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    Azenta Reports First Quarter Results for Fiscal 2025, Ended December 31, 2024

    2/5/25 7:00:00 AM ET
    $AZTA
    Industrial Machinery/Components
    Technology
    Get the next $AZTA alert in real time by email

    BURLINGTON, Mass., Feb. 5, 2025 /PRNewswire/ -- Azenta, Inc. (NASDAQ:AZTA) today reported financial results for the first quarter ended December 31, 2024.





    The results of B Medical Systems are treated as discontinued operations and reflected in total diluted EPS, following the Company's

    announcement in the fourth fiscal quarter of 2024 of its intention to pursue a sale.







    Quarter Ended



    Dollars in millions, except per share data



    December 31,





    September 30,





    December 31,





    Change







    2024





    2024





    2023





    Prior Qtr





    Prior Yr.



    Revenue from Continuing Operations



    $

    148





    $

    151





    $

    142







    (2)

    %





    4

    %

    Organic growth





































    4

    %

    Sample Management Solutions



    $

    81





    $

    85





    $

    79







    (4)

    %





    3

    %

    Multiomics



    $

    66





    $

    66





    $

    63







    0

    %





    6

    %











































    Diluted EPS Continuing Operations



    $

    (0.21)





    $

    (0.00)





    $

    (0.13)







    NM







    (63)

    %

    Diluted EPS Total



    $

    (0.29)





    $

    (0.10)





    $

    (0.28)







    NM







    (5)

    %











































    Non-GAAP Diluted EPS Continuing Operations



    $

    0.08





    $

    0.22





    $

    0.08







    (64)

    %





    (1)

    %

    Adjusted EBITDA - Continuing Operations



    $

    13





    $

    18





    $

    7







    (25)

    %





    89

    %

    Adjusted EBITDA Margin - Continuing Operations





    9.0

    %





    11.8

    %





    5.0

    %



















    Management Comments

    "Our first quarter results represent a strong start to fiscal 2025 as we see positive momentum in the demand for our unique offering of Sample Management Solutions and Multiomics services," stated John Marotta, President and CEO. "Starting the year like this gives us confidence in the strength of our unique market positioning, value proposition and ability to continue evolving to our customers' needs while delivering profitable growth. We continue to see the benefit of our transformation initiatives and our free cash flow was strong. We are encouraged by the progress we are making."

    First Quarter Fiscal 2025 Results - Continuing Operations

    • Revenue was $148 million, up 4% year over year. Organic revenue, which excludes a nominal impact from foreign exchange, was also up 4% year over year. The year-over-year revenue increase was attributable to higher Multiomics and Sample Management Solutions revenues. 
    • Sample Management Solutions revenue was $81 million, up 3% year over year.
      • Organic revenue grew 2%, mainly driven by higher revenues in Sample Repository Solutions and Core Products, particularly in Consumables and Instruments and Clinical and Cryogenic Stores Systems.
    • Multiomics revenue was $66 million, up 6% year over year.
      • Organic revenue also grew 6% year over year, primarily driven by growth in Next Generation Sequencing and Gene Synthesis, partially offset by a year-over-year decline in Sanger Sequencing.

    Summary of GAAP Earnings Results - Continuing Operations

    • Operating loss was $11 million. Operating margin was (7.7%), up 380 basis points year over year.
      • Gross margin was 46.6%, up 300 basis points year over year, driven by higher revenue, favorable sales mix, operational efficiencies, lower amortization costs, and certain non-recurring items recorded in the same period last year.
      • Operating expenses were $80 million, up 3% year over year, driven by higher selling, general and administrative expenses, partially offset by lower research and development costs, as well as lower restructuring charges.
    • Other income included $4 million of net interest income versus $10 million in the prior year period.
    • Diluted EPS from continuing operations was ($0.21) compared to ($0.13) in the first quarter of fiscal year 2024. Diluted EPS from discontinued operations was ($0.09). Total diluted EPS was ($0.29), compared to ($0.28) a year ago.

    Summary of Non-GAAP Earnings Results - Continuing Operations

    • Adjusted operating loss was $0.2 million. Adjusted operating margin was (0.2%), an improvement of 260 basis points year over year.
      • Adjusted gross margin was 47.6%, up 270 basis points compared to the first quarter of fiscal 2024, primarily driven by higher revenue, favorable sales mix, operating efficiencies and certain non-recurring items recorded in the same period last year.
      • Adjusted operating expense in the quarter was $70 million, up 4% year over year, primarily driven by higher selling, general and administrative expenses, partially offset by lower research and development costs.
    • Adjusted EBITDA was $13 million, and Adjusted EBITDA margin was 9.0%, an improvement of 400 basis points year over year.
    • Non-GAAP Diluted EPS was $0.08, compared to $0.08 one year ago.

