Business
Azenta Reports Fourth Quarter and Full Year Fiscal 2023 Results, Ended September 30, 2023
Q4'23 reported revenue growth of 25% year over year and 2% on an organic basisFY'23 reported revenue growth of 20% and down 1% on an organic basisQ4'23
About this update from Azenta, Inc.
[{"type":"text","content":"Q4'23 reported revenue growth of 25% year over year and 2% on an organic basisFY'23 reported revenue growth of 20% and down 1% on an organic basisQ4'23 generated positive free cash flow for the second consecutive quarterFiscal 2024 organic revenue growth expected to be 5-8% Committing to an additional $500 million in share repurchases in Fiscal 2024 BURLINGTON, Mass., Nov. 13, 2023 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the fourth quarter and fiscal year ended September 30, 2023.\nQuarter Ended\nYear Ended\nDollars in millions, except per share data\nSeptember 30, \nSeptember 30, \nSeptember 30, \nSeptember 30, \n2023\n2022\nChange\n2023\n2022\nChange\nRevenue from Continuing Operations\n$\n172\n$\n138\n25\n%\n$\n665\n$\n555\n20\n%\n Organic growth\n2\n%\n(1)\n%\nLife Sciences Products\n$\n82\n$\n48\n70\n%\n$\n305\n$\n199\n53\n%\nLife Sciences Services\n$\n90\n$\n89\n1\n%\n$\n360\n$\n356\n1\n%\nDiluted EPS Continuing Operations\n$\n0.05\n$\n(0.07)\n166\n%\n$\n(0.19)\n$\n(0.15)\n(29)\n%\nDiluted EPS Total\n$\n0.06\n$\n(0.28)\n120\n%\n$\n(0.22)\n$\n28.48\n(101)\n%\nNon-GAAP Diluted EPS Continuing Operations\n$\n0.13\n$\n0.16\n(19)\n%\n$\n0.31\n$\n0.51\n(39)\n%\nAdjusted EBITDA Continuing Operations\n$\n8\n$\n9\n(16)\n%\n$\n30\n$\n62\n(51)\n%\nManagement Comments \"We ended fiscal 2023 strong, delivering an impressive fourth quarter result amidst a still-challenging macroeconomic backdrop,\" stated Steve Schwartz, President and CEO. \"We are proud of the progress that we have made in the second half of fiscal 2023 and intend to carry those initiatives into the next fiscal year. Our cost reduction programs are on track and our strategic investments in the sales force are showing early benefits. The momentum we're seeing across the business gives us confidence in our outlook for fiscal 2024, where we expect to achieve organic revenue growth of 5 to 8% coupled with continued margin expansion and positive free cash flow.\"\n\"Today we are also pleased to announce plans to repurchase an additional $500 million in fiscal 2024 under our existing share repurchase program. This initiative underscores our focus on driving long-term value for shareholders through disciplined capital deployment. We have a strong balance sheet position, and, even after this additional repurchase of shares, we will have ...