News Releases
Azenta Life Sciences Reports Results of Third Quarter of Fiscal 2022, Ended June 30, 2022

CHELMSFORD, Mass., Aug. 9, 2022 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2022.

 
                                 
   

Quarter Ended

             

Dollars in millions, except per share data

 

June 30, 

 

March 31, 

 

June 30, 

 

Change

     
   

2022

 

2022

 

2021

 

Prior Qtr.

 

Prior Yr.

     

Revenue from Continuing Operations

 

$

133

 

$

146

 

$

129

 

(9)

%

3

%

   

Life Sciences Products

 

$

47

 

$

54

 

$

49

 

(12)

%

(3)

%

   

Life Sciences Services

 

$

85

 

$

92

 

$

80

 

(7)

%

6

%

   
                                 

Diluted EPS Continuing Operations

 

$

(0.09)

 

$

(0.02)

 

$

(0.02)

 

nm

 

nm

     

Diluted EPS Total

 

$

(0.13)

 

$

28.28

 

$

0.53

 

nm

 

nm

     
                                 

Non-GAAP Diluted EPS Continuing Operations

 

$

0.12

 

$

0.12

 

$

0.10

 

0

%

14

%

   

Adjusted EBITDA Continuing Operations

 

$

14

 

$

19

 

$

19

 

(29)

%

(26)

%

   
 
 

Management Comments
"We delivered 6% organic growth year-over-year driven by continued momentum in our storage services and automated ultra-cold storage systems. Despite this, our overall results came in below expectations reflecting lower revenue from consumables and genomics," stated Steve Schwartz, President and CEO. "While these challenges exist over the near-term, we remain confident in the long-term growth and profitability of the business and are focused on delivering the value of Azenta to our customers."

Summary of Q3 GAAP Results

  • Revenue from continuing operations was $133 million, up 3% year over year and down 9% sequentially. Year-over-year organic growth was 6%, which excludes a 3 percentage point headwind from foreign exchange.
  • Revenue from Life Sciences Products declined 3% year over year driven by lower consumables and instruments revenue partially offset by double-digit growth across large automated stores, cryogenic systems and infrastructure services. Excluding the impact of foreign exchange, the Products segment provided 2% organic growth year over year. On a sequential basis, revenue was down 12%.  
  • Life Sciences Services revenue was up 6% year over year, with 19% growth in Sample Repository Solutions driven by growth in storage. Genomics services revenue, which was up 1%, was the result of lower synthesis and Sanger sequencing revenue, partially offset by an increase in next generation sequencing and preclinical & clinical services. Excluding the impact of foreign exchange, the Services segment provided 8% organic growth year over year. On a sequential basis, Services revenue was down 7%.
  • Operating loss was $5.1 million, compared to an operating loss of $4.7 million in the prior quarter. Gross margin was 44.9%, down 380 basis points sequentially while operating expense was $65 million, down from $76 million in the second quarter.
  • Other income included approximately $5 million of net interest income, up $3 million sequentially.
  • Tax expense for the quarter was $7 million.
  • Diluted EPS from continuing operations was ($0.09) per share. Total diluted EPS of ($0.13) includes ($0.03) of diluted EPS from discontinued operations. Discontinued operations include legal expenses and a true-up on the gain on the sale of the Semiconductor Automation business.

Summary of Q3 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 third quarter was $133 million, up 3% year over year.
  • Operating income was $4 million and operating margin was 3.4%, down 530 basis points year over year and down 330 basis points sequentially. Gross margin of 46.3% was lower by 370 basis points year over year and down 330 basis points sequentially. Operating expense in the quarter was $57 million, down $6 million compared to Q2 2022 and up $4 million year over year.
  • Adjusted EBITDA, which excludes stock-based compensation, was $14 million and Adjusted EBITDA margin was 10.4%, down 290 basis points from the previous quarter and down 410 basis points year over year.
  • Diluted EPS for the third quarter was $0.12, flat sequentially and up $0.01 versus one year ago.

