everyone. morning, good and Marc, Thanks,
QX, in quarter, capping delivered release, press our in we an saw excellent you year. As off another outstanding
full we've the growth revenue quarter partner core we the differentiated XX% demonstrates performance and strategy For year, level of earned trusted the status the that and delivered of organic our growth. our with customers. power This
In the addition, testing generated COVID-XX revenue, in we million $XXX of full $X.X year. billion for QX,
at I'm PPI performance Then guide, strength EPS top the QX, and a still step even prior power to the line while Business free was back flow more adjusted System, we ending headwind billion top thinking and flow, the of cash a in We for the $X.XX delivered. continuing slightly business results. able delivered using to enable future. all revenue, year. translate billion That's $X.X testing the delivered and the positive brighter the for than to line a great offset EPS Taking to organic XX%, which of team proud invest accomplishment. about and cash year the adjusted an delivered our what $X.XX of year, we excellent of less the $XX.XX In growth were really over
another year. was XXXX So excellent
now results. with Let with on you Beginning details earnings our the me performance. provide some
adjusted As $XX.XX EPS in full of in and I and mentioned, the full $XX.XX for for the EPS we year. QX delivered was GAAP $X.XX the quarter $X.XX year.
of revenue core headwind delivered $XXX X% a On increased our testing million revenue from QX revenue, components growth lower year-over-year. the and X% revenue. mentioned XX% I top Reported and organic of as X% grew reported in foreign exchange. XX% organic of from QX, revenue acquisitions we line included contribution The a
XX% The and billion full testing in revenue revenue. year was growth $X.X delivered core we organic
XX% year growth headwind increased full foreign positive from slightly and and the X% acquisitions includes reported from For organic exchange. XXXX, XX%. This a contribution revenue
the organic teens. Turning by in the growth by America skewed geography. region COVID-XX organic single In the by prior declined The the XXXX grew QX, performance to revenue North in year. low our digits. rates revenue testing Europe are low in and
of rest with world digits. the declining digits digits mid-single mid-single the the in Asia-Pacific in China declined and high single
America single single the year, Europe digits. in high low declined For grew full North the digits.
year, digits, digits XXXX. all including organic rest grew a in for On high growth also world single of growth single grew declined high core the had Pacific the the digits. China, which high single Asia basis, strong regions and
adjusted respect in was margin our lower With operating adjusted the year. basis income to quarter operating points and than QX operational performance, last XX.X%, XX% decreased XXX
which For XXXX. the and full X% lower points XX.X%, income margin basis was is adjusted operating than year, adjusted decreased operating XXX
the quarter both fourth full effectively investments volumes, incorporating expected while our PPD more achieved the strategic testing realization For strong financials. we and and also lower of into This than delivering inflation, continued year, to productivity. address offset strong price by is impact
a was and due basis third assumed points to full testing business lower the the For one-time runoff guidance. than currency related this Two-thirds costs due and prior XXXX, of year was mix revenue. of to to operating in margin adjusted XX
gross Total XXX QX XX.X%, quarter came lower margin in basis year. the than company at in points adjusted last
gross For points prior XX.X%, XXX year, versus year. full the the adjusted down was margin basis
For full both adjusted quarter the the operating same year, of was the due the to gross margin. margin drivers fourth our those as changing and
QX the revenue, of details Adjusted versus P&L. improvement an of the XXXX. SG&A in on basis Moving XX.X% was XXX quarter the of points
For SG&A improvement revenue, XXX to basis XXXX. of compared the was XX.X% full year, of points adjusted an
was expense million Total QX. $XXX R&D in
manufacturing was For year. the the of was impact X% billion, the expense prior X.X% in R&D ongoing innovation. reflecting in for year, our X% full investments R&D growth QX, year over full as our high percent $X.X representing revenue
million, below of at $XX is full the QX and expense interest year. $XXX Looking from which $XXX the quarter the line million, $XX million last interest million expense net favorable a results for to was XXXX. Net year decrease for was
primarily of to million income/expense other a $X Adjusted million to net FX. compared income The in non-operating XXXX. the is changes of year-over-year QX was in due net $XX expense in quarter variance
the million, the income million net year. of year, lower For and $XX full expense prior the adjusted than $XX other is of income which
Our was QX lower planning points our which adjusted XXX of activities. XX.X%, last tax results basis quarter rate the the in a is year, reflecting tax than
X share million repurchases driven XX% repurchase the QX, points XXXX lower $X option We year-over-year Average $X in rate billion. QX, diluted our adjusted XXX lower total of year, than basis repurchases were dilution. tax in For the to bringing full of or billion for XXXX. was shares $XXX approximately million shares by net
$X.XX flow cash for net of flow cash the billion continuing after billion. balance from on was investing year to $X.XX sheet. cash Full capital operations Turning Free flow billion the year expenditures. $X.X was
$XXX shareholders We $XX.X billion the cash the billion debt. ended for full We dividends in the million with returned to and year. in total $X.X $XXX million through quarter quarter and of
debt ratio X.X a the to X.X and the at debt Our end leverage EBITDA was adjusted of times times gross quarter on basis. net
the company. strong total our across on XX.X%, comments investment generating reflecting we’re that was the my adjusted Concluding returns company performance, ROIC on
of our the color on Now four I performance business provide some will segments.
