10/30/2024 | Press release | Distributed by Public on 10/30/2024 04:55
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Sales | $ | 170.4 | $ | 171.3 | $ | 508.2 | $ | 500.0 |
Cost of products sold | 77.5 | 75.8 | 224.9 | 215.3 | ||||
Gross Profit | 92.9 | 95.5 | 283.3 | 284.7 | ||||
Research and development expenses | 7.2 | 6.1 | 20.5 | 20.4 | ||||
Selling and general expenses | 74.3 | 78.7 | 238.8 | 260.5 | ||||
Other (income) expense, net | (0.6) | 9.5 | 1.7 | 10.8 | ||||
Operating Income (Loss)
|
12.0 | 1.2 | 22.3 | (7.0) | ||||
Interest income | 0.7 | 0.9 | 4.3 | 1.9 | ||||
Interest expense | (3.2) | (4.7) | (9.4) | (11.7) | ||||
Income (Loss) Before Income Taxes | 9.5 | (2.6) | 17.2 | (16.8) | ||||
Income tax provision | (3.6) | (6.2) | (6.5) | (4.1) | ||||
Income (Loss) from Continuing Operations | 5.9 | (8.8) | 10.7 | (20.9) | ||||
(Loss) Income from discontinued operations, net of tax | (1.6) | 5.1 | (5.5) | (51.4) | ||||
Net Income (Loss) | $ | 4.3 | $ | (3.7) | $ | 5.2 | $ | (72.3) |
Interest expense, net | $ | 2.5 | $ | 3.8 | $ | 5.1 | $ | 9.8 |
Income tax provision | 3.0 | 7.8 | 4.5 | 6.3 | ||||
Depreciation and amortization | 11.7 | 11.0 | 34.4 | 34.6 | ||||
EBITDA | $ | 21.5 | $ | 18.9 | $ | 49.2 | $ | (21.6) |
Earnings (Loss) Per Share | ||||||||
Basic | ||||||||
Continuing operations | $ | 0.13 | $ | (0.19) | $ | 0.23 | $ | (0.45) |
Discontinued operations | (0.03) | 0.11 | (0.12) | (1.10) | ||||
Basic Earnings (Loss) Per Share | $ | 0.10 | $ | (0.08) | $ | 0.11 | $ | (1.55) |
Diluted | ||||||||
Continuing operations | $ | 0.12 | $ | (0.19) | $ | 0.23 | $ | (0.45) |
Discontinued operations | (0.03) | 0.11 | (0.12) | (1.10) | ||||
Diluted Earnings (Loss) Per Share | $ | 0.09 | $ | (0.08) | $ | 0.11 | $ | (1.55) |
Common Shares Outstanding | ||||||||
Basic | 46.0 | 46.8 | 46.0 | 46.7 | ||||
Diluted | 46.6 | 46.8 | 46.5 | 46.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Sales | $ | 10.5 | $ | 31.1 | $ | 41.0 | $ | 93.9 |
Cost of products sold | 15.9 | 19.9 | 47.4 | 57.8 | ||||
Gross Profit | (5.4) | 11.2 | (6.4) | 36.1 | ||||
Research and development expenses | - | 0.2 | - | 0.8 | ||||
Selling, general and other expenses | - | 4.2 | - | 11.9 | ||||
Pretax loss on classification as discontinued operations | - | - | - | 72.3 | ||||
Other (income) expense, net | (3.2) | 0.1 | 1.1 | 0.3 | ||||
(Loss) Income from discontinued operations before income taxes | (2.2) | 6.7 | (7.5) | (49.2) | ||||
Income tax benefit (provision) from discontinued operations | 0.6 | (1.6) | 2.0 | (2.2) | ||||
(Loss) Income from discontinued operations, net of tax | $ | (1.6) | $ | 5.1 | $ | (5.5) | $ | (51.4) |
(Loss) Earnings Per Share | ||||||||
Basic | $ | (0.03) | $ | 0.11 | $ | (0.12) | $ | (1.10) |
Diluted | $ | (0.03) | $ | 0.11 | $ | (0.12) | $ | (1.10) |
