LSCS Holdings Inc.

Overview Key strengths Key risks Continues to generate new contract wins during periods of stress. Financial-sponsor ownership drives high leverage and higher interest costs are leading to low cash flow generation. Benefits from increasing pharmaceutical outsourcing and growth of specialty drugs. Competes with much larger companies. We expect LSCS to rebound to between 7% and 9% net revenue growth in 2024 from about flat in 2023 due to slowing demand trends in the biopharma end market as clients remain cautious with spending. We anticipate the biopharma segment will begin to rebound modestly in 2024 and further in 2025, when we expect about 11%-14% growth in net revenue. Our growth expectations also reflect our view that LSCS will benefit from the

...LSCS Holdings Inc. benefits from favorable industry tailwinds, such as increasing pharma outsourcing and the growth of specialty drugs, despite near term headwinds. We expect LSCS to rebound to between 7% and 9% net revenue growth in 2024 from about flat in 2023 due to slowing demand trends in the biopharma end market as clients remain cautious with spending. We anticipate the biopharma segment will begin to rebound modestly in 2024 and further in 2025, when we expect about 11%-14% growth in net revenue....

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