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Azenta Life Sciences Reports Preliminary Results of Second Quarter of Fiscal 2022, Ended March 31, 2022

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Azenta, Inc. (Nasdaq: AZTA) reported preliminary Q2 results for the period ended March 31, 2022. Revenue from continuing operations reached $146 million, reflecting a 12% year-over-year increase. Life Sciences Services showed significant growth of 19%, primarily in Sample Repository Solutions and Genomics Services. However, the company posted a diluted EPS from continuing operations of ($0.02), down from $0.04 the previous quarter, and operating losses totaled $5 million. Azenta anticipates Q3 revenue between $140 million to $150 million.

Positive
  • Revenue from continuing operations increased by 12% year-over-year.
  • Life Sciences Services revenue grew by 19% year-over-year.
  • Cash and liquidity improved with a total balance of $3.0 billion post-divestiture.
Negative
  • Operating loss of $5 million reported for the quarter.
  • Diluted EPS from continuing operations decreased to ($0.02).

Robust customer demand bolstered by operational execution drives strong second quarter results

CHELMSFORD, Mass., May 9, 2022 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported preliminary financial results for the second quarter ended March 31, 2022.

Summary of Preliminary Results

On February 1, 2022, the Company completed the sale of its Semiconductor Automation business.  The related gain on the sale and the results of the Semiconductor Automation business are treated as discontinued operations and reflected in total diluted EPS.  Due to the complexities of the financial carve-out of the business from the Company's financial results, the Company expects it will require additional time to finalize its financial statements and intends to file a Form 12b-25 with the Securities and Exchange Commission in order to extend the due date of its quarterly report on Form 10-Q for the quarter ended March 31, 2022 for five days, as permitted by Rule 12b-25 under the Securities Exchange Act. As a result, the financial results presented herein are preliminary. 




















Quarter Ended








Dollars in millions, except per share data


March 31, 


December 31, 


March 31, 


Change






2022


2021


2021


Prior Qtr.


Prior Yr.




Revenue from Continuing Operations


$

146


$

140


$

130


4

%

12

%



Life Sciences Products


$

54


$

50


$

52


7

%

2

%



Life Sciences Services


$

92


$

90


$

77


2

%

19

%




















Diluted EPS Continuing Operations


$

(0.02)


$

0.04


$

(0.10)


(163)

%

75

%



Diluted EPS Total


$

28.15


$

0.58


$

0.32


NM


NM

%




















Non-GAAP Diluted EPS Continuing Operations


$

0.12


$

0.12


$

0.14


(2)

%

(15)

%



Adjusted EBITDA Continuing Operations


$

19


$

20


$

24


(2)

%

(18)

%





Management Comments

"We delivered another strong quarter with healthy demand across the portfolio," stated Steve Schwartz, President and CEO. "Even as we faced COVID headwinds in certain regions, the team did a remarkable job to mitigate the impact to the business. We continued to enhance our commercial positioning as Azenta and see a long runway ahead driven by our unique value proposition in strong and fast-growing end markets."

Summary of Preliminary Q2 GAAP Results

  • Revenue from continuing operations for the second quarter was $146 million, up 12% year over year and up 4% sequentially. Year-over-year organic growth was 12%.
  • Revenue from Life Sciences Products grew 2% year over year driven by continued strength in automated cryogenic freezers partially offset by lower consumables and instruments revenue, which saw the peak of estimated COVID-related revenue in the second quarter of fiscal year 2021. On a sequential basis, revenue was up 7% driven by growth in automated stores and non-COVID related consumables and instruments revenue.
  • Life Sciences Services revenue was up 19% year over year, with 21% growth in Sample Repository Solutions driven by growth in storage and 18% growth in Genomics Services. On a sequential basis, revenue was up 2% with expansion in both businesses.
  • Operating loss for the second quarter was $5 million. Gross margin was 48.7% and operating expense of $76 million included approximately $6 million of professional fees in support of M&A initiatives primarily related to the sale.
  • Diluted EPS from continuing operations was ($0.02) per share. Total diluted EPS of $28.15 includes $28.18 of diluted EPS from discontinued operations.

