Technology
Avantor® Reports Fourth Quarter and Full Year 2024 Results
Published
2 years agoon
By
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 %
1.
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.
2.
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.
3.
Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.
4.
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.
5.
Represents net foreign currency (gain) loss from financing activities and other stock-based compensation expense (benefit).
6.
Related to impairment of Ritter.
7.
Related to gain on sale of our Clinical Services business.
8.
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 %
1.
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.
2.
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.
3.
Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.
4.
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.
5.
Represents other stock-based compensation expense (benefit).
6.
Related to impairment of Ritter.
7.
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
0.11
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
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
1.
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 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/avantor-reports-fourth-quarter-and-full-year-2024-results-302370858.html
SOURCE Avantor and Financial News
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Technology
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Published
25 minutes agoon
October 22, 2026By
Acquisition combines HCZ’s proven model with Goalsetter’s innovative financial education technology to expand access and impact at scale
NEW YORK, Oct. 22, 2026 /PRNewswire/ — Today, Harlem Children’s Zone (HCZ), one of the nation’s leading anti-poverty organizations, announced the acquisition of Goalsetter, a financial technology platform that delivers best-in-class, engaging, technology-enabled learning experiences for people seeking to enhance their financial know-how, capabilities, and confidence.
The acquisition marks a significant step in HCZ’s Wealth Builds–Universal Economic Mobility (WB-UEM) strategy, a national framework designed to help children and families build long-term economic security through cradle-to-career supports, financial education and experiences, and direct access to capital via a Child Capital Stack of asset boosts.
“We know that economic mobility is a two-generation challenge,” says Harlem Children’s Zone CEO Kwame Owusu-Kesse. “With this acquisition, we are solving for a critical component of Universal Economic Mobility by melding a proven financial education platform and HCZ’s decades of experience providing people with the knowledge and tools to build strong futures for themselves and their families. This is more than an investment in financial education. It is an investment in critical national infrastructure for economic mobility.”
Harlem Children’s Zone has decades of experience driving outcomes at scale, beginning as a one-block pilot, expanding to over 100 blocks in Central Harlem, and now working with over 70 communities across the United States. HCZ seeks to use its learnings, decades of experience driving outcomes at scale, and renowned best practices to provide pathways to economic mobility for all of America’s children and families.
“Goalsetter was built on the belief that everyone should have access to the financial knowledge and tools that can shape their future and livelihood,” said Tanya Van Court, Chief FinTech Officer at Harlem Children’s Zone and Founder of Goalsetter. “Joining Harlem Children’s Zone gives us an extraordinary opportunity to build on that work. Together, we can continue enhancing the platform, expand access for learners of all ages and walks of life, and demonstrate what is possible when mission, innovation, and technology come together to serve the most people.”
Goalsetter creates opportunities to deliver high-quality, developmentally appropriate and culturally relevant financial education with extensive reach, including to low-income and rural communities that have historically had limited access to these resources. Its current offerings include Goalsetter Classroom, which provides standards-aligned financial education curriculum for middle and high school students, and MoneyLingo, a mobile-first financial education experience for college-aged students and adults in the workforce, covering practical topics such as saving, investing, credit, debt, and financial decision-making.
“This acquisition sends an important signal to the field,” said Owusu-Kesse. “Social impact organizations should not have to choose between mission and scale. By bringing a proven technology platform into HCZ, we’re demonstrating how non-profit organizations can be centers of business excellence, using vehicles of innovation, AI, and technology to create efficient and effective pathways to scale and impact. This acquisition strengthens our in-house capacity to build, innovate, and continuously improve outcomes.”
The organization plans to build upon Goalsetter’s existing offerings by exploring financial education products for younger learners and creating opportunities to establish a continuous financial learning journey from early childhood through adulthood.
“This is ultimately about extending opportunity to all,” added Owusu-Kesse. “By connecting financial education, technology, family engagement, and access to assets, we can help create more accessible pathways to economic mobility.”
Services to current Goalsetter clients will be unaffected by this acquisition.