Cash and Liquidity

  • The Company ended the third fiscal quarter of 2022 with a total balance of cash, cash equivalents, restricted cash and marketable securities of $2.5 billion. In the quarter, the company paid taxes of approximately $424 million related to the gain on the sale of the Semiconductor Automation business which was sold on February 1, 2022.

Subsequent Events

  • On July 1st, the Company completed the acquisition of Barkey Holding GmbH and its subsidiaries, a leading provider of controlled rate thawing devices for customers in the medical, biotech, and pharmaceutical industries for approximately €80 million in cash.
  • On August 8th, the Company announced it entered into a definitive agreement to acquire B Medical Systems S.a.r.l ("B Medical"), a global leader in temperature-controlled storage and transportation solutions. The total cash due at closing will be approximately €410 million. The transaction is expected to close in October 2022.

Guidance for Continuing Operations for Fourth Quarter Fiscal 2022
The Company announced revenue and earnings guidance for continuing operations for the fourth quarter of fiscal 2022. Revenue is expected to be in the range of $131 million to $141 million and non-GAAP diluted earnings per share is expected to be in the range of $0.04 to $0.12. GAAP diluted earnings per share from continuing operations is expected to be in the range of ($0.11) to ($0.03)

Conference Call and Webcast
Azenta management will webcast its third 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. The conference call will be extended to accommodate time for a review of third quarter results, highlights of the acquisition of B Medical Systems, and a Q&A session. 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 800-954-0586 (US & Canada only) or +1-212-231-2901 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. 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, the expected timing of the completion of our acquisition of B Medical, 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
Head of Investor Relations
978.262.2635
ir@azenta.com

Sherry Dinsmore
978.262.2400
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, 

     
 

2022

 

2021

   

2022

 

2021

     
                               

Revenue

                             

Products

$

42,688

 

$

44,169

   

$

138,006

 

$

131,864

     

Services

 

90,047

   

84,918

     

279,925

   

244,900

     

Total revenue

 

132,735

   

129,087

     

417,931

   

376,764

     

Cost of revenue

                             

Products

 

24,090

   

23,603

     

73,565

   

69,183

     

Services

 

49,045

   

43,053

     

146,897

   

129,915

     

Total cost of revenue

 

73,135

   

66,656

     

220,462

   

199,098

     

Gross profit

 

59,600

   

62,431

     

197,469

   

177,666

     

Operating expenses

                             

Research and development

 

6,515

   

5,489

     

19,895

   

15,813

     

Selling, general and administrative

 

58,133

   

57,825

     

187,361

   

171,648

     

Restructuring charges

 

25

   

     

319

   

53

     

Total operating expenses

 

64,673

   

63,314

     

207,575

   

187,514

     

Operating loss

 

(5,073)

   

(883)

     

(10,106)

   

(9,847)

     

Interest income

 

6,822

   

409

     

9,933

   

503

     

Interest expense

 

(2,101)

   

(477)

     

(4,111)

   

(1,485)

     

Loss on extinguishment of debt

 

   

     

(632)

   

     

Other income (expenses), net

 

630

   

(1,651)

     

(1,617)

   

(263)

     

Income (loss) before income taxes

 

278

   

(2,602)

     

(6,533)

   

(11,092)

     

Income tax provision (benefit)

 

7,293

   

(760)

     

(560)

   

(4,620)

     

Loss from continuing operations

 

(7,015)

   

(1,842)

     

(5,973)

   

(6,472)

     

(Loss) income from discontinued operations, net of tax

$

(2,555)

 

$

41,008

   

$

2,159,597

 

$

95,414

     

Net (loss) income

 

(9,570)

   

39,166

     

2,153,624

   

88,942

     

Basic net (loss) income per share:

$

                           

Loss from continuing operations

$

(0.09)

 

$

(0.02)

   

$

(0.08)

 

$

(0.09)

     

(Loss) income from discontinued operations, net of tax

$

(0.03)

 

$

0.55

   

$

28.84

 

$

1.29

     

Basic net (loss) income per share

 

(0.13)

   

0.53

     

28.76

   

1.20

     

