07/31/2024 | Press release | Distributed by Public on 07/31/2024 05:08
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Sales | $ | 171.7 | $ | 169.4 | $ | 337.8 | $ | 328.7 |
Cost of products sold | 76.1 | 71.6 | 147.4 | 139.5 | ||||
Gross Profit | 95.6 | 97.8 | 190.4 | 189.2 | ||||
Research and development expenses | 6.3 | 6.8 | 13.3 | 14.3 | ||||
Selling and general expenses | 80.9 | 93.0 | 164.5 | 181.8 | ||||
Other expense, net | 2.1 | 0.1 | 2.3 | 1.3 | ||||
Operating Income (Loss)
|
6.3 | (2.1) | 10.3 | (8.2) | ||||
Interest income | 3.0 | 0.5 | 3.6 | 1.0 | ||||
Interest expense | (3.1) | (3.5) | (6.2) | (7.0) | ||||
Income (Loss) Before Income Taxes | 6.2 | (5.1) | 7.7 | (14.2) | ||||
Income tax (provision) benefit
|
(1.9) | 0.8 | (2.9) | 2.1 | ||||
Income (Loss) from Continuing Operations | 4.3 | (4.3) | 4.8 | (12.1) | ||||
Loss from discontinued operations, net of tax | (2.5) | (63.8) | (3.9) | (56.5) | ||||
Net Income (Loss) | $ | 1.8 | $ | (68.1) | $ | 0.9 | $ | (68.6) |
Interest expense, net | $ | 0.1 | $ | 3.0 | $ | 2.6 | $ | 6.0 |
Income tax provision (benefit) | 1.0 | (1.6) | 1.5 | (1.5) | ||||
Depreciation and amortization | 11.3 | 11.5 | 22.7 | 23.6 | ||||
EBITDA | $ | 14.2 | $ | (55.2) | $ | 27.7 | $ | (40.5) |
Earnings (Loss) Per Share | ||||||||
Basic | ||||||||
Continuing operations | $ | 0.09 | $ | (0.09) | $ | 0.10 | $ | (0.26) |
Discontinued operations | (0.05) | (1.37) | (0.08) | (1.21) | ||||
Basic Earnings (Loss) Per Share | $ | 0.04 | $ | (1.46) | $ | 0.02 | $ | (1.47) |
Diluted | ||||||||
Continuing operations | $ | 0.09 | $ | (0.09) | $ | 0.10 | $ | (0.26) |
Discontinued operations | $ | (0.05) | (1.37) | (0.08) | (1.21) | |||
Diluted Earnings (Loss) Per Share | $ | 0.04 | $ | (1.46) | $ | 0.02 | $ | (1.47) |
Common Shares Outstanding | ||||||||
Basic | 45.9 | 46.8 | 46.1 | 46.7 | ||||
Diluted | 46.3 | 46.8 | 46.6 | 46.7 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Sales | $ | 13.6 | $ | 30.4 | $ | 30.5 | $ | 62.8 |
Cost of products sold | 15.6 | 18.6 | 31.5 | 37.9 | ||||
Gross Profit | (2.0) | 11.8 | (1.0) | 24.9 | ||||
Research and development expenses | - | 0.2 | - | 0.6 | ||||
Selling, general and other expenses | - | 3.8 | - | 7.7 | ||||
Pretax loss on classification as discontinued operations | - | 72.3 | - | 72.3 | ||||
Other expense, net | 1.4 | 0.1 | 4.3 | 0.2 | ||||
Loss from discontinued operations before income taxes | (3.4) | (64.6) | (5.3) | (55.9) | ||||
Income tax benefit (provision) from discontinued operations | 0.9 | 0.8 | 1.4 | (0.6) | ||||
(Loss) from discontinued operations, net of tax | $ | (2.5) | $ | (63.8) | $ | (3.9) | $ | (56.5) |
(Loss) Per Share | ||||||||
Basic | $ | (0.05) | $ | (1.37) | $ | (0.08) | $ | (1.21) |
Diluted | $ | (0.05) | $ | (1.37) | $ | (0.08) | $ | (1.21) |
Gross Profit | ||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 95.6 | $ | (2.0) | $ | 93.6 | $ | 97.8 | $ | 11.8 | $ | 109.6 |
Acquisition and integration-related charges | 0.1 | - | 0.1 | - | - | - | ||||||
Restructuring and transformation charges | 0.3 | - | 0.3 | 0.1 | - | 0.1 | ||||||