Gross Profit | ||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 92.9 | $ | (5.4) | $ | 87.5 | $ | 95.5 | $ | 11.2 | $ | 106.7 |
Restructuring and transformation charges | 0.7 | - | 0.7 | 0.6 | - | 0.6 | ||||||
Post-RH Divestiture transition charges | 0.6 | - | 0.6 | - | - | - | ||||||
Post-RH Divestiture restructuring | 0.8 | - | 0.8 | - | - | - | ||||||
EU MDR Compliance | 0.2 | - | 0.2 | - | - | - | ||||||
Intangibles amortization | 3.7 | - | 3.7 | 3.6 | - | 3.6 | ||||||
As adjusted non-GAAP | $ | 98.9 | $ | (5.4) | $ | 93.5 | $ | 99.7 | $ | 11.2 | $ | 110.9 |
Gross profit margin, as reported | 54.5 | % | (51.4) | % | 48.4 | % | 55.8 | % | 36.0 | % | 52.7 | % |
Gross profit margin, as adjusted | 58.0 | % | (51.4) | % | 51.7 | % | 58.2 | % | 36.0 | % | 54.8 | % |
Gross Profit | ||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 283.3 | $ | (6.4) | $ | 276.9 | $ | 284.7 | $ | 36.1 | $ | 320.8 |
Acquisition and integration-related charges | 0.1 | - | 0.1 | - | - | - | ||||||
Restructuring and transformation charges | 1.7 | - | 1.7 | 0.6 | - | 0.6 | ||||||
Post-RH Divestiture transition charges | 1.4 | - | 1.4 | - | - | - | ||||||
Post-RH Divestiture restructuring | 3.0 | - | 3.0 | - | - | - | ||||||
EU MDR Compliance | 0.2 | - | 0.2 | - | - | - | ||||||
Intangibles amortization | 10.7 | - | 10.7 | 10.8 | - | 10.8 | ||||||
As adjusted non-GAAP | $ | 300.4 | $ | (6.4) | $ | 294.0 | $ | 296.1 | $ | 36.1 | $ | 332.2 |
Gross profit margin, as reported | 55.7 | % | (15.6) | % | 50.4 | % | 56.9 | % | 38.4 | % | 54.0 | % |
Gross profit margin, as adjusted | 59.1 | % | (15.6) | % | 53.5 | % | 59.2 | % | 38.4 | % | 55.9 | % |
Operating Profit (Loss) | ||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 12.0 | $ | (2.2) | $ | 9.8 | $ | 1.2 | $ | 6.7 | $ | 7.9 |
Acquisition and integration-related charges | 1.6 | - | 1.6 | 0.6 | - | 0.6 | ||||||
Restructuring and transformation charges | 0.7 | - | 0.7 | 4.3 | - | 4.3 | ||||||
Post-RH Divestiture transition charges | 0.7 | - | 0.7 | - | - | - | ||||||
Post-RH Divestiture restructuring | 2.3 | - | 2.3 | - | - | - | ||||||
Divestiture related | - | - | - | 1.4 | 0.8 | 2.2 | ||||||
EU MDR Compliance | 1.6 | - | 1.6 | 0.8 | - | 0.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Intangibles amortization | 6.4 | - | 6.4 | 6.2 | - | 6.2 | ||||||
As adjusted non-GAAP | $ | 25.3 | $ | (2.2) | $ | 23.1 | $ | 23.0 | $ | 7.5 | $ | 30.5 |
Operating Profit (Loss) | ||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 22.3 | $ | (7.5) | $ | 14.8 | $ | (7.0) | $ | (49.2) | $ | (56.2) |
Acquisition and integration-related charges | 4.1 | - | 4.1 | 2.4 | - | 2.4 | ||||||
Restructuring and transformation charges | 5.2 | - | 5.2 | 23.0 | - | 23.0 | ||||||
Post-RH Divestiture transition charges | 2.2 | - | 2.2 | - | - | - | ||||||
