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  "presentationDate": "2023-04-01 00:00:00",
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      "text": "USD in millions",
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      "text": "Note: Core organic growth is organic growth net of COVID-19 impact. 1. Represents foreign exchange translation exposure, primarily from European business (~35% of sales). 2. Conversion: Free Cash Flow / Adj. Net Income. 3. Represents Adj. Net Leverage as of March 31, 2023 and March 31, 2022, respectively.",
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      "text": "Q1'23 Q1'22 COMMENTS Reported Revenue $1,780.3 $1,950.4 Low single-digit core organic growth of bioproduction and >20% growth in biomaterials Core organic growth -1.8% 7.3% Inventory destocking in line with expectations Adj. Gross Profit $624.8 $689.9 Continued momentum in commercial excellence Adj. Gross Profit % 35.1% 35.4% Roll off of high margin COVID-19 revenues and inventory destocking Adj. EBITDA $346.2 $423.1 Active pipeline of productivity initiatives Adj. EBITDA % 19.4% 21.7% SG&A increase driven by wage inflation and growth investments Adj. Earnings Per Share $0.29 $0.38 Interest and tax expense in line with expectations COVID-19, FX1 and interest expense represented ~$0.06 headwind to adj. EPS Free Cash Flow $191.5 $127.7 FCF conversion of ~100% in Q1 20232 Positive impact from working capital initiatives Adj. Net Leverage 3.8X3 4.0X3 >$200M of debt paydown in Q1 Within target leverage of 2X - 4X",
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