RADNOR, Pa. - Avantor, Inc. (NYSE: AVTR), a global provider of mission-critical products and services to the life sciences and advanced technology sectors, today announced the appointment of Dame Louise Makin, DBE, Ph.D., to its Board of Directors. Dame Louise will serve as an independent director until Avantor's 2025 Annual Meeting of Stockholders, filling a recently vacated board seat.
With a distinguished career, Dame Louise Makin is recognized for her 15-year tenure as CEO of BTG (LON:BTG) plc, a specialist healthcare company, where she led significant growth through both organic development and acquisitions until its acquisition by Boston Scientific (NYSE:BSX) in 2019. Prior to BTG, she held several leadership roles at Baxter (NYSE:BAX) Healthcare, including as President of Biopharmaceuticals Europe.
Jonathan Peacock, Chairman of the Avantor Board, expressed confidence in Dame Louise's proven track record, emphasizing her addition as a testament to Avantor's commitment to a diverse and skilled Board that will propel innovation and create shareholder value. Michael Stubblefield, President and CEO of Avantor, also welcomed her expertise, looking forward to her contributions to the company's strategic growth.
Dame Louise's extensive experience extends beyond her executive roles. She currently chairs the Halma (LON:HLMA) plc Board of Directors and has served on the boards of several other companies, including Premier Foods (LON:PFD) plc, Intertek Group (LON:ITRK) plc, and Theramex Ltd. Her academic credentials include a master's degree and Ph.D. in material sciences from the University of Cambridge and an MBA from The Open University.
Avantor's global operations support customers across more than 300,000 locations in 180 countries, providing tools and services essential for research, development, and production in medicine, healthcare, and technology.
The information regarding Dame Louise Makin's appointment to Avantor's Board of Directors is based on a press release statement.
In other recent news, Avantor Inc (NYSE:AVTR). reported a slight year-over-year organic decline in its third-quarter revenue, totaling $1.71 billion. However, the company's adjusted earnings per share (EPS) saw an increase, reaching $0.26. After the successful divestiture of its clinical services assets, Avantor is expected to reduce its debt and improve net leverage. The company has also adjusted its free cash flow guidance for the year to over $750 million.
Despite facing challenges in the Laboratory Solutions segment, Avantor maintains a positive outlook on the growth potential of the bioprocessing segment. Baird, despite reducing the company's price target, reaffirmed their positive stance on Avantor, maintaining an Outperform rating.
The company's full-year adjusted EBITDA margin is projected to be between 17.3% and 17.8%, with an adjusted EPS between $0.95 and $1.03. These recent developments indicate Avantor's continuous adaptation to the shifting landscape, with a focus on delivering value to its stakeholders.
InvestingPro Insights
As Avantor, Inc. (NYSE: AVTR) welcomes Dame Louise Makin to its Board of Directors, investors may be interested in some key financial metrics and insights provided by InvestingPro.
Avantor's market capitalization stands at $15.5 billion, reflecting its significant presence in the life sciences and advanced technology sectors. The company's revenue for the last twelve months as of Q3 2023 was $6.82 billion, with a gross profit of $2.29 billion and a gross profit margin of 33.53%. These figures underscore Avantor's substantial scale and operational efficiency in its mission-critical products and services.
An InvestingPro Tip highlights that Avantor is expected to remain profitable this year, which aligns with the company's strategic focus on innovation and value creation mentioned by Chairman Jonathan Peacock. This profitability outlook could be seen as a positive indicator for potential growth and shareholder returns.
Another relevant InvestingPro Tip notes that Avantor's stock generally trades with low price volatility. This characteristic might be appealing to investors seeking stability, particularly in light of the company's efforts to strengthen its board with experienced leaders like Dame Louise Makin.
It's worth noting that InvestingPro offers additional tips and insights beyond those mentioned here. Investors interested in a more comprehensive analysis of Avantor can explore the full range of 8 tips available on the InvestingPro platform.
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