Post-RH Divestiture restructuring | 6.4 | - | 6.4 | - | - | - | ||||||
Divestiture related | - | - | - | 5.1 | 0.8 | 5.9 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 4.4 | - | 4.4 | 2.8 | - | 2.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Intangibles amortization | 18.8 | - | 18.8 | 17.8 | 0.8 | 18.6 | ||||||
As adjusted non-GAAP | $ | 63.4 | $ | (7.5) | $ | 55.9 | $ | 52.6 | $ | 24.7 | $ | 77.3 |
Income (Loss) Before Taxes | ||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 9.5 | $ | (2.2) | $ | 7.3 | $ | (2.6) | $ | 6.7 | $ | 4.1 |
Acquisition and integration-related charges | 1.6 | - | 1.6 | 0.6 | - | 0.6 | ||||||
Restructuring and transformation charges | 0.7 | - | 0.7 | 4.3 | - | 4.3 | ||||||
Post-RH Divestiture transition charges | 0.7 | - | 0.7 | - | - | - | ||||||
Post-RH Divestiture restructuring | 2.3 | - | 2.3 | - | - | - | ||||||
Divestiture related | - | - | - | 1.4 | 0.8 | 2.2 | ||||||
EU MDR Compliance | 1.6 | - | 1.6 | 0.8 | - | 0.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Intangibles amortization | 6.4 | - | 6.4 | 6.2 | - | 6.2 | ||||||
As adjusted non-GAAP | $ | 22.8 | $ | (2.2) | $ | 20.6 | $ | 19.2 | $ | 7.5 | $ | 26.7 |
Income (Loss) Before Taxes | ||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 17.2 | $ | (7.5) | $ | 9.7 | $ | (16.8) | $ | (49.2) | $ | (66.0) |
Acquisition and integration-related charges | 4.1 | - | 4.1 | 2.4 | - | 2.4 | ||||||
Restructuring and transformation charges | 5.2 | - | 5.2 | 23.0 | - | 23.0 | ||||||
Post-RH Divestiture transition charges | 2.2 | - | 2.2 | - | - | - | ||||||
Post-RH Divestiture restructuring | 6.4 | - | 6.4 | - | - | - | ||||||
Divestiture related | - | - | - | 5.1 | 0.8 | 5.9 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 4.4 | - | 4.4 | 2.8 | - | 2.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Intangibles amortization | 18.8 | - | 18.8 | 17.8 | 0.8 | 18.6 | ||||||
As adjusted non-GAAP | $ | 58.3 | $ | (7.5) | $ | 50.8 | $ | 42.8 | $ | 24.7 | $ | 67.5 |
Tax (Provision) Benefit
|
||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | (3.6) | $ | 0.6 | $ | (3.0) | $ | (6.2) | $ | (1.6) | $ | (7.8) |
Tax effects of adjusting items | (2.5) | - | (2.5) | 1.0 | (0.4) | 0.6 | ||||||
As adjusted non-GAAP | $ | (6.1) | $ | 0.6 | $ | (5.5) | $ | (5.2) | $ | (2.0) | $ | (7.2) |
Effective tax rate, as reported | 37.9 | % | 27.3 | % | 41.1 | % | (238.5) | % | 23.9 | % | 190.2 | % |
Effective tax rate, as adjusted | 26.8 | % | 27.3 | % | 26.7 | % | 27.0 | % | 26.7 | % | 26.9 | % |
Tax (Provision) Benefit | ||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | (6.5) | $ | 2.0 | $ | (4.5) | $ | (4.1) | $ | (2.2) | $ | (6.3) |
Tax effects of adjusting items | (9.2) | - | (9.2) | (7.5) | (4.4) | (11.9) | ||||||
As adjusted non-GAAP | $ | (15.7) | $ | 2.0 | $ | (13.7) | $ | (11.6) | $ | (6.6) | $ | (18.2) |