Diluted net (loss) income per share:

                             

Loss from continuing operations

$

(0.09)

 

$

(0.02)

   

$

(0.08)

 

$

(0.09)

     

(Loss) income from discontinued operations, net of tax

$

(0.03)

 

$

0.55

   

$

28.84

 

$

1.29

     

Diluted net (loss) income per share

 

(0.13)

   

0.53

     

28.76

   

1.20

     

Weighted average shares used in computing net income per share:

                             

Basic

 

74,989

   

74,296

     

74,879

   

74,195

     

Diluted

 

74,989

   

74,296

     

74,879

   

74,195

     

 

AZENTA, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share data)

           
 

June 30, 

 

September 30,

 

2022

 

2021

           

Assets

         

Current assets

         

Cash and cash equivalents

$

1,474,189

 

$

227,427

Marketable securities

 

709,063

   

81

Accounts receivable, net

 

150,274

   

119,877

Inventories

 

81,213

   

60,398

Prepaid expenses and other current assets

 

160,557

   

58,198

Current assets held for sale

 

   

311,385

Total current assets

 

2,575,296

   

777,366

Property, plant and equipment, net

 

154,596

   

130,719

Long-term marketable securities

 

312,027

   

3,598

Long-term deferred tax assets

 

1,926

   

10,043

Goodwill

 

464,885

   

469,356

Intangible assets, net

 

160,691

   

186,534

Other assets

 

53,296

   

58,068

Non-current assets held for sale

 

   

183,828

Total assets

$

3,722,717

 

$

1,819,512

Liabilities and Stockholders' Equity

         

Current liabilities

         

Accounts payable

$

34,576

 

$

42,360

Deferred revenue

 

33,132

   

25,724

Accrued warranty and retrofit costs

 

2,524

   

2,330

Accrued compensation and benefits

 

44,279

   

33,183

Accrued restructuring costs

 

169

   

304

Accrued income taxes payable

 

7,095

   

8,711

Accrued expenses and other current liabilities

 

72,881

   

103,537

Current liabilities held for sale

 

271

   

128,939

Total current liabilities

 

194,927

   

345,088

Long-term debt

 

   

49,677

Long-term tax reserves

 

1,681

   

1,973

Long-term deferred tax liabilities

 

44,286

   

13,030

Long-term pension liabilities

 

698

   

705

Long-term operating lease liabilities

 

46,719

   

45,088

Other long-term liabilities

 

6,620

   

6,173

Non-current liabilities held for sale

 

   

32,444

Total liabilities

 

294,931

   

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, 88,451,223 shares issued and
74,989,354 shares outstanding at June 30, 2022, 87,808,922 shares issued and 74,347,053 shares
outstanding at September 30, 2021

 

885

   

878

Additional paid-in capital

 

1,990,281

   

1,976,112

Accumulated other comprehensive income

 

(38,493)

   

19,351

Treasury stock at cost - 13,461,869 shares

 

(200,956)

   

(200,956)

Retained earnings (accumulated deficit)

 

1,676,069

   

(470,051)

Total stockholders' equity

 

3,427,786

   

1,325,334

Total liabilities and stockholders' equity

$

3,722,717

 

$

1,819,512

 

 

AZENTA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands, except share and per share data)

   

Nine Months Ended

   

June 30, 

   

2022

 

2021

Cash flows from operating activities

           

Net income

 

$

2,153,624

 

$

88,942

Adjustments to reconcile net income to net cash provided by operating activities:

           

Depreciation and amortization

   

38,813

   

48,684

Stock-based compensation

   

10,715

   

20,277

Amortization of deferred financing costs and unrealized gains/losses on investments

   

(7,048)

   

169

Deferred income taxes

   

24,207

   

(10,293)

Loss on extinguishment of debt

   

632

   

(Gain) loss on disposals of property, plant and equipment

   

(100)

   

Gain on divestiture, net of tax

   

(2,128,761)

   

225

Adjustment to the gain on divestiture of semiconductor cryogenics business, net of tax

   

   

948

Fees paid stemming from divestiture

   

