Azenta (AZTA) came out with quarterly earnings of $0.16 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 128.57%. A quarter ago, it was expected that this supplier to semiconductor manufacturers would post earnings of $0.02 per share when it actually produced earnings of $0.05, delivering a surprise of 150%.Over the last four ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements for June 30, 2024, reflect decreased total assets and stockholders' equity, a $159.2 million net loss, and a $116.0 million goodwill impairment charge [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets decreased to **$2.32 billion** from **$2.89 billion**, while stockholders' equity fell to **$1.99 billion**, primarily due to share repurchases and net loss | Balance Sheet Item | June 30, 2024 (in thousands) | September 30, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $967,658 | $1,418,956 | | Cash and cash equivalents | $336,543 | $678,910 | | Goodwill | $679,691 | $784,339 | | **Total Assets** | **$2,323,295** | **$2,885,720** | | **Total Liabilities** | **$332,897** | **$351,220** | | **Total Stockholders' Equity** | **$1,990,398** | **$2,534,500** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended June 30, 2024, revenue slightly decreased to **$486.3 million**, leading to a **$188.4 million** operating loss and a **$159.2 million** net loss, primarily due to a **$116.0 million** impairment charge | Metric (in thousands, except EPS) | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Total Revenue** | $486,260 | $492,715 | | Gross Profit | $193,953 | $195,106 | | Impairment of goodwill and intangible assets | $115,975 | $0 | | **Operating Loss** | **($188,386)** | **($56,498)** | | **Loss from continuing operations** | **($159,186)** | **($15,689)** | | Diluted Net Loss Per Share | ($2.90) | ($0.26) | | Metric (in thousands, except EPS) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Total Revenue** | $172,809 | $165,948 | | Gross Profit | $69,056 | $68,005 | | **Operating Loss** | **($14,754)** | **($15,836)** | | **Net Loss** | **($6,582)** | **($1,470)** | | Diluted Net Loss Per Share | ($0.12) | ($0.02) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended June 30, 2024, operating activities provided **$36.6 million** in cash, while **$411.7 million** was used in financing, primarily for share repurchases, resulting in a **$337.2 million** net cash decrease | Cash Flow Activity (in thousands) | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $36,578 | ($22,422) | | Net cash provided by investing activities | $29,406 | $328,897 | | Net cash used in financing activities | ($411,661) | ($677,221) | | **Net decrease in cash, cash equivalents and restricted cash** | **($337,182)** | **($305,136)** | - Share repurchases were the primary use of cash in financing activities, totaling **$412.8 million** for the nine months ended June 30, 2024[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail a segment realignment, a **$111.3 million** goodwill impairment for B Medical Systems, a **$10.5 million** restructuring charge, and **$412.6 million** in share repurchases for **7.7 million shares** - Effective October 1, 2023, the company realigned its organizational structure into three principal business segments: Sample Management Solutions (SMS), Multiomics, and B Medical Systems[31](index=31&type=chunk) - A non-cash goodwill impairment charge of **$111.3 million** was recorded for the B Medical Systems reporting unit as of March 31, 2024, due to reduced anticipated revenue growth rates[69](index=69&type=chunk)[71](index=71&type=chunk) - In Q2 2024, the company launched a restructuring plan to improve profitability through facilities consolidation, portfolio optimization, and organizational simplification, expecting completion by the end of fiscal 2026. This resulted in **$10.5 million** in restructuring charges for the nine months ended June 30, 2024[78](index=78&type=chunk)[82](index=82&type=chunk) - During the nine months ended June 30, 2024, the company repurchased **7.7 million shares** of common stock for **$412.6 million** under its 2022 share repurchase authorization[89](index=89&type=chunk) | Revenue by Business Line (in thousands) | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | | :--- | :--- | :--- | | Multiomics | $188,556 | $187,172 | | Core Products | $143,170 | $139,386 | | Sample Repository Solutions | $90,646 | $82,452 | | B Medical Systems | $63,888 | $83,705 | | **Total Revenue** | **$486,260** | **$492,715** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 1% revenue decrease to a 24% decline in B Medical Systems, with the **$159.2 million** net loss primarily due to a **$116.0 million** impairment charge, while liquidity remains strong despite share repurchases [Results of Operations](index=36&type=section&id=Results%20of%20Operations) For the nine months ended June 30, 2024, revenue decreased 1.3% to **$486.3 million**, driven by a 23.7% decline in B Medical Systems, while operating expenses surged due to a **$116.0 million** impairment charge and increased restructuring costs | Revenue by Segment (in thousands) | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | % Change | | :--- | :--- | :--- | :--- | | Sample Management Solutions | $233,816 | $221,838 | 5.4% | | Multiomics | $188,556 | $187,172 | 0.7% | | B Medical Systems | $63,888 | $83,705 | (23.7)% | | **Total Revenue** | **$486,260** | **$492,715** | **(1.3)%** | - The B Medical Systems segment's revenue decline was primarily due to the timing of orders for cold chain equipment[174](index=174&type=chunk) | Adjusted Operating Income (Loss) by Segment (in thousands) | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | | :--- | :--- | :--- | | Sample Management Solutions | $981 | ($8,261) | | Multiomics | ($7,147) | ($10,487) | | B Medical Systems | ($3,654) | $4,456 | | **Total Segment Adjusted Operating Loss** | **($9,820)** | **($14,292)** | - Restructuring charges increased to **$10.5 million** for the nine months ended June 30, 2024, up from **$3.8 million** in the prior year, driven by new initiatives launched in fiscal 2024[209](index=209&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, liquidity decreased to **$754.2 million** from **$1.13 billion**, primarily due to **$412.8 million** in share repurchases, with **$249 million** remaining under the repurchase authorization | Liquidity (in thousands) | June 30, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $336,543 | $678,910 | | Marketable securities (Short & Long-term) | $407,382 | $450,211 | | **Total Cash, Equivalents, & Securities** | **$754,245** | **$1,134,256** | - Under the **$1.5 billion** 2022 Share Repurchase Authorization, the company has repurchased **25.1 million shares** for **$1.25 billion** as of June 30, 2024, with **$249 million** remaining[221](index=221&type=chunk)[222](index=222&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its **$407.4 million** investment portfolio and currency risk from foreign transactions, with foreign sales comprising **25%** of total sales for the nine months ended June 30, 2024 - A hypothetical 100 basis point change in interest rates would impact interest income by approximately **$6.1 million** for the nine months ended June 30, 2024[225](index=225&type=chunk) - Sales in foreign currencies were approximately **25%** of total sales for the nine months ended June 30, 2024. The company incurred foreign currency losses of **$1.7 million** during this period[226](index=226&type=chunk)[227](index=227&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2024, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[228](index=228&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings arising in the ordinary course of business but does not believe any current claims will have a material adverse effect on its financial condition or results of operations - The company states that it is subject to various legal proceedings but does not expect them to have a material adverse effect on its consolidated financial condition or results of operations[229](index=229&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors disclosed in the 2023 Annual Report on Form 10-K or the prior quarterly report - No material changes have occurred to the risk factors disclosed in the 2023 Annual Report on Form 10-K or the prior quarterly report[230](index=230&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended June 30, 2024, the company repurchased a total of **4,225,825 shares** of its common stock at an average price of **$53.45 per share** under its publicly announced repurchase program | Period (2024) | Total Shares Purchased | Average Price Paid ($) | | :--- | :--- | :--- | | April | 1,275,309 | $54.91 | | May | 1,594,243 | $52.00 | | June | 1,356,273 | $53.78 | | **Total Q3 FY24** | **4,225,825** | **$53.45** |

