.com

Avantor, Inc. and subsidiaries

Consolidated statements of operations

(in millions, except per share data)

Three months ended
December 31,

Year ended December 31,

2024

2023

2024

2023

Net sales

$ 1,686.6

$ 1,722.8

$ 6,783.6

$ 6,967.2

Cost of sales

1,123.7

1,152.4

4,504.3

4,603.4

Gross profit

562.9

570.4

2,279.3

2,363.8

Selling, general and administrative expenses

371.4

387.1

1,641.1

1,506.6

Impairment charges

—

160.8

Gain on sale of business

(446.6)

—

(446.6)

—

Operating income

638.1

183.3

1,084.8

696.4

Interest expense, net

(44.9)

(65.3)

(218.8)

(284.8)

Loss on extinguishment of debt

(4.4)

(1.0)

(10.9)

(6.9)

Other (expense) income, net

(4.6)

2.5

(1.2)

5.8

Income before income taxes

584.2

119.5

853.9

410.5

Income tax expense

(83.8)

(21.0)

(142.4)

(89.4)

Net income

$ 500.4

$ 98.5

$ 711.5

$ 321.1

Earnings per share:

Basic

$ 0.74

$ 0.15

$ 1.05

$ 0.48

Diluted

$ 0.73

$ 0.15

$ 1.04

$ 0.47

Weighted average shares outstanding:

Basic

680.7

676.4

679.6

675.6

Diluted

682.7

679.2

681.9

678.4

Avantor, Inc. and subsidiaries

Consolidated balance sheets

(in millions)

December 31,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$ 261.9

$ 262.9

Accounts receivable, net

1,034.5

1,150.2

Inventory

731.5

828.1

Other current assets

118.7

143.7

Total current assets

2,146.6

2,384.9

Property, plant and equipment, net

708.1

737.5

Other intangible assets, net

3,360.2

3,775.3

Goodwill, net

5,539.2

5,716.7

Other assets

360.4

358.3

Total assets

$ 12,114.5

$ 12,972.7

Liabilities and stockholders’ equity

Current liabilities:

Current portion of debt

$ 821.1

$ 259.9

Accounts payable

662.8

625.9

Employee-related liabilities

168.2

133.1

Accrued interest

48.6

50.2

Other current liabilities

306.8

411.2

Total current liabilities

2,007.5

1,480.3

Debt, net of current portion

3,234.7

5,276.7

Deferred income tax liabilities

557.3

612.8

Other liabilities

358.3

350.3

Total liabilities

6,157.8

7,720.1

Stockholders’ equity:

Common stock including paid-in capital

3,937.7

3,830.1

Accumulated earnings

2,203.0

1,491.5

Accumulated other comprehensive loss

(184.0)

(69.0)

Total stockholders’ equity

5,956.7

5,252.6

Total liabilities and stockholders’ equity

$ 12,114.5

$ 12,972.7

Avantor, Inc. and subsidiaries

Consolidated statements of cash flows

(in millions)

Three months ended
December 31,

Year ended December 31,

2024

2023

2024

2023

Cash flows from operating activities:

Net income

$ 500.4

$ 98.5

$ 711.5

$ 321.1

Reconciling adjustments:

Depreciation and amortization

100.9

100.6

405.5

402.3

Impairment charges

—

160.8

Gain on sale of business

(446.6)

—

(446.6)

—

Stock-based compensation expense

11.1

8.8

46.8

40.5

Non-cash restructuring charges

0.5

—

16.9

—

Provision for accounts receivable and
inventory

19.3

22.0

75.1

84.5

Deferred income tax expense (benefit)

28.4

(78.3)

(46.9)

(172.4)

Amortization of deferred financing costs

2.6

3.1

11.2

13.0

Loss on extinguishment of debt

4.4

1.0

10.9

6.9

Foreign currency remeasurement (gain)
loss

(3.3)

0.5

(0.3)

(2.6)

Pension termination charges

9.3

—

9.3

—

Changes in assets and liabilities:

Accounts receivable

11.7

21.9

45.9

77.0

Inventory

3.0

21.2

(18.5)

