Azenta Reports Third Quarter Results for Fiscal 2024, Ended June 30, 2024
Azenta (Nasdaq: AZTA) reported its third-quarter results for fiscal 2024, ending June 30, 2024. The company achieved revenue of $173 million, up 4% YoY, driven by growth in Sample Management Solutions and B Medical Systems. Organic revenue grew by 5% YoY. Non-GAAP diluted EPS from continuing operations increased to $0.16 from $0.13. Adjusted EBITDA rose 39% to $18 million, with a margin of 10.3%. The company repurchased 4.2 million shares for $225.9 million. Azenta revised its FY2024 guidance, lowering revenue expectations to $652-$658 million but raising earnings guidance to $0.30-$0.36 per share. Operating cash flow was $2 million, and the company had $754 million in cash and equivalents at the quarter's end. The company will host an earnings call, accessible on its investor relations website.
Azenta (Nasdaq: AZTA) ha riportato i risultati del terzo trimestre per l'anno fiscale 2024, conclusosi il 30 giugno 2024. L'azienda ha ottenuto entrate di 173 milioni di dollari, in aumento del 4% rispetto all'anno precedente, grazie alla crescita delle soluzioni di gestione dei campioni e dei sistemi medici B. Le entrate organiche sono aumentate del 5% rispetto all'anno precedente. L'EPS diluito non-GAAP da operazioni continuative è aumentato a 0,16 dollari rispetto a 0,13 dollari. L'EBITDA rettificato è cresciuto del 39% fino a 18 milioni di dollari, con un margine del 10,3%. L'azienda ha riacquistato 4,2 milioni di azioni per 225,9 milioni di dollari. Azenta ha aggiornato le previsioni per l'FY2024, riducendo le aspettative di entrate a 652-658 milioni di dollari ma aumentando le previsioni di utili a 0,30-0,36 dollari per azione. Il flusso di cassa operativo è stato di 2 milioni di dollari, e l'azienda aveva 754 milioni di dollari in contanti e equivalenti a fine trimestre. L'azienda ospiterà una conference call sugli utili, accessibile sul suo sito web per le relazioni con gli investitori.
Azenta (Nasdaq: AZTA) informó sobre sus resultados del tercer trimestre para el año fiscal 2024, que finalizó el 30 de junio de 2024. La compañía logró ingresos de 173 millones de dólares, un aumento del 4% en comparación con el año anterior, impulsado por el crecimiento en soluciones de gestión de muestras y sistemas médicos B. Los ingresos orgánicos crecieron un 5% en comparación con el año anterior. El EPS diluido no-GAAP de las operaciones continuas aumentó a 0,16 dólares desde 0,13 dólares. El EBITDA ajustado creció un 39% hasta 18 millones de dólares, con un margen del 10,3%. La compañía recompró 4,2 millones de acciones por 225,9 millones de dólares. Azenta revisó su guía para el FY2024, reduciendo las expectativas de ingresos a 652-658 millones de dólares, pero aumentando la guía de ganancias a 0,30-0,36 dólares por acción. El flujo de efectivo operativo fue de 2 millones de dólares, y la compañía tenía 754 millones de dólares en efectivo y equivalentes al final del trimestre. La compañía realizará una llamada sobre ganancias, accesible en su sitio web de relaciones con inversionistas.
Azenta (Nasdaq: AZTA)는 2024 회계 연도의 3분기 결과를 보고했으며, 해당 분기는 2024년 6월 30일에 종료되었습니다. 회사는 수익으로 1억 7300만 달러를 달성하였으며, 이는 전년 대비 4% 증가한 수치로, 샘플 관리 솔루션과 B 의료 시스템의 성장에 힘입은 것입니다. 유기적 수익은 전년 대비 5% 증가했습니다. 계속 운영에서의 비GAAP 희석 EPS는 0.13달러에서 0.16달러로 증가했습니다. 조정된 EBITDA는 390% 증가하여 1800만 달러에 도달했으며, 마진은 10.3%입니다. 회사는 4.2백만 주를 2억 2590만 달러에 재매입했습니다. Azenta는 FY2024 지침을 수정하였으며, 수익 기대치를 6억 5200만-6억 5800만 달러로 낮추었지만 주당 수익 지침을 0.30-0.36달러로 상향 조정했습니다. 운영 현금 흐름은 200만 달러였으며, 분기 말 기준으로 회사는 7억 5400만 달러의 현금 및 현금 등가물을 보유하고 있습니다. 회사는 투자자 관계 웹사이트에서 접근 가능한 실적 발표 전화 회의를 개최할 예정입니다.
Azenta (Nasdaq: AZTA) a publié ses résultats du troisième trimestre pour l'exercice fiscal 2024, se terminant le 30 juin 2024. L'entreprise a réalisé un chiffre d'affaires de 173 millions de dollars, en hausse de 4 % par rapport à l'année précédente, grâce à la croissance des solutions de gestion des échantillons et des systèmes médicaux B. Le chiffre d'affaires organique a augmenté de 5 % par rapport à l'année précédente. Le EPS dilué non-GAAP des opérations continues est passé de 0,13 à 0,16 dollars. L'EBITDA ajusté a augmenté de 39 % pour atteindre 18 millions de dollars, avec une marge de 10,3 %. L'entreprise a racheté 4,2 millions d'actions pour 225,9 millions de dollars. Azenta a révisé ses prévisions pour l'exercice 2024, abaissant les attentes en matière de chiffre d'affaires à 652-658 millions de dollars tout en augmentant les prévisions de bénéfices à 0,30-0,36 dollars par action. Le flux de trésorerie opérationnel s'élevait à 2 millions de dollars, et l'entreprise disposait de 754 millions de dollars en liquidités et équivalents à la fin du trimestre. L'entreprise organisera une conférence téléphonique sur les résultats, accessible sur son site web destiné aux relations avec les investisseurs.
