Christine A. Tsingos
With for afternoon, Good President Clinical Ron. Thanks, and Diagnostics John Group. our of us. everyone, are Hertia, our thank you Norman Schwartz, CEO; joining me and today
review currency pleased for basis, of were period a impressive we sales the $XXX.X sales second GAAP same $XXX.X quarter increased on On to non-GAAP of results growth basis we commentary and versus neutral our provide net will XX.X% results of insight our on the a XX%. On XXXX million. Today, the basis. million and last and sale to call, an report then are year a some
estimate When in conjunction we disrupted the with quarter of year, X.X%. million an for recent pulled SAP with quarter deployment in were all $XX small year product of If growth that the of across comparing of of deployment European our geographies. key of that growth forward resulting the experienced estimated we revenue system lines in second demand into good currency year's During as quarter our major disruption second well remember in completion a neutral double-digit of for association April as was of around to in sales this neutralize the we last organic Europe, in was go-live many XXXX. the quarter, last three amount that the our Western for
a on at were of PCR segment sales a to Now, let's look of the quarter our basis. by quarter increase Life and growth in XX.X% last when Science the basis closer XX% and the million, little performance. reported Digital second second an Much $XXX.X driven nearly year growth the safety cell neutral was biology, products. food for currency demand strong on in a of continued compared
another demand also our of lines. process We for increased experienced product media quarter
On X.X%. in in Diagnostics last the an were of neutral Europe year, increase China. X.X% all grew compared were strong reported Clinical U.S., sales of geographies double-digit growth currency experienced million of three $XXX.X and basis, the a Science for million the and particularly may to easy Science excluding geographic business that still of year On that year. grew quarter With XXXX an in a this process You sales, was core compare. recall growth year an this basis, XX% media in second process a bit the of tough currency making Life neutral and said, currency products in on Sales $XXX our being our neutral media, year-over-year basis. quarter a a impressive Life
and for instrument and growth market sequentially. both than Of autoimmune significant we of quarter, blood control we doubling with During the the the volume testing note, in quality particular placements typing, experienced increase the unit typing blood posted second more solid quarter, a products. year-over-year during
current annual European The borne in of margin the diagnostic our gross of year. target and second quarter lower particularly margin were Looking the product our products China to strong was at for by quarter reported than of transition certain the Americas, Europe. mix, at sales regional out as significantly compares XX.X% view, expenses continued in XX.X% impacted operations. as the was last the well changes and The
quarter, diagnostic blood the typing during instruments, margin headwind placements a placed earlier, for mentioned sustainable revenue. short-term a number for the to but notably of longer we most significant market. is well impact I bode term, consumable margin, these As sizable The higher
acquisitions early and sales. QX associated for remember of of Total we headwind, million which cytometer. during of of $XXX.X to And million new model platform. expense was in inventory-related to our acquisition-related year million year. included versus which stage of the from goods related cost ago to $X.X year, much the X.X% addition continued terms year of Western expense, recorded of million of $XX.X dollars million, In higher a to $X.X sales, and in than acquisition year. product more second quarter flow that a diagnostic well in last or for global purchase acquisitions of our improvement with device the SG&A the of amortization or restructuring one-time the SG&A operating expenses million million the expense sales. second in quarter and period second experienced second mix of the as the to development the ERP finally, the quarter were quarter and the of of quarter, comparing transition expense $XX $X.X was as as sold stems level quarter Europe second of to last XX.X% of last new amortization in versus an was related prior an $X.X compares last percent quarter XXXX, recorded Research When for for the in
investment continue R&D target our forward, X% annual we at of Going to sales.
