VWR Celebrates One Year as a Public Company
Yesterday, VWR marked its one year anniversary as a publically listed company with the ringing of the Opening Bell on NASDAQ, and I wanted to take this opportunity to reiterate my remarks in New York with a heartfelt thank you.
As we complete another successful quarter, and enter into the fourth quarter and holidays, I am reminded of the importance of our dedicated employees who span the globe. It is their knowledge, time and experience that make us a success and ensure we continue to exceed our customers’ expectations. As our NASDAQ host mentioned in his opening remarks, shown above, there is a lot to celebrate at VWR.
2015 has been a great year for VWR, and financial performance has been strong, reflected in the fact that in the first nine months of the year, Adjusted EPS is up 33%, and free cash flow has more than doubled. VWR significantly strengthened its balance sheet, taking down leverage to 4.2 times EBITDA, as noted in our most recent earnings, and down from 6.4 times in December 2013.
The Americas business has seen a significant turnaround, now with 6 consecutive quarters of positive organic growth and the EMEA-APAC segment continues with its steady performance. VWR continues to build on its successful acquisition strategy that continues to deliver substantial value.
It is clear that VWR is resilient and executing on the plan that was laid out at the time of the IPO. This performance is starting to be reflected in the stock, which is up over 20% since the IPO in October of 2014. As you all know, our vision at VWR is to Enable Science. From before the periodic table, VWR has been supporting the science community. Our customers span the spectrum – from students conducting their first experiments to scientists searching for the cure for cancer to production facilities manufacturing medical devices. VWR is delivering value to the scientific community through an unparalleled products choice, operational excellence and a broad and growing suite of differentiated services.
VWR is far more than a distributor. We partner with our customers to understand their needs and then identify customized solutions to help drive innovation and scientific collaboration. And never has this been more important. The biopharma industry, a key customer segment for VWR, is undergoing a transformation, doubling down on innovation, investing in research and development, and changing in many ways to make its scientific research more effective and productive. These companies are demanding global supply chains, customized interfaces and efficiencies that only the largest, most specialized global distributors and service providers, like VWR, can offer.
As the industries we support evolve, we evolve with them. We were excited to be in New York to celebrate our first year of being a publicly traded company and to build upon that history with our employees, customers and suppliers. In addition to thanking our dedicated employees, I would also like to thank our suppliers and customers. Together, I look forward to continuing our long standing history of enabling science.
Thank you for helping our first year as a public company so impactful, and we look forward to a successful 2016.
President and CEO