Revenue Performance - Revenue for Q3 FY2024 was $173 million, a 4% increase year-over-year, with organic revenue growth of 5%[4] - Sample Management Solutions revenue reached $81 million, up 7% year-over-year, driven by higher revenues in Sample Repository Solutions and Core Products[4] - B Medical Systems revenue was $29 million, reflecting a 7% year-over-year increase, with organic revenue growth of 8% attributed to additional cold chain solutions orders[4] - Total revenue for June 30, 2024, was $172,809 million, a 4.3% increase from $165,948 million in the same period of 2023[18] - Revenue for the quarter ended June 30, 2024, was $81 million, a 7% increase from $75 million in the same quarter of 2023[41] - Organic revenue for the nine months ended June 30, 2024, was $231 million, reflecting a 4% increase from $222 million in the same period of 2023[42] Profitability Metrics - Adjusted EBITDA for continuing operations was $18 million, with an adjusted EBITDA margin of 10.3%, an improvement of 260 basis points year-over-year[7] - Non-GAAP diluted EPS was $0.16, compared to $0.13 in the same quarter last year[7] - Operating loss was $15 million, with an operating margin of (8.5%), an improvement of 100 basis points year-over-year[5] - Gross profit for the quarter was $69,056 million, compared to $68,005 million in the previous year, reflecting a slight increase[18] - Non-GAAP adjusted net income from continuing operations was $8,739,000, or $0.16 per diluted share, compared to $2,797,000, or $0.05 per diluted share, in the prior quarter[26] - Non-GAAP adjusted net income from continuing operations was $12,951,000 for the nine months ended June 30, 2024, slightly down from $13,130,000 in the prior year[27] Cash and Assets - The company ended the quarter with cash, cash equivalents, restricted cash, and marketable securities totaling $754 million[8] - Cash and cash equivalents decreased to $336,543 million from $678,910 million year-over-year[20] - Total assets decreased to $2,323,295 million from $2,885,720 million year-over-year[20] - Total cash, cash equivalents, and restricted cash decreased to $346,863,000 as of June 30, 2024, down from $684,045,000 at the end of the previous period[24] Expenses and Losses - Operating expenses were $84 million, flat year-over-year, driven by lower research and development and selling, general and administrative expenses[5] - Net loss for the quarter was $(6,582) million, compared to $(1,470) million in the same period last year[18] - Basic net loss per share was $(0.12) for the quarter, compared to $(0.04) in the same quarter of 2023[18] - The company reported a net loss of $159,186,000 for the nine months ended June 30, 2024, compared to a net loss of $17,632,000 for the same period in 2023[23] - The company incurred $115,975,000 in impairment of goodwill and intangible assets during the nine months ended June 30, 2024, with no such charges in the previous year[23] Shareholder Actions - The company repurchased 4.2 million shares for $225.9 million in Q3, with a total of 25.1 million shares repurchased for $1.25 billion under the 2022 Repurchase Authorization[9] Guidance and Future Outlook - For FY2024, total revenue guidance is lowered to $652 to $658 million, while non-GAAP diluted EPS guidance is raised to a range of $0.30 to $0.36[10] - The company anticipates long-term benefits from transformation costs aimed at cost reduction and productivity improvement, which do not meet the definition of restructuring charges[34] - The company anticipates long-term benefits from its transformation plan, which includes significant changes to processes and technology[40] Transformation and Costs - Transformation costs for the nine months ended June 30, 2024, amounted to $8,742,000, reflecting strategic projects aimed at long-term benefits[27] - Transformation costs for B Medical Systems amounted to $2,783 thousand, representing 9.8% of revenue for the quarter ended June 30, 2024[32] - Transformation costs for the nine months ended June 30, 2024, amounted to $3,365 thousand, compared to no such costs in the same period of 2023[40] Impairment and Restructuring - The company reported a restructuring charge of $10,528 thousand for the nine months ended June 30, 2024, compared to $3,773 thousand in the same period of 2023[40] - Impairment of goodwill and intangible assets for the nine months ended June 30, 2024, was $115,975 thousand, indicating significant asset write-downs[40]

