Slide 1: First Quarter 2025 Earnings
First Quarter 2025 Earnings May 6, 2025 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words “may,” “will,” “expect,” “beli
Slide 3: Executive Summary | Continuing Operations
Executive Summary | Continuing Operations(1) • Non-GAAP revenue(2) of $371 million grew 10% on a constant currency(3) basis. • Non-GAAP gross margin(2) of 63.1% improved 80 basis points versus prior year. First Quarter • Non-GAAP operating profit(2) of $107 million grew 48% versus prior year. 2025 R
Slide 4: First Quarter 2025 Results vs. Prior Year
First Quarter 2025 Results vs. Prior Year | Continuing Operations(1,2) vs. Prior Year Q1 2025 Q1 2024 As Constant ($ in millions; except EPS) Actual Actual Reported Currency GAAP Revenue $372 $340 10% N/A Non-GAAP GAAP Revenue $371 $340 9% 10% GAAP Gross Profit $234 $207 13% GAAP Gross Margin 62.9%
Slide 5: First Quarter 2025 Results vs. Prior Year
First Quarter 2025 Results vs. Prior Year | Continuing Operations(1,2) Non-GAAP Revenue Consumable and Service Revenue Capital and Other Revenue $MM, shown as reported $MM, shown as reported $MM, shown as reported $371 $340 $320 $300 $39 $51 2024 2025 2024 2025 2024 2025 Non-GAAP Earnings Per Share
Slide 6: Updated Full Year 2025 Guidance
Updated Full Year 2025 Guidance | Continuing Operations(1) Updated guidance includes the impact of new tariffs before any mitigation plans Updated vs. vs. (1) (2) FY 2025 Guidance Prior Year Prior Guidance ($ in millions; except EPS) Low - High Low - High Low - High Non-GAAP Revenue $1,500 - $1,530
Slide 7: Tariff Overview
Tariff Overview • Our updated guidance incorporates a $33 to $37 million increase to cost of sales for fiscal 2025, which represents a 210 to 250 basis point impact to operating margin and a 45 to 50 cent impact to EPS. • Given that tariff costs are capitalized into inventory and then recognized as
Slide 8: Appendix
Appendix • GAAP to Non-GAAP Reconciliations 8
Slide 9: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (Unaudited; in millions, except percentages)(1,2,3) Quarterly Performance Full-Year FY 2025 Guidance (4) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 FY 2023 FY 2024 Low High GAAP revenue 339.6 343.9 343.3 368.4 372.0 1,275.5 1,395.2 1,501 1,531 Bu
Slide 10: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations FY 2025 Full-Year (Unaudited; in millions, except per share data) (1),(2) Quarterly Performance Guidance Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 FY 2023 FY 2024 GAAP revenue $339.6 $343.9 $343.3 $368.4 $372.0 $1,275.5 $1,395.2 Business transit
Slide 11: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations FY 2025 Full-Year (Unaudited; in millions, except per share data) (1),(2) Quarterly Performance Guidance Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 FY 2023 FY 2024 GAAP non-operating income (expense) ($11.6) ($11.1) ($9.0) ($9.5) ($9.6) ($53.0) (
Slide 12: Supplemental Q4 2024 Data for Business Transition and Related Costs
Supplemental Q4 2024 Data for Business Transition and Related Costs Diluted (Unaudited)(1) In Millions EPS Cost of goods sold directly attributable to the Strategic Realignment Initiative, of which $52 million was for products being phased out and/or no longer supported. The remaining amount was for