21 annotations
The company’s adjusted gross margin in the quarter came in at 41.7%, 970 basis points lower than Q3 last year.
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2022 Q3
1 Nov 22
We now expect net capital expenditures of approximately $2.3 billion to $2.5 billion.
For free cash flow, we see $7 billion at the high end of the range of outcomes for the year. The actual free cash flow will depend on the year-end level of working capital.
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2022 Q3
1 Nov 22
FX in 2023 would be a year-over-year headwind of approximately $1 billion on revenue and $0.75 on adjusted EPS.
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2022 Q3
1 Nov 22
The FX headwind on adjusted EPS in 2022 is now expected to be $0.77 for the full year or 3.1%
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2022 Q3
1 Nov 22
we now expect FX to be a year-over-year headwind of $1.46 billion on revenue or 3.7%
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2022 Q3
1 Nov 22
We now expect the business to contribute $2.03 to adjusted EPS in the year, up $0.03 from our prior guidance.
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2022 Q3
1 Nov 22
The impact on margins for the full year from this dynamic is about 60 basis points
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2022 Q3
1 Nov 22
we’ve been very effective in passing on higher price to offset higher-than-normal inflation. This results in no net impact on our adjusted operating income dollars as we’re effectively offsetting the added inflation, but it does affect the calculation of margins because of the revenue base being higher
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2022 Q3
1 Nov 22
we now expect the full year 2022 adjusted operating margin to be 24.9%
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2022 Q3
1 Nov 22
The full year guidance change also incorporates $0.10 lower EPS in Q4 for the additional FX headwind in the quarter and the revised phasing of our tax rate.
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2022 Q3
1 Nov 22
the $0.08 raise for the year consists of $0.54 of operational beat in Q3, partially offset by the decision to pay $180 million or $0.36 of additional one-time colleague compensation
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2022 Q3
1 Nov 22
We now expect $2.8 billion of testing revenue for the year
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2022 Q3
1 Nov 22
just over $600 million in the outlook for the core business, an increase of just over $200 million for COVID-19 testing revenue and a $200 million decrease to reflect the recent changes in FX rates
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2022 Q3
1 Nov 22
we’re raising our adjusted EPS guidance for 2022 by $0.08 to $23.01 per share
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2022 Q3
1 Nov 22
we’re raising our full year revenue guidance by $650 million to $43.8 billion
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2022 Q3
1 Nov 22
we delivered $0.36 of adjusted EPS higher than included in our previous guidance.
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2022 Q3
1 Nov 22
Revenue in Q3 was approximately $800 million higher than we had incorporated in our previous 2022 guidance with just over $600 million driven by another quarter of extremely strong core organic growth, just over $200 million from additional COVID-19 testing revenue, partially offset by a small additional headwind from FX.
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2022 Q3
1 Nov 22
We are gaining market share.
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2022 Q3
1 Nov 22
We are increasing our revenue guidance by $650 million to $43.8 billion, which would result in 12% reported revenue growth over 2021. And we are raising our 2022 adjusted EPS guidance by $0.08 to $23.01 per share. The higher outlook primarily reflects the strength of our core business and a modest impact of additional COVID-19 testing.
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2022 Q3
1 Nov 22
For the third quarter, the change in gross margin was due to the same drivers as those for our adjusted operating margin. After factoring in the decision we took to accrue the additional colleague compensation that I mentioned earlier, both adjusted operating margin and adjusted gross margin came in as we had anticipated in our prior guidance.
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2022 Q3
1 Nov 22