Summary of Preliminary Q2 Non-GAAP Earnings for Continuing Operations
The Continuing Operations view shown on a non-GAAP basis provides additional performance information by excluding the impact of M&A costs, amortization, restructuring, purchase price accounting, certain tax impacts, and special charges or gains, such as impairment losses.

  • As referenced above, revenue in the second quarter was $146 million, up 12% year over year, with 2% growth in Life Sciences Products and 19% growth in Life Science Services.
  • Gross margin of 49.6% was lower by 90 basis points year over year and up 30 basis points sequentially. The gross margin of the Products business was 49.5%, up 310 basis points year over year and up 360 basis points sequentially. The gross margin of the Services business was 49.6%, lower by 360 basis points year over year and down 150 basis points sequentially. Operating income was $10 million and operating margin was 6.7%, down 350 basis points year over year and down 210 basis points sequentially. Operating expense in the quarter was $62 million, up $6 million compared to Q1 2022 and up $10 million year over year. The increases include investments in R&D, sales, and G&A to support growth. Adjusted EBITDA, which excludes stock-based compensation, was $19 million and Adjusted EBITDA margin was 13.3%, down 90 basis points from the first quarter of 2022 and down 500 basis points year over year.
  • Diluted EPS for the second quarter was $0.12, flat compared to the first quarter and down $0.02 versus one year ago.

Cash and Liquidity

  • The Company completed the sale of its Semiconductor Automation business on February 1, 2022 to Thomas H. Lee Partners for a cash price of $3.0 billion, subject to final working capital and other adjustments. Net cash proceeds from the divestiture are expected to be approximately $2.5 billion excluding estimated taxes payable and other items, such as closing costs. Upon closure of the sale on February 1, 2022, the Company utilized approximately $50 million of proceeds to extinguish all outstanding debt. The Company also terminated its revolving line of credit, which had no borrowings outstanding.
  • The Company ended the second fiscal quarter of 2022 with a total balance of cash, cash equivalents, restricted cash and marketable securities of $3.0 billion. The company has pending taxes due of approximately $450 million related to the gain on the sale, the majority of which is expected to be paid in the fiscal third quarter.

Guidance for Continuing Operations for Third Quarter Fiscal 2022

The Company announced revenue and earnings guidance for continuing operations for the third quarter of fiscal 2022. Revenue is expected to be in the range of $140 million to $150 million and non-GAAP diluted earnings per share for the third fiscal quarter is expected to be in the range of $0.09 to $0.17. GAAP diluted earnings per share from continuing operations is expected to be in the range of ($0.03) to $0.05

Conference Call and Webcast

Azenta management will webcast its second quarter earnings conference call today at 4:30 p.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.  In addition, you may call 800-926-6194 (US & Canada only) or +1-212-231-2922 for international callers to listen to the live webcast.

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, statements of operations and statements of cash flows.

 

"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.  Also, as noted above, the results included in this release are preliminary.  In the course of finalizing its quarterly closing and reporting processes and the completing its financial statements for the quarter ended March 31, 2022, the Company may identify items that would require the Company to make adjustments, some of which could be material, to the preliminary financial results set forth in this release.  Other forward-looking statements include but are not limited to statements about our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, our ability to deliver financial success in the future, and our ability to invest the cash proceeds from the sale of our semiconductor automation business. Factors that could cause results to differ from our expectations include the following:  the impact of the COVID-19 global pandemic on the markets we serve, including our supply chain, and on the global economy generally, the volatility of the life sciences industries 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; the timing and effectiveness of cost reduction and cost control measures; 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 circumstances 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 genomic 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. As of December 1st, the company changed its name and ticker to Azenta, Inc. (Nasdaq: AZTA) from Brooks Automation, Inc, (Nasdaq: BRKS).