Effective tax rate, as reported | 37.8 | % | 26.7 | % | 46.4 | % | (24.4) | % | (4.5) | % | (9.5) | % |
Effective tax rate, as adjusted | 26.9 | % | 26.7 | % | 27.0 | % | 27.0 | % | 26.7 | % | 26.9 | % |
Net Income (Loss) | ||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 5.9 | $ | (1.6) | $ | 4.3 | $ | (8.8) | $ | 5.1 | $ | (3.7) |
Acquisition and integration-related charges | 1.6 | - | 1.6 | 0.6 | - | 0.6 | ||||||
Restructuring and transformation charges | 0.7 | - | 0.7 | 4.3 | - | 4.3 | ||||||
Post-RH Divestiture transition charges | 0.7 | - | 0.7 | - | - | - | ||||||
Post-RH Divestiture restructuring | 2.3 | - | 2.3 | - | - | - | ||||||
Divestiture related | - | - | - | 1.4 | 0.8 | 2.2 | ||||||
EU MDR Compliance | 1.6 | - | 1.6 | 0.8 | - | 0.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Intangibles amortization | 6.4 | - | 6.4 | 6.2 | - | 6.2 | ||||||
Tax effects of adjusting items | (2.5) | - | (2.5) | 1.0 | (0.4) | 0.6 | ||||||
As adjusted non-GAAP | $ | 16.7 | $ | (1.6) | $ | 15.1 | $ | 14.0 | $ | 5.5 | $ | 19.5 |
Diluted earnings (loss) per share, as reported | $ | 0.12 | $ | (0.03) | $ | 0.09 | $ | (0.19) | $ | 0.11 | $ | (0.08) |
Diluted earnings (loss) per share, as adjusted | $ | 0.36 | $ | (0.03) | $ | 0.33 | $ | 0.30 | $ | 0.12 | $ | 0.42 |
Net Income (Loss) | ||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 10.7 | $ | (5.5) | $ | 5.2 | $ | (20.9) | $ | (51.4) | $ | (72.3) |
Acquisition and integration-related charges | 4.1 | - | 4.1 | 2.4 | - | 2.4 | ||||||
Restructuring and transformation charges | 5.2 | - | 5.2 | 23.0 | - | 23.0 | ||||||
Post-RH Divestiture transition charges | 2.2 | - | 2.2 | - | - | - | ||||||
Post-RH Divestiture restructuring | 6.4 | - | 6.4 | - | - | - | ||||||
Divestiture related | - | - | - | 5.1 | 0.8 | 5.9 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 4.4 | - | 4.4 | 2.8 | - | 2.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Intangibles amortization | 18.8 | - | 18.8 | 17.8 | 0.8 | 18.6 | ||||||
Tax effects of adjusting items | (9.2) | - | (9.2) | (7.5) | (4.4) | (11.9) | ||||||
As adjusted non-GAAP | $ | 42.6 | $ | (5.5) | $ | 37.1 | $ | 31.2 | $ | 18.1 | $ | 49.3 |
Diluted earnings (loss) per share, as reported | $ | 0.23 | $ | (0.12) | $ | 0.11 | $ | (0.45) | $ | (1.10) | $ | (1.55) |
Diluted earnings (loss) per share, as adjusted | $ | 0.92 | $ | (0.12) | $ | 0.80 | $ | 0.67 | $ | 0.39 | $ | 1.06 |
Selling, General and Administrative Expenses
|
||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 74.3 | $ | - | $ | 74.3 | $ | 78.7 | $ | 4.2 | $ | 82.9 |
Acquisition and integration-related charges | (0.7) | - | (0.7) | (0.6) | - | (0.6) | ||||||
Restructuring and transformation charges | - | - | - | (2.1) | - | (2.1) | ||||||
Post-RH Divestiture transition charges | (0.1) | - | (0.1) | - | - | - | ||||||