30.3

Accounts payable

17.7

(43.8)

59.6

(139.6)

Accrued interest

14.9

10.6

(1.6)

0.3

Other assets and liabilities

(100.7)

87.1

(37.7)

48.6

Other

(0.3)

(1.6)

(0.3)

(0.7)

Net cash provided by operating
activities

173.3

251.6

840.8

870.0

Cash flows from investing activities:

Capital expenditures

(27.5)

(50.6)

(148.8)

(146.4)

Proceeds from sale of disposal group, net of
cash sold

585.2

—

585.2

—

Other

0.8

0.6

2.5

2.7

Net cash provided by (used in)
investing activities

558.5

(50.0)

438.9

(143.7)

Cash flows from financing activities:

Debt repayments

(756.8)

(188.1)

(1,341.8)

(846.0)

Payments of debt refinancing fees and
premiums

—

(2.3)

Proceeds received from exercise of stock
options

1.9

4.2

69.2

18.3

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

(0.4)

(0.2)

(8.6)

(13.7)

Net cash used in financing activities

(755.3)

(184.1)

(1,281.2)

(843.7)

Effect of currency rate changes on cash and cash
equivalents

(22.1)

9.5

(21.5)

8.2

Net change in cash, cash equivalents and restricted
cash

(45.6)

27.0

(23.0)

(109.2)

Cash, cash equivalents and restricted cash,
beginning of period

310.3

260.7

287.7

396.9

Cash, cash equivalents and restricted cash, end of
period

$ 264.7

$ 287.7

$ 264.7

$ 287.7

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 December 31,

Year ended December 31,

2024

2023

2024

2023

Net income

$ 500.4

29.7 %

$ 98.5

5.7 %

$ 711.5

10.5 %

$ 321.1

4.6 %

Amortization

74.2

4.4 %

75.0

4.4 %

299.8

4.4 %

307.7

4.4 %

Loss on extinguishment
of debt

4.4

0.3 %

1.0

— %

10.9

0.2 %

6.9

0.1 %

Integration-related
expenses1

—

— %

(0.7)

— %

—

— %

7.6

0.1 %

Restructuring and
severance charges2

0.5

— %

8.5

0.5 %

82.8

1.2 %

26.5

0.4 %

Transformation
expenses3

12.3

0.8 %

5.4

0.3 %

58.9

0.9 %

5.4

0.1 %

Reserve for certain legal
matters, net4

1.3

0.1 %

3.1

0.2 %

9.2

0.2 %

7.1

0.1 %

Other5

(3.5)

(0.3) %

(0.6)

— %

(3.9)

(0.2) %

(2.8)

— %

Impairment charges6

—

— %

—

— %

—

— %

160.8

2.3 %

Gain on sale of
business7

(446.6)

(26.5) %

—

— %

(446.6)

(6.6) %

—

— %

Pension termination
charges8

9.3

0.6 %

—

— %

9.3

0.2 %

—

— %

Income tax expense
(benefit)
applicable to
pretax
adjustments

31.6

1.8 %

(23.5)

(1.4) %

(54.2)

(0.8) %

(120.2)

(1.8) %

Adjusted net income

183.9

10.9 %

166.7

9.7 %

677.7

10.0 %

720.1

10.3 %

Interest expense, net

44.9

2.7 %

65.3

3.8 %

218.8

3.2 %

284.8

4.1 %

Depreciation

26.7

1.6 %

25.6

1.4 %

105.7

1.6 %

94.6

1.3 %

Income tax
provision
applicable to
Adjusted Net
income

52.2

3.0 %

$ 44.5

2.6 %

$ 196.6

2.9 %

$ 209.6

3.1 %

Adjusted EBITDA

$ 307.7

18.2 %

$ 302.1

17.5 %

$ 1,198.8

17.7 %

$ 1,309.1

18.8 %

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, net of recoveries, 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 Ritter.

Related to gain on sale of our Clinical Services business.

Represents pension termination charges related to termination of our U.S. Pension Plan.