(52,461)

   

Taxes paid stemming from divestiture

   

(431,600)

   

Changes in operating assets and liabilities, net of acquisitions and divestiture:

           

Accounts receivable

   

(16,298)

   

(40,286)

Inventories

   

(61,345)

   

(32,532)

Prepaid expenses and other assets

   

(61,692)

   

4,000

Accounts payable

   

(8,320)

   

23,327

Deferred revenue

   

8,580

   

(1,564)

Accrued warranty and retrofit costs

   

(28)

   

(286)

Accrued compensation and tax withholdings

   

13,835

   

(338)

Accrued restructuring costs

   

(126)

   

(153)

Accrued expenses and other liabilities

   

41,693

   

21,626

Net cash (used in) provided by operating activities

 

$

(475,680)

 

$

122,745

Cash flows from investing activities

           

Purchases of property, plant and equipment

   

(59,730)

   

(34,606)

Purchases of technology intangibles

   

(4,000)

   

Purchases of marketable securities

   

(1,525,993)

   

(100)

Sales and maturities of marketable securities

   

503,505

   

50

Proceeds from divestiture, net of cash transferred

   

2,926,286

   

Acquisitions, net of cash acquired

   

   

(94,178)

Net cash provided by (used in) investing activities

 

$

1,840,068

 

$

(128,834)

Cash flows from financing activities

           

Proceeds from issuance of common stock

   

3,461

   

2,583

Principal payments on debt

   

(49,725)

   

(828)

Payments of finance leases

   

(355)

   

(915)

Payment for contingent consideration related to acquisition

   

(10,400)

   

Common stock dividends paid

   

(7,494)

   

(22,288)

Net cash used in financing activities

 

$

(64,513)

 

$

(21,448)

Effects of exchange rate changes on cash and cash equivalents

   

(98,972)

   

7,582

Net increase (decrease) in cash, cash equivalents and restricted cash

   

1,200,903

   

(19,955)

Cash, cash equivalents and restricted cash, beginning of period

   

285,333

   

257,526

Cash, cash equivalents and restricted cash, end of period

 

$

1,486,236

 

$

237,571

             
   

June 30, 

 

September 30,

   

2022

 

2021

Cash and cash equivalents of continuing operations

 

$

1,474,189

 

$

227,427

Cash and cash equivalents included in assets held for sale

   

   

45,000

Short-term restricted cash included in prepaid expenses and other current assets

   

11,564

   

7,145

Long-term restricted cash included in other assets

   

483

   

5,761

Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows

 

$

1,486,236

 

$

285,333

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

   

June 30, 2022

 

March 31, 2022

 

June 30, 2021

       

per diluted

     

per diluted

     

per diluted

Dollars in thousands, except per share data    

 

$

 

share

 

$

 

share

 

$

 

share

Net loss from continuing operations

 

$

(7,015)

 

$

(0.09)

 

$

(1,816)

 

$

(0.02)

 

$

(1,842)

 

$

(0.02)

Adjustments:

                                   

Amortization of intangible assets

   

7,557

   

0.10

   

7,887

   

0.11

   

9,570

   

0.13

Restructuring charges

   

23

   

0.00

   

122

   

0.00

   

   

Tariff adjustment

   

   

   

(486)

   

(0.01)

   

(83)

   

(0.00)

Merger and acquisition costs

   

1,662

   

0.02

   

5,589

   

0.07

   

2,526

   

0.03

Rebranding and transformation costs

   

289

   

0.00

   

1,297

   

0.02

   

   

Loss on extinguishment of debt

   

   

   

632

   

0.01

   

   

Tax adjustments (1)

   

8,417

   

0.11

   

(900)

   

(0.01)

   

682

   

0.01

Tax effect of adjustments 

   

(2,143)

   

(0.03)

   

(3,580)

   

(0.05)

   

(3,191)

   

(0.04)

Non-GAAP adjusted net income from continuing operations

 

$

8,790

 

$

0.12

 

$

8,745

 

$

0.12

 

$

7,662

 

$

0.10

   Stock based compensation, pre-tax

   