Post-RH Divestiture restructuring | (1.5) | - | (1.5) | - | - | - | ||||||
Divestiture related | - | - | - | (1.4) | (0.8) | (2.2) | ||||||
EU MDR Compliance | (1.4) | - | (1.4) | (0.8) | - | (0.8) | ||||||
Intangibles amortization | (2.7) | - | (2.7) | (2.6) | - | (2.6) | ||||||
As adjusted non-GAAP | $ | 67.9 | $ | - | $ | 67.9 | $ | 71.2 | $ | 3.4 | $ | 74.6 |
SG&A as a percentage of revenue, as reported
|
43.6 | % | - | % | 41.1 | % | 45.9 | % | 13.5 | % | 41.0 | % |
SG&A as a percentage of revenue, as adjusted
|
39.8 | % | - | % | 37.5 | % | 41.6 | % | 10.9 | % | 36.9 | % |
Selling, General and Administrative Expenses
|
||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
As reported | $ | 238.8 | $ | - | $ | 238.8 | $ | 260.5 | $ | 11.9 | $ | 272.4 |
Acquisition and integration-related charges | (1.3) | - | (1.3) | (1.0) | - | (1.0) | ||||||
Restructuring and transformation charges | (3.4) | - | (3.4) | (20.5) | - | (20.5) | ||||||
Post-RH Divestiture transition charges | (0.6) | - | (0.6) | - | - | - | ||||||
Post-RH Divestiture restructuring | (3.4) | - | (3.4) | - | - | - | ||||||
Divestiture related | - | - | - | (5.1) | (0.8) | (5.9) | ||||||
EU MDR Compliance | (4.2) | - | (4.2) | (2.8) | - | (2.8) | ||||||
Intangibles amortization | (8.1) | - | (8.1) | (7.0) | (0.8) | (7.8) | ||||||
As adjusted non-GAAP | $ | 217.8 | $ | - | $ | 217.8 | $ | 224.1 | $ | 10.3 | $ | 234.4 |
SG&A as a percentage of revenue, as reported
|
47.0 | % | - | % | 43.5 | % | 52.1 | % | 12.7 | % | 45.9 | % |
SG&A as a percentage of revenue, as adjusted
|
42.9 | % | - | % | 39.7 | % | 44.8 | % | 11.0 | % | 39.5 | % |
EBITDA | ||||||||||||
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
Net income (loss) | $ | 5.9 | $ | (1.6) | $ | 4.3 | $ | (8.8) | $ | 5.1 | $ | (3.7) |
Interest expense, net | 2.5 | - | 2.5 | 3.8 | - | 3.8 | ||||||
Income tax provision (benefit) | 3.6 | (0.6) | 3.0 | 6.2 | 1.6 | 7.8 | ||||||
Depreciation | 5.3 | - | 5.3 | 4.8 | - | 4.8 | ||||||
Amortization | 6.4 | - | 6.4 | 6.2 | - | 6.2 | ||||||
EBITDA | 23.7 | (2.2) | 21.5 | 12.2 | 6.7 | 18.9 | ||||||
Acquisition and integration-related charges | 1.6 | - | 1.6 | 0.6 | - | 0.6 | ||||||
Restructuring and transformation charges | 0.7 | - | 0.7 | 4.3 | - | 4.3 | ||||||
Post-RH Divestiture transition charges | 0.7 | - | 0.7 | - | - | - | ||||||
Post-RH Divestiture restructuring | 2.3 | - | 2.3 | - | - | - | ||||||
Divestiture related | - | - | - | 1.4 | 0.8 | 2.2 | ||||||
EU MDR Compliance | 1.6 | - | 1.6 | 0.8 | - | 0.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Adjusted EBITDA | $ | 30.6 | $ | (2.2) | $ | 28.4 | $ | 27.8 | $ | 7.5 | $ | 35.3 |
EBITDA | ||||||||||||
Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||
Continuing Operations |
Discontinued Operations |
Total |
Continuing Operations |