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 December 31,

Year ended December 31,

2024

2023

2024

2023

Net income

$ 500.4

29.7 %

$ 98.5

5.7 %

$ 711.5

10.5 %

$ 321.1

4.6 %

Interest expense, net

44.9

2.7 %

65.3

3.8 %

218.8

3.2 %

284.8

4.1 %

Income tax expense

83.8

4.8 %

21.0

1.2 %

142.4

2.1 %

89.4

1.3 %

Loss on extinguishment
of debt

4.4

0.3 %

1.0

— %

10.9

0.2 %

6.9

0.1 %

Other (expense) income,
net

4.6

0.3 %

(2.5)

(0.1) %

1.2

— %

(5.8)

(0.1) %

Operating income

638.1

37.8 %

183.3

10.6 %

1,084.8

16.0 %

696.4

10.0 %

Amortization

74.2

4.4 %

75.0

4.4 %

299.8

4.4 %

307.7

4.4 %

Integration-related
expenses1

—

— %

(0.7)

— %

—

— %

7.6

0.1 %

Restructuring and
severance charges2

0.5

— %

8.5

0.5 %

82.8

1.2 %

26.5

0.4 %

Transformation
expenses3

12.3

0.8 %

5.4

0.3 %

58.9

0.9 %

5.4

0.1 %

Reserve for certain legal
matters, net4

1.3

0.1 %

3.1

0.2 %

9.2

0.2 %

7.1

0.1 %

Other5

(0.4)

— %

0.2

— %

0.9

— %

0.3

— %

Impairment charges6

—

— %

—

— %

—

— %

160.8

2.3 %

Gain on sale of
business7

(446.6)

(26.5) %

—

— %

(446.6)

(6.6) %

—

— %

Adjusted Operating
Income

$ 279.4

16.6 %

$ 274.8

16.0 %

$ 1,089.8

16.1 %

$ 1,211.8

17.4 %

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

Represents other stock-based compensation expense (benefit).

Related to impairment of Ritter.

Related to gain on sale of our Clinical Services business.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Adjusted earnings per share

(shares in millions)

Three months ended
December 31,

Year ended
December 31,

2024

2023

2024

2023

Diluted earnings per share (GAAP)

$ 0.73

$ 0.15

$ 1.04

$ 0.47

Amortization

0.11

0.44

0.45

Loss on extinguishment of debt

0.01

—

0.02

0.01

Integration-related expenses

—

0.01

Restructuring and severance charges

—

0.01

0.12

0.04

Transformation expenses

0.02

0.01

0.09

0.01

Reserve for certain legal matters, net

—

0.01

Other

—

(0.01)

—

Impairment charges

—

0.24

Gain on sale of business

(0.66)

—

(0.65)

—

Pension termination charges

0.01

—

0.01

—

Income tax expense (benefit) applicable to pretax
adjustments

0.05

(0.03)

(0.08)

(0.18)

Adjusted EPS (non-GAAP)

$ 0.27

$ 0.25

$ 0.99

$ 1.06

Weighted average diluted shares outstanding:

Share count for Adjusted EPS (non-GAAP)

682.7

679.2

681.9

678.4

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Free cash flow

(in millions)

Three months ended
December 31,

Year ended
December 31,

2024

2023

2024

2023

Net cash provided by operating activities

$ 173.3

$ 251.6

$ 840.8

$ 870.0

Capital expenditures

(27.5)

(50.6)

(148.8)

(146.4)

Divestiture-related transaction expenses and taxes paid

76.3

—

76.3

—

Free cash flow (non-GAAP)

$ 222.1

$ 201.0

$ 768.3

$ 723.6

Adjusted net leverage

(dollars in millions)

December 31,
2024

Total debt, gross

$ 4,077.8

Less cash and cash equivalents

(261.9)

$ 3,815.9

Trailing twelve months Adjusted EBITDA(1)

$ 1,149.7

Trailing twelve months ongoing stock-based compensation expense

47.0

$ 1,196.7

Adjusted net leverage (non-GAAP)

3.2 x

Represents the Adjusted EBITDA of Avantor for the trailing twelve-month period minus the results attributable to the divested business as if such divestiture had been completed on the 1st day of such trailing twelve-month period, as contemplated by our debt covenants.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Net sales by segment

