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And with that, it is my pleasure to turn the call over to Vivek. The third quarter of marked the second complete year-over-year quarterly comparison period of owning Hospira Infusion Systems, and we continue to balance our time between active customer dialogues to improve our commercial execution and being deeply in the midst of integration to create a single unified company. We continue to execute well through a large volume of activity and made substantial steps towards the full integration of Hospira Infusion systems.
On today's call, we wanted to first, comment on Q3 results and discuss our current view of both business and recent performance trends; two, provide the latest status on our integration work and cutover and highlight some of the successes and the remaining near-term challenges; three, provide our latest view on financial expectations for the balance of ; and a preliminary look at as we've done on our Q3 calls over the last few years; and lastly, reiterate some thoughts on the longer term value creation at a high level from both an income statement and balance sheet perspective as margins and our cash position continue to improve.
Story Continues The short story on Q3 was it was a clean quarter as it relates to any lingering transactional noise, but it was a choppy quarter due to our systems cutover and sluggish sales in certain of our business lines.
The income statement was straightforward with revenues that were generally, in line with our expectation for Infusion Consumables and Infusion Systems, but lower in infusion solutions and with margins and a balance sheet that finished strong even with a little less revenues. Turning to the individual segments, and please use Slide 3 in the posted deck for a base comparison. So let's start with Infusion Consumables, which is our largest business.
This is the segment where we are the most advantaged now as a joint entity and we're hard at work on rationalizing the product portfolio and bringing together the operational efficiencies of the combination.
Commercially, we have all the pieces, all the technology and all the scale to compete globally and should be able to offer more value to the customer. On the last call, we stated we believed this segment could grow high-single digits in full yearand we continue to have that view. We continue to feel positive about this segment into The second segment to discuss is Infusion Solutions.
We said on the previous calls that investors should not assume that historical results should be annualized in this segment. We've been very focused on the longer term, but we want to be clear, verbatim from the first presentation on the transaction: We budgeted our earnings cautiously to anticipate bumps and just because of variances, we are not going to reshape our value proposition to the customer.
We've said for the medium term that the run rate of this business was more in line somewhere between Q2 and Q3 levels, i. We generally still have that view over time, but it's better to be cautious and modify our assumption to a lower level than that going forward in the near term.
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Given the increased sales due to the industry shortage from Q3 through Q2 ofwe expect this segment to have negative year-over-year results through Q2 of even if the sequential run rate improves over Q3 We feel like we've been clear about this on previous calls, but wanted to reiterate that as it will impact total company growth rates for the first half of We've been trying to operate with transparency to customers by illustrating the generic drug-like regulatory framework, high capital expenditures and value in a healthy supply-side situation to a business that was a historical pricing anomaly.
From a value perspective, we've sacrificed short-term revenues and profits for longer term supply contracts, which we believe offers us more NPV and makes us a more competitive supplier over time.
We have discussed on the previous calls the benefits of increased production and a full manufacturing network. So the negative margin effect, if there does turn out to be less volume over time, has been on our minds. At the outset of the acquisition of Hospira, we believed that we had lost a substantial amount of contracted business and significant production volume in a fixed cost manufacturing environment.
The recent events, combined with the logical integrated value proposition, even with the Q3 decline, have enabled us to improve the amount of business we have under long-term contract and better allows us to fill up the factory we acquired in Austin with more volume.
We've been heavily investing, as reflected in our CapEx, to increase our own Austin capacity, which can give us the option to further increase output when combined with our production option through with Pfizer Rocky Mount, or to move away from Pfizer Rocky Mount if market conditions change.
We believe that was one of the attractive aspects of the structure we laid out originally with Pfizer and allows us to keep maximum flexibility. In the event that volume does not materially come back, we have the flexibility to move more into Austin and move away from Rocky Mount, which would help offset the negative margin impacts of lower volume. However, that would consume up a major item we had thought about for margin improvement, but we have to plan for all scenarios even if unknown today.
Lastly, we continue to be vigilant here on quality as Hospira and Pfizer invest in significant resources, which is mandatory to be in the business. To finish the Big 3, let's talk about Infusion Systems, which is the business selling pumps, dedicated sets in software, which is important because it's a business that brings a lot of recurring revenues. The International business is holding together reasonably well and the big question has been, has the installed base bottomed out and what does the revenue stability look like going forward?
Our view is generally unchanged from the previous call with the belief that the segment is very close to bottoming out with the lowest levels installed base in the last 10 years, but we feel that given our own refresh schedule on order book that revenues have stabilized at this level for the near future. Just to be clear, we measure bottoming out by the installed base of devices, not quarterly revenues as we care about the actual devices installed and running in the marketplace as this drives the recurring revenues of the business.
To finish the discussion on the segment, since we acquired Hospira, we've been actively calling on customers and trying to illustrate the value we can add to the system and the value to the system in having us as a healthy participant.
While it's a long journey, we do believe that this message is resonating. Feedback on the products continue to be solid. The products are necessary for the system and are reliable for many years. Today, with more than 18 months of ownership under our belt, even with some bumpiness, we see a somewhat better picture where we believe we have a right to win in most of the portfolio, with really the domestic portion of our Infusion Systems segment as a key challenged area and we're working hard to address that business.