3,485

   

0.05

   

5,549

   

0.07

   

4,344

   

0.06

   Tax rate

   

15

%

 

   

15

%

 

   

15

%

 

Stock-based compensation, net of tax

   

2,962

   

0.04

   

4,717

   

0.06

   

3,692

   

0.05

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

 

$

11,752

 

$

0.16

 

$

13,462

 

$

0.18

 

$

11,354

 

$

0.15

                                     

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

   

   

74,989

   

   

74,958

   

   

74,296

 

 

                           
     

Nine Months Ended

     

June 30, 2022

 

June 30, 2021

         

per diluted

     

per diluted

Dollars in thousands, except per share data    

   

$

 

share

 

$

 

share

Net loss from continuing operations

   

$

(5,973)

 

$

(0.08)

 

$

(6,472)

 

$

(0.09)

Adjustments:

                         

Amortization of intangible assets

     

23,488

   

0.31

   

27,857

   

0.38

Restructuring charges

     

319

   

0.00

   

53

   

0.00

Tariff adjustment

     

(484)

   

(0.01)

   

5,414

   

0.07

Merger and acquisition costs

     

10,970

   

0.15

   

12,234

   

0.16

Rebranding and transformation costs

     

2,205

   

0.03

   

   

Loss on extinguishment of debt

     

632

   

0.01

   

   

Tax adjustments (1)

     

3,619

   

0.05

   

(863)

   

(0.01)

Tax effect of adjustments

     

(8,329)

   

(0.11)

   

(11,058)

   

(0.15)

Non-GAAP adjusted net income from continuing operations

   

$

26,447

 

$

0.35

 

$

27,165

 

$

0.37

Stock-based compensation, pre-tax

     

12,492

   

0.17

   

14,913

   

0.20

Tax rate

     

15

%

 

   

15

%

 

Stock-based compensation, net of tax

     

10,618

 

$

0.14

   

12,676

   

0.17

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

   

$

37,065

 

$

0.49

 

$

39,841

 

$

0.54

                           

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

     

   

74,879

   

   

74,195

(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 ended June 30, 2022, include a $6.7M increase to
expense related to the exclusion of allocations between continuing operations and discontinued operations.

 

                               
   

Quarter Ended

 

Nine Months Ended

   

June 30, 

 

March 31, 

 

June 30, 

 

June 30, 

 

June 30, 

Dollars in thousands

 

2022

 

2022

 

2021

 

2022

 

2021

GAAP net (loss) income

 

$

(9,570)

 

$

2,119,874

 

$

39,166

 

$

2,153,624

 

$

88,942

Less: Income from discontinued operations

   

2,555

   

(2,121,690)

   

(41,008)

   

(2,159,597)

   

(95,414)

GAAP net (loss) income from continuing operations

   

(7,015)

   

(1,816)

   

(1,842)

   

(5,973)

   

(6,472)

Adjustments:

                             

Less: Interest income

   

(6,822)

   

(3,076)

   

(409)

   

(9,933)

   

(503)

Add: Interest expense

   

2,101

   

1,555

   

477

   

4,111

   

1,485

Add / Less: Income tax provision (benefit)

   

7,293

   

(3,173)

   

(760)

   

(560)

   

(4,620)

Add: Depreciation

   

5,253

   

5,316

   

4,873

   

15,777

   

14,434

Add: Amortization of completed technology

   

1,810

   

1,840

   

2,173

   

5,424

   

6,200

Add: Amortization of customer relationships and acquired intangible assets

   

5,745

   

6,047

   

7,396

   

18,064

   

21,657

Add: Loss on extinguishment of debt

   

   

632

   

   

632

   

Earnings before interest, taxes, depreciation and amortization - Continuing operations

 

$

8,365

 

$

7,325

 

$

11,908

 

$

27,542

 

$

32,181

  

                               
   

Quarter Ended

 

Nine Months Ended

   

June 30, 

 

March 31, 

 

June 30, 

 

June 30, 

 

June 30, 

Dollars in thousands

 

2022

 