Azenta (Nasdaq: AZTA) berichtete über die Ergebnisse des dritten Quartals für das Geschäftsjahr 2024, das am 30. Juni 2024 endete. Das Unternehmen erzielte Umsätze von 173 Millionen US-Dollar, was einem Anstieg von 4 % im Vergleich zum Vorjahr entspricht, angetrieben durch das Wachstum der Probemanagementlösungen und B Medical Systems. Der organische Umsatz wuchs um 5 % im Vergleich zum Vorjahr. Der verwässerte EPS ohne GAAP aus fortgeführten Geschäftsbereichen stieg von 0,13 auf 0,16 US-Dollar. Das bereinigte EBITDA stieg um 39 % auf 18 Millionen US-Dollar, mit einer Marge von 10,3 %. Das Unternehmen hat 4,2 Millionen Aktien für 225,9 Millionen US-Dollar zurückgekauft. Azenta hat ihre Prognose für das Geschäftsjahr 2024 überarbeitet und die Umsatzprognose auf 652-658 Millionen US-Dollar gesenkt, die Gewinnprognose jedoch auf 0,30-0,36 US-Dollar pro Aktie angehoben. Der operative Cashflow betrug 2 Millionen US-Dollar, und das Unternehmen hatte zum Ende des Quartals 754 Millionen US-Dollar in bar und Äquivalenten. Das Unternehmen wird eine Telefonkonferenz zu den Ergebnissen durchführen, die auf seiner Website für Investor Relations zugänglich ist.
- Revenue increased by 4% YoY to $173 million.
- Non-GAAP diluted EPS from continuing operations rose to $0.16 from $0.13 YoY.
- Adjusted EBITDA grew 39% to $18 million, with a margin of 10.3%.
- Sample Management Solutions revenue increased by 7% YoY to $81 million.
- B Medical Systems revenue increased by 7% YoY to $29 million.
- Azenta repurchased 4.2 million shares for $225.9 million.
- GAAP diluted EPS from continuing operations fell to ($0.12) from ($0.04) YoY.
- Gross margin declined to 40.0% from 41.0% YoY.
- Operating cash flow was only $2 million, with a negative free cash flow of $5 million.
- Revenue guidance for FY2024 was lowered to $652-$658 million.
- Total organic revenue is expected to decline by 1-2% in FY2024.
Insights
Azenta's Q3 FY2024 results show mixed performance. Revenue grew 4% year-over-year to
The company's profitability improved, with non-GAAP diluted EPS increasing
However, Azenta lowered its full-year revenue guidance while raising earnings guidance. This indicates potential challenges in order timing but improved operational efficiency. The ongoing share repurchase program, with
Azenta's performance reflects broader trends in the life sciences and cold chain markets. The
B Medical Systems'
The company's focus on operational transformation and margin expansion aligns with industry trends towards efficiency and scalability. Investors should monitor how Azenta balances growth investments with profitability improvements in this evolving market landscape.
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 | $ | 166 | 9 | % | 4 | % | ||||||||||
Organic growth | 5 | % | ||||||||||||||||||
Sample Management Solutions | $ | 81 | $ | 74 | $ | 75 | 9 | % | 7 | % | ||||||||||
Multiomics | $ | 64 | $ | 62 | $ | 64 | 2 | % | (0) | % | ||||||||||
B Medical Systems | $ | 29 | $ | 23 | $ | 27 | 25 | % | 7 | % | ||||||||||
Diluted EPS Continuing Operations | $ | (0.12) | $ | (2.47) | $ | (0.04) | 95 | % | nm | |||||||||||
Diluted EPS Total | $ | (0.12) | $ | (2.47) | $ | (0.02) | 95 | % | nm | |||||||||||
Non-GAAP Diluted EPS Continuing Operations | $ | 0.16 | $ | 0.05 | $ | 0.13 | nm | 25 | % | |||||||||||
Adjusted EBITDA - Continuing Operations | $ | 18 | $ | 9 | $ | 13 | 89 | % | 39 | % | ||||||||||
Adjusted EBITDA Margin - Continuing Operations | 10.3 | % | 5.9 | % | 7.8 | % | ||||||||||||||
Management Comments
"We delivered another solid quarter with above market growth, that together with the disciplined execution of our transformation initiatives, contributed to meaningful margin expansion and increased profitability," said Steve Schwartz, President and CEO. "We are delivering not only to outsized growth, but also the operational transformation that will enable long-term scale, efficiency, and profitability for Azenta."
Third Quarter Fiscal 2024 Results
- Revenue was
$173 million 4% year over year. Organic revenue, which excludes the impacts from foreign exchange, was up5% year over year. The year-over-year revenue increase was attributable to higher Sample Management Solutions and B Medical Systems ("B Medical") revenues. The combined Sample Management Solutions and Multiomics business segments grew4% on an organic basis. - Sample Management Solutions revenue was
$81 million 7% year over year.- Organic revenue also grew
7% , mainly driven by higher revenues in Sample Repository Solutions and Core Products, particularly in Large-automated and Cryogenic Stores and in Consumables and Instruments.
