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      "text": "Note: Organic growth is reported revenue growth excluding the impacts from changes in foreign currency exchange rates. Core organic growth is organic growth net of COVID-19 impact. 1. Conversion: Free Cash Flow / Adj. Net Income. 2. Represents Adj. Net Leverage as of September 30, 2023 and September 30, 2022, respectively.",
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      "text": "Q3'23 Q3'22 COMMENTS Reported Revenue $1,720.2 $1,856.5 Inventory destocking and cautious spending impacting end market demand Core organic growth -7.9% 7.8% Biomaterials & higher education delivering strong year over year growth Adj. Gross Profit $578.6 $650.7 Unfavorable mix from continued headwinds in bioproduction and AT/AM Adj. Gross Profit % 33.6% 35.0% Continued volume-related under absorption Adj. EBITDA $317.8 $384.0 Reflects lower gross profit and negative fixed cost leverage Adj. EBITDA % 18.5% 20.7% Persistent inflation partially offset by productivity and SG&A cost controls Adj. Earnings Per Share $0.25 $0.34 Flow through of adj. EBITDA performance Interest and tax expense in line with expectations Free Cash Flow $193.0 $219.3 FCF conversion of >110% in Q3 2023; ~95% YTD¹ Positive impact from working capital initiatives Adj. Net Leverage 3.9X2 3.6X2 Paid down >$650M of debt year to date Adj. net leverage impacted by reduction in TTM adjusted EBITDA",
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