2022

 

2021

 

2022

 

2021

Earnings before interest, taxes, depreciation and amortization - Continuing operations

 

$

8,365

 

$

7,325

 

$

11,908

 

$

27,542

 

$

32,181

Adjustments:

                             

Add: Stock-based compensation

   

3,485

   

5,549

   

4,344

   

12,492

   

14,913

Add: Restructuring charges

   

23

   

122

   

   

319

   

53

Add: Merger and acquisition costs

   

1,664

   

5,589

   

2,526

   

10,970

   

12,234

Add: Tariff adjustment

   

   

(486)

   

(83)

   

(484)

   

5,414

Add: Rebranding and transformation costs

   

289

   

1,297

   

   

2,205

   

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

 

$

13,826

 

$

19,396

 

$

18,695

 

$

53,044

 

$

64,795

 

                                     
   

Quarter Ended

 

Dollars in thousands

 

June 30, 2022

   

March 31, 2022

   

June 30, 2021

 

GAAP gross profit

 

$

59,600

 

44.9

%

 

$

70,825

 

48.7

%

 

$

62,431

 

48.4

%

Adjustments:

                                   

Amortization of completed technology

   

1,812

 

1.4

     

1,840

 

1.3

     

2,173

 

1.7

 

Tariff adjustment

   

 

     

(486)

 

(0.3)

     

(83)

 

(0.1)

 

Non-GAAP adjusted gross profit

 

$

61,412

 

46.3

%

 

$

72,179

 

49.6

%

 

$

64,521

 

50.0

%

                                     

 

                                                                         
   

 Life Sciences Products

 

Life Sciences Services

   

Quarter Ended

 

Quarter Ended

Dollars in thousands

 

June 30, 
2022

   

March 31, 
2022

   

June 30, 
2021

   

June 30, 
2022

   

March 31, 
2022

   

June 30, 
2021

 

GAAP gross profit

 

$

21,026

 

44.4

%

 

$

26,290

 

49.0

%

 

$

22,655

 

46.6

%

 

$

38,564

 

45.2

%

 

$

44,535

 

48.4

%

 

$

39,772

 

49.4

%

Adjustments:

                                                                       

Amortization of completed technology

   

251

 

0.5

     

267

 

0.5

     

432

 

0.9

     

1,562

 

1.8

     

1,572

 

1.7

     

1,742

 

2.2

 

Tariff adjustment

   

 

     

 

     

 

     

 

     

(486)

 

(0.5)

     

(83)

 

(0.1)

 

Non-GAAP adjusted gross profit

 

$

21,277

 

44.9

%

 

$

26,557

 

49.5

%

 

$

23,087

 

47.5

%

 

$

40,126

 

47.0

%

 

$

45,621

 

49.6

%

 

$

41,431

 

51.5

%

                                                                         

 

                         
   

Nine Months Ended

 

Dollars in thousands

 

June 30, 2022

   

June 30, 2021

 

GAAP gross profit

 

$

197,469

 

47.2

%

 

$

177,666

 

47.2

%

Adjustments:

                       

Amortization of completed technology

   

5,424

 

1.3

     

6,200

 

1.6

 

Tariff adjustment

   

(486)

 

(0.1)

     

5,414

 

1.4

 

Non-GAAP adjusted gross profit

 

$

202,407

 

48.4

%

 

$

189,280

 

50.2

%

 

                                               
   

Life Sciences Products

Life Sciences Services

   

Nine Months Ended

Nine Months Ended

Dollars in thousands

 

June 30, 2022

 

June 30, 2021

June 30, 2022

 

June 30, 2021

GAAP gross profit

 

$

70,006

 

46.4

%

 

$

67,232

 

45.9

%

$

127,466

 

47.7

%

 

$

110,431

 

48.0

%

Adjustments:

                                             

Amortization of completed technology

   

722

 

0.5

     

985

 

0.7

   

4,702

 

1.8

     

5,215

 

2.3

 

Tariff adjustment

   

 

     

 

   

(484)

 

(0.2)

     

5,414

 

2.4

 