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

AZENTA INVESTOR CONTACTS:

Sara Silverman
Director of Investor Relations
Azenta Life Sciences
978.262.2635
sara.silverman@azenta.com

Sherry Dinsmore
Azenta Life Sciences
978.262.4301
sherry.dinsmore@azenta.com

 

AZENTA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


(In thousands, except per share data)



Three Months Ended



Six Months Ended





March 31, 



March 31, 





2022


2021



2022


2021




Revenue
















Products

$

49,449


$

46,233



$

95,318


$

87,695




Services


96,095



83,302




189,878



159,982




Total revenue


145,544



129,535




285,196



247,677




Cost of revenue
















Products


24,952



22,787




49,475



45,580




Services


49,766



48,848




97,852



86,862




Total cost of revenue


74,719



71,635




147,327



132,442




Gross profit


70,825



57,900




137,869



115,235




Operating expenses
















Research and development


6,896



5,236




13,381



10,324




Selling, general and administrative


68,515



61,892




129,226



113,823




Restructuring charges


122



92




296



53




Total operating expenses


75,533



67,220




142,902



124,200




Operating loss


(4,708)



(9,320)




(5,033)



(8,965)




Interest income


3,076



18




3,111



94




Interest expense


(1,555)



(452)




(2,010)



(1,008)




Loss on extinguishment of debt


(632)






(632)






Other income (expenses), net


(1,170)



108




(2,248)



1,389




Loss before income taxes


(4,989)



(9,646)




(6,812)



(8,490)




Income tax benefit


(3,173)



(2,310)




(7,853)



(3,860)




(Loss) income from continuing operations


(1,816)



(7,336)




1,041



(4,630)




Income from discontinued operations, net of tax


2,117,685



31,084




2,158,147



54,406




Net income

$

2,115,869


$

23,748



$

2,159,188


$

49,776




Basic net income per share:
















(Loss) income from continuing operations

$

(0.02)


$

(0.10)



$

0.01


$

(0.06)




Income from discontinued operations, net of tax


28.25



0.42




28.84



0.73




Basic net income per share

$

28.23


$

0.32



$

28.86


$

0.67




Diluted net income per share:
















(Loss) income from continuing operations

$

(0.02)


$

(0.10)



$

0.01


$

(0.06)




Income from discontinued operations, net of tax


28.18



0.42




28.72



0.73




Diluted net income per share

$

28.15


$

0.32



$

28.73


$

0.67




















Weighted average shares outstanding used in computing net income per share:
















Basic


74,958



74,265




74,823



74,142




Diluted


75,157



74,414




75,145



74,367




















 

AZENTA, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share data)



March 31, 


September 30,


2022


2021







Assets






Current assets






Cash and cash equivalents

$

1,936,291


$

227,427

Marketable securities


816,512



81

Accounts receivable, net


137,578



119,877

Inventories


77,752



60,398

Prepaid expenses and other current assets


74,961



58,198

Current assets held for sale




311,385

Total current assets


3,043,094



777,366

Property, plant and equipment, net


150,426



130,719

Long-term marketable securities


260,219



3,598

Long-term deferred tax assets


2,278



10,043

Goodwill


467,746



469,356

Intangible assets, net


170,507



186,534

Other assets


65,239



58,068

Non-current assets held for sale




183,828

Total assets

$

4,159,509


$

1,819,512

Liabilities and Stockholders' Equity






Current liabilities






Accounts payable

$

35,868


$

42,360

Deferred revenue


30,701



25,724

Accrued warranty and retrofit costs


2,492



2,330

Accrued compensation and benefits


41,707



33,183

Accrued restructuring costs


183



304

Accrued income taxes payable


430,650



8,711

Deferred tax liabilities


2,676



Accrued expenses and other current liabilities


71,691



103,537

Current liabilities held for sale




128,939

Total current liabilities


615,968



345,088

Long-term debt




49,677

Long-term tax reserves


2,023



1,973

Long-term deferred tax liabilities


18,429



13,030

Long-term pension liabilities


720



705

Long-term operating lease liabilities


48,698



45,088

Other long-term liabilities


4,790



6,173

Non-current liabilities held for sale




32,444

Total liabilities


690,628



494,178

Commitments and contingencies






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, 88,445,490 shares issued and 74,983,621 shares outstanding at March 31, 2022, 87,808,922 shares issued and 74,347,053 shares outstanding at September 30, 2021