    Cash and Liquidity as of December 31, 2024

    • The Company ended the quarter with a total balance of cash, cash equivalents, restricted cash and marketable securities of $530 million, which includes $27 million of cash held in discontinued operations. 
    • Operating cash flow was $30 million in the quarter. Capital expenditures were $8 million, and free cash flow (cash flow from operations less capital expenditures) was $22 million.

    Guidance for Continuing Operations for Full Year Fiscal 2025

    • The Company is reiterating its revenue guidance for fiscal year 2025:
      • Total organic revenue is expected to grow in the range of 3% to 5% relative to fiscal 2024. 
      • Adjusted EBITDA margin expansion is expected to be approximately 300 basis points relative to fiscal 2024.

    Azenta does not provide forward-looking guidance on a GAAP basis for the measures on which it provides forward-looking non-GAAP guidance as the Company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably predicted. Such adjustments  include, but are not limited to, transformation costs, restructuring charges, costs related to acquisitions and divestitures costs, governance-related matters, goodwill and intangible impairments, and other gains and charges that are not representative of the normal operations of the business.

    Conference Call and Webcast

    Azenta management will webcast its first quarter fiscal 2025 earnings conference call today at 8:30 a.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed. 

    The call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Azenta's website at https://investors.azenta.com/events and will be archived online on this website for convenient on-demand replay.

    Regulation G – Use of Non-GAAP financial Measures

    The Company supplements its GAAP financial measures with certain non-GAAP financial measures to provide investors a better perspective on the results of business operations, which the Company believes is more comparable to the similar analyses provided by its peers. These measures are not presented in accordance with, nor are they a substitute for, U.S. generally accepted accounting principles, or GAAP. These measures should always be considered in conjunction with appropriate GAAP measures. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets and statements of operations. Certain amounts in the tables that supplement the consolidated financial statements may not sum due to rounding. All percentages are calculated using unrounded amounts.

    "Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934

    Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Azenta's financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. Forward-looking statements include but are not limited to statements about our revenue and earnings expectations, our ability to realize margin improvement from cost reductions, and our ability to deliver financial success in the future and otherwise related to future operating or financial performance and opportunities. Factors that could cause results to differ from our expectations include the following: our ability to reduce costs effectively; the volatility of the life sciences markets the Company serves; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions; and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, Current Reports on Form 8-K and our Quarterly Reports on Form 10-Q. As a result, we can provide no assurance that our future results will not be materially different from those projected. Azenta expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions, or circumstance on which any such statement is based. Azenta undertakes no obligation to update the information contained in this press release.

    About Azenta Life Sciences

    Azenta, Inc. (NASDAQ:AZTA) is a leading provider of life sciences solutions worldwide, enabling impactful breakthroughs and therapies to market faster. Azenta provides a full suite of reliable cold-chain sample management solutions and multiomics services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally. Our global team delivers and supports these products and services through our industry-leading brands, including GENEWIZ, FluidX, Ziath, 4titude, Limfinity, Freezer Pro, and Barkey.

    Azenta is headquartered in Burlington, Massachusetts, with operations in North America, Europe, and Asia. For more information, please visit www.azenta.com. 

    AZENTA INVESTOR CONTACTS:

    Yvonne Perron

    Vice President, Financial Planning & Analysis and Investor Relations

    [email protected] 

    Sherry Dinsmore

    [email protected] 

     

    AZENTA, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (unaudited)



    (In thousands, except per share data)







    Three Months Ended







    December 31,







    2024





    2023



    Revenue













    Products



    $

    43,827





    $

    43,707



    Services





    103,683







    98,018



    Total revenue





    147,510







    141,725



    Cost of revenue













    Products





    25,334







    26,783



    Services





    53,505







    53,199



    Total cost of revenue





    78,839







    79,982



    Gross profit





    68,671







    61,743



    Operating expenses













    Research and development





    6,380







    7,313



    Selling, general and administrative





    73,213







    69,889



    Restructuring charges





    431







    786



    Total operating expenses





    80,024







    77,988



    Operating loss





    (11,353)







    (16,245)



