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Avantor, Inc. (NYSE:AVTR) shed ~11% on Friday morning after the life sciences company lowered its full-year guidance despite recording better-than-expected financials for Q3 2022.
The company’s net sales exceeded previous projections to reach $1.9B with ~1% YoY growth during the period driven by ~8% YoY and ~12% YoY growth in the U.S. and Europe, where net sales stood at $1.1B and $595.1M, respectively.
While the adjusted EBITDA rose ~7% YoY to $384.0M as adj. EBITDA margin climbed over 100bps to reach ~21%, the adj. net leverage slipped from 3.9x at the end of the previous quarter to 3.6x, in line with the 2X – 4X target.
“Looking ahead, we expect continued strength in our core business, despite some near-term headwinds,” Chief Executive Michael Stubblefield remarked.
The company has lowered its full-year outlook for organic growth and adjusted EPS to 2.5% – 3.0% and $1.38 – $1.40 from mid-single digit growth and $1.43 to $1.49 per share forecast outlined during the Q2 2022 earnings call, respectively.
Meanwhile, Wall Street expects Avantor (AVTR) to record $1.43 per share earnings for the year.
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