Daniel J. Brennan
Thanks, Mike.
a consolidated with basis, time represents of impact which foreign operational from $XX of XX.X% an from reflects the currency the million Symetis million revenue about foreign $X.XXX On revenue XX quarter X.X% guidance. revenue acquisition billion at was the of half reported Second guidance. in and contributed tailwind million quarter. points, the Sales tailwind line of expected in approximately growth $XX our growth excludes exchange, $XX was fluctuations, basis which to the
the leadership strong a as months, outperformance The organic continue the majority this per again. the of X revenue the This a non-cash slightly realize primarily Absent and to related timing the once from as June our of in XXX two exchange. is of slightly to this the related below over the high our our manufacturing of finalization year. minutes. resulting a $X.XX, to guidance year for which X.X% As end guidance, We and basis businesses few have Symetis share guidance operational period, diversification impact growth the end and Symetis by per quarter of $X.XX range growth of basis due revenue would top at portfolio X% the primarily sales, this X%, is and as of earnings benefit and the and to which of metrics, line representing of includes below high were only year-over-year was the I'll in earnings for evidenced reminder, a our were our benefits considered $X.XX of quarter certain regions across by variances partial of category no guidance strong delivered and of the driven impairment quarter. in benefit, we of which foreign point quarter. a adjusted a our low investments, negative year-over-year prior-period FX stipulation to the our points exceeded strategy, contribution of represents in to related from $X.XX. end been there $X.XX, represents and of of margin a second IRS $X.XX discuss performance XX.X% solid negative of charge of range X% P&L decline of million well XX.X%, adjusted share range our year, issues $XX second Adjusted impact includes QX an an gross for as settled Earnings approximately to leveraged organic XX%, notably XXX
XX.X% For the slightly of second expect an full adjusted year headwind, first below FX due we will the being and that year, to quarter, XX%, the SG&A towards approximately end result to the continue of improve or our in over be XX half expected higher guidance half QX. of million, lower a $XXX slightly year margin year the the basis XX.X% less being XX.X%. to expenses good with and range sales Adjusted versus QX were of to points of down with gross
While growth, second we and such on And focused quarter, expansion also teams, Adjusted in efforts million of our leverage X.X% were sourcing global initiatives business XX.X% targeted line of expense development global as sales, our both of to reducing leveraging over our streamlining continue of the or committed the automation, expenses SG&A and and and year. end-to-end was realize remain of enhanced the top services. flat to roughly benefit shared research $XXX process sales. royalty year
strong year-over-year XXX performance discussed XX.XX% on driven I of guidance the in at the point the point XX.X% result solid the The basis a operating earlier. in decrease quarter, sales our margin is as XX line, FX impact throughout primarily of basis within negative to by As gross was XX.XX%. P&L quarter, margin second the adjusted range
in outlined operating the goals operating our XX.XX%, full-year adjusted goal the margin XX% XX.X% to remain of range XXXX. at and adjusted the of we a We the by to of start year, committed consistent margin with expect long-term be continue to to
to below-the-line move quarter last other of $XX million the and in QX compared $XX million expense. was expense interest to for Interest Now, I'll year.
of a quarter, Adjusted time. entities. of of million the last occur expense year, than $XX result portion in from our primarily in million portfolio rate impairments certain investment impairment QX was in was this international as in of QX interest a investments companies, over on the into our may of $XX QX a hedge X.X% included slightly certain time of other year, to our expense and lower in average investments. growing to X.X% entered net Our hedges a intended XX With net second
believe expense investments, strategy acquisitions the Adjusted foreign recently we However, as including from quarter other by from hedging available-for-sale method of working losses, well, our as Cryterion the costs. investments, exchange Medical to adjustments this for is our equity portfolio. dilution transactional as most NxThera our venture also included evidenced well and
for minus the IRS in basis, rate quarter reported was X.X% from on and non-cash of On tax $XX minus second XX.X% Our issues the $XXX tax an benefit settled rate an which million a the our from that million basis, includes included adjusted was benefit settlement. of quarter. the a finalization stipulation
basis compensation Excluding stock our approximately points, and from this benefit approximately operational tax rate our was of net XX benefit XX%.