- Organic revenue also grew
- Multiomics revenue was
$64 million - Organic revenue grew
1% year over year, primarily driven by growth in Gene Synthesis and Next Generation Sequencing services, offset by a year-over-year decline in Sanger sequencing revenue.
- Organic revenue grew
- B Medical Systems revenue was
$29 million 7% year over year.- Organic revenue grew
8% year over year. The better-than-forecasted revenue in the quarter was mainly due to additional cold chain solutions orders received during the period.
- Organic revenue grew
Summary of GAAP Earnings Results
- Operating loss was
$15 million 8.5% ), up 100 basis points year over year.- Gross margin was
40.0% , compared to41.0% in the third quarter 2023, driven by higher amortization expense and transformation costs in the current period as well as purchase accounting impacts to inventory in the prior year period which did not reoccur, partially offset by higher revenue and operational efficiencies. - Operating expenses were
$84 million $1.4 million
- Gross margin was
- Other income included
$8.0 million $11.3 million - Diluted EPS from continuing operations was (
$0.12 $0.04
Summary of Non-GAAP Earnings Results
- Operating income was
$5 million 2.6% , an improvement of 330 basis points year over year.- Gross margin was
45.2% , down 40 basis points compared to the third quarter 2023. - Operating expense in the quarter was
$74 million 4% year over year, primarily driven by the benefit from cost reduction actions. - Adjusted EBITDA was
$18 million 10.3% , an improvement of 260 basis points year over year.
- Gross margin was
- Diluted EPS was
$0.16 $0.13
Cash and Liquidity as of June 30, 2024
- The Company ended the quarter with a total balance of cash, cash equivalents, restricted cash and marketable securities of
$754 million - Operating cash flow was
$2 million $7 million $5 million
Share Repurchase Program Update
- In the third quarter, the Company repurchased 4.2 million shares for
$225.9 million - As of June 30, 2024, the Company repurchased 25.1 million shares of common stock for
$1.25 billion $1.5 billion
Guidance for Continuing Operations for Full Year Fiscal 2024
- The Company is lowering its revenue guidance while raising its earnings guidance for fiscal year 2024:
- Total revenue is expected to be in the range of
$652 $658 million - Total organic revenue is expected to be in the range of down
2% to down1% relative to fiscal year 2023. - Adjusted EBITDA margin expansion is expected to be approximately 300 basis points.
- Non-GAAP diluted earnings per share is expected to be in the range of
$0.30 $0.36
- Total revenue is expected to be in the range of
Conference Call and Webcast
Azenta management will webcast its third quarter fiscal 2024 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.
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 perspective on the results of business operations, which the Company believes is comparable to the similar analyses provided by its peers. These measures are not presented in accordance with, nor are they a substitute for,
"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 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 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, Barkey, and B Medical Systems.
Azenta is headquartered in
AZENTA INVESTOR CONTACTS:
Yvonne Perron
Vice President, Financial Planning & Analysis and Investor Relations
ir@azenta.com
Sherry Dinsmore
sherry.dinsmore@azenta.com
AZENTA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | ||||||||||||||||
Products | $ | 68,763 | $ | 67,296 | $ | 181,173 | $ | 205,011 | ||||||||
Services | 104,046 | 98,652 | 305,087 | 287,704 | ||||||||||||
Total revenue | 172,809 | 165,948 | 486,260 | 492,715 | ||||||||||||
Cost of revenue | ||||||||||||||||
Products | 47,555 | 42,747 | 126,051 | 136,855 | ||||||||||||
Services | 56,198 | 55,196 | 166,256 | 160,754 | ||||||||||||
Total cost of revenue | 103,753 | 97,943 | 292,307 | 297,609 | ||||||||||||
Gross profit | 69,056 | 68,005 | 193,953 | 195,106 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 7,913 | 8,968 | 25,113 | 25,024 | ||||||||||||
Selling, general and administrative | 73,833 | 75,465 | 230,723 | 241,356 | ||||||||||||
Impairment of goodwill and intangible assets | — | — | 115,975 | — | ||||||||||||
Contingent consideration - fair value adjustments | — | (1,404) | — | (18,549) | ||||||||||||
Restructuring charges | 2,064 | 812 | 10,528 | 3,773 | ||||||||||||
Total operating expenses | 83,810 | 83,841 | 382,339 | 251,604 | ||||||||||||
Operating loss | (14,754) | (15,836) | (188,386) | (56,498) | ||||||||||||
Other income | ||||||||||||||||
Interest income, net | 8,004 | 11,347 | 27,650 | 32,406 | ||||||||||||
Other income (expense), net | (282) | 819 | 650 | (704) | ||||||||||||
Loss before income taxes | (7,032) | (3,670) | (160,086) | (24,796) | ||||||||||||
Income tax benefit | (450) | (1,207) | (900) | (9,107) | ||||||||||||