885



878

Additional paid-in capital


1,970,128



1,976,112

Accumulated other comprehensive income


17,645



19,351

Treasury stock at cost - 13,461,869 shares


(200,956)



(200,956)

Accumulated earnings (deficit)


1,681,179



(470,051)

Total stockholders' equity


3,468,881



1,325,334

Total liabilities and stockholders' equity

$

4,159,509


$

1,819,512

Notes on Non-GAAP Financial Measures
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 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



March 31, 2022


December 31, 2021


March 31, 2021





per diluted




per diluted




per diluted

Dollars in thousands, except per share data    


$


share


$


share


$


share

Net (loss) income from continuing operations


$

(1,816)


$

(0.02)


$

2,858


$

0.04


$

(7,336)


$

(0.10)

Adjustments:



















Amortization of intangible assets



7,887



0.10



8,046



0.11



9,377



0.13

Restructuring charges



122



0.00



173



0.00



92



0.00

Tariff adjustment



(486)










5,497



0.07

Merger and acquisition costs



5,589



0.07



3,719



0.05



7,517



0.10

Rebranding and transformation costs



1,297



0.02



619



0.01





Loss on extinguishment of debt



632



0.01









Tax adjustments (1)



(900)



(0.01)



(4,240)



(0.06)



(2,264)



(0.03)

Tax effect of adjustments 



(3,580)



(0.05)



(2,265)



(0.03)



(2,672)



(0.04)

Non-GAAP adjusted net income from continuing operations


$

8,745


$

0.12


$

8,910


$

0.12


$

10,211


$

0.14

   Stock based compensation, pre-tax



5,549



0.07



3,458



0.05



5,734



0.08

   Tax rate



15

%




15

%




15

%


Stock-based compensation, net of tax



4,717



0.06



2,939



0.04



4,874



0.07

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


$

13,461


$

0.18


$

11,850


$

0.16


$

15,085


$

0.20




















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





75,157





74,866





74,367

 


















Six Months Ended




March 31, 2022


March 31, 2021






per diluted




per diluted

Dollars in thousands, except per share data    



$


share


$


share

Net income (loss) from continuing operations



$

1,041


$

0.01


$

(4,630)


$

(0.06)

Adjustments:














Amortization of intangible assets




15,933



0.21



18,287



0.25

Tariff adjustment




(486)



(0.01)



5,497



0.07

Merger and acquisition costs




9,308



0.12



9,708



0.13

Restructuring related charges




296



0.00



53



0.00

Rebranding and transformation costs




1,916



0.03





Loss on extinguishment of debt




632



0.01





Tax adjustments (1)




(4,760)



(0.06)



(863)



(0.01)

Tax effect of adjustments




(6,225)



(0.08)



(8,548)



(0.11)

Non-GAAP adjusted net income from continuing operations



$

17,655


$

0.23


$

19,504


$

0.26

Stock-based compensation, pre-tax




9,007



0.12



10,569



0.14

Tax rate




15

%




15

%


Stock-based compensation, net of tax




7,656


$

0.10



8,984



0.12

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



$

25,311


$

0.34


$

28,488


$

0.38















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






75,145





74,367

(1) Tax adjustments during all periods include adjustments to tax benefits related to stock compensation windfalls. These benefits are recognized in the period of vesting for US GAAP but included in the annual effective tax rate for Non-GAAP reporting.   Tax adjustments for the quarter and six months ended March 31, 2022, include a $2.5M increase to expense related to the exclusion of allocations between continuing operations and discontinued operations.  This amount is partially offset by the windfall adjustment and the exclusion of a $0.6M charge for the impact of a state tax rate change related to the separation.



















