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- **Record Q3 Financials**: $268M revenue (+11.5% YoY), $44M adjusted net earnings (+19.1% YoY), and $71M EBITDA (+11% YoY).
- **Segment Strength**: Human Nutrition & Health up 14.3%, Specialty Products up 7.5%, driven by better-for-you trends and geographic expansion.
- **Strategic Initiatives**: New manufacturing plant to double encapsulation capacity; European antidumping duties on choline set to boost market share.
- **Growth Drivers**: 25+ quarters of EBITDA growth, strong free cash flow ($51M), and minimal leverage (0.3x net debt).

**【CEO Opening Remarks】**
- Reported record Q3 2025 revenue of $268M (+11.5% YoY), driven by growth in all three segments.
- Achieved 25 consecutive quarters of adjusted EBITDA growth, with Q3 EBITDA at $71M (+11% YoY).
- Highlighted strong demand in Human Nutrition & Health (HMH) segment (+14.3% YoY) and Specialty Products (+7.5% YoY).
- Announced completion of NIH-funded choline biomarker study, validating plasma choline as a dietary adequacy indicator.
- Expanded marketing reach through Real Science Exchange platform, including new companion animal sector content.

**【CFO Financial Commentary】**
- GAAP net income: $40M (+19.1% YoY), EPS: $1.24 (+20.4% YoY).
- Adjusted net earnings: $44M (+19.1% YoY), adjusted EPS: $1.35 (+19.5% YoY).
- Gross margin: $95M (+11.8% YoY), margin rate: 35.7% (flat YoY).
- Operating expenses: $41M (+10.8% YoY) due to higher professional services and compensation.
- Free cash flow: $51M, net debt: $89M (leverage ratio 0.3x).
- Segment performance:
  - HMH: $174M (+14.3% YoY), EBITDA: $44M (+13.2% YoY).
  - Animal Nutrition: $56M (+6.6% YoY), EBITDA: $4M (+5.2% YoY).
  - Specialty Products: $36M (+7.5% YoY), EBITDA: $13M (+8.8% YoY).

**【Q&A Highlights】**
- **Food Ingredients Growth**: Driven by better-for-you trends (high protein, low sugar) and new product formulations. 2026 outlook: sustained growth as trends accelerate.
- **Nutrient Penetration**: Choline, K2, MSM markets still <10% penetrated; long-term growth runway supported by scientific validation.
- **European Antidumping Duties**: Preliminary 95-120% duties on Chinese choline expected to become final by end-2025, boosting European market share.
- **New Manufacturing Facility**: $100M Orange County plant to double encapsulation capacity, set to begin production mid-2027.
- **Debt Repayment**: Maintain disciplined cash deployment, prioritizing debt reduction while monitoring M&A opportunities.
- **Specialty Products Expansion**: Plant Nutrition growing 13% YoY via Latin America and Asia-Pacific expansion; Performance Gases stable at 7% YoY growth.

Balchem Corporation (BCPC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BCPC

BCPC fundamentals

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