BURLINGTON, Mass., Aug. 6, 2024 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2024.Quarter Ended Dollars in millions, except per share data June 30, March 31, June 30, Change 2024 2024 2023 Prior Qtr Prior Yr. Revenue from Continuing Operations $ 173 $ 159 <td ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Azenta (AZTA) due to lower revenues, with a consensus EPS estimate of $0.07, reflecting a -46.2% change from the previous year [1][2]. Group 1: Earnings Expectations - Azenta is expected to report revenues of $165.75 million, which is a slight decrease of 0.1% compared to the same quarter last year [2]. - The consensus EPS estimate has been revised down by 15.63% over the last 30 days, indicating a reassessment by analysts [2]. Group 2: Earnings Surprise Prediction - The Zacks Earnings ESP model compares the Most Accurate Estimate to the Zacks Consensus Estimate, suggesting that recent analyst revisions may provide more accurate insights into expected earnings [3]. - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3, which historically leads to a positive surprise nearly 70% of the time [4]. Group 3: Historical Performance - Brooks, another company mentioned, has an Earnings ESP of 0%, indicating no recent analyst revisions differing from the consensus estimate, and currently holds a Zacks Rank of 3 [5][6]. - In the last reported quarter, Brooks exceeded expectations with earnings of $0.05 per share against an expected $0.02, resulting in a surprise of +150% [7]. Group 4: Market Reactions - An earnings beat or miss alone may not dictate stock price movements, as other factors can influence investor sentiment [8]. - While Brooks does not appear to be a strong candidate for an earnings beat, investors are advised to consider additional factors before making investment decisions [8].