Loss from continuing operations | (6,582) | (2,463) | (159,186) | (15,689) | ||||||||||||
Income (loss) from discontinued operations, net of tax | — | 993 | — | (1,943) | ||||||||||||
Net loss | $ | (6,582) | $ | (1,470) | $ | (159,186) | $ | (17,632) | ||||||||
Basic net loss per share: | ||||||||||||||||
Loss from continuing operations | $ | (0.12) | $ | (0.04) | $ | (2.90) | $ | (0.23) | ||||||||
Income (loss) from discontinued operations, net of tax | — | 0.02 | — | (0.03) | ||||||||||||
Basic net loss per share | $ | (0.12) | $ | (0.02) | $ | (2.90) | $ | (0.26) | ||||||||
Diluted net loss per share: | ||||||||||||||||
Loss from continuing operations | $ | (0.12) | $ | (0.04) | $ | (2.90) | $ | (0.23) | ||||||||
Income (loss) from discontinued operations, net of tax | — | 0.02 | — | (0.03) | ||||||||||||
Diluted net loss per share | $ | (0.12) | $ | (0.02) | $ | (2.90) | $ | (0.26) | ||||||||
Weighted average shares used in computing net loss per share: | ||||||||||||||||
Basic | 52,963 | 63,432 | 54,914 | 68,494 | ||||||||||||
Diluted | 52,963 | 63,432 | 54,914 | 68,494 | ||||||||||||
AZENTA, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share and per share data) | ||||||||
June 30, | September 30, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 336,543 | $ | 678,910 | ||||
Short-term marketable securities | 259,296 | 338,873 | ||||||
Accounts receivable, net of allowance for expected credit losses ( | 167,613 | 156,535 | ||||||
Inventories | 115,270 | 128,198 | ||||||
Derivative asset | 834 | 13,036 | ||||||
Prepaid expenses and other current assets | 88,102 | 103,404 | ||||||
Total current assets | 967,658 | 1,418,956 | ||||||
Property, plant and equipment, net | 196,124 | 205,744 | ||||||
Long-term marketable securities | 148,086 | 111,338 | ||||||
Long-term deferred tax assets | 1,231 | 571 | ||||||
Goodwill | 679,691 | 784,339 | ||||||
Intangible assets, net | 253,475 | 294,301 | ||||||
Other assets | 77,030 | 70,471 | ||||||
Total assets | $ | 2,323,295 | $ | 2,885,720 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 39,115 | $ | 35,796 | ||||
Deferred revenue | 33,268 | 34,614 | ||||||
Accrued warranty and retrofit costs | 9,351 | 10,223 | ||||||
Accrued compensation and benefits | 31,229 | 33,911 | ||||||
Accrued customer deposits | 20,954 | 17,707 | ||||||
Accrued income taxes payable | 11,705 | 7,378 | ||||||
Short-term operating lease liability | 10,739 | 9,499 | ||||||
Accrued expenses and other current liabilities | 46,213 | 61,800 | ||||||
Total current liabilities | 202,574 | 210,928 | ||||||
Long-term deferred tax liabilities | 58,080 | 67,301 | ||||||
Long-term operating lease liabilities | 60,654 | 60,436 | ||||||
Other long-term liabilities | 11,589 | 12,555 | ||||||
Total liabilities | 332,897 | 351,220 | ||||||
Stockholders' equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 639 | 713 | ||||||
Additional paid-in capital | 758,269 | 1,156,160 | ||||||
Accumulated other comprehensive loss | (44,895) | (62,426) | ||||||
Treasury stock, at cost - 13,546,350 shares at June 30, 2024 and 13,461,869 shares at | (205,438) | (200,956) | ||||||
Retained earnings | 1,481,823 | 1,641,009 | ||||||
Total stockholders' equity | 1,990,398 | 2,534,500 | ||||||
Total liabilities and stockholders' equity | $ | 2,323,295 | $ | 2,885,720 | ||||
AZENTA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) | ||||||||
Nine Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (159,186) | $ | (17,632) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 66,899 | 63,443 | ||||||
Impairment of goodwill and intangible assets | 115,975 | — | ||||||
Non-cash write-offs of assets | 10,745 | — | ||||||
Stock-based compensation | 12,622 | 10,091 | ||||||
Contingent consideration adjustment | — | (18,549) | ||||||
Amortization and accretion on marketable securities | (4,706) | (6,942) | ||||||
Deferred income taxes | (12,478) | (25,149) | ||||||
Purchase accounting impact on inventory | — | 8,737 | ||||||
Loss on disposals of property, plant and equipment | 297 | 37 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (10,923) | 29,028 | ||||||
Inventories | 11,433 | (4,104) | ||||||
Accounts payable | 2,831 | (13,193) | ||||||
Deferred revenue | (1,635) | 2,496 | ||||||
Accrued warranty and retrofit costs | (1,080) | 1,412 | ||||||
Accrued compensation and tax withholdings | (2,825) | (15,830) | ||||||
Accrued restructuring costs | 1,125 | 311 | ||||||
Other assets and liabilities | 7,484 | (36,578) | ||||||
Net cash provided by (used in) operating activities | 36,578 | (22,422) | ||||||
Cash flows from investing activities | ||||||||
Purchases of property, plant and equipment | (25,339) | (29,218) | ||||||
Purchases of marketable securities | (378,275) | (236,194) | ||||||
Sales and maturities of marketable securities | 431,544 | 951,504 | ||||||
Net investment hedge settlement | 1,476 | 29,313 | ||||||
Acquisitions, net of cash acquired | — | (386,508) | ||||||