(in millions)

December 31

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

Net sales

growth

(decline)

Foreign
currency
impact

Divestiture
impact

Organic
net

sales
growth

(decline)

2024

2023

Three months ended:

Laboratory Solutions

$ 1,125.8

$ 1,182.4

$ (56.6)

$ (3.4)

$ (42.4)

$ (10.8)

Bioscience Production

560.8

540.4

20.4

(1.8)

—

22.2

Total

$ 1,686.6

$ 1,722.8

$ (36.2)

$ (5.2)

$ (42.4)

$ 11.4

Year ended:

Laboratory Solutions

$ 4,610.1

$ 4,738.3

$ (128.2)

$ 5.5

$ (42.4)

$ (91.3)

Bioscience Production

2,173.5

2,228.9

(55.4)

1.8

—

(57.2)

Total

$ 6,783.6

$ 6,967.2

$ (183.6)

$ 7.3

$ (42.4)

$ (148.5)

(dollars in millions, %
based on net sales)

December 31

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

Net sales

growth

(decline)

Foreign
currency
impact

Divestiture
impact

Organic
net

sales
growth

(decline)

2024

2023

Three months ended:

Laboratory Solutions

$ 1,125.8

$ 1,182.4

(4.8) %

(0.3) %

(3.6) %

(0.9) %

Bioscience Production

560.8

540.4

3.8 %

(0.3) %

— %

4.1 %

Total

$ 1,686.6

$ 1,722.8

(2.1) %

(0.3) %

(2.5) %

0.7 %

Year ended:

Laboratory Solutions

$ 4,610.1

$ 4,738.3

(2.7) %

0.1 %

(0.9) %

(1.9) %

Bioscience Production

2,173.5

2,228.9

(2.5) %

0.1 %

— %

(2.6) %

Total

$ 6,783.6

$ 6,967.2

(2.6) %

0.1 %

(0.6) %

(2.1) %

Adjusted Operating Income by segment

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

Three months ended December 31,

Year ended December 31,

2024

2023

2024

2023

Laboratory Solutions

$ 147.4

13.1 %

$ 157.3

13.3 %

$ 598.0

13.0 %

$ 668.3

14.1 %

Bioscience Production

149.2

26.6 %

132.0

24.4 %

558.2

25.7 %

601.9

27.0 %

Corporate

(17.2)

— %

(14.5)

— %

(66.4)

— %

(58.4)

— %

Total

$ 279.4

16.6 %

$ 274.8

16.0 %

$ 1,089.8

16.1 %

$ 1,211.8

17.4 %

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SOURCE Avantor and Financial News

Technology

Yiren Digital Accelerates Operating Efficiency Through AI Agent Deployment

Published

34 minutes ago

July 23, 2026

Broader AI adoption improves productivity across asset recovery and enterprise operations

BEIJING, July 23, 2026 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets, today announced measurable operating efficiency improvements as it continues to deploy AI agents across core enterprise workflows. Broader AI adoption is reducing manual intervention, increasing workforce productivity and creating greater operating leverage by automating high-volume processes across multiple business functions.

These deployments are a key component of Yiren Digital’s “All-in-AI” strategy and its broader transition from AI-assisted productivity toward agent-driven execution. By embedding AI agents into core workflows, the Company is creating reusable operating capabilities that can be deployed across its businesses, supporting greater efficiency and reducing the cost of extending automation into new functions.

“Our objective is not simply to automate individual tasks, but to fundamentally improve how work is performed across the enterprise,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “As AI agents take on more of our high-volume, demanding workflows, the productivity gains are becoming a structural part of how we run the business, not a one-time efficiency project. We will continue to deepen AI integration across our existing businesses while extending reusable capabilities into additional verticals.”

The AI deployments are supported by the Company’s proprietary enterprise AI architecture, including MagiCube 2.0, its upgraded multi-agent platform. The platform provides common infrastructure for agents deployed across marketing, customer service, capital operations, risk management, compliance and research and development, with more than 10 reusable foundational capabilities, supporting enterprise-wide execution.