    Other income













    Interest income, net





    4,298







    9,955



    Other income, net





    1,203







    518



    Loss before income taxes





    (5,852)







    (5,772)



    Income tax expense





    3,569







    1,420



    Loss from continuing operations





    (9,421)







    (7,192)



    Loss from discontinued operations, net of tax





    (3,919)







    (8,532)



    Net loss



    $

    (13,340)





    $

    (15,724)



    Basic net loss per share:













    Loss from continuing operations



    $

    (0.21)





    $

    (0.13)



    Loss from discontinued operations, net of tax





    (0.09)







    (0.15)



    Basic net loss per share



    $

    (0.29)





    $

    (0.28)



    Diluted net loss per share:













    Loss from continuing operations



    $

    (0.21)





    $

    (0.13)



    Loss from discontinued operations, net of tax





    (0.09)







    (0.15)



    Diluted net loss per share



    $

    (0.29)





    $

    (0.28)



    Weighted average shares used in computing net loss per share:













    Basic





    45,626







    56,709



    Diluted





    45,626







    56,709



     

    AZENTA, INC.

    CONSOLIDATED BALANCE SHEETS

    (unaudited)

    (In thousands, except share and per share data)







    December 31,





    September 30,







    2024





    2024





















    Assets

















    Current assets















    Cash and cash equivalents



    $

    377,494





    $

    280,030



    Short-term marketable securities





    85,951







    151,162



    Accounts receivable, net of allowance for expected credit losses ($5,182 and $5,349, respectively)





    155,038







    156,273



    Inventories





    81,006







    78,923



    Short-term restricted cash





    2,080







    2,069



    Prepaid expenses and other current assets





    72,140







    75,456



    Current assets held for sale





    72,573







    88,894



    Total current assets





    846,282







    832,807



    Property, plant and equipment, net





    149,666







    155,622



    Long-term marketable securities





    29,533







    49,454



    Long-term deferred tax assets





    627







    837



    Operating lease right-of-use assets





    60,460







    60,406



    Goodwill





    672,906







    691,409



    Intangible assets, net





    115,822







    125,042



    Other assets





    7,310







    10,670



    Noncurrent assets held for sale





    158,604







    173,794



    Total assets



    $

    2,041,210





    $

    2,100,041



    Liabilities and stockholders' equity













    Current liabilities













    Accounts payable



    $

    31,740





    $

    33,344



    Deferred revenue





    41,018







    30,493



    Accrued warranty and retrofit costs





    4,973







    5,213



    Accrued compensation and benefits





    28,405







    27,785



    Accrued customer deposits





    26,833







    22,324



    Accrued income taxes payable





    6,931







    9,266



    Accrued expenses and other current liabilities





    38,965







    46,364



    Current liabilities held for sale





    23,602







    30,050



    Total current liabilities





    202,467







    204,839



    Long-term tax reserves





    408







    398



    Long-term deferred tax liabilities





    18,668







    18,084



    Long-term operating lease liabilities





    54,341







    56,683



    Other long-term liabilities





    8,229







    8,874



    Noncurrent liabilities held for sale





    38,131







    42,196



    Total liabilities





    322,244







    331,074



















    Stockholders' equity















    Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding





    —







    —



    Common stock, $0.01 par value - 125,000,000 shares authorized, 59,153,757 shares issued

    and 45,691,888 shares outstanding at December 31, 2024; 59,031,953 shares issued and

    45,570,084 shares outstanding at September 30, 2024





    592







    590



    Additional paid-in capital





    511,068







    505,958



    Accumulated other comprehensive loss





    (55,237)







    (13,464)



    Treasury stock, at cost - 13,461,869 shares at December 31, 2024 and September 30, 2024





    (200,956)







    (200,956)



    Retained earnings





    1,463,499







    1,476,839



    Total stockholders' equity





    1,718,966







    1,768,967



    Total liabilities and stockholders' equity



    $

    2,041,210





    $

    2,100,041



     

    AZENTA, INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (unaudited)

    (In thousands)







    Three Months Ended December 31,







    2024





    2023



    Cash flows from operating activities

















    Net loss



    $

    (13,340)





    $

    (15,724)



    Adjustments to reconcile net loss to net cash provided by operating activities:













    Depreciation and amortization





    18,100







    21,866



    Provision for bad debts and inventory reserve





    1,470







    (121)



    Stock-based compensation





    5,112







    3,202



    Amortization and accretion on marketable securities





    (541)







    (704)