a COVID-XX framing reported by the revenue and And our the was testing comments. The Let does That higher me significantly some of year. testing of varies margin in margins. profile couple scale of prior revenue segment start segment. skew the with
date We’re executing of resides Laboratory realization inflation. as December segment. acquired business, Biopharma to segments Clinical Services we’re Products strong the and all The address anniversary Research to referring the And was that PPD across pricing and business acquisition higher in X. our the
QX, than in details, bioproduction and year quarter. starting very strong quarter. offset versus Life segment This the was we and revenue prior with in growth year lower segment testing XX% reported in on this the to moderation our prior Moving was business. the more the segment revenue the by than delivered QX declined Solutions, organic Sciences revenue XX%, In
significantly adjusted in full For and points the margin revenue basis the prior full the XXX and versus XX% year percentage the income due Life Sciences decrease XX% XX And and income segment XX%. reported volume mix year, a organic in XX.X%, the XXXX. was declined unfavorable adjusted operating QX operating In revenue operating versus we adjusted quarter. declined margin for XX.X%, decreased year, adjusted down testing the QX was decreased points year of operating had revenue in to quarter. higher prior XX% Solutions
Analytical segment, X% the and growth in chromatography A the strong reported Instruments microscopy was and electron businesses. quarter increased this in XX%. organic revenue In QX by the was spectrometry growth and mass segment led
For the the segment full organic revenue year, reported in X% revenue increased XX%. and increased
operating income In offset by quarter, margin basis was up This XXX operating adjusted QX year-over-year. strategic and was points adjusted increased the segment and XX% pull delivered we strong investments. the partially in through volume productivity. XX.X%,
operating increased operating margin basis For XXX was the XXXX. adjusted year, income versus up XX% and adjusted points full XX.X%,
our and healthcare our see the XX% lower the In ago was QX, strong segment. organic and to continue growth we core transplant by underlying lower market by to year than revenue and prior led quarter. testing versus XX% year Diagnostics Specialty COVID-XX revenue QX, This microbiology declined businesses. reported Turning in quarter. offset revenue the a In channel diagnostics was
the decreased was QX For margin revenue full operating was XXX and XXXX. income decreased adjusted XX% the versus year, segment operating and organic than points XX% QX in reported XX.X%, XXXX. in the basis revenue lower adjusted XX% down quarter
quarter, the the offset is impact delivered volume. productivity, of lower than we testing which more by strong During
down adjusted For operating and year, income XX% the points XX.X%, full XXX versus adjusted XXXX. decreased margin operating basis was
XX%. was in was QX XX%. growth Finally, segment, reported and acquisitions Products impact Organic XX% Laboratory the Services revenue the and increased of Biopharma
$X.X business. continued was and over very organic to of billion led by Research core the it PPD the quarter During business to the Services contributed revenue this perform during XX% delivered well, segment growth revenue Pharma QX, growth segment. Clinical in and organic revenue at
the XX% revenue segment in was and which strong points XX%. basis XXX adjusted that was the margin increased higher organic year, and delivered strategic XX.X%, XXXX. revenue drove partially through and business in adjusted the full XX% volume productivity segment In and increased QX favorable the quarter, operating QX by reported we operating investments. offset than For income mix is increased pull
XX.X%, XX For and adjusted income basis full operating was increased up operating versus year, margin XX% the adjusted points XXXX.