Discontinued Operations |
Total | |||||||
Net income (loss) | $ | 10.7 | $ | (5.5) | $ | 5.2 | $ | (20.9) | $ | (51.4) | $ | (72.3) |
Interest expense, net | 5.1 | - | 5.1 | 9.8 | - | 9.8 | ||||||
Income tax provision (benefit) | 6.5 | (2.0) | 4.5 | 4.1 | 2.2 | 6.3 | ||||||
Depreciation | 15.6 | - | 15.6 | 14.2 | 1.8 | 16.0 | ||||||
Amortization | 18.8 | - | 18.8 | 17.8 | 0.8 | 18.6 | ||||||
EBITDA | 56.7 | (7.5) | 49.2 | 25.0 | (46.6) | (21.6) | ||||||
Acquisition and integration-related charges | 4.1 | - | 4.1 | 2.4 | - | 2.4 | ||||||
Restructuring and transformation charges | 5.2 | - | 5.2 | 23.0 | - | 23.0 | ||||||
Post-RH Divestiture transition charges | 2.2 | - | 2.2 | - | - | - | ||||||
Post-RH Divestiture restructuring | 6.4 | - | 6.4 | - | - | - | ||||||
Divestiture related | - | - | - | 5.1 | 0.8 | 5.9 | ||||||
Estimated loss on Divestiture | - | - | - | - | 72.3 | 72.3 | ||||||
EU MDR Compliance | 4.4 | - | 4.4 | 2.8 | - | 2.8 | ||||||
Litigation and legal
|
- | - | - | 8.5 | - | 8.5 | ||||||
Adjusted EBITDA | $ | 79.0 | $ | (7.5) | $ | 71.5 | $ | 66.8 | $ | 26.5 | $ | 93.3 |
Free Cash Flow | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Cash provided by operating activities | $ | 23.0 | $ | 29.1 | $ | 42.8 | $ | 19.7 |
Capital expenditures | (3.0) | (3.9) | (13.0) | (11.9) | ||||
Free Cash Flow | $ | 20.0 | $ | 25.2 | $ | 29.8 | $ | 7.8 |
Estimated Range | |||||
Diluted earnings per share (GAAP) | $ | 0.46 | to | $ | 0.56 |
Intangibles amortization | 0.39 | to | 0.38 | ||
Restructuring and transformation charges | 0.08 | to | 0.07 | ||
Post RH-Divestiture transition charges | 0.20 | to | 0.18 | ||
Other | 0.17 | to | 0.16 | ||
Adjusted diluted earnings per share (non-GAAP) | $ | 1.30 | to | $ | 1.35 |
September 30, 2024 |
December 31, 2023 |
|||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 89.0 | $ | 87.7 |
Accounts receivable, net | 131.9 | 142.8 | ||
Inventories | 161.9 | 163.2 | ||
Prepaid and other current assets | 15.9 | 28.8 | ||
Assets held for sale | 73.9 | 64.5 | ||
Total Current Assets | 472.6 | 487.0 | ||
Property, Plant and Equipment, net | 109.5 | 117.2 | ||
Operating Lease Right-of-Use Assets | 26.5 | 26.8 | ||
Goodwill | 795.1 | 796.1 | ||
Other Intangible Assets, net | 220.1 | 239.5 | ||
Deferred Tax Assets | 6.6 | 6.5 | ||
Other Assets | 25.8 | 19.3 | ||
TOTAL ASSETS | $ | 1,656.2 | $ | 1,692.4 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Current portion of long-term debt | $ | 9.4 | $ | 8.6 |
Current portion of operating lease liabilities | 13.7 | 12.8 | ||
Trade accounts payable | 54.2 | 56.3 | ||
Accrued expenses | 82.7 | 93.2 | ||
Liabilities held for sale | 52.9 | 63.7 | ||
Total Current Liabilities | 212.9 | 234.6 | ||
Long-Term Debt | 152.6 | 159.4 | ||
Operating Lease Liabilities | 26.5 | 28.3 | ||
Deferred Tax Liabilities | 23.9 | 23.8 | ||