View original content:https://www.prnewswire.com/news-releases/harlem-childrens-zone-acquires-fintech-platform-goalsetter-to-accelerate-universal-economic-mobility-302917320.html
SOURCE Harlem Children’s Zone
Technology
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
Published
25 minutes agoon
October 22, 2026By
Bipartisan Majorities Say If Congress Were to Listen to the People More, They Would More Likely Find Common Ground
COLLEGE PARK, Md., Oct. 22, 2026 /PRNewswire/ — The Program for Public Consultation (PPC) conducted extensive surveys in competitive states and congressional districts, as well as nationally, revealing a remarkable level of bipartisan common ground.
Majorities of both Democrats and Republicans agreed on:
106 policies nationally 82 policies in all states and districts surveyed101 policies in at least two-thirds of all the states and districts surveyed
Over 40,000 Americans were surveyed in two waves with representative samples of 600-2,016 in each of the 11 competitive states surveyed, and 400-592 in each of the 28 competitive congressional districts surveyed, and 1,200-2,509 nationwide.
Nearly all policy questions were based on congressional legislation or executive branch proposals.
Fourteen policy topics were covered: Artificial Intelligence, Housing, Healthcare, Low-Income Assistance, Families and Children, Social Security, Immigration, Abortion and Birth Control, Energy and Environment, Federal Taxes, Campaign Finance, Government Reform, Criminal Justice and America’s Role in the World. For every topic, most policies had bipartisan agreement across every battleground surveyed.
The policy questions used in these national and battleground surveys were chosen because they elicited bipartisan support in previous in-depth national surveys conducted by PPC, in which respondents received briefings on the topic and evaluated pro and con arguments for the proposed policy.
Steven Kull, director of PPC, comments, “What is striking here is that these surveys revealed widespread bipartisan agreement on over a dozen key issues that Congress has failed to resolve, from costs of healthcare, to risks of artificial intelligence, to Social Security’s impending insolvency, and many more. Clearly, there is far more common ground among the American people than there is in Congress.”
Americans Think Public Opinion Should Have More Influence
Respondents were also asked about the role of public opinion in policymaking. Across the battlegrounds, on average, respondents estimated that federally elected officials make the same decisions that the majority of Americans would make just 35% of the time.
Large majorities believe polarization in government comes not from the American people but from elected officials, and that more influence for the people would help break the logjam in Congress (Democrats 62 to 88%, Republicans 66 to 89%).
Perhaps most germane, overwhelming majorities of Democrats and Republicans in the battlegrounds believe that if members of Congress were more influenced by the people, they would be more likely to find common ground (Democrats 82 to 97%, Republicans 80 to 95%), and better serve the common good (Democrats 77 to 94%, Republicans 79 to 94%).
Steven Kull adds, “On the basis of this study, it does appear that the public is correct that if the people had more influence, Congress would be more likely to find common ground, and thus function better.”
Americans also say that public opinion should play a substantial role in news reporting about policy. Over two-thirds say news reports on policy matters should include public opinion data most of the time or always when reliable information is available (Democrats 71 to 88%, Republicans 67 to 89%). Similarly, when Congress is about to vote on a law, large numbers say it is very or extremely important for news outlets to report whether a majority of Americans favor or oppose it (Democrats 65 to 84%, Republicans 60 to 85%).
MORE INFORMATION
Battlegrounds Common Ground SheetIndividual State and District Results, Questionnaires and MethodologiesNational Questionnaire with Toplines, Crosstabs and Methodology
About the Surveys
The state and district surveys used for this analysis were fielded July 21 – August 17, 2026, to a total of 19,949 adults, and May 27 – July 1, 2026, to 19,564 adults. They included 600-2016 in each of the 11 states, and 400-592 in each of the 28 congressional districts. Response rates ranged from 7.1 to 9.0%. Confidence intervals range from +/- 2.9 to 8.1%, and maximum weights range from 1.9 to 10.0.
The national surveys were fielded February 11-26, 2026, with 2,509 adults, and March 11-19, 2026, with 1,200 adults. The response rates were 7.6% and 8.3%, respectively. The confidence interval is +/- 2.9% for both surveys, and the maximum weights are 2.5 and 1.9.
The sample was obtained from multiple online opt-in panels, including Cint, Dynata and Prodege. Sample collection and quality control were managed by QuantifyAI under the direction of the Program for Public Consultation. The surveys were offered in both English and Spanish.