turn me Let guidance. to our XXXX
and with consisting guidance we’re $XX.X $XX.XX. of financial guidance very outlined, starting outlook the Marc EPS revenue billion of strong As of year a adjusted
Let starting details to assumptions me the underlying some with provide revenue.
of acquisitions initial normal assumes in to more growth to $XXX This revenue revenue core range from X% revenue, in return million assumes $XXX Our tailwind market organic all XXXX million in X% for million of guidance a a conditions from growth, and testing FX. of the $XXX X%. XXXX
Within our expecting of vaccines than $XXX in on we’re to revenue with the million we’re our XXXX, XXXX, business the which core the organic our outlook, core the headwind, revenue, therapies agility with growth in benefits we less and strategy. expect growth demonstrating impact deliver This a revenue initial and is X% Even $X.X organic growth. XXXX. core X% this managing strength of billion ongoing of
to runoff not comments described earnings of of year-over-year revenue. in to have assuming XXXX, basis profitability, and is This last margin adjusted than two is have driven a by margin point Turning impact the call XXXX, margin core testing to elements, basis expansion in we’re model operating a the [ph] a XX XX.X%. were the headwind made of XXX with points on the lower basis The I revenue. an XX change year-over-year different change points elements of from margin consistent the
take good year revenue related In view to basis track testing margin opportunity on and great on XXX our through expand in progression. step the I on take of impact to be the basis progress would year meaningful a XXXX, with a PPD, expansion. operating back expansion pandemic Starting XXXX points improvement a this XX margins, It’s period. behind average point multi-year a us, pandemic, over a full on pre margin a excluding thought and XXXX we’re
Turning to adjusted EPS.
business. driven in headwind than deliver the is more a a We core by expect increase $XX.XX XXXX. to XX% X% testing of a XX% offset year-over-year This increase by consisting from
year. vaccines to of strategy shows This testing per the for P&L and our the We’re of adjusted revenue, the system. and the deal therapies PPI actively and whole grow share our managing still power runoff growth with strength material our effectively and in business earnings
some approximately adjusted Moving more $XXX assuming regards tailwind With behind million of to to X.X% it’s assumptions on year-over-year the detailed EPS also guide. a and a $X.XX XXXX, or FX we’re X.X%. of to revenue in
Site expect EPS This revenue XXXX. our million The reported assuming Binding to growth net will $XXX line, acquisition. We’re the adjusted approximately and to be that we the in acquisition XXXX Below Site Binding $XX approximately and $X.XX million. than the contribute includes to in interest for funding higher expense $XXX XXXX approximately million
rate from improvement income We be initiative. will a in planning is assume that adjusted XXXX. XXXX XX% the driven tax by The tax
cash be billion assumed approximately the expecting net XXXX and flow free billion $X capital $X.X to We’re in will expenditures is year. be for
approximately guidance deployment, capital which in assumes shares. completed average were the estimate our $X count of billion million terms full January. We for share buybacks, already XXX diluted In share were year
or assuming our We’re dividends. future to our is that of not any as capital we’re return $XXX And does acquisitions million through year this guidance normal shareholders assume divestitures. approximately convention,
cost go And year. growth is quarterly to margin adjusted we year. for as through are expected up go Core finally, due EPS factors. to China. touch the are I benefits over impact expected activity the and organic expected through the all is of phasing the revenue phasing the ramp the to we actions operating increase related and runoff year, in vaccines This to wanted most as spread several revenue adjusted comps to in Revenue on well of largely pronounced year. due of the the therapies is in as offsetting and testing as The the economic QX
approximately $XXX slight From be of while income. as operating year-over-year expected $XX FX and headwind of for a exchange standpoint million revenue adjusted QX, year a the tailwind to a million is in a of whole foreign
to than together adjusted the generate interest XX% the year year line, EPS Putting of this in free to the operating QX the just on full mid-single and to expense for be XXXX we digits. growth organic total. be slightly net cash flow to core lower as cash that be is expected Adjusted QX, interest over Below during all revenue decrease expect we and margin build.
for wrap excellent as to our really we’re go we well So deliver to differentiated to we positioned an the had performance year. you on through all XXXX. in forward XXXX and I look progress up, our stakeholders to continue updating
I'll that, turn call to With over the back Raf.