We never assumed it was always a straight line up and even a little volatility doesn't turn our focus or commitment into short-term decisions. The attractiveness of the industry structure and commitment required to break through a lot of the inertia merits that point of view.
Q3 and early Q4 has been the most complex period to date. We have done what we were calling the main event, the full standup of the U.
We've also stood up our Costa Rican manufacturing plant and the only remaining item is our Austin factory, which runs on its own older but functional separate system from Pfizer.
We now run a single instance, globally, of an ERP and quality and service platform. I can't really understate how much work this was. It was really the true integration of the business from Pfizer, Hospira and even legacy Abbott systems. The 6-week delay we outlined in the last call turned out to be necessary and these projects, often for the right reasons, fill up the total time allotted.
But like all conversions and similar to what we have experienced in the warm up act of the international markets, there are bumps and bruises that come along the way.
We still have a handful technical issues to mitigate and a series of what I would call synchronization issues across ordering, production, shipping, et cetera. We're a few days behind in fulfillments but catching up rapidly, and we don't really know right now what the impact of this is on Q4.
As we've said before, our customers don't care about any of this unless it affects them negatively. So we're working flat-out to clean up the open issues. But we care about it, because it first offers deep value in the form of operational improvements realized over time and starts to show in ; and two, it sort of supersizes us for the ability to handle more on these platforms when we are through this integration.
While we have never targeted a specific EBITDA margin, these integration activities, at a minimum, help us hold margin and in a better case, help us improve margins. Onto other housekeeping items. First, it was a quiet quarter from a quality or audit perspective with no scheduled inspections. Second, nothing is new on the strategic commentary from the last call. Lastly, we did want to remind everyone that we've now passed the Pfizer lockup expiry.
They have been great supporters and we view them as sophisticated investors and bound as any VC would be, but we will support them in any way can to minimize any disruption.
The extract was later freeze dried for 24 hours to obtain the crude extract which was dissolved in normal saline and used for this study. Evaluation of the in vitro antioxidant property of P.
The amount of total phenol content was determined by Folin-Ciocateu reagent method [ 18 ] using gallic acid as a standard following the method of Slinkard and Singleton [ 19 ]. The absorbance of the solution was measured at nm. This was done according to the method described by McDonald et al. The initial weight of the filter paper was taken W1.
The whole solution was filtered through Whatman-filter paper No42 mm. The filtrate was later transferred into a crucible and evaporated into dryness over a water bath. The final weight of the paper was then taken W2. Total antioxidant capacity determination: The total antioxidant capacity of the extract was determined using the method of Prieto et al.
A sample of the extract 0. After the samples had cooled to room temperature, the absorbance of the aqueous solution of each was measured at nm.
The free radical scavenging activity of the extract, based on the scavenging of the stable 1, 1-diphenylpicrylhydrazyl DPPH free radical was estimated according to the procedure described by Cuendet et al.
An aliquot of 0. The control contained only DPPH solution in place of the sample while methanol was used as the blank. The mixture was vigorously shaken and left to stand at room temperature. After 30 minutes the decrease in absorbance of test mixture due to quenching of DPPH free radicals was read at nm. The scavenging effect was calculated using the expression: A 2 ml sample was withdrawn from the mixture and mixed with 1.
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The absorbance of the chromophore formed during diazotization of nitrite with sulphanilamide and its subsequent coupling with napthyl ethylene diamine was measured at nm [ 22 ].
Gallic acid was used as standard. Where, A0 is the absorbance of the Control and A1 is the absorbance of the extract or standard. Aliquots of trichloroacetic acid 2. The absorbance was measured at nm. A blank was prepared without adding extract [ 23 ]. Experimental design Experimental Animals: A total of thirty female Wister Albino rats weighing about g were procured from animal house University of Lagos, Idi-Araba, Lagos State and used for the study.
The animals were maintained for five weeks and were housed in well ventilated, standard clean cages made of plastic and wire gauze.
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Wood shavings were used as beddings to keep each compartment dry. The animals were allowed to acclimatize for two weeks for proper adaptation to their new environment and were weighed weekly.
They had access to pelletized feed and tap water ad libitum. All the ethical and humanity considerations as well as euthanasia of the animals were considered and performed. All animals were allowed free access to feed and water throughout the period of the study and the treatment spanned over a period of 14 days. Experimental design and treatment: The animals were divided into five groups of six animals each. The hyperglycemia was confirmed after 72 hours by the elevation of blood glucose and the behavioral changes excess thirst and frequent urination.
The experimental design of the animals into groups is as follows: Body weights of the animals were measured weekly using a weighing balance.
The blood glucose levels of the animals were determined before the administration of extract and after the seed extract administration with a commercially available glucometer kit ACCU-CHEK blood glucose monitor. On the 14th day after commencement of treatment, the rats were anaesthetized with chloroform and sacrificed by cervical dislocation.
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Blood was collected into fresh vials and separated in a refrigerated centrifuge at rpm for 5mins. Serum was separated with micropipette and stored until used for further biochemical analysis. Assay for the lipid profile levels from serum samples of experimental animals Serum lipid profile; triglycerides TGtotal cholesterol TChighdensity lipoprotein HDLlow-density lipoprotein LDLand verylow density lipoprotein were estimated colorimetrically using assay kit method from RANDOX diagnostics according to manufactured instructions [ 24 ].