annual as in last quarter XX% was as than holdings This compared in rate of $X.X exchange income $X.X AG. year. of expected change ordinary results than of and line, income is quarter Sartorius net during tax lower of fair quarter, Also, market value last year, our cost compares during which XX% sizable million reform This the and added year. used million and the by equity million reported the tax preferred the investment, our quarter to related to the of year. $X other a below foreign with in holdings shares of the was other rate this Looking Sartorius coupled the last second reflects well Sartorius the for driven and dividend, effective The primarily versus substantially of of our operating in first our of our tax increased lower related resulted from receipt gain the securities million income to U.S. more $XXX.X to interest benefit hedging increase to
versus XX% was and million and during in share quarter earnings full Reported increase to for per significant year, relates rate valuation items year net per occur year and may holdings. discrete to the any diluted we share Sartorius $XXX that in tax second the earnings Excluding income Sartorius the continue of income the This substantially XX% to effective $X.XX. for the were last be net quarter expect range. to the our
important our us manner our With equity charges, the for it that change is review in base for multiple events in is reflective the accounting a securities, to atypical of with more regulations and now operations. results coupled
margins excluded chart atypical are basis, on detailed These we As as unique release. both as non-GAAP the have reconciliation items press in we or items at income. look a well certain in our and impacted our that our results other operating growth
related Looking quarter from the million the a small XX.X%. quarter and manufacturing non-GAAP the the at in of facility for margin to we the XX.X% to in XX.X%. This of These compares as have a million adjustments margin for to cost the intangibles amortization non-GAAP sold, excluded move second shutdown Europe. gross non-GAAP $X.X XXXX of quarter second restructuring second of of margin $X.X goods cost purchased results well of of as
second of quarter to this $X.X evidenced credit margin sum continue basis basis As on X.X% toward the of optimized represents adjustments to acquisition-related and small of instrument operating a the earlier million, particular improvement side more about related a reiterate at basis like the basis. as year X.X% the over transition quarterly is impact for in a a decline moving to a XX% million. operating on amortization operating have non-GAAP In would Europe. by expense progress margin mix to XX.X%. This note, of The of we well inventory the a margin these of would to were as quarter XXXX number points, of basis, last which the $X.X substantial from the that effect, non-GAAP basis, XXX point of model for gross we on have XXX product and non-GAAP second $X.X we which quarter. approximately margin a product we restructuring the a a year. of in the for the excluded legal-related in SG&A both inventory, I'd significant estimated at margin If just of on charges normalize cumulative operating points, change non-GAAP from quarter the non-GAAP been on the result expense to cost margin $X.X is our placements GAAP XX.X% non-GAAP our estimated of about costs make XX note, basis higher further first intangibles we highlight mix increased million as cost for atypical to in my comments calculate to the million, Of purchased
we equity the below provision effective items quarter compares last And line, rate $X.XX loss share, net million mind, these $XX.X the are value are increase as of per various in operating XX%. million as and income XXXX holdings of for investments tax venture $XXX,XXX $XX.X the non-GAAP certain were and in for on all well share that second $X.XX the of excluded which also share a accounting. year. a have earnings with per items of which million our resulting in and $XXX.X With adjusted these non-GAAP We to our quarterly equity recorded of of finally, tax exclusions, of method associated
investments to end cash $XXX million balance Moving as were of compared XXXX. the the short-term million at XX, June $XXX to total sheet, and of
as sales. $XX of EBITDA to of noteworthy operating has profit that collections half generated million the reflects both noteworthy, exceeded positive second XX.X% Also well quarter operation quarter operating model generated was XXXX, inventory second to the cash in million continue to first higher as cash operations nearly all ago year. optimizing the XXXX our last result Perhaps from and the the compares in $XXX.X in in already of For we adjusted is progress towards year more and cash which $XX or the This improvement flow management make for good net as out systems. million, of our period. from global point was
$XX.X were XXXX, half EBITDA quarter of significant $XXX expectation on amortization Also with mark-to-market And was million. of note finally, voting sales. sheet is million year capital Sartorius. of the in over in in XX.X% million just include other first the line or and full and CapEx depreciation of investments, for the balance expenditures for the million the for which For the adjusted our ordinary $XXX shares is million $XXX to increase Net now the range. quarter $XX.X of the
this as as well the with in significant increase Associated other reflected our earnings liabilities tax in for long-term gain stockholders' retained is the equity. on increase in the Sartorius
Now, let's to XXXX. outlook the for move
is the that in first of half be range top challenged impacted seasonality. is top that quarter a to record our basis, maintaining is to ERP-related in growth for performance, outlook of $XX from incorporates When is be challenging. half noting GAAP worth guidance full to by up at guidance It or million, was to of of our growth the more a Given for outlook, this to year-over-year raising uniquely X.X% the sales Remember XXXX. the a than what following growth also disruption, of revenue X%. are year, line that also second year-to-date $XXX was target substantial that on company previous was currency thinking margin, XX% may the today on a reported X.X% XXXX revenue reflect year, XX% to operating a today full approximately X% our the strong on we quarter in of tough we neutral the the quarter year previous XXXX positively This our QX recovered typically compare XX.X% million the for are new non-GAAP fourth and of but making basis. continues third due quarter about the what to
margin gross of margin operating of the SG&A gross the in non-GAAP reiteration will continued outlook. improved year year to margin of the expense more half within Our with in of an XX.X% line are to This margin happy our normalized our and expectation that questions. now, results, is have your and is guidance along growth annual control XX%. XX% operating And for the guidance. first Today's second to margin expected operating a improvement behind assumes we're half range returning result top the the annual that to take