    Deferred income taxes





    457







    (7,317)



    Loss on disposals of property, plant and equipment





    (8)







    266



    Changes in operating assets and liabilities:













    Accounts receivable





    4,850







    2,830



    Inventories





    (4,646)







    4,929



    Accounts payable





    (2,602)







    2,442



    Deferred revenue





    10,462







    (321)



    Accrued warranty and retrofit costs





    174







    (554)



    Accrued compensation and tax withholdings





    650







    (979)



    Accrued restructuring costs





    (566)







    (90)



    Other assets and liabilities





    11,056







    4,031



    Net cash provided by operating activities





    30,628







    13,756



    Cash flows from investing activities

















    Purchases of property, plant and equipment





    (8,580)







    (11,291)



    Purchases of marketable securities





    (40,754)







    —



    Sales and maturities of marketable securities





    125,590







    110,316



    Net cash provided by investing activities





    76,256







    99,025



    Cash flows from financing activities

















    Payments of finance leases





    (215)







    (198)



    Withholding tax payments on net share settlements on equity awards





    —







    (2)



    Share repurchases





    —







    (112,953)



    Excise tax payment for settled share repurchases





    (4,911)







    —



    Net cash used in financing activities





    (5,126)







    (113,153)



    Effects of exchange rate changes on cash, cash equivalents and restricted cash





    (8,311)







    24,548



    Net increase in cash, cash equivalents and restricted cash





    93,447







    24,176



    Cash, cash equivalents and restricted cash, beginning of period





    320,990







    684,045



    Cash, cash equivalents and restricted cash, end of period



    $

    414,437





    $

    708,221



    Supplemental disclosures:













    Cash (refund) paid for income taxes, net





    (6,148)







    2,599



    Purchases of property, plant and equipment included in accounts payable and accrued expenses





    3,249







    2,164



    Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets































    December 31,





    September 30,







    2024





    2024



    Cash and cash equivalents of continuing operations



    $

    377,494





    $

    280,030



    Cash included in current assets held for sale





    26,544







    30,899



    Short-term restricted cash





    2,080







    2,069



    Long-term restricted cash included in other assets





    8,319







    7,992



    Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows



    $

    414,437





    $

    320,990



    Notes on Non-GAAP Financial Measures - Continuing Operations

    Non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusts the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A, non-recurring costs related to the Company's business transformation initiatives and share repurchases to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, certain tax benefits and charges, as well as other gains and charges that are not representative of the normal operations of the business. Management strongly encourages investors to review our financial statements and publicly filed reports in their entirety and not rely on any single measure.





    Quarter Ended





    December 31, 2024





    September 30, 2024





    December 31, 2023















    per diluted













    per diluted













    per diluted



    Amounts in thousands, except per share data



    $





    share





    $





    share





    $





    share



    Net loss from continuing operations



    $

    (9,421)





    $

    (0.21)





    $

    (88)





    $

    (0.00)





    $

    (7,192)





    $

    (0.13)



    Adjustments:

















































    Amortization of completed technology





    1,500







    0.03







    2,096







    0.04







    1,856







    0.03



    Amortization of other intangible assets





    4,573







    0.10







    4,841







    0.09







    5,371







    0.09



    Transformation costs(1)





    3,046







    0.07







    4,572







    0.09







    41







    0.00



    Restructuring and restructuring related charges





    431







    0.01







    851







    0.02







    786







    0.01



    Merger and acquisition costs and costs related to share repurchase(2)





    1,570







    0.03







    53







    0.00







    4,321







    0.08



    Tax adjustments(3)





    408







    0.01







    259







    0.00







    1,693







    0.03



    Tax effect of adjustments





    1,530







    0.03







    (2,036)







    (0.04)







    (2,326)







    (0.04)



    Non-GAAP adjusted net income from continuing operations



    $

    3,637





    $

    0.08





    $

    10,548





    $

    0.20





    $

    4,550





    $

    0.08



    Stock based compensation, pre-tax





    4,872







    0.11







    1,649







    0.03







    3,001







    0.05



    Tax rate





    15

    %





    —







    14

    %





    —







    12

    %





    —



    Stock-based compensation, net of tax





    4,141







    0.09







    1,418







    0.03







    2,641







    0.06



    Non-GAAP adjusted net income excluding stock-based compensation - continuing operations



    $

    7,778





    $

    0.17





    $

    11,966





    $

    0.23





    $

    7,191





    $

    0.14





















































    Shares used in computing non-GAAP diluted net income per share





    —







    45,626







    —







    53,175







    —







    56,709







    (1)

    Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 transformation plan and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.





