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And recall, I mentioned just a minute ago to Derik that in 2022, we were expecting $1 billion of COVID vaccine, therapeutic revenue. We've taken that down to $800 million. It is, of course, offset by the non-COVID business so that we deliver that high single digits here in 2023 for file process. And then looking forward to 2023, we would see that going from $800 million to $500 million.
covid vaccine related colour
Transcript
2022 Q3
24 Oct 22
And so as we think about the Bioprocessing business for 2023, we still think that there is room for $500 million of COVID opportunity in order to support the needs of the population,
stickinhg to 500m covid bioprocessing
Transcript
2022 Q3
24 Oct 22
Is your outlook for Bioprocessing including vaccines, I think Danaher expected high singles for '23. Has that changed? And I think prior expectation was $0.5 billion of vaccine revenue for next year. Has that changed?
bio including vaccines outlooj?
Transcript
2022 Q3
24 Oct 22
ut we also see the strength of the non-COVID market. And keep in mind, that's a much larger market. And currently, it is growing at well over 20% and there's a backlog to be burned down there because previously COVID had been prioritized.
non covid market
Transcript
2022 Q3
24 Oct 22
So just to mention an example here, if lead times go from 52 weeks, which has been the case in some product categories in the marketplace, to 12 weeks, customers fundamentally change their order patterns. To give you a sense of that, if a customer wanted to order over time four bioreactors, they would order all four bioreactors at one, if there's a 52-week lead time. But if it's a 12-week lead time, they would order one bioreactor and then follow up with other orders in the future.
So what we're seeing right now is really the normalization of the marketplace coming from a red-hot pandemic fuel time of constraint a long lead times for orders ramped up significantly.
order placement cadence is the reason
Transcript
2022 Q3
24 Oct 22
So for Q3, our orders are down over 20% as expected.
non cobid bio orders down 20%
Transcript
2022 Q3
24 Oct 22
nd for us, that manifests here in for the full year that we see $800 million of COVID revenues in Bioprocessing as opposed to the $1 billion that we had been talking about previously.
So, we do see customers moving away from these COVID projects and driving their energies, their efforts, and their financial resources into the other projects, and that helps explain why we see the larger part of the business growing at well over 20%.
covid rev now set to be 800m NOT 1 billion
Transcript
2022 Q3
24 Oct 22
non-COVID Bioprocessing is growing well over 20%, and we continue to see that.
non covid bio up 20%
Transcript
2022 Q3
24 Oct 22
So, obviously, there's a lot of questions on the Bioprocessing market given one of your competitors in that market was talking about inventory stocking yesterday and which hit the sector.
bioprocessinh market?
Transcript
2022 Q3
24 Oct 22
Now for the full year 2022, there is no change to our previous guidance of high single-digit core revenue growth in our base business. We now expect high single-digit overall core revenue growth, which is up from our prior expectation of mid-single digits as a result of our strong COVID-19 testing performance in the third quarter.
FY guiodance
Transcript
2022 Q3
24 Oct 22
Environmental & Applied Solutions segment.
EAS
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2022 Q3
24 Oct 22
Our opportunity funnel for non-respiratory tests has increased significantly this year and we see opportunities to continue gaining market share moving forward.
non-respirartory tests
Transcript
2022 Q3
24 Oct 22
Higher prevalence of circulating respiratory viruses, combined with advanced purchases by customers in anticipation of a more severe respiratory season in the Northern Hemisphere, led to both higher volumes and a preference for our four-in-one test for COVID-19, Flu A, Flu B and RSV.
severe respiratrry season
Transcript
2022 Q3
24 Oct 22
Diagnostics segment.
diagnostics
Transcript
2022 Q3
24 Oct 22
Life Sciences instrument businesses
life sciemces instrument
Transcript
2022 Q3
24 Oct 22
In Bioprocessing, robust activity levels drove over 20% growth in our non-COVID business at Cytiva and Pall Biotech.
non covid vaccoines.therapis up 20%
Transcript
2022 Q3
24 Oct 22
Life Sciences
life sciences
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2022 Q3
24 Oct 22
We also generated $1.7 billion of free cash flow in the quarter and $5.2 billion year-to-date.
fcf
Transcript
2022 Q3
24 Oct 22
Now during the quarter, we also announced our intention to separate our Environmental & Applied Solutions segment to create a publicly-traded company. This new company, which we'll refer to as EAS for now, will be well positioned in the most attractive areas of the water quality and product identification market.
seperating EAS
Transcript
2022 Q3
24 Oct 22
We're particularly pleased with the consistent performance of our base business which has grown high single digits or better for nine consecutive quarters.
base budsiness hsd for 9 quarters
Transcript
2022 Q3
24 Oct 22