Post-RH Divestiture transition charges | 0.4 | - | 0.4 | - | - | - | ||||||
Post-RH Divestiture restructuring | 2.2 | - | 2.2 | - | - | - | ||||||
Intangibles amortization | 3.6 | - | 3.6 | 3.6 | - | 3.6 | ||||||
As adjusted non-GAAP | $ | 102.2 | $ | (2.0) | $ | 100.2 | $ | 101.5 | $ | 11.8 | $ | 113.3 |
Gross profit margin, as reported | 55.7 | % | (14.7) | % | 50.5 | % | 57.7 | % | 38.8 | % | 54.9 | % |
Gross profit margin, as adjusted | 59.6 | % | (14.7) | % | 54.1 | % | 59.9 | % | 38.8 | % | 56.7 | % |
Gross Profit | ||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 190.4 | $ | (1.0) | $ | 189.4 | $ | 189.2 | $ | 24.9 | $ | 214.1 |
Acquisition and integration-related charges | 0.1 | - | 0.1 | - | - | - | ||||||
Restructuring and transformation charges | 1.0 | - | 1.0 | 0.1 | - | 0.1 | ||||||
Post-RH Divestiture transition charges | 0.8 | - | 0.8 | - | - | - | ||||||
Post-RH Divestiture restructuring | 2.2 | - | 2.2 | - | - | - | ||||||
Intangibles amortization | 7.0 | - | 7.0 | 7.2 | - | 7.2 | ||||||
As adjusted non-GAAP | $ | 201.5 | $ | (1.0) | $ | 200.5 | $ | 196.5 | $ | 24.9 | $ | 221.4 |
Gross profit margin, as reported | 56.4 | % | (3.3) | % | 51.4 | % | 57.6 | % | 39.6 | % | 54.7 | % |
Gross profit margin, as adjusted | 59.7 | % | (3.3) | % | 54.4 | % | 59.8 | % | 39.6 | % | 56.6 | % |
Operating Profit (Loss) | ||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 6.3 | $ | (3.4) | $ | 2.9 | $ | (2.1) | $ | 7.7 | $ | 5.6 |
Acquisition and integration-related charges | 2.2 | - | 2.2 | 0.3 | - | 0.3 | ||||||
Restructuring and transformation charges | 1.6 | - | 1.6 | 9.8 | - | 9.8 | ||||||
Post-RH Divestiture transition charges | 0.5 | - | 0.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 3.4 | - | 3.4 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 1.5 | - | 1.5 | 0.9 | - | 0.9 | ||||||
Intangibles amortization | 6.3 | - | 6.3 | 5.8 | 0.3 | 6.1 | ||||||
As adjusted non-GAAP | $ | 21.8 | $ | (3.4) | $ | 18.4 | $ | 18.4 | $ | 80.3 | $ | 98.7 |
Operating Profit (Loss) | ||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 10.3 | $ | (5.3) | $ | 5.0 | $ | (8.2) | $ | 16.4 | $ | 8.2 |
Acquisition and integration-related charges | 2.5 | - | 2.5 | 1.8 | - | 1.8 | ||||||
Restructuring and transformation charges | 4.5 | - | 4.5 | 18.7 | - | 18.7 | ||||||
Post-RH Divestiture transition charges | 1.5 | - | 1.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 4.1 | - | 4.1 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 2.8 | - | 2.8 | 2.0 | - | 2.0 | ||||||
Intangibles amortization | 12.4 | - | 12.4 | 11.6 | 0.8 | 12.4 | ||||||
As adjusted non-GAAP | $ | 38.1 | $ | (5.3) | $ | 32.8 | $ | 29.6 | $ | 89.5 | $ | 119.1 |
Income (Loss) Before Taxes | ||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 6.2 | $ | (3.4) | $ | 2.8 | $ | (5.1) | $ | (64.6) | $ | (69.7) |
Acquisition and integration-related charges | 2.2 | - | 2.2 | 0.3 | - | 0.3 | ||||||
Restructuring and transformation charges | 1.6 | - | 1.6 | 9.8 | - | 9.8 | ||||||
Post-RH Divestiture transition charges | 0.5 | - | 0.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 3.4 | - | 3.4 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 1.5 | - | 1.5 | 0.9 | - | 0.9 | ||||||
