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

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

 

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