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hese positive trends reinforce our conviction in the tremendous opportunity ahead in the biologics market and the high single-digit long-term growth outlook for our leading bioprocessing franchise.
lt growth biotecg
Transcript
2023 Q3
11 Dec 23
Our Life Sciences instrument businesses collectively declined mid-single digits, in part driven by China where an already challenging funding environment further deteriorated as the quarter progressed. Outside of China, we continued to see softness at pharma and biopharma customers while demand remains stable in life science research and applied markets.
china challenging
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2023 Q3
11 Dec 23
Our customers are still working through inventory built up during the pandemic while also continuing to conserve capital as a result of funding pressures.
funding issues for customers
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2023 Q3
11 Dec 23
China grew low single digits, driven by robust demand in our life sciences instruments and acute care diagnostic businesses.
However, the reopening efforts associated with the ending of zero COVID policies and subsequent increase in COVID-19 infections resulted in reduced patients and testing volumes in our clinical diagnostics business. We anticipate lower testing volumes to continue through the first quarter of 2023 before gradually recovering through the balance of the year
China rev impaxred and will ne in Q1 lower testing volumes
Transcript
2022 Q4
30 Jan 23
Beginning with the first quarter of 2023, we are updating our base business core revenue growth definition to exclude the impact of COVID-19-related testing and the impact of COVID-19 vaccine and therapeutic revenue.
In the first quarter, we expect core revenue growth in our base business to be up mid-single digits.
We also expect total core revenue growth to decline mid-single digits as a result of lower demand for COVID-19 testing, vaccines and therapeutics.
Additionally, we expect the first quarter adjusted operating profit margin of approximately 30%.
Now for the full year 2023.
We expect high single-digit core growth in our base business. And we also expect total core revenue growth to decline mid-single digits for the year as a result of lower demand for COVID-19 testing, vaccines and therapeutics.
Additionally, we expect the full year adjusted operating profit margin of approximately 31%.
FY guidance
Transcript
2022 Q4
30 Jan 23
Environmental & Applied Solutions
EAS SEGMENT
Transcript
2022 Q4
30 Jan 23
Now based on discussions with our customers, we believe COVID-19 will enter an endemic disease state in 2023, and as a result, expect to ship 30 million respiratory tests and generate $1.2 billion of revenue for the full year.
covid-19 related testing rev estimated at 1.2bn
Transcript
2022 Q4
30 Jan 23
Now based on discussions with our customers, we believe COVID-19 will enter an endemic disease state in 2023, and as a result, expect to ship 30 million respiratory tests and generate $1.2 billion of revenue for the full year.
covid-19 related testing rev estimated at 1.2bn
Transcript
2022 Q4
30 Jan 23
Now based on discussions with our customers, we believe COVID-19 will enter an endemic disease state in 2023, and as a result, expect to ship 30 million respiratory tests and generate $1.2 billion of revenue for the full year.
covid-19 related testing rev estimated at 1.2bn
Transcript
2022 Q4
30 Jan 23
Diagnostics
diagmodstics SEGMENT
Transcript
2022 Q4
30 Jan 23
Life Sciences segment.
Life Sciemce SEGMENT
Transcript
2022 Q4
30 Jan 23
Biotechnology segment
biotechnology SEGMENT
Transcript
2022 Q4
30 Jan 23
Our non-COVID business has averaged more than 20% growth over the past two years.
Given these elevated growth rates, we spent the past several weeks speaking with our customers to better understand their planning assumptions for 2023. And based on these discussions, we anticipate non-COVID bioprocessing core growth will be high single digits for the full year 2023.
non covid very string and will hsd in 2023
Transcript
2022 Q4
30 Jan 23
Looking to 2023, we expect customers to further reduce their COVID-19-related programs. Vaccination and booster rates have been significantly lower than initially anticipated and the availability of alternative therapeutics has reduced the need for monoclonal antibody-based treatment. In light of these dynamics, we now anticipate COVID-19-related vaccine and therapeutic revenue will be approximately $150 million for the full year of 2023, down from approximately $800 million in 2022 and lower than our previous expectation of $500 million.
lowered vaccine related thera[py rev expectationds
Transcript
2022 Q4
30 Jan 23
In bioprocessing, robust customer activity across monoclonal antibodies, cell and gene therapies and antibody drug conjugates, or ADCs, drove another quarter of more than 20% growth in non-COVID revenue.
Total core growth in bioprocessing was mid-single digits for the fourth quarter as customers continue to scale back their COVID-19 vaccine and therapeutic programs.
customers scaling bsack covid vaccines/therapies
Transcript
2022 Q4
30 Jan 23
We also expanded our core operating margins by 60 basis points and generated $7.4 billion of free cash flow.
Our free cash flow to net income conversion ratio exceeded 100% for the 31st consecutive year.
good fcf conversion
Transcript
2022 Q4
30 Jan 23
In the fourth quarter, we expect to deliver high single-digit core revenue growth in our base business.
We expect a high single to low double-digit core revenue growth headwind from COVID-19 testing, resulting in a core revenue growth being flat to down low single digits in the fourth quarter.
Additionally, we expect the fourth quarter adjusted operating profit margin of approximately 30%.
guidance hsd etc
Transcript
2022 Q3
25 Oct 22
Cepheid's respiratory testing revenue of approximately $875 million exceeded our expectations of approximately $325 million
cepheid testing very strong
Transcript
2022 Q3
25 Oct 22
And as a result of that, we don't believe that there is a general overstocking in the market. Having said that, we do think there are pockets where inventories are high. And those are based on customers ultimately changing their production plans, in other words, canceling orders specifically for COVID.
And so the large COVID players whether that be for vaccine production or whether that be for therapeutics production, they have larger inventories and those will likely exceed six months of inventor
inventory discussion
Transcript
2022 Q3
24 Oct 22
ast call, you had suggested all-in organic mid-single and if you factor in the COVID would roll off low single digits, like any updated thinking on how you think about that?
guidance from last call compared
Transcript
2022 Q3
24 Oct 22