BURLINGTON, Mass., July 24, 2024 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) will announce fiscal third quarter 2024 earnings which ended on June 30, 2024, on Tuesday, August 6, 2024, after the market closes.The Company will host a conference call and live webcast to discuss its financial results on the same day, Tuesday, August 6, 2024, at 4:30 p.m. Eastern Time. Analysts, investors and members of the media can access the live webcast via the Azenta website at https://investors.azenta.com/events. A replay ...

Core Insights - Azenta, Inc. is participating in the FinnGen project, a significant research initiative in personalized medicine in Finland, which involves genomic and health data from 500,000 Finnish biobank participants [1][3] - The company will provide proteomics profiling for up to 20,000 individuals using Olink's advanced technology, highlighting its commitment to healthcare innovation [1][2] - The collaboration aims to enhance understanding of disease mechanisms, identify new biomarkers, and develop targeted treatments [2][3] Company Overview - Azenta, Inc. is a leading provider of life sciences solutions, offering a range of services including cold-chain sample management and multiomics services for drug development and clinical research [4] - The company operates globally with a presence in North America, Europe, and Asia, supporting pharmaceutical, biotech, academic, and healthcare institutions [4] Project Significance - The FinnGen project is notable for its public-private partnership approach, aiming to create a world-class resource for future studies in personalized medicine [3] - The integration of proteomics with genomic data is expected to provide novel insights into health and disease, facilitating breakthroughs in prevention, diagnosis, and treatment [2][3]

Core Insights - Azenta, Inc. has been selected by the Crohn's & Colitis Foundation as the sample management services provider for two significant research cohorts, CAPTURE IBD and IBD SIRQC, focusing on pediatric and surgical care for inflammatory bowel disease [1][2] - The CAPTURE IBD study aims to enroll several thousand pediatric patients across 12 sites in the U.S., while the IBD SIRQC initiative plans to enroll 5,000 patients at 9 sites, tracking long-term surgical outcomes [2][3] - The partnership is expected to enhance the understanding of inflammatory bowel disease and support the development of precision medicine strategies [3] Company Overview - Azenta, Inc. is a leading provider of life sciences solutions, offering a comprehensive suite of cold-chain sample management and multiomics services to pharmaceutical, biotech, academic, and healthcare institutions globally [5] - The company is headquartered in Burlington, Massachusetts, with operations in North America, Europe, and Asia, and is known for its brands including GENEWIZ, FluidX, and others [5] Foundation Overview - The Crohn's & Colitis Foundation is a prominent nonprofit organization dedicated to research and patient support for inflammatory bowel disease, aiming to cure Crohn's disease and ulcerative colitis while improving the quality of life for affected individuals [4] - The Foundation's IBD Plexus® program provides a rich research ecosystem that links well-phenotyped data to biosamples, facilitating high-impact research [2][4]

BURLINGTON, Mass., May 23, 2024 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today announced that Company management will participate in the Jefferies Global Healthcare Conference in New York, NY, on Wednesday, June 5, 2024, which includes a presentation beginning at 11:00 am ET. The live webcast can be accessed through the Azenta investor relations website at https://investors.azenta.com/events. A replay of the webcast will be available following the event.About Azenta Life SciencesAzenta, Inc. (Nasdaq: AZT ...

Core Viewpoint - The article discusses the impact of inflation on consumers and businesses, leading to a rise in automation and robotics adoption, while highlighting specific robotics stocks that are recommended to sell due to declining performance and macroeconomic challenges [1]. Group 1: iRobot (IRBT) - iRobot has seen a significant contraction in sales growth, with revenue declining by more than 24% year-over-year for both fiscal years 2022 and 2023, marking the first time since 2017 that annual revenue fell below $1 billion [2][3]. - The decline in consumer confidence and high costs of new technologies have deterred purchases, prompting iRobot to announce a restructuring plan in January 2024, which includes operational cost cuts and leadership changes [3]. Group 2: Rockwell Automation (ROK) - Rockwell Automation operates in various industrial sectors but has faced sales declines, particularly in discrete and automotive sales, which fell in the "high single digits" due to challenges in the electric vehicle market [4][5]. - The company also reported declines in e-commerce and warehousing sales due to delayed modernization projects, with shares down 11.1% year-to-date as of the last trading session [5]. Group 3: Azenta (AZTA) - Azenta, a life sciences firm, has experienced a 13% year-over-year revenue decline in Q1 2024, with only a 7% increase in the second quarter, indicating weak sales growth for a largely loss-making company [6][7]. - Investors are concerned about Azenta's ability to reach breakeven, as the current revenue growth is insufficient to support its financial stability [7].