The samples were pre-stratified and weighted by age, race, ethnicity, gender, education, household income, marital status, and home ownership to match the general adult population. The national sample was further weighted by Census region. The distribution of partisan affiliation was within expectations, based on voter registration data for non-leaners and/or Cook’s Partisan Voting Index for leaners, or weighted to reflect those benchmarks.
About the Common Ground in the Battlegrounds? Survey Series
This effort aims to identify bipartisan common ground in competitive states and districts across the nation. The project seeks to educate the public, policymakers and candidates about the findings; and provide journalists with independent, nonpartisan research that brings the public into the conversation about public policy.
In addition to PPC, project partners include the Civic Innovation Center at the University of Maryland (CivIC) and Voice of the People (VOP), a national nonpartisan organization seeking to give the public a greater voice in government. None of these entities advocate for policy positions or endorse candidates.
States surveyed: Alaska; Georgia; Iowa; Maine; Michigan; Minnesota; Montana; Nebraska; New Hampshire; North Carolina; Ohio; and Texas.
Congressional Districts surveyed: Arizona’s 1st and 6th; Colorado’s 8th; Iowa’s 1st, 2nd, 3rd and 4th; Maine’s 2nd; Michigan’s 4th, 7th, 8th and 10th; Montana’s 1st; Nebraska’s 2nd; Nevada’s 3rd; New Jersey’s 7th and 9th; New Mexico’s 2nd; New York’s 3rd, 4th, 17th and 19th; Oregon’s 5th; Pennsylvania’s 1st, 7th, 8th and 10th; and Washington’s 3rd.
The survey series excluded several competitive districts because they were in states that had recently been redistricted and thus had no Census data yet to use for demographic benchmarks.
Program for Public Consultation
The Program for Public Consultation (PPC), affiliated with the University of Maryland’s School of Public Policy, seeks to improve democratic governance by consulting the public and bringing the people’s views into the public discourse. It conducts surveys with representative samples on policies proposed by elected officials and shares its findings with government officials, the media, other academics, and the general public.
Civic Innovation Center
The Civic Innovation Center (CivIC) at the University of Maryland’s School of Public Policy works to strengthen the foundations of civic health. It contributes to important debates about civic education, civic engagement, and needed democratic reforms in the state of Maryland and nationwide, in partnership with other BIG 10 universities. It works to build the connective tissue that brings together students, scholars and practitioners to help elevate the UMD community’s contribution to our wider democracy.
Voice of the People
Voice of the People (VOP) is a nonpartisan organization working to re-anchor our democracy in its founding principles by giving ‘We the People’ a greater and more effective voice in government. It champions innovative methods and technology that enable the American people to play a role in the policymaking process and provide policymakers with a more accurate understanding of the views of their constituents.
Contact: Jonathan Casaverde, jonathan.casaverde@wardcirclestrategies.com,(786) 469-9422
View original content to download multimedia:https://www.prnewswire.com/news-releases/common-ground-in-the-battlegrounds-surveys-reveal-widespread-bipartisan-agreement-in-11-competitive-states-and-28-congressional-districts-as-well-as-nationally-302915872.html
SOURCE Program for Public Consultation
Technology
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
Published
25 minutes agoon
October 22, 2026By
Anatomy segmentation and three-dimensional skeletal visualization arrive with this clearance; an injury detection module for clinical decision support is in development on the platform roadmap
CHARLOTTESVILLE, Va., Oct. 22, 2026 /PRNewswire/ — RIVANNA®, developer of AI-enabled clinical decision-support solutions, today announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for BoneEnhance®, a machine learning software module for the Accuro® XV diagnostic ultrasound system. The module segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions during image review.
The clearance moves the platform from acquisition toward interpretation. Accuro XV was cleared in April 2026 for B-mode imaging in musculoskeletal conventional and superficial applications. Its conformable three-dimensional probe automates large field-of-view image acquisition after initial patient positioning. BoneEnhance is the first machine learning software module cleared for the platform.
BoneEnhance identifies bone and surrounding tissues
Each automated acquisition creates a volumetric dataset for review. BoneEnhance identifies bone and surrounding tissues within that volume, then highlights them with color-coded overlays on the two-dimensional B-mode image. The original anatomical data remain unaltered and visible beneath the overlays. A three-dimensional indicator beside the image shows the scan orientation and the location of the displayed slice within the volume.
