Business
Azenta Life Sciences Reports Results of First Quarter of Fiscal 2022, Ended December 31, 2021
Continued Double-Digit Growth, Healthy End Markets, and a Strong Balance Sheet CHELMSFORD, Mass., Feb. 8, 2022 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA)
About this update from Azenta, Inc.
[{"type":"text","content":"Continued Double-Digit Growth, Healthy End Markets, and a Strong Balance Sheet\n\n\nCHELMSFORD, Mass., Feb. 8, 2022 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the fiscal quarter ended December 31, 2021.\nSummary of Results\nResults of continuing operations reflect the Life Sciences business. Due to the agreement reached in the fourth fiscal quarter of 2021 to divest the semiconductor automation business, the results of the semiconductor automation business are treated as discontinued operations and reflected in total diluted EPS.\nQuarter Ended\nDollars in millions, except per share data\nDecember 31, \nSeptember 30, \nDecember 31, \nChange\n2021\n2021\n2020\nPrior Qtr.\nPrior Yr.\nRevenue from Continuing Operations\n$\n140\n$\n137\n$\n118\n2\n%\n18\n%\nLife Sciences Products\n$\n50\n$\n53\n$\n46\n(6)\n%\n10\n%\nLife Sciences Services\n$\n90\n$\n84\n$\n73\n7\n%\n24\n%\nDiluted EPS Continuing Operations\n$\n0.04\n$\n(0.30)\n$\n0.04\n113\n%\n5\n%\nDiluted EPS Total\n$\n0.58\n$\n0.29\n$\n0.35\n98\n%\n65\n%\nNon-GAAP Diluted EPS Continuing Operations\n$\n0.12\n$\n0.12\n$\n0.13\n1\n%\n(5)\n%\nAdjusted EBITDA Continuing Operations\n$\n20\n$\n21\n$\n22\n(7)\n%\n(11)\n%\nManagement Comments \n\"Fiscal 2022 started strong with continued robust demand for our product and service offerings,\" stated Steve Schwartz, President and CEO. \"Azenta is winning and executing around the globe, while expanding and deepening customer relationships as a critical part of their end-to-end processes. With the closing of the sale of the semiconductor business on February 1st, we are now a standalone life sciences company with a strong balance sheet to pursue strategic growth opportunities.\" \nSummary of Q1 GAAP Results \nRevenue from continuing operations for the first quarter was $140 million, up 18% year over year. Year-over-year organic growth was 16%. Revenue from Life Sciences Products grew 10% year over year driven by strength in automated ultra-cold storage systems, and Life Sciences Services was up 24% with more than 20% growth in both Sample Repository Solutions and Genomic Services. Operating loss for the first quarter was $0.3 million. Gross margin was 48.0% and operating expense of $67.4 million included approximately $3.7 million of professional fees in support of M&A initiatives. We recorded a net benef...