Intangibles amortization | 6.3 | - | 6.3 | 5.8 | 0.3 | 6.1 | ||||||
As adjusted non-GAAP | $ | 21.7 | $ | (3.4) | $ | 18.3 | $ | 15.4 | $ | 8.0 | $ | 23.4 |
Income (Loss) Before Taxes | ||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 7.7 | $ | (5.3) | $ | 2.4 | $ | (14.2) | $ | (55.9) | $ | (70.1) |
Acquisition and integration-related charges | 2.5 | - | 2.5 | 1.8 | - | 1.8 | ||||||
Restructuring and transformation charges | 4.5 | - | 4.5 | 18.7 | - | 18.7 | ||||||
Post-RH Divestiture transition charges | 1.5 | - | 1.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 4.1 | - | 4.1 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 2.8 | - | 2.8 | 2.0 | - | 2.0 | ||||||
Intangibles amortization | 12.4 | - | 12.4 | 11.6 | 0.8 | 12.4 | ||||||
As adjusted non-GAAP | $ | 35.5 | $ | (5.3) | $ | 30.2 | $ | 23.6 | $ | 17.2 | $ | 40.8 |
Tax (Provision) Benefit
|
||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | (1.9) | $ | 0.9 | $ | (1.0) | $ | 0.8 | $ | 0.8 | $ | 1.6 |
Tax effects of adjusting items | (4.0) | - | (4.0) | (5.0) | (2.9) | (7.9) | ||||||
As adjusted non-GAAP | $ | (5.9) | $ | 0.9 | $ | (5.0) | $ | (4.2) | $ | (2.1) | $ | (6.3) |
Effective tax rate, as reported | 30.6 | % | 26.5 | % | 35.7 | % | 15.7 | % | 1.2 | % | 2.3 | % |
Effective tax rate, as adjusted | 27.2 | % | 26.5 | % | 27.3 | % | 27.0 | % | 26.3 | % | 26.8 | % |
Tax (Provision) Benefit | ||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | (2.9) | $ | 1.4 | $ | (1.5) | $ | 2.1 | $ | (0.6) | $ | 1.5 |
Tax effects of adjusting items | (6.7) | - | (6.7) | (8.5) | (4.0) | (12.5) | ||||||
As adjusted non-GAAP | $ | (9.6) | $ | 1.4 | $ | (8.2) | $ | (6.4) | $ | (4.6) | $ | (11.0) |
Effective tax rate, as reported | 37.7 | % | 26.4 | % | (62.5) | % | 14.8 | % | (1.1) | % | (2.1) | % |
Effective tax rate, as adjusted | 27.0 | % | 26.4 | % | 27.2 | % | 27.0 | % | 27.0 | % | 27.0 | % |
Net Income (Loss) | ||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 4.3 | $ | (2.5) | $ | 1.8 | $ | (4.3) | $ | (63.8) | $ | (68.1) |
Acquisition and integration-related charges | 2.2 | - | 2.2 | 0.3 | - | 0.3 | ||||||
Restructuring and transformation charges | 1.6 | - | 1.6 | 9.8 | - | 9.8 | ||||||
Post-RH Divestiture transition charges | 0.5 | - | 0.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 3.4 | - | 3.4 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 1.5 | - | 1.5 | 0.9 | - | 0.9 | ||||||
Intangibles amortization | 6.3 | - | 6.3 | 5.8 | 0.3 | 6.1 | ||||||
Tax effects of adjusting items | (4.0) | - | (4.0) | (5.0) | (2.9) | (7.9) | ||||||
As adjusted non-GAAP | $ | 15.8 | $ | (2.5) | $ | 13.3 | $ | 11.2 | $ | 5.9 | $ | 17.1 |
Diluted earnings (loss) per share, as reported | $ | 0.09 | $ | (0.05) | $ | 0.04 | $ | (0.09) | $ | (1.37) | $ | (1.46) |
Diluted earnings (loss) per share, as adjusted | $ | 0.34 | $ | (0.05) | $ | 0.29 | $ | 0.24 | $ | 0.13 | $ | 0.37 |
Net Income (Loss) | ||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 4.8 | $ | (3.9) | $ | 0.9 | $ | (12.1) | $ | (56.5) | $ | (68.6) |
