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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.
About this update from Azenta, Inc.
[{"type":"text","content":"CHELMSFORD, Mass., Aug. 9, 2022 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2022.\nQuarter Ended\nDollars in millions, except per share data\nJune 30, \nMarch 31, \nJune 30, \nChange\n2022\n2022\n2021\nPrior Qtr.\nPrior Yr.\nRevenue from Continuing Operations\n$\n133\n$\n146\n$\n129\n(9)\n%\n3\n%\nLife Sciences Products\n$\n47\n$\n54\n$\n49\n(12)\n%\n(3)\n%\nLife Sciences Services\n$\n85\n$\n92\n$\n80\n(7)\n%\n6\n%\nDiluted EPS Continuing Operations\n$\n(0.09)\n$\n(0.02)\n$\n(0.02)\nnm\nnm\nDiluted EPS Total\n$\n(0.13)\n$\n28.28\n$\n0.53\nnm\nnm\nNon-GAAP Diluted EPS Continuing Operations\n$\n0.12\n$\n0.12\n$\n0.10\n0\n%\n14\n%\nAdjusted EBITDA Continuing Operations\n$\n14\n$\n19\n$\n19\n(29)\n%\n(26)\n%\nManagement 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.\"\nSummary of Q3 GAAP Results \nRevenue 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 yea...