Other Long-Term Liabilities | 10.6 | 10.0 | ||
TOTAL LIABILITIES | 426.5 | 456.1 | ||
Stockholders' Equity | 1,229.7 | 1,236.3 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,656.2 | $ | 1,692.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating Activities | ||||||||
Net income (loss) | $ | 4.3 | $ | (3.7) | $ | 5.2 | $ | (72.3) |
Depreciation and amortization | 11.7 | 11.0 | 34.4 | 34.6 | ||||
Goodwill impairment | - | - | - | 59.1 | ||||
Loss on asset dispositions | 0.1 | 1.1 | 0.4 | 1.1 | ||||
Changes in operating assets and liabilities, net of acquisition | 3.7 | 20.6 | (10.0) | (12.1) | ||||
Deferred income taxes and other | 3.2 | 0.1 | 12.8 | 9.3 | ||||
Cash Provided by Operating Activities | 23.0 | 29.1 | 42.8 | 19.7 | ||||
Investing Activities | ||||||||
Capital expenditures | (3.0) | (3.9) | (13.0) | (11.9) | ||||
Proceeds from RH Divestiture post-closing settlement | - | - | 2.1 | - | ||||
Acquisition of assets and investments in businesses | - | (45.0) | - | (47.5) | ||||
Investment in Note Receivable | (9.0) | - | (9.0) | - | ||||
Cash Used in Investing Activities | (12.0) | (48.9) | (19.9) | (59.4) | ||||
Financing Activities | ||||||||
Secured debt repayments | (3.2) | - | (6.3) | (3.1) | ||||
Revolving credit facility proceeds | - | 55.0 | 20.0 | 55.0 | ||||
Revolving credit facility repayments | (10.0) | - | (20.0) | (20.0) | ||||
Purchase of treasury stock | (0.1) | (9.2) | (12.7) | (12.9) | ||||
Proceeds from the exercise of stock options | 0.6 | 0.9 | 1.1 | 1.5 | ||||
Payment of contingent consideration liabilities | (3.3) | - | (3.8) | - | ||||
Cash (Used in) Provided by Financing Activities | (16.0) | 46.7 | (21.7) | 20.5 | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1.8 | (1.6) | 0.1 | (1.4) | ||||
(Decrease) Increase in Cash and Cash Equivalents | (3.2) | 25.3 | 1.3 | (20.6) | ||||
Cash and Cash Equivalents - Beginning of Period | 92.2 | 81.8 | 87.7 | 127.7 | ||||
Cash and Cash Equivalents - End of Period | $ | 89.0 | $ | 107.1 | $ | 89.0 | $ | 107.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||||
Digestive Health | $ | 98.2 | $ | 95.0 | 3.4 | % | $ | 290.6 | $ | 276.8 | 5.0 | % |
Pain Management and Recovery: | ||||||||||||
Surgical pain and recovery | $ | 30.3 | $ | 34.1 | (11.1) | % | $ | 93.8 | $ | 103.6 | (9.5) | % |
Interventional pain | 41.9 | 42.2 | (0.7) | % | 123.8 | 119.6 | 3.5 | % | ||||
Total Pain Management and Recovery | 72.2 | 76.3 | (5.4) | % | 217.6 | 223.2 | (2.5) | % | ||||
Total Net Sales | $ | 170.4 | $ | 171.3 | (0.5) | % | $ | 508.2 | $ | 500.0 | 1.6 | % |
Total | Volume | Pricing/Mix | Currency |
Other(a)
|
||||||||
Net sales - percentage change | QTD | (0.5) | % | 2.4 | % | (2.9) | % | (0.1) | % | 0.1 | % | |
Net sales - percentage change | YTD | 1.6 | % | 3.6 | % | (1.9) | % | (0.1) | % | - | % |