Azenta(US:AZTA)2024-02-08 03:06Financial Performance - Azenta's Q1 2024 revenue was $154 million, a 13% year-over-year decrease and a 15% decrease on an organic basis[7] - Non-GAAP EPS for Q1 2024 was $0.02, with an adjusted EBITDA of 30%[7] - The company's gross profit decreased from $81 million to $67 million, resulting in a gross profit margin decrease of 19 percentage points from 454% to 435%[9] - Azenta generated $15 million of free cash flow in Q1, marking the third consecutive quarter of positive free cash flow[7] Segment Performance - Sample Management Solutions (SMS) revenue reached $79 million, showing a 5% year-over-year increase, but only a 1% organic growth[12] - Excluding Consumables & Instruments (C&I), SMS organic growth was 9% year-over-year[8] - Multiomics revenue was $63 million, a 3% year-over-year increase, with 2% organic growth[15] - B Medical Systems experienced a 70% year-over-year revenue decline, primarily due to order timing in the vaccine cold chain[8] Balance Sheet and Capital Allocation - Azenta maintains a strong balance sheet with a cash balance of $11 billion as of December 31, 2023[7] - The company returned $113 million of capital through the repurchase of 23 million shares in Q1[7] - Approximately $500 million in cash remains available for disciplined and long-term value-creating initiatives after committed repurchases[7] Fiscal Year 2024 Guidance - Azenta anticipates organic revenue growth of 5% to 8%, with revenue projected between $696 million and $718 million[19] - The company expects an approximate 300 basis point margin improvement in adjusted EBITDA[19]