    (2)

    Includes expenses related to governance-related matters.





    (3)

    Tax adjustments during all periods include adjustments to tax benefits related to stock compensation. These adjustments are recognized in the period of vesting for US GAAP but included in the annual effective tax rate for Non-GAAP reporting. 

     





    Quarter Ended







    December 31,





    September 30,





    December 31,



    Dollars in thousands



    2024





    2024





    2023



    GAAP net loss



    $

    (13,340)





    $

    (4,985)





    $

    (15,724)



    Less: Loss from discontinued operations





    (3,919)







    (4,897)







    (8,532)



    GAAP net loss from continuing operations





    (9,421)







    (88)







    (7,192)



    Adjustments:

























    Interest income, net





    (4,298)







    (5,532)







    (9,955)



    Income tax expense





    3,569







    2,017







    1,420



    Depreciation





    7,474







    7,275







    7,420



    Amortization of completed technology





    1,500







    2,096







    1,856



    Amortization of other intangible assets





    4,573







    4,841







    5,371



    Earnings before interest, taxes, depreciation and amortization - Continuing operations



    $

    3,397





    $

    10,609





    $

    (1,080)















    Quarter Ended







    December 31,





    September 30,





    December 31,



    Dollars in thousands



    2024





    2024





    2023



    Earnings before interest, taxes, depreciation and amortization - Continuing operations



    $

    3,397





    $

    10,609





    $

    (1,080)



    Adjustments:

























    Stock-based compensation





    4,872







    1,649







    3,001



    Restructuring charges





    431







    851







    786



    Merger and acquisition costs and costs related to share repurchase(1)





    1,570







    53







    4,321



    Transformation costs(2)





    3,046







    4,572







    41



    Adjusted earnings before interest, taxes, depreciation and amortization - Continuing operations



    $

    13,316





    $

    17,734





    $

    7,069







    (1)

    Includes expenses related to governance-related matters.



    (2)

    Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 transformation plan and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

     





    Quarter Ended



    Dollars in thousands



    December 31, 2024





    September 30, 2024





    December 31, 2023



    GAAP gross profit



    $

    68,671







    46.6

    %



    $

    69,587







    46.1

    %



    $

    61,743







    43.6

    %

    Adjustments:

















































    Amortization of completed technology





    1,500







    1.0

    %





    2,096







    1.4

    %





    1,856







    1.3

    %

    Transformation costs(1)





    52







    0.0

    %





    145







    0.1

    %





    —







    —

    %

    Other adjustment





    6







    0.0

    %





    —







    —

    %





    —







    —

    %

    Non-GAAP adjusted gross profit



    $

    70,229







    47.6

    %



    $

    71,828







    47.6

    %



    $

    63,599







    44.9

    %





    (1)

    Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 transformation plan and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

     





    Sample Management Solutions





    Multiomics







    Quarter Ended





    Quarter Ended







    December 31,





    September 30,





    December 31,





    December 31,





    September 30,





    December 31,



    Dollars in thousands



    2024





    2024





    2023





    2024





    2024





    2023



    GAAP gross profit



    $

    38,114







    46.9

    %



    $

    39,543







    46.6

    %



    $

    33,272







    42.1

    %



    $

    30,557







    46.1

    %



    $

    30,044







    45.5

    %



    $

    28,471







    45.4

    %

    Adjustments:

































































































    Amortization of completed technology





    639







    0.8

    %





    1,056







    1.2

    %





    816







    1.0

    %





    861







    1.3

    %





    1,040







    1.6

    %





    1,039







    1.7

    %

    Transformation costs(1)





    52







    0.1

    %





    145







    0.2

    %





    —







    —

    %





    —







    —

    %





    —







    —

    %





    —







    —

    %

    Other adjustment





    5







    0.0

    %





    —







    —

    %





    —







    —

    %





    1







    —

    %





    —







    —

    %





    —







    —

    %

    Non-GAAP adjusted gross profit



    $

    38,810







    47.8

    %



    $

    40,744







    48.0

    %



    $

    34,088







    43.1

    %



    $

    31,419







    47.4

    %



    $

    31,084







    47.1

    %



    $

    29,510







    47.1

    %

     





    Segment Total







    Quarter Ended







    December 31,





    September 30,





    December 31,



    Dollars in thousands



    2024





    2024





    2023



    GAAP gross profit



    $

    68,671







    46.6

    %



    $

    69,587







    46.1

    %



    $

    61,743







    43.6

    %

    Adjustments:

















































