FP&A Operating Review

Northwind BioDevices — April 2024 Monthly Business Review

EBITDA vs. Plan

-2.1%

-$4.2M unfav

Forecast Revisions (90d)

+2 vs. prior qtr

Forecast Bias Index

+1.8%

Optimistic bias

Gross Margin Rate

61.2%

-180bps APAC

FCF Conversion

72%

-8% vs. target

Net Working Capital

47d

+6d DSO spike

Variance Coverage

91%

Above target

EBITDA Bridge vs. Board Plan (YTD April)

Rolling Forecast Versions (Last 90 Days)

Segment Gross Margin Variance vs. Plan (%)

Jan

Feb

Mar

Apr

May

Jun

Diagnostics

+0.3

+0.5

-0.2

+0.4

—

Therapeutics

-0.6

-0.8

-1.1

-0.9

—

Med Devices

+0.2

0.0

-0.3

-0.4

—

APAC Distrib

-0.5

-1.2

-1.6

-1.8

—

EMEA

+0.6

+0.7

+0.5

+0.3

—

Americas

0.0

+0.1

-0.2

0.0

—

APAC Distribution -180bps in April drove primary EBITDA miss.

Top Material Variances (>2% materiality, YTD April)

Line Item	Segment	Variance ($M)	Variance %	Owner	Explanation	Status
APAC GM Rate	APAC Distrib	-$4.2	-6.8%	K. Chen	Distributor term concessions + FX headwind	Critical
R&D Headcount	Therapeutics	-$1.8	-4.2%	M. Patel	Phase III acceleration + contractor overage	Watching
SG&A Corporate	Corporate	-$1.1	-3.5%	L. Torres	Legal settlement + SOX implementation	Watching
EMEA Revenue	EMEA	+$2.3	+5.1%	A. Schmidt	Germany tender win pull-forward	On Track
Diagnostics COGS	Diagnostics	+$1.6	+3.8%	R. Kim	Reagent sourcing efficiency + volume leverage	On Track
Marketing Spend	Americas	-$0.9	-7.2%	J. Davis	Product launch campaign overspend	Watching
Facilities & IT	Corporate	-$0.7	-2.9%	B. Wong	Data center migration timing shift	Watching
Therapeutics GM	Therapeutics	-$1.2	-3.1%	M. Patel	API price increase + mix shift to lower-margin SKUs	Watching

Variance explanation coverage: 91% (above 85% target). All items >$500K annotated.

Plan Credibility Score

Moderate Confidence

Composite: forecast bias +1.8%, revision frequency elevated, variance coverage strong. Watch APAC stabilization.