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  "documentTitle": "Avantor | Results Presentation Deck | 11 slides",
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  "presentationDate": "2024-02-01 00:00:00",
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      "text": "USD in millions, except per share data",
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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 December 31, 2023.",
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      "text": "Q4'23, FY'23, COMMENTS, Reported Revenue, $1,722.8, $6,967.2, Q4 market conditions stable; inventory destocking and cautious spending continue to impact end market demand, Core organic growth, -4.8%, -5.2%, Biomaterials & higher education delivered strong year over year growth, Adj. Gross Profit, $570.4, $2,363.8, Unfavorable mix from continued headwinds in bioproduction and AT/AM, Adj. Gross Profit %, 33.1%, 33.9%, Continued volume-related under absorption, Adj. EBITDA, $302.1, $1,309.1, Results reflect lower gross profit and negative fixed cost leverage, Adj. EBITDA %, 17.5%, 18.8%, Persistent inflation partially offset by productivity and SG&A cost controls, Adj. Earnings Per Share, $0.25, $1.06, Flow through of adj. EBITDA performance, Interest and tax expense in line with expectations, Free Cash Flow, $201.0, $723.6, FCF conversion of >120% in Q4'23; >100% in FY'23, Positive impact from working capital initiatives, Adj. Net Leverage, 3.9X2, 3.9X2, Paid down ~$850M of debt in 2023, Adj. net leverage impacted by reduction in TTM adjusted EBITDA",
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      "text": "Q4 & FY adjusted P&L",
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