Net cash provided by investing activities | 29,406 | 328,897 | ||||||
Cash flows from financing activities | ||||||||
Payments of finance leases | (584) | (181) | ||||||
Withholding tax payments on net share settlements on equity awards | — | (4,924) | ||||||
Proceeds from Employee Stock Purchase Plan | 1,678 | — | ||||||
Share repurchases | (412,755) | (672,116) | ||||||
Net cash used in financing activities | (411,661) | (677,221) | ||||||
Effects of exchange rate changes on cash and cash equivalents | 8,495 | 65,610 | ||||||
Net decrease in cash, cash equivalents and restricted cash | (337,182) | (305,136) | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 684,045 | 1,041,296 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 346,863 | $ | 736,160 | ||||
Supplemental disclosures: | ||||||||
Cash paid for income taxes, net | 6,710 | 41,064 | ||||||
Purchases of property, plant and equipment included in accounts payable and accrued expenses | 2,203 | 2,437 | ||||||
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets | ||||||||
June 30, | September 30, | |||||||
2024 | 2023 | |||||||
Cash and cash equivalents of continuing operations | $ | 336,543 | $ | 678,910 | ||||
Short-term restricted cash included in prepaid expenses and other current assets | 2,771 | 4,650 | ||||||
Long-term restricted cash included in other assets | 7,549 | 485 | ||||||
Total cash, cash equivalents and restricted cash shown in the condensed consolidatedstatementsof cash flows | $ | 346,863 | $ | 684,045 | ||||
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, 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 | ||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||||||||||||||
per diluted | per diluted | per diluted | ||||||||||||||||||||||
Amounts in thousands, except per share data | $ | share | $ | share | $ | share | ||||||||||||||||||
Net loss from continuing operations | $ | (6,582) | $ | (0.12) | $ | (136,880) | $ | (2.47) | $ | (2,463) | $ | (0.04) | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Amortization of completed technology | 6,316 | 0.12 | 6,373 | 0.11 | 4,656 | 0.07 | ||||||||||||||||||
Purchase accounting impact on inventory | — | — | — | — | 2,956 | 0.05 | ||||||||||||||||||
Amortization of other intangible assets | 6,621 | 0.13 | 6,654 | 0.12 | 7,522 | 0.12 | ||||||||||||||||||
Transformation costs (1) | 4,255 | 0.08 | 4,446 | 0.08 | 21 | 0.00 | ||||||||||||||||||
Restructuring and restructuring related charges | 2,064 | 0.04 | 7,344 | 0.13 | 812 | 0.01 | ||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 115,975 | 2.09 | — | — | ||||||||||||||||||
Contingent consideration - fair value adjustments | — | — | — | — | (1,404) | (0.02) | ||||||||||||||||||
Merger and acquisition costs and costs related to share repurchase (2) | 74 | 0.00 | 426 | 0.01 | 219 | 0.00 | ||||||||||||||||||
Tax adjustments (3) | (9) | (0.00) | 1,659 | 0.03 | (31) | (0.00) | ||||||||||||||||||
Tax effect of adjustments | (4,000) | (0.09) | (3,200) | (0.06) | (3,947) | (0.06) | ||||||||||||||||||
Non-GAAP adjusted net income from continuing operations | $ | 8,739 | $ | 0.16 | $ | 2,797 | $ | 0.05 | $ | 8,341 | $ | 0.13 | ||||||||||||
Stock based compensation, pre-tax | 3,818 | 0.07 | 5,602 | 0.10 | 3,995 | 0.06 | ||||||||||||||||||
Tax rate | 15 | % | — | 15 | % | — | 15 | % | — | |||||||||||||||
Stock-based compensation, net of tax | 3,245 | 0.07 | 4,762 | 0.09 | 3,396 | 0.05 | ||||||||||||||||||
Non-GAAP adjusted net income excluding stock-based | $ | 11,984 | $ | 0.23 | $ | 7,559 | $ | 0.14 | $ | 11,737 | $ | 0.18 | ||||||||||||
Shares used in computing non-GAAP diluted net income per share | — | 52,963 | — | 55,440 | — | 63,432 | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||||||
per diluted | per diluted | |||||||||||||||
Amounts in thousands, except per share data | $ | share | $ | share | ||||||||||||
Net loss from continuing operations | $ | (159,186) | $ | (2.90) | $ | (15,689) | $ | (0.23) | ||||||||
Adjustments: | ||||||||||||||||
Amortization of completed technology | 18,315 | 0.33 | 13,725 | 0.20 | ||||||||||||
Purchase accounting impact on inventory | — | — | 8,737 | 0.13 | ||||||||||||
Amortization of other intangible assets | 20,136 | 0.37 | 22,403 | 0.33 | ||||||||||||
Transformation costs(1) | 8,742 | 0.16 | (34) | (0.00) | ||||||||||||
Restructuring and restructuring related charges | 10,528 | 0.19 | 3,773 | 0.06 | ||||||||||||
Impairment of goodwill and intangible assets | 115,975 | 2.11 | — | — | ||||||||||||
Contingent consideration - fair value adjustments | — | — | (18,549) | (0.27) | ||||||||||||
Merger and acquisition costs and costs related to share repurchase (2) | 4,821 | 0.09 | 12,075 | 0.18 | ||||||||||||
Indemnification asset release | — | — | (19) | (0.00) | ||||||||||||
Tax adjustments (3) | 3,508 | 0.06 | (1,411) | (0.02) | ||||||||||||
Tax effect of adjustments | (9,888) | (0.18) | (11,881) | (0.17) | ||||||||||||