Quarter Ended


Six Months Ended



March 31, 


December 31,


March 31, 


March 31, 


March 31, 

Dollars in thousands


2022


2021


2021


2022


2021

GAAP net income


$

2,115,869


$

43,320


$

23,748


$

2,159,188


$

49,776

Adjustments:
















Less: Income from discontinued operations



(2,117,685)



(40,462)



(31,084)



(2,158,147)



(54,406)

Less: Interest income



(3,076)



(35)



(18)



(3,111)



(94)

Add: Interest expense



1,555



455



452



2,010



1,008

Add: Income tax benefit



(3,173)



(4,680)



(2,310)



(7,853)



(3,860)

Add: Depreciation



5,316



5,208



4,743



10,524



9,560

Add: Amortization of completed technology



1,840



1,773



2,021



3,613



4,026

Add: Amortization of customer relationships and acquired intangible assets



6,047



6,272



7,356



12,319



14,261

Loss on extinguishment of debt



632









632




Earnings before interest, taxes, depreciation and amortization


$

7,325


$

11,851


$

4,908


$

19,175


$

20,271

 



















Quarter Ended


Six Months Ended



March 31, 


December 31,


March 31, 


March 31, 


March 31, 

Dollars in thousands


2022


2021


2021


2022


2021

Earnings before interest, taxes, depreciation and amortization


$

7,325


$

11,851


$

4,908


$

19,175


$

20,271

Adjustments:
















Add: Stock-based compensation



5,549



3,458



5,734



9,007



10,569

Add: Restructuring charges



122



173



92



296



53

Add: Merger and acquisition costs



5,589



3,719



7,517



9,308



9,708

Add: Tariff adjustment



(486)





5,497



(486)



5,497

Rebranding and transformation costs



1,297



619





1,916



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


$

19,396


$

19,820


$

23,748


$

39,216


$

46,098

 






















Quarter Ended


Dollars in thousands


March 31, 2022


December 31, 2021


March 31, 2021

GAAP gross profit


$

70,825


48.7

%


$

67,044


48.0

%


$

57,900


44.7

%

Adjustments:



















Amortization of completed technology



1,840


1.3




1,773


1.3




2,021


1.6


Tariff adjustment



(486)


(0.3)








5,497


4.2


Non-GAAP adjusted gross profit


$

72,179


49.6

%


$

68,817


49.3

%


$

65,418


50.5

%




















 








































 Life Sciences Products


Life Sciences Services



Quarter Ended


Quarter Ended

Dollars in thousands


March 31, 2022


December 31, 2021


March 31, 2021


March 31, 2022


December 31, 2021


March 31, 2021

GAAP gross profit


$

26,290


49.0

%


$

22,690


45.5

%


$

24,051


45.9

%


$

44,535


48.4

%


$

44,354


49.4

%


$

33,849


43.9

%

Adjustments:





































Amortization of completed technology



267


0.5




203


0.4




280


0.5




1,572


1.7




1,570


1.7




1,741


2.3


Tariff adjustment















(486)


(0.5)








5,497


7.1


Non-GAAP adjusted gross profit


$

26,557


49.5

%


$

22,894


45.9

%


$

24,331


46.5

%


$

45,621


49.6

%


$

45,924


51.2

%


$

41,087


53.2

%






































 
















Six Months Ended

Dollars in thousands


March 31, 2022


March 31, 2021

GAAP gross profit


$

137,869


48.3

%


$

115,235


46.5

%

Adjustments:













Amortization of completed technology



3,613


1.3




4,026


1.6


Tariff adjustment



(486)


(0.2)




5,497


2.2


Non-GAAP adjusted gross profit


$

140,996


49.4

%


$

124,758


50.4

%

 



























Life Sciences Products

Life Sciences Services



Six Months Ended

Six Months Ended

Dollars in thousands


March 31, 2022


March 31, 2021

March 31, 2022


March 31, 2021

GAAP gross profit


$

48,980


47.3

%


$

44,576


45.5

%

$

88,902


48.9

%


$

70,659


47.2

%

Adjustments:
























Amortization of completed technology



471


0.5




553


0.6



3,142


1.7




3,473


2.3


Tariff adjustment










(486)


(0.3)




5,497


3.7


Non-GAAP adjusted gross profit


$

49,451


47.8

%


$

45,129


46.1

%

$

91,558


50.4

%


$

79,629


53.2

%

























 






















 Life Sciences Products


Life Sciences Services



Quarter Ended


Quarter Ended



March 31, 


December 31,


March 31, 


March 31, 


December 31,


March 31, 

Dollars in thousands


2022


2021


2021


2022


2021


2021

GAAP operating profit (loss)


