The following is a summary of the Balchem Corporation (BCPC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Balchem reported a Q2 revenue of $234 million, a 1.2% increase year-over-year.

• Gross margin expanded by 210 basis points to 35.5%, with gross margin dollars growing 7.3%.

• Q2 net income was $32 million, up 6.5% year-over-year, yielding earnings per share of $0.98 on a GAAP basis and $1.09 on a non-GAAP basis.

• Record quarterly adjusted EBITDA of $62 million, marking a 5% increase, with an adjusted EBITDA margin of 26.6%.

Business Progress:

• Continued strong performance in Human Nutrition & Health, driven by minerals, nutrients, and vitamins, with sales up 9%.

• Launched a new product, Optifolin+, a choline-enriched bioactive reduced folate contributing to the company's innovative edge.

• Specialty Product segment, mainly performance gases, reflected healthy sales growth with a 7.2% increase.

• Early signs of recovery in Animal Nutrition & Health segment with new product introductions expected to boost performance.

Opportunities:

• The introduction of Optifolin+, targeting a $1.5 billion market of folic acid, representing potential substantial revenue growth from this new bioactive product.

• The market positions and innovative product offerings enhance the company's potential to capitalize on favorable global health and nutrition trends.

Risks:

• Partial offset in sales growth due to decline in the Animal Nutrition & Health segment.

More details: Balchem IR

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