Non-GAAP adjusted net income from continuing operations | $ | 12,951 | $ | 0.24 | $ | 13,130 | $ | 0.19 | ||||||||
Stock-based compensation, pre-tax | 12,622 | 0.23 | 10,091 | 0.15 | ||||||||||||
Tax rate | 15 | % | — | 15 | % | — | ||||||||||
Stock-based compensation, net of tax | 10,729 | $ | 0.20 | 8,577 | $ | 0.13 | ||||||||||
Non-GAAP adjusted net income excluding stock-based | $ | 23,680 | $ | 0.43 | $ | 21,707 | $ | 0.32 | ||||||||
Shares used in computing non-GAAP diluted net income per share | — | 54,914 | — | 68,494 | ||||||||||||
(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 & 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. Tax adjustments for the nine months ended June 30, 2024 exclude the impact of recording valuation allowance adjustments against |
Quarter Ended | Nine Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
Dollars in thousands | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
GAAP net loss | $ | (6,582) | $ | (136,880) | $ | (1,470) | $ | (159,186) | $ | (17,632) | ||||||||||
Less: Income (loss) from discontinued operations | — | — | 993 | — | (1,943) | |||||||||||||||
GAAP net loss from continuing operations | (6,582) | (136,880) | (2,463) | (159,186) | (15,689) | |||||||||||||||
Adjustments: | ||||||||||||||||||||
Less: Interest income, net | (8,004) | (9,565) | (11,347) | (27,650) | (32,406) | |||||||||||||||
Add / Less: Income tax (benefit) expense | (450) | (260) | (1,207) | (900) | (9,107) | |||||||||||||||
Add: Depreciation | 9,749 | 9,321 | 9,126 | 28,446 | 27,315 | |||||||||||||||
Add: Amortization of completed technology | 6,316 | 6,373 | 4,656 | 18,315 | 13,725 | |||||||||||||||
Add: Amortization of other intangible assets | 6,621 | 6,654 | 7,522 | 20,136 | 22,403 | |||||||||||||||
Earnings before interest, taxes, depreciation and | $ | 7,650 | $ | (124,357) | $ | 6,287 | $ | (120,839) | $ | 6,241 | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
Dollars in thousands | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
Earnings before interest, taxes, depreciation and | $ | 7,650 | $ | (124,357) | $ | 6,287 | $ | (120,839) | $ | 6,241 | ||||||||||
Adjustments: | ||||||||||||||||||||
Add: Stock-based compensation | 3,818 | 5,602 | 3,995 | 12,622 | 10,091 | |||||||||||||||
Add: Purchase accounting impact on inventory | — | — | 2,956 | — | 8,737 | |||||||||||||||
Add: Restructuring and restructuring related charges | 2,064 | 7,344 | 812 | 10,528 | 3,773 | |||||||||||||||
Add: Merger and acquisition costs and costs related to | 74 | 426 | 219 | 4,821 | 12,075 | |||||||||||||||
Add: Impairment of goodwill and intangible assets | — | 115,975 | — | 115,975 | — | |||||||||||||||
Less: Contingent consideration - fair value adjustments | — | — | (1,404) | — | (18,549) | |||||||||||||||
Less: Transformation costs(2) | 4,255 | 4,446 | 21 | 8,742 | (34) | |||||||||||||||
Less: Indemnification asset release | — | — | — | — | (19) | |||||||||||||||
Adjusted earnings before interest, taxes, depreciation and | $ | 17,861 | $ | 9,436 | $ | 12,886 | $ | 31,849 | $ | 22,315 | ||||||||||
(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 & systems re-design. |
Quarter Ended | ||||||||||||||||||||||||
Dollars in thousands | June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||||
GAAP gross profit | $ | 69,056 | 40.0 | % | $ | 63,385 | 39.8 | % | $ | 68,005 | 41.0 | % | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Amortization of completed technology | 6,316 | 3.7 | % | 6,373 | 4.0 | % | 4,656 | 2.8 | % | |||||||||||||||
Purchase accounting impact on inventory | — | — | — | — | 2,956 | 1.8 | % | |||||||||||||||||
Transformation costs(1) | 2,656 | 1.5 | % | 710 | 0.4 | % | — | — | ||||||||||||||||
Non-GAAP adjusted gross profit | $ | 78,028 | 45.2 | % | $ | 70,468 | 44.3 | % | $ | 75,617 | 45.6 | % | ||||||||||||
Nine Months Ended | ||||||||||||||||
Dollars in thousands | June 30, 2024 | June 30, 2023 | ||||||||||||||
GAAP gross profit | $ | 193,953 | 39.9 | % | $ | 195,106 | 39.6 | % | ||||||||
Adjustments: | ||||||||||||||||
Amortization of completed technology | 18,315 | 3.8 | % | 13,725 | 2.8 | % | ||||||||||
Purchase accounting impact on inventory | — | — | 8,737 | 1.8 | % | |||||||||||
Transformation costs(1) | 3,365 | 0.7 | % | — | — | |||||||||||
Non-GAAP adjusted gross profit | $ | 215,633 | 44.3 | % | $ | 217,568 | 44.2 | % | ||||||||
(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 & systems re-design. |
Sample Management Solutions | Multiomics | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | |||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||
GAAP gross profit | $ | 36,279 | 45.0 | % | $ | 32,943 | 44.4 | % | $ | 34,930 | 46.4 | % | $ | 29,199 | 45.9 | % | $ | 27,721 | 44.6 | % | $ | 28,294 | 44.3 | % | ||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of completed technology | 1,010 | 1.3 | % | 1,027 | 1.4 | % | 744 | 1.0 | % | 1,038 | 1.6 | % | 1,040 | 1.7 | % | 1,220 | 1.9 | % | ||||||||||||||||||||||||||||||
