Business
Azenta Reports First Quarter Results for Fiscal 2024, Ended December 31, 2023
BURLINGTON, Mass., Feb. 7, 2024 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the first quarter ended December 31, 2023.
About this update from Azenta, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Feb. 7, 2024 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the first quarter ended December 31, 2023.\nQuarter Ended\nDollars in millions, except per share data\nDecember 31, \nSeptember 30, \nDecember 31, \nChange\n2023\n2023\n2022\nPrior Qtr\nPrior Yr.\nRevenue from Continuing Operations\n$\n154\n$\n172\n$\n178\n(10)\n%\n(13)\n%\n Organic growth\n(15)\n%\nSample Management Solutions\n$\n79\n$\n82\n$\n75\n(3)\n%\n5\n%\nMultiomics\n$\n63\n$\n61\n$\n61\n3\n%\n3\n%\nB Medical Systems\n$\n13\n$\n29\n$\n42\n(57)\n%\n(70)\n%\nDiluted EPS Continuing Operations\n$\n(0.28)\n$\n0.05\n$\n(0.15)\n(690)\n%\n(79)\n%\nDiluted EPS Total\n$\n(0.28)\n$\n0.06\n$\n(0.15)\n(591)\n%\n(79)\n%\nNon-GAAP Diluted EPS Continuing Operations\n$\n0.02\n$\n0.13\n$\n0.12\n(80)\n%\n(80)\n%\nAdjusted EBITDA - Continuing Operations\n$\n5\n$\n8\n$\n12\n(43)\n%\n(62)\n%\nAdjusted EBITDA Margin - Continuing Operations\n3.0 %\n4.6 %\n6.7 %\n \nManagement Comments \"First quarter results came in ahead of expectations as we continued to deliver against our objectives on the top and bottom line,\" stated Steve Schwartz, President and CEO. \"We have made good progress on our cost reduction initiatives and are seeing the benefits of these actions. This quarter marked our third consecutive quarter of positive free cash flow. Even in a softer market environment, we remain positive about our position as we move through fiscal 2024, and we believe that the actions we have taken over the past several months will allow us to continue to outgrow the market.\" \nFirst Quarter Fiscal 2024 Results\nRevenue was $154 million, down 13% year over year. Organic revenue declined 15% year over year, which excludes the impacts of foreign exchange tailwinds of 1% and a 1% contribution from acquisitions. The year-over-year revenue decline was mainly attributable to lower B Medical Systems (\"B Medical\") revenue. The combined Sample Management Solutions and Multiomics business segments grew 2% on an organic basis. In addition, the Consumables and Instruments (\"C&I\") business remained a headwind to growth in the first quarter on a year-over-year basis. Excluding B Medical and C&I, revenue grew 5% on an organic basis. Sample Management Solutions revenue was $79 million, up 5% year over year.Organic revenue, which excludes the impacts fro...