$

5,021


$

4,187


$

6,968


$

3,770


$

6,314


$

(1,624)

Adjustments:



















Amortization of completed technology



267



203



280



1,572



1,570



1,741

Tariff adjustment









(486)





5,497

Non-GAAP adjusted operating profit


$

5,288


$

4,390


$

7,248


$

4,856


$

7,884


$

5,614

 































Total Segments


Corporate


Total



Quarter Ended


Quarter Ended


Quarter Ended



March 31, 


December 31,


March 31, 


March 31, 


December 31,


March 31, 


March 31, 


December 31,


March 31, 

Dollars in thousands


2022


2021


2021


2022


2021


2021


2022


2021


2021

GAAP operating profit (loss)


$

8,791


$

10,501


$

5,344


$

(13,499)


$

(10,826)


$

(14,664)


$

(4,708)


$

(325)


$

(9,320)

Adjustments:




























Amortization of completed technology



1,840



1,773



2,021









1,840



1,773



2,021

Amortization of customer relationships and acquired intangible assets









6,047



6,272



7,356



6,047



6,272



7,356

Restructuring charges









122



173



92



122



173



92

Tariff adjustment



(486)





5,497









(486)





5,497

Rebranding and transformation costs









1,297



619





1,297



619



Merger and acquisition costs









5,589



3,719



7,517



5,589



3,719



7,517

Non-GAAP adjusted operating profit (loss)


$

10,145


$

12,274


$

12,862


$

(444)


$

(43)


$

301


$

9,701


$

12,231


$

13,162

 
















Life Sciences Products


Life Sciences Services



Six Months Ended


Six Months Ended

Dollars in thousands


March 31, 


March 31, 


March 31, 


March 31, 



2022


2021


2022


2021

GAAP operating profit


$

9,208


$

10,878


$

10,084


$

3,572

Adjustments:













Amortization of completed technology



471



553



3,142



3,473

Tariff adjustment







(486)



5,497

Non-GAAP adjusted operating profit


$

9,679


$

11,431


$

12,740


$

12,542

 






















Total Segments


Corporate


Total



Six Months Ended


Six Months Ended


Six Months Ended

Dollars in thousands


March 31, 


March 31, 


March 31, 


March 31, 


March 31, 


March 31, 



2022


2021


2022


2021


2022


2021

GAAP operating profit (loss)


$

19,292


$

14,450


$

(24,325)


$

(23,415)


$

(5,033)


$

(8,965)

Adjustments:



















Amortization of completed technology



3,613



4,026







3,613



4,026

Amortization of customer relationships and acquired intangible assets







12,319



14,261



12,319



14,261

Restructuring charges







296



53



296



53

Tariff adjustment



(486)



5,497







(486)



5,497

Rebranding and transformation costs








1,916






1,916



Merger and acquisition costs







9,308



9,708



9,308



9,708

Non-GAAP adjusted operating profit (loss)


$

22,419


$

23,973


$

(486)


$

607


$

21,933


$

24,580

 

Azenta logo (PRNewsfoto/Azenta)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/azenta-life-sciences-reports-preliminary-results-of-second-quarter-of-fiscal-2022-ended-march-31-2022-301542955.html

SOURCE Azenta, Inc.

FAQ

What were Azenta's preliminary Q2 2022 revenue figures?

Azenta reported preliminary revenue from continuing operations of $146 million for Q2 2022.

How much did Azenta's Life Sciences Services revenue increase in Q2 2022?

Life Sciences Services revenue increased by 19% year-over-year in Q2 2022.

What is Azenta's EPS for continuing operations in Q2 2022?

The diluted EPS from continuing operations for Azenta in Q2 2022 was ($0.02).

What guidance did Azenta provide for Q3 2022?

Azenta expects Q3 2022 revenue to be in the range of $140 million to $150 million.

What impact did the sale of the Semiconductor Automation business have on Azenta's finances?

The sale resulted in improved liquidity, with a total cash balance of $3.0 billion, but Azenta faces approximately $450 million in pending taxes.

Azenta, Inc.

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