Acquisition and integration-related charges | 2.5 | - | 2.5 | 1.8 | - | 1.8 | ||||||
Restructuring and transformation charges | 4.5 | - | 4.5 | 18.7 | - | 18.7 | ||||||
Post-RH Divestiture transition charges | 1.5 | - | 1.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 4.1 | - | 4.1 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 2.8 | - | 2.8 | 2.0 | - | 2.0 | ||||||
Intangibles amortization | 12.4 | - | 12.4 | 11.6 | 0.8 | 12.4 | ||||||
Tax effects of adjusting items | (6.7) | - | (6.7) | (8.5) | (4.0) | (12.5) | ||||||
As adjusted non-GAAP | $ | 25.9 | $ | (3.9) | $ | 22.0 | $ | 17.2 | $ | 12.6 | $ | 29.8 |
Diluted earnings (loss) per share, as reported | $ | 0.10 | $ | (0.08) | $ | 0.03 | $ | (0.26) | $ | (1.21) | $ | (1.47) |
Diluted earnings (loss) per share, as adjusted | $ | 0.56 | $ | (0.08) | $ | 0.48 | $ | 0.37 | $ | 0.27 | $ | 0.64 |
Selling, General and Administrative Expenses
|
||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 80.9 | $ | - | $ | 80.9 | $ | 93.0 | $ | 3.8 | $ | 96.8 |
Acquisition and integration-related charges | (0.3) | - | (0.3) | (0.3) | - | (0.3) | ||||||
Restructuring and transformation charges | (1.3) | - | (1.3) | (9.5) | - | (9.5) | ||||||
Post-RH Divestiture transition charges | (0.1) | - | (0.1) | - | - | - | ||||||
Post-RH Divestiture restructuring | (1.2) | - | (1.2) | - | - | - | ||||||
Divestiture related | - | - | - | (3.7) | - | (3.7) | ||||||
EU MDR Compliance | (1.5) | - | (1.5) | (0.9) | - | (0.9) | ||||||
Intangibles amortization | (2.7) | - | (2.7) | (2.2) | (0.3) | (2.5) | ||||||
As adjusted non-GAAP | $ | 73.8 | $ | - | $ | 73.8 | $ | 76.4 | $ | 3.5 | $ | 79.9 |
SG&A as a percentage of revenue, as reported
|
47.1 | % | - | % | 43.7 | % | 54.9 | % | 12.5 | % | 48.4 | % |
SG&A as a percentage of revenue, as adjusted
|
43.0 | % | - | % | 39.8 | % | 45.1 | % | 11.5 | % | 40.0 | % |
Selling, General and Administrative Expenses
|
||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 164.5 | $ | - | $ | 164.5 | $ | 181.8 | $ | 7.7 | $ | 189.5 |
Acquisition and integration-related charges | (0.6) | - | (0.6) | (0.4) | - | (0.4) | ||||||
Restructuring and transformation charges | (3.4) | - | (3.4) | (18.4) | - | (18.4) | ||||||
Post-RH Divestiture transition charges | (0.5) | - | (0.5) | - | - | - | ||||||
Post-RH Divestiture restructuring | (1.9) | - | (1.9) | - | - | - | ||||||
Divestiture related | - | - | - | (3.7) | - | (3.7) | ||||||
EU MDR Compliance | (2.8) | - | (2.8) | (2.0) | - | (2.0) | ||||||
Intangibles amortization | (5.4) | - | (5.4) | (4.4) | (0.8) | (5.2) | ||||||
As adjusted non-GAAP | $ | 149.9 | $ | - | $ | 149.9 | $ | 152.9 | $ | 6.9 | $ | 159.8 |
SG&A as a percentage of revenue, as reported
|
48.7 | % | - | % | 44.7 | % | 55.3 | % | 12.3 | % | 48.4 | % |
SG&A as a percentage of revenue, as adjusted
|
44.4 | % | - | % | 40.7 | % | 46.5 | % | 11.0 | % | 40.8 | % |
EBITDA | ||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
Net income (loss) | $ | 4.3 | $ | (2.5) | $ | 1.8 | $ | (4.3) | $ | (63.8) | $ | (68.1) |
Interest expense, net | 0.1 | - | 0.1 | 3.0 | - | 3.0 | ||||||