Non-GAAP adjusted gross profit

 

$

70,728

 

46.9

%

 

$

68,217

 

46.6

%

$

131,684

 

49.3

%

 

$

121,060

 

52.6

%

                                               

  

                                     
   

 Life Sciences Products

 

Life Sciences Services

   

Quarter Ended

 

Quarter Ended

   

June 30, 

 

March 31, 

 

June 30, 

 

June 30, 

 

March 31, 

 

June 30, 

Dollars in thousands

 

2022

 

2022

 

2021

 

2022

 

2022

 

2021

GAAP operating loss

 

$

1,965

 

$

5,021

 

$

4,629

 

$

688

 

$

3,770

 

$

4,115

Adjustments:

                                   

Amortization of completed technology

   

251

   

267

   

431

   

1,562

   

1,572

   

1,742

Tariff adjustment

   

   

   

   

   

(486)

   

(83)

Non-GAAP adjusted operating profit

 

$

2,216

 

$

5,288

 

$

5,060

 

$

2,250

 

$

4,856

 

$

5,774

 

                                                       
   

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

 

2022

 

2022

 

2021

 

2022

 

2022

 

2021

 

2022

 

2022

 

2021

GAAP operating profit (loss)

 

$

2,653

 

$

8,791

 

$

8,744

 

$

(7,726)

 

$

(13,499)

 

$

(9,627)

 

$

(5,073)

 

$

(4,708)

 

$

(883)

Adjustments:

         

                                         

Amortization of completed technology

   

1,813

   

1,840

   

2,173

   

   

   

   

1,813

   

1,840

   

2,173

Amortization of customer relationships and acquired intangible assets

   

   

   

   

5,745

   

6,047

   

7,396

   

5,745

   

6,047

   

7,396

Restructuring charges

   

   

   

   

25

   

122

   

   

25

   

122

   

Tariff adjustment

   

   

(486)

   

(83)

   

   

   

   

   

(486)

   

(83)

Rebranding and transformation costs

   

   

   

   

289

   

1,297

   

   

289

   

1,297

   

Merger and acquisition costs

   

   

   

   

1,662

   

5,589

   

2,527

   

1,662

   

5,589

   

2,527

Non-GAAP adjusted operating profit (loss)

 

$

4,466

 

$

10,145

 

$

10,834

 

$

(5)

 

$

(444)

 

$

296

 

$

4,461

 

$

9,701

 

$

11,130

 

                         
   

Life Sciences Products

 

Life Sciences Services

   

Nine Months Ended

 

Nine Months Ended

Dollars in thousands

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

   

2022

 

2021

 

2022

 

2021

GAAP operating profit

 

$

11,173

 

$

15,501

 

$

10,772

 

$

7,687

Adjustments:

                       

Amortization of completed technology

   

722

   

985

   

4,702

   

5,215

Tariff adjustment

   

   

   

(484)

   

5,414

Non-GAAP adjusted operating profit

 

$

11,895

 

$

16,486

 

$

14,990

 

$

18,316

 

                                     
   

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, 

   

2022

 

2021

 

2022

 

2021

 

2022

 

2021

GAAP operating profit (loss)

 

$

21,945

 

$

23,188

 

$

(32,052)

 

$

(33,036)

 

$

(10,107)

 

$

(9,848)

Adjustments:

                                   

Amortization of completed technology

   

5,424

   

6,200

   

   

   

5,424

   

6,200

Amortization of customer relationships and acquired intangible assets

   

   

   

18,064

   

21,657

   

18,064

   

21,657

Restructuring charges

   

   

   

319

   

53

   

319

   

53

Tariff adjustment

   

(484)

   

5,414

   

   

   

(484)

   

5,414

Rebranding and transformation costs

   

   

   

2,205

   

   

2,205

   

Merger and acquisition costs

   

   

   

10,970

   

12,234

   

10,970

   

12,234

Non-GAAP adjusted operating profit (loss)

 

$

26,885

 

$

34,802

 

$

(494)

 

$

908

 

$

26,391

 

$

35,710

 

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