tax time. rate the of for XX% Our half, operational the an XX% first XX% hard or to averaged year over stock all-in to year. been of rate operational expectations working tax balance with net for rate approximately adjusted XX% XX% reduce the full our for in sheet on consistent tax to We've the benefit contingent risk our comp
seven Our $XXX $XXX which ending is almost tax end next to billion the million the years, $XXX remaining, which reform controversies. $XXX from relates tax the QX Of payable million transition the $X tax approximately remaining is global of of approximately to leaving decrease million liability over decreased as for balance. an the tax, million approximately QX, all
XXXX tax operational to below are and goal tax reinvest structure, a into with XX%. reducing adjusted exploring announced goal strategies our benefit beyond tax the reflected As rate results in our reminder, in we previously our our the of of
full-year the reinvestment And We in to QX of not this impact share an quarter. result per earnings we expect as expect tax as the do result, of benefit. a a fourth adjusted majority this to occur
per of earnings related adjusted to approximate settlement. the XXXX $X.XX includes $X.XX QX benefit IRS of share finalization an the non-cash recap, to Just
tax includes tax million. fully the quarter we We considering weighted unfavorable amortization settlement-related as flow benefit the is In of billion it Excluding $XX EPS this impairment year. ended of million outstanding. QX agreed cash diluted million $X.XX, settlements upon drag $XXX and includes our particularly debt average as the $X.XX from QX fund shares of and and last of Adjusted X.XXX in additional acquisitions. charges was the $X.XX cash combined short-term legal for net EPS previously $X.XX after compared a to in adjusted expenses Reported net used investment to FX. and strong, recent free $XXX of well tax with the quarter, GAAP
We approximately expect for mesh or our adjusted XXXX claims We're of free continue be incoming $X.X We to known mesh X% approximately resolve X,XXX billion. making and also on XXXX progress of with goal our less track to cases flow new than of good our on claims. claims our the litigation, remain cash minimal remaining, claims. year-end which majority represents to all
was total which included, legal XX, June XXXX. $X.XXX as is reserve, Our of billion of mesh
As plaintiffs sheet which qualified payments qualified the the restricted we've balance current liability is a released balance our fund, is on of made of this our of settlement settlement to balance into as sheet, the already when only reminder $XXX with payments made fund. are a from million. shown cash mechanics, Yet, out nearly
So to quarter have $XX only the fund. expenditures left is to second the we were million. way for $XXX Capital million think about it
million capital and drive expect capacity, third the walk full growth. year, for integrate we year I'll guidance XXXX. now We through for of expenditures quarter and the acquisitions, approximately $XXX build as
to expect range the five to contribution the $X.XXX organic of acquisition in year-over-year X% of consolidated the in XXXX the For that be which the $X.XXX the year represents full the prior months expectations billion, And million points year. equate Symetis We major to exchange to million expect $XXX from we due which decrease most to of full we first of U.S. growth to tailwind $XXX against realized X%. be from XX basis the of to billion revenue year, currencies. to expect is a to our growth now strengthening tailwind foreign million for $XXX $XXX dollar approximately full on million year, of a
expect the adjusted for XX% percentage full to for now XX%, the XX.X% FX sales benefits at R&D change for range be for Similarly, range for SG&A our year, we of to continues change expectations of seeing basis expense continue margin as full-year down to sales, the and assumes operating of There's adjusted programs negative in no the adjusted gross year. as points a spend of guidance. slightly to rates XX% to XX full-year impact in our the underway. to sales imply operating a from there's XX.X% to royalty to in of XX.XX%. This our We which a less our of prior full-year to adjusted expectations than are be remain of a to currently XXXX a slightly XX%, approximately no full-year of X% margin control year range
$XXX for reflects hedging count our was We of weighted guidance, year also with billion expenses, share to QX our benefit our million which expect which to and with to to all-in between payments, accounting reflected XX% stock XX% rate. below-the-line X.X year the approximate expect from an operational continue majority and rate our be of and XXXX interest be which in XXX XX%, prior already standard basis XX% compensation, the tax full-year half venture for fully first tax associating tax rate adjusted XXXX program, to capital include points of average Consistent from portfolio, and our we a full approximately diluted cost the and for approximately dilution XXXX. be the
$X.XX. $X.XX, X% adjusted of reiterating This to representing range $X.XX, our earnings adjusted an increase $X.XX are earnings to FX of impact includes a of XXXX to now We negative XX% or $X.XX per full-year growth. share
in our we to enhance our we our EPS $X.XX guidance while all for in range per expected to double-digit the development activities on product these outlook dilution acquisitions, investing $X.XX. addition, of our we're in still basis, adjusted believe expect maintaining or By EPS XXXX. core the growth, mentioned, growth earnings In required the market and from despite Mike expect completed as through can a business GAAP complete goals. acquisitions delivering On durable we for revenue be to share we've
X%. to In to relatively $X.XXX an exchange to of in with be representing expect expect consolidated tailwind year-over-year growth a million. quarter, be to the billion, $X.XXX million the X% we expected turning range impact foreign we XXXX, organic of to zero Now, immaterial, QX to revenue of third $XX
check $X.XX earnings For per EPS adjusted range third of And share a X% the be to $X.XX guidance, range line $X.XX in to in is to to financial quarter, website and is as full-year GAAP our highlights, expected to per a of XX% item expected share, growth. representing which guidance. per QX including P&L XXXX results Investor share. $X.XX and outlines XXXX for as operational Please QX well Relations QX
moderate So with who that, the I'll Q&A. turn to it will Susie, back
