Narrows FY24 revenue view to $4.42B-$4.45B from $4.41B-$4.46B, consensus $4.43B. The company said, “The tightened 2024 revenue guidance continues to reflect 3% organic constant currency growth inclusive of higher innovation sales contribution, now expected between $420 million to $450 million for the full year, offset by lowered expectations for U.S. Pet Health parasiticides. The impact of foreign exchange rates on revenue is now expected to be a headwind of approximately $25 million. The company is updating its adjusted EBITDA guidance range to reflect expected gross margin headwinds from product mix and manufacturing performance. Offsetting the items impacting adjusted EBITDA, improved expectations for interest expense and tax are reflected in the updated adjusted EPS guidance, with no change to the midpoint of the range. To support framing of future expectations, the company estimates that in the first half of 2024 revenue of $80 million and adjusted EBITDA of approximately $40 million was directly attributable to the aqua business.”
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