Measurable Operating Impact

Lower manual intervention: The human handling rate in asset-recovery operations decreased from 45.0% to 24.9%, representing a 20.1-percentage-point decline, an approximately 44.6% relative reduction in manual intervention.

Higher staff productivity: The number of service tickets handled per asset-recovery staff member within the applicable Month 1 workflow increased from 358 to 525, an improvement of approximately 47%.

Expanded agent adoption: AI agents accounted for 81% of service tickets within eligible Day 1 asset-recovery workflows in 2025, up from 50% in 2024. The Company also deployed AI agents selectively in later-stage workflows, accounting for 20% of eligible service tickets at Day 4, 14% at Day 16 and 20% at Month 2. Each percentage is calculated separately for the relevant stage and should not be interpreted as a sequential adoption trend.

Enterprise-wide reuse: MagiCube 2.0 supports agent deployment across six enterprise functions, allowing the Company to apply common AI capabilities to a broader range of regulated and high-volume workflows.

Enterprise-scale AI execution: The Fengchao AI voice agent processes approximately 1,500 hours of real-time speech-to-text activity each day. The LingShu intelligent marketing platform executes more than 1,700 tasks daily and generates individualized communication content in an average of 0.6 seconds.

Building Enterprise Operating Leverage Through AI

As AI deployment expands across the enterprise, Yiren Digital is increasingly shifting repetitive, high-volume tasks from human-assisted processes toward agent-driven execution. By combining AI agents with centralized orchestration and governance, the Company is improving operating consistency, strengthening workforce productivity and creating reusable capabilities that increase operating leverage as AI is deployed across additional business functions.

Yiren Digital plans to continue expanding agent-driven workflows across its credit and insurance operations, as part of its ongoing All-in-AI strategy, while strengthening the shared architecture and governance that support enterprise-wide AI deployment. These capabilities are designed to scale across multiple use cases and provide a foundation for the Company’s broader expansion into AI application-layer opportunities, including AI entertainment and AI-assisted language learning.

About Yiren Digital

Yiren Digital Ltd. is a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” and similar expressions. Forward-looking statements are based on management’s current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

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SOURCE Yiren Digital Ltd.

Technology

Infinium Edge Launches EdgeSites™, a New Infrastructure Model for Deploying AI Compute at Existing Commercial and Industrial Facilities

Published

34 minutes ago

July 23, 2026

EdgeSites delivers operational AI infrastructure in existing powered buildings — factory-built data center modules, waterless cooling, and ready in months without new construction or grid interconnection required.

SACRAMENTO, Calif., July 23, 2026 /PRNewswire/ — Infinium Edge™ today announced Infinium EdgeSites™, a development program that utilizes existing commercial and industrial facilities to deploy operational AI compute infrastructure. Built around Infinium Edge’s proprietary Edge Thermal Vectoring™ immersion cooling platform, EdgeSites enables high-density GPU deployments in existing buildings that were never designed as data centers — without new construction, without cooling water infrastructure, and without the multi-year grid interconnection timelines that constrain conventional large-scale data center development.

More than 20 million commercial and industrial electricity customers in the US are served by electrical infrastructure sized to peak demand – which industry research shows are utilized at only 40-60% on average. That unused headroom, capacity already contracted, energized, and sitting behind the meter, can support high-density AI compute without adding new load to the grid or waiting on a new interconnection.

At the center of the program is the Vector ONE™ — Edge’s factory-built, self-contained immersion cooling system designed to house 1 MW of AI compute capacity. Vector ONE units are engineered for deployment in standard commercial and industrial buildings, either indoors or outdoors, arriving pre-integrated, fully commissioned and require no municipal water connection. Installations are modular and scalable: additional units can be commissioned as site power and demand allow, without rebuilding the underlying infrastructure and occupy up to 70% less floor space than air-cooled equivalents.

Built for the Shift to Inference

As inference moves to displace training as the dominant AI workload, the growth opportunity is shifting towards small, distributed data centers that can be deployed quickly and sited where demand originates. Conventional data center developments are under compounding pressure from long utility interconnection queues, sometimes lasting years, pressure around water use, and general community and regulatory opposition enacting restrictions. Community opposition and regulatory friction delayed or blocked an estimated $156 billion in planned U.S. data center capacity in 2025 alone.