A platform milestone
The sequence is deliberate: decision support begins at acquisition. Accuro XV acquires the image; BoneEnhance identifies and labels the anatomy within it. Behind the integrated workflow stands a worldwide intellectual-property portfolio of more than 100 issued and pending patents across more than 20 patent families.
“We founded RIVANNA to solve a problem that cuts across care settings: decision-critical information sits outside the point-of-care workflow,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “BoneEnhance is where the stack begins to close that gap for musculoskeletal care: automated volumetric acquisition, now paired with cleared software-assisted review. This clearance is the foundation: the first machine learning layer, anchoring the decision-support capabilities now in development.”
Independently validated within a nationwide eight-site study
BoneEnhance was trained and validated within RIVANNA’s nationwide eight-site clinical study. Three sites contributed the training data; the other five provided the independent test set of 233 volumetric datasets, comprising 69,900 images from 173 subjects. None of the test data were used for training or tuning. Three board-certified radiologists established the reference labels, and per-volume label prediction accuracy, a measure of anatomical labeling, ranged from 95.1% to 100.0%.
Separate from the validation supporting this clearance, the platform’s automated acquisition carries peer-reviewed evidence: in a published study of 205 patients in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), operators with one hour of hands-on training acquired wrist and ankle images rated adequate for diagnostic interpretation in more than 90% of scans, with image quality comparable to physician-acquired scans.
“This clearance reflects the strength of the team RIVANNA has built across AI development, clinical affairs, and regulatory execution, and the commitment of the clinical sites that partnered with us to generate the evidence,” said Delphine Le Roux, PhD, PMP, Senior Director, Market Access and Strategic Partnerships at RIVANNA. “None of it happens without BARDA’s sustained support, which allowed us to do this the right way: rigorous, multi-site, and independent. The infrastructure, partnerships, and regulatory playbook we established for BoneEnhance are designed to carry forward. That execution engine is what positions us to pursue the next clearance with confidence.”
The next layer in development
The platform’s progression continues with an investigational musculoskeletal injury detection module. Where BoneEnhance labels the anatomy, the new module is being developed to assist clinicians in evaluating potential extremity fractures within acquired ultrasound images. The nationwide clinical study that trained and validated BoneEnhance, now expanded from eight to ten sites, is building the datasets used to train the module. Because the sites and data infrastructure were established once and are reused for each new module, every subsequent module builds on the program’s federal investment.
Federal funding acknowledgment
This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; the Administration for Strategic Preparedness and Response (ASPR); Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50121C00035.
About Accuro XV
Accuro XV is a portable, small-footprint point-of-care volumetric ultrasound imaging system for musculoskeletal imaging. Its conformable three-dimensional probe automates large field-of-view B-mode image acquisition without ionizing radiation. BoneEnhance is a cleared machine learning software module available during review of Accuro XV volumetric image acquisitions. It segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions.
An investigational computer-aided musculoskeletal injury detection module is in development for Accuro XV. It is designed to assist clinicians in detecting extremity fractures from volumetric ultrasound and annotating soft-tissue signs associated with injury, and to support triage decisions, including referral for additional radiographic imaging.
Accuro XV is designed to provide a fracture-care layer at the point of triage, helping to streamline emergency department workflows, expedite evaluation of low-severity extremity injuries, and reduce reliance on X-ray referrals. The platform is designed to support just-in-time training to promote consistent use across clinical experience levels, advancing a shared mission to transform musculoskeletal injury care while supporting broader emergency preparedness objectives.
About RIVANNA
RIVANNA is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform is designed to automate complex anatomical analysis at the point of care, support faster and more confident clinical decisions, reduce variability, and expand access to advanced capabilities. Its initial applications address interventional guidance and trauma triage, beginning with neuraxial procedures and musculoskeletal injury assessment. RIVANNA has established an FDA-cleared product portfolio and maintains a worldwide intellectual-property portfolio of more than 100 issued and pending patents. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility.
RIVANNA, Accuro, BoneEnhance, and the Rivanna Medical family of marks are registered and unregistered trademarks of Rivanna Medical, Inc. in the United States and other jurisdictions.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fda-grants-510k-clearance-for-boneenhance-the-first-machine-learning-layer-on-rivannas-accuro-xv-platform-302917179.html
SOURCE RIVANNA
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
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