Transformation costs(1) | (127) | (0.2) | % | 359 | 0.5 | % | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 37,162 | 46.1 | % | $ | 34,329 | 46.3 | % | $ | 35,674 | 47.4 | % | $ | 30,237 | 47.5 | % | $ | 28,761 | 46.2 | % | $ | 29,514 | 46.2 | % | ||||||||||||||||||||||||
B Medical Systems | Segment Total | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | |||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands | 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||
GAAP gross profit | $ | 3,578 | 12.5 | % | $ | 2,721 | 11.9 | % | $ | 4,781 | 17.9 | % | $ | 69,056 | 40.0 | % | $ | 63,385 | 39.8 | % | $ | 68,005 | 41.0 | % | ||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of completed technology | 4,268 | 15.0 | % | 4,306 | 18.9 | % | 2,692 | 10.1 | % | 6,316 | 3.7 | % | 6,373 | 4.0 | % | 4,656 | 2.8 | % | ||||||||||||||||||||||||||||||
Purchase accounting impact on inventory | — | — | — | — | 2,956 | 11.0 | % | — | — | — | — | 2,956 | 1.8 | % | ||||||||||||||||||||||||||||||||||
Transformation costs(1) | 2,783 | 9.8 | % | 351 | 1.5 | % | — | — | 2,656 | 1.5 | % | 710 | 0.4 | % | — | — | ||||||||||||||||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 10,629 | 37.3 | % | $ | 7,378 | 32.4 | % | $ | 10,429 | 39.0 | % | $ | 78,028 | 45.2 | % | $ | 70,468 | 44.3 | % | $ | 75,617 | 45.6 | % | ||||||||||||||||||||||||
Sample Management Solutions | Multiomics | |||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Dollars in thousands | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||
GAAP gross profit | $ | 102,494 | 43.8 | % | $ | 94,509 | 42.6 | % | $ | 85,391 | 45.3 | % | $ | 83,013 | 44.4 | % | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Amortization of completed technology | 2,853 | 1.2 | % | 2,106 | 0.9 | % | 3,117 | 1.7 | % | 3,661 | 2.0 | % | ||||||||||||||||||||
Transformation costs(1) | 231 | 0.1 | % | — | — | — | — | — | — | |||||||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 105,578 | 45.2 | % | $ | 96,615 | 43.6 | % | $ | 88,508 | 46.9 | % | $ | 86,674 | 46.3 | % | ||||||||||||||||
B Medical Systems | Segment Total | |||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Dollars in thousands | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||
GAAP gross profit | $ | 6,068 | 9.5 | % | $ | 17,584 | 21.0 | % | $ | 193,953 | 39.9 | % | $ | 195,106 | 39.6 | % | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Amortization of completed technology | 12,345 | 19.3 | % | 7,957 | 9.5 | % | 18,315 | 3.8 | % | 13,724 | 2.8 | % | ||||||||||||||||||||
Purchase accounting impact on inventory and contracts acquired | — | — | 8,737 | 10.4 | % | — | — | 8,737 | 1.8 | % | ||||||||||||||||||||||
Transformation costs(1) | 3,134 | 4.9 | % | — | — | 3,365 | 0.7 | % | — | — | ||||||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 21,547 | 33.7 | % | $ | 34,278 | 41.0 | % | $ | 215,633 | 44.3 | % | $ | 217,567 | 44.2 | % | ||||||||||||||||
(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 & systems re-design.
|
Sample Management Solutions | Multiomics | B Medical Systems | ||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | ||||||||||||||||||||||||||||
Dollars in thousands | 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | |||||||||||||||||||||||||||
GAAP operating (loss) profit | $ | 2,469 | $ | (3,005) | $ | 70 | $ | (1,768) | $ | (4,006) | $ | (4,632) | $ | (5,142) | $ | (5,810) | $ | (4,129) | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||
Amortization of completed technology | 1,010 | 1,027 | 744 | 1,038 | 1,040 | 1,220 | 4,268 | 4,306 | 2,692 | |||||||||||||||||||||||||||
Purchase accounting impact on inventory | — | — | — | — | — | — | — | — | 2,956 | |||||||||||||||||||||||||||
Amortization of other intangible assets | 51 | 52 | (1) | — | — | — | — | — | 1 | |||||||||||||||||||||||||||
Transformation costs(1) | (127) | 359 | — | — | — | — | 2,783 | 351 | — | |||||||||||||||||||||||||||
Other adjustment | 1 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Non-GAAP adjusted operating (loss) profit | $ | 3,404 | $ | (1,567) | $ | 813 | $ | (730) | $ | (2,966) | $ | (3,412) | $ | 1,908 | $ | (1,153) | $ | 1,520 | ||||||||||||||||||
Total Segments | Corporate | Total | ||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | ||||||||||||||||||||||||||||
Dollars in thousands | 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | 2023 | |||||||||||||||||||||||||||
GAAP operating loss | $ | (4,441) | $ | (12,821) | $ | (8,691) | $ | (10,313) | $ | (134,134) | $ | (7,145) | $ | (14,754) | $ | (146,955) | $ | (15,836) | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||
Amortization of completed technology | 6,316 | 6,373 | 4,656 | — | — | — | 6,316 | 6,373 | 4,656 | |||||||||||||||||||||||||||
Purchase accounting impact on inventory | — | — | 2,956 | — | — | — | — | — | 2,956 | |||||||||||||||||||||||||||