EdgeSites is purpose-built for the structural shift to inference and addresses key issues stalling conventional data center developments today. Each Vector ONE unit delivers 1 MW of inference-ready capacity inside an existing building, in a market that already has established electrical infrastructure, in a timeline measured in months rather than years. Multiple units can be used in tandem to deploy up to 10 MW of capacity at a single site. The program converts the distributed inventory of underutilized industrial or commercial electrical capacity in the United States into a nationally scaled inference network. Vector ONE’s dry-cooler loop consumes no municipal water, making EdgeSites viable in markets where evaporative cooling has been restricted or banned.

“The data center industry has been answering an infrastructure shortage with a construction playbook — build new facilities, secure new grid connections, wait years for capacity to come online,” said Robert Schuetzle, CEO of Infinium. “That model cannot keep pace with AI deployment timelines. Infinium EdgeSites operate around different premises: the power already exists, the buildings already exist, and the technology now exists to put them to work. We are making operational what the industry has been treating as stranded.”

Deploying EdgeSites

As demand for AI compute continues to outpace available infrastructure and focuses on distributed inference needs, Infinium Edge is expanding the EdgeSites network with qualified host locations and compute partners.

Commercial and industrial property owners of industrial sites, distribution centers, warehouses, or large commercial properties with available electrical capacity benefit from receiving lease income from infrastructure they already own or control. Infinium Edge manages all aspects of site development and operations for installing and deploying the Vector ONE system. No capital investment or operational responsibility is required from the host.

AI companies, enterprises, and compute operators requiring infrastructure on compressed deployment timelines can access high-density, edge-proximate GPU capacity through a straightforward capacity agreement, priced by the kilowatt-month, with backup power included in the capacity fee. There is no construction to manage, no permitting process to navigate, and no cooling infrastructure to operate or maintain.

Infinium Edge manages the full program from development and installation to operation and monitoring— simplifying development and data center management for AI companies and enterprises.

Reach out to learn more and partner in EdgeSites deployments.

Inquiries: www.infinium.ai/edgesites

About Infinium Edge™
Infinium Edge™ is the advanced AI data center infrastructure platform from Infinium, delivering high-density, sustainable compute through proprietary single-phase immersion cooling technology. Infinium Edge is the only North American producer of Fischer-Tropsch immersion fluids and offers a full-stack platform — including Edge Thermal Vectoring™ platform, Vector ONE™ modular AI Factory units, ETV100 immersion fluids, and integrated monitoring systems — engineered for the thermal and operational demands of AI and high-performance computing at scale. For more information, visit www.infinium.ai.

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SOURCE Infinium

Technology

ChipMOS SCHEDULES SECOND QUARTER 2026 FINANCIAL RESULTS SEMIANNUAL CONFERENCE CALL

Published

34 minutes ago

July 23, 2026

HSINCHU, July 23, 2026 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that it will report second quarter 2026 results and host a semiannual conference call after the close of trading on the Taiwan Stock Exchange on Tuesday, August 11, 2026.

Investors and analysts are encouraged to participate in the semiannual conference call using the dial-in phone number noted below. A webcast and replay will be available on the Company’s website.

Date: Tuesday, August 11, 2026
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-3396 1191
Password: 1637011 #

Semiannual Conference Call Webcast and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay: Starts Approximately 2 hours after the live call ends

Language: Mandarin

Note: A transcript will be provided on the Company’s website in English following the semiannual conference call to help ensure transparency, and to facilitate a better understanding of the Company’s financial results and operating environment.

About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS) (www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide.

Forward-Looking Statements:
This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategies, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding current macroeconomic conditions, including the impacts of high inflation, foreign exchange rates and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed and our ability to mitigate with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, based on a number of important factors and risks, which are more specifically identified in the Company’s most recent U.S. Securities and Exchange Commission (the “SEC”) filings. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the SEC and in its other filings with the SEC.

Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

IR@chipmos.com

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

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