    Amortization of completed technology





    1,500







    1.0

    %





    2,096







    1.4

    %





    1,855







    1.3

    %

    Transformation costs(1)





    52







    0.0

    %





    145







    0.1

    %





    —







    —

    %

    Other adjustment





    6







    0.0

    %





    —







    —

    %





    —







    —

    %

    Non-GAAP adjusted gross profit



    $

    70,229







    47.6

    %



    $

    71,828







    47.6

    %



    $

    63,598







    44.9

    %





    (1)

    Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 transformation plan and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

     





    Sample Management Solutions





    Multiomics







    Quarter Ended





    Quarter Ended







    December 31,





    September 30,





    December 31,





    December 31,





    September 30,





    December 31,



    Dollars in thousands



    2024





    2024





    2023





    2024





    2024





    2023



    GAAP operating income (loss)



    $

    1,562





    $

    8,865





    $

    (1,483)





    $

    (3,387)





    $

    (1,714)





    $

    (4,302)



    Adjustments:

















































    Amortization of completed technology





    639







    1,056







    816







    861







    1,040







    1,039



    Amortization of other intangible assets





    13







    18







    51







    —







    —







    —



    Transformation costs(1)





    103







    145







    —







    —







    —







    —



    Restructuring charges





    —







    —







    —







    23







    —







    —



    Rounding adjustment





    —







    —







    —







    —







    1







    —



    Non-GAAP adjusted operating income (loss)



    $

    2,317





    $

    10,084





    $

    (616)





    $

    (2,503)





    $

    (673)





    $

    (3,263)



     





    Total Segments





    Corporate





    Total







    Quarter Ended





    Quarter Ended





    Quarter Ended







    December 31,





    September 30,





    December 31,





    December 31,





    September 30,





    December 31,





    December 31,





    September 30,





    December 31,



    Dollars in thousands



    2024





    2024





    2023





    2024





    2024





    2023





    2024





    2024





    2023



    GAAP operating income (loss)



    $

    (1,825)





    $

    7,151





    $

    (5,785)





    $

    (9,528)





    $

    (10,148)





    $

    (10,460)





    $

    (11,353)





    $

    (2,997)





    $

    (16,245)



    Adjustments:









































































    Amortization of completed technology





    1,500







    2,096







    1,855







    —







    —







    1







    1,500







    2,096







    1,856



    Amortization of other intangible assets





    13







    18







    51







    4,560







    4,823







    5,320







    4,573







    4,841







    5,371



    Transformation costs(1)





    103







    145







    —







    2,943







    4,427







    41







    3,046







    4,572







    41



    Restructuring charges





    23







    —







    —







    408







    851







    786







    431







    851







    786



    Merger and acquisition costs and costs related to share repurchase(2)





    —







    —







    —







    1,570







    53







    4,321







    1,570







    53







    4,321



    Other adjustment





    —







    1







    —







    9







    1







    (1)







    9







    2







    (1)



    Non-GAAP adjusted operating income (loss)



    $

    (186)





    $

    9,411





    $

    (3,879)





    $

    (38)





    $

    7





    $

    8





    $

    (224)





    $

    9,418





    $

    (3,871)







    (1)

    Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company's operations, processes and systems to permanently alter the Company's operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company's 2024 transformation plan and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.





    (2)

    Includes expenses related to governance-related matters.

     





    Sample Management Solutions





    Multiomics





    Azenta Total







    Quarter Ended





    Quarter Ended





    Quarter Ended







    December 31,





    December 31,













    December 31,





    December 31,













    December 31,





    December 31,











    Dollars in millions



    2024





    2023





    Change





    2024





    2023





    Change





    2024





    2023





    Change



    Revenue



    $

    81





    $

    79







    3

    %



    $

    66





    $

    63







    6

    %



    $

    148





    $

    142







    4

    %

    Currency exchange rates





    0







    —







    (1)

    %





    0







    —







    (0)

    %





    0







    —







    (0)

    %

    Organic revenue



    $

    81





    $

    79







    2

    %



    $

    66





    $

    63







    6

    %



    $

    147





    $

    142







    4

    %

     

    Azenta logo (PRNewsfoto/Azenta)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/azenta-reports-first-quarter-results-for-fiscal-2025-ended-december-31-2024-302368542.html

    SOURCE Azenta

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