Income tax provision (benefit) | 1.9 | (0.9) | 1.0 | (0.8) | (0.8) | (1.6) | ||||||
Depreciation | 5.0 | - | 5.0 | 4.5 | 0.9 | 5.4 | ||||||
Amortization | 6.3 | - | 6.3 | 5.8 | 0.3 | 6.1 | ||||||
EBITDA | 17.6 | (3.4) | 14.2 | 8.2 | (63.4) | (55.2) | ||||||
Acquisition and integration-related charges | 2.2 | - | 2.2 | 0.3 | - | 0.3 | ||||||
Restructuring and transformation charges | 1.6 | - | 1.6 | 9.8 | - | 9.8 | ||||||
Post-RH Divestiture transition charges | 0.5 | - | 0.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 3.4 | - | 3.4 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 1.5 | - | 1.5 | 0.9 | - | 0.9 | ||||||
Adjusted EBITDA | $ | 26.8 | $ | (3.4) | $ | 23.4 | $ | 22.9 | $ | 8.9 | $ | 31.8 |
EBITDA | ||||||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
Net income (loss) | $ | 4.8 | $ | (3.9) | $ | 0.9 | $ | (12.1) | $ | (56.5) | $ | (68.6) |
Interest expense, net | 2.6 | - | 2.6 | 6.0 | - | 6.0 | ||||||
Income tax provision (benefit) | 2.9 | (1.4) | 1.5 | (2.1) | 0.6 | (1.5) | ||||||
Depreciation | 10.3 | - | 10.3 | 9.4 | 1.8 | 11.2 | ||||||
Amortization | 12.4 | - | 12.4 | 11.6 | 0.8 | 12.4 | ||||||
EBITDA | 33.0 | (5.3) | 27.7 | 12.8 | (53.3) | (40.5) | ||||||
Acquisition and integration-related charges | 2.5 | - | 2.5 | 1.8 | - | 1.8 | ||||||
Restructuring and transformation charges | 4.5 | - | 4.5 | 18.7 | - | 18.7 | ||||||
Post-RH Divestiture transition charges | 1.5 | - | 1.5 | - | - | - | ||||||
Post-RH Divestiture restructuring | 4.1 | - | 4.1 | - | - | - | ||||||
Divestiture related | - | - | - | 3.7 | - | 3.7 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 2.8 | - | 2.8 | 2.0 | - | 2.0 | ||||||
Adjusted EBITDA | $ | 48.4 | $ | (5.3) | $ | 43.1 | $ | 39.0 | $ | 19.0 | $ | 58.0 |
Free Cash Flow | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Cash provided by (used in) operating activities | $ | 27.8 | $ | (2.6) | $ | 19.8 | $ | (9.4) |
Capital expenditures | (5.9) | (4.0) | (10.0) | (8.0) | ||||
Free Cash Flow | $ | 21.9 | $ | (6.6) | $ | 9.8 | $ | (17.4) |
Estimated Range | |||||
Diluted earnings per share (GAAP) | $ | 0.63 | to | $ | 0.87 |
Intangibles amortization | 0.37 | to | 0.34 | ||
Restructuring and transformation charges | 0.08 | to | 0.06 | ||
Post RH-Divestiture transition charges | 0.12 | to | 0.10 | ||
Other | 0.10 | to | 0.08 | ||
Adjusted diluted earnings per share (non-GAAP) | $ | 1.30 | to | $ | 1.45 |
June 30, 2024 |
December 31, 2023 |
|||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 92.2 | $ | 87.7 |
Accounts receivable, net | 123.0 | 142.8 | ||
Inventories | 163.9 | 163.2 | ||
Prepaid and other current assets | 22.3 | 28.8 | ||
Assets held for sale | 72.7 | 64.5 | ||
Total Current Assets | 474.1 | 487.0 | ||
Property, Plant and Equipment, net | 110.7 | 117.2 | ||
Operating Lease Right-of-Use Assets | 29.4 | 26.8 | ||
Goodwill | 794.4 | 796.1 | ||
Other Intangible Assets, net | 226.2 | 239.5 | ||
Deferred Tax Assets | 6.3 | 6.5 | ||
Other Assets | 16.7 | 19.3 | ||
TOTAL ASSETS | $ | 1,657.8 | $ | 1,692.4 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Current portion of long-term debt | $ | 10.2 | $ | 8.6 |