Amortization of other intangible assets | 51 | 52 | — | 6,570 | 6,602 | 7,522 | 6,621 | 6,654 | 7,522 | |||||||||||||||||||||||||||
Transformation costs(1) | 2,656 | 710 | — | 1,599 | 3,736 | 21 | 4,255 | 4,446 | 21 | |||||||||||||||||||||||||||
Restructuring charges | — | — | — | 2,064 | 7,344 | 812 | 2,064 | 7,344 | 812 | |||||||||||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | — | — | 115,975 | — | — | 115,975 | — | |||||||||||||||||||||||||||
Contingent consideration adjustment | — | — | — | — | — | (1,404) | — | — | (1,404) | |||||||||||||||||||||||||||
Merger and acquisition costs and costs related to share repurchase (2) | — | — | — | 74 | 426 | 219 | 74 | 426 | 219 | |||||||||||||||||||||||||||
Other adjustment | — | — | — | (1) | — | (2) | (1) | — | (2) | |||||||||||||||||||||||||||
Non-GAAP adjusted operating (loss) profit | $ | 4,582 | $ | (5,686) | $ | (1,079) | $ | (7) | $ | (51) | $ | 23 | $ | 4,575 | $ | (5,737) | $ | (1,056) | ||||||||||||||||||
Sample Management | Multiomics | B Medical Systems | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
Dollars in thousands | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
GAAP operating loss | $ | (2,259) | $ | (10,627) | $ | (10,264) | $ | (14,150) | $ | (19,133) | $ | (13,604) | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Amortization of completed technology | 2,853 | 2,106 | 3,117 | 3,661 | 12,345 | 7,957 | ||||||||||||||||||
Purchase accounting impact on inventory | — | — | — | — | — | 8,737 | ||||||||||||||||||
Amortization of other intangibles | 154 | 259 | — | — | — | 1,366 | ||||||||||||||||||
Transformation costs(1) | 231 | — | — | — | 3,134 | — | ||||||||||||||||||
Other adjustment | 2 | 1 | — | 2 | — | — | ||||||||||||||||||
Non-GAAP adjusted operating (loss) profit | $ | 981 | $ | (8,261) | $ | (7,147) | $ | (10,487) | $ | (3,654) | $ | 4,456 | ||||||||||||
Total Segments | Corporate | Total | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
Dollars in thousands | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
GAAP operating loss | $ | (31,656) | $ | (38,381) | $ | (156,730) | $ | (18,117) | $ | (188,386) | $ | (56,498) | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Amortization of completed technology | 18,315 | 13,724 | — | 1 | 18,315 | 13,725 | ||||||||||||||||||
Purchase accounting impact on inventory | — | 8,737 | — | — | — | 8,737 | ||||||||||||||||||
Amortization of other intangibles | 154 | 1,625 | 19,982 | 20,778 | 20,136 | 22,403 | ||||||||||||||||||
Transformation costs(1) | 3,365 | — | 5,377 | (34) | 8,742 | (34) | ||||||||||||||||||
Restructuring and restructuring related charges | — | — | 10,528 | 3,773 | 10,528 | 3,773 | ||||||||||||||||||
Impairment of goodwill and intangible assets | — | — | 115,975 | — | 115,975 | — | ||||||||||||||||||
Contingent consideration - fair value adjustments | — | — | — | (18,549) | — | (18,549) | ||||||||||||||||||
Merger and acquisition costs and costs related to share repurchase (2) | — | — | 4,821 | 12,075 | 4,821 | 12,075 | ||||||||||||||||||
Other adjustment | 2 | 3 | (1) | (3) | 1 | — | ||||||||||||||||||
Non-GAAP adjusted operating loss | $ | (9,820) | $ | (14,292) | $ | (48) | $ | (76) | $ | (9,868) | $ | (14,368) | ||||||||||||
(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 & systems re-design. |
(2) | Includes expenses related to governance-related matters. |
Sample | Multiomics | B Medical | Azenta Total | |||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||
Dollars in millions | 2024 | 2023 | Change | 2024 | 2023 | Change | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 81 | $ | 75 | 7 | % | $ | 64 | $ | 64 | (0) | % | $ | 29 | $ | 27 | 7 | % | $ | 173 | $ | 166 | 4 | % | ||||||||||||||||||||||||
Acquisitions/ | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Currency exchange | (0) | — | 0 | % | (1) | — | 1 | % | (0) | — | 1 | % | (1) | — | 1 | % | ||||||||||||||||||||||||||||||||
Organic revenue | $ | 81 | $ | 75 | 7 | % | $ | 64 | $ | 64 | 1 | % | $ | 29 | $ | 27 | 8 | % | $ | 174 | $ | 166 | 5 | % | ||||||||||||||||||||||||
Sample | Multiomics | B Medical | Azenta Total | |||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||
Dollars in millions | 2024 | 2023 | Change | 2024 | 2023 | Change | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 234 | $ | 222 | 5 | % | $ | 189 | $ | 187 | 1 | % | $ | 64 | $ | 84 | (24) | % | $ | 486 | $ | 493 | (1) | % | ||||||||||||||||||||||||
Acquisitions/ | 1 | — | (1) | % | — | — | — | — | — | — | 1 | — | (0) | % | ||||||||||||||||||||||||||||||||||
Currency exchange | 2 | — | (1) | % | (1) | — | 1 | % | 1 | — | (1) | % | 1 | — | (0) | % | ||||||||||||||||||||||||||||||||
Organic revenue | $ | 231 | $ | 222 | 4 | % | $ | 190 | $ | 187 | 1 | % | $ | 63 | $ | 84 | (24) | % | $ | 484 | $ | 493 | (2) | % | ||||||||||||||||||||||||
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SOURCE Azenta
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