Current portion of operating lease liabilities | 14.4 | 12.8 | ||
Trade accounts payable | 51.4 | 56.3 | ||
Accrued expenses | 79.5 | 93.2 | ||
Liabilities held for sale | 52.7 | 63.7 | ||
Total Current Liabilities | 208.2 | 234.6 | ||
Long-Term Debt | 164.9 | 159.4 | ||
Operating Lease Liabilities | 28.8 | 28.3 | ||
Deferred Tax Liabilities | 23.4 | 23.8 | ||
Other Long-Term Liabilities | 10.5 | 10.0 | ||
TOTAL LIABILITIES | 435.8 | 456.1 | ||
Stockholders' Equity | 1,222.0 | 1,236.3 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,657.8 | $ | 1,692.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating Activities | ||||||||
Net income (loss) | $ | 1.8 | $ | (68.1) | $ | 0.9 | $ | (68.6) |
Depreciation and amortization | 11.3 | 11.5 | 22.7 | 23.6 | ||||
Goodwill impairment | - | 59.1 | - | 59.1 | ||||
Loss on asset dispositions | - | - | 0.3 | - | ||||
Changes in operating assets and liabilities, net of acquisition | 8.3 | (13.4) | (13.7) | (32.7) | ||||
Deferred income taxes and other | 6.4 | 8.3 | 9.6 | 9.2 | ||||
Cash Provided by (Used in) Operating Activities | 27.8 | (2.6) | 19.8 | (9.4) | ||||
Investing Activities | ||||||||
Capital expenditures | (5.9) | (4.0) | (10.0) | (8.0) | ||||
Proceeds from RH Divestiture post-closing settlement | - | - | 2.1 | - | ||||
Acquisition of assets and investments in businesses | - | (2.5) | - | (2.5) | ||||
Cash Used in Investing Activities | (5.9) | (6.5) | (7.9) | (10.5) | ||||
Financing Activities | ||||||||
Secured debt repayments | (1.5) | (1.5) | (3.1) | (3.1) | ||||
Revolving credit facility proceeds | - | - | 20.0 | - | ||||
Revolving credit facility repayments | - | - | (10.0) | (20.0) | ||||
Purchase of treasury stock | (3.5) | (2.6) | (12.6) | (3.7) | ||||
Proceeds from the exercise of stock options | - | - | 0.5 | 0.6 | ||||
Payment of contingent consideration liabilities | - | - | (0.5) | - | ||||
Cash Used in Financing Activities | (5.0) | (4.1) | (5.7) | (26.2) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (0.5) | (0.7) | (1.7) | 0.2 | ||||
Increase (Decrease) in Cash and Cash Equivalents | 16.4 | (13.9) | 4.5 | (45.9) | ||||
Cash and Cash Equivalents - Beginning of Period | 75.8 | 95.7 | 87.7 | 127.7 | ||||
Cash and Cash Equivalents - End of Period | $ | 92.2 | $ | 81.8 | $ | 92.2 | $ | 81.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||
Digestive Health | $ | 97.7 | $ | 93.0 | 5.1 | % | $ | 192.4 | $ | 181.8 | 5.8 | % |
Pain Management and Recovery: | ||||||||||||
Surgical pain and recovery | $ | 32.3 | $ | 34.8 | (7.2) | % | $ | 63.5 | $ | 69.5 | (8.6) | % |
Interventional pain | 41.7 | 41.6 | 0.2 | % | 81.9 | 77.4 | 5.8 | % | ||||
Total Pain Management and Recovery | 74.0 | 76.4 | (3.1) | % | 145.4 | 146.9 | (1.0) | % | ||||
Total Net Sales | $ | 171.7 | $ | 169.4 | 1.4 | % | $ | 337.8 | $ | 328.7 | 2.8 | % |
Total | Volume | Pricing/Mix | Currency | |||||||||
Net sales - percentage change | QTD | 1.4 | % | 3.5 | % | (1.8) | % | (0.3) | % | |||
Net sales - percentage change | YTD | 2.8 | % | 4.3 | % | (1.4) | % | (0.1) | % |