Azenta Reports Results of Second Quarter of Fiscal 2023 and Announces Business Realignment

About this update from Azenta, Inc.

[{"type":"text","content":"BURLINGTON, Mass., May 9, 2023 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the second quarter ended March 31, 2023.\nQuarter Ended\nDollars in millions, except per share data\nMarch 31, \nDecember 31, \nMarch 31, \nChange\n2023\n2022\n2022\nPrior Qtr\nPrior Yr.\nRevenue from Continuing Operations\n$\n148\n$\n178\n$\n146\n(17)\n%\n2\n%\n Organic growth ex-COVID impacts\n(2)\n%\nLife Sciences Products\n$\n59\n$\n90\n$\n54\n(34)\n%\n10\n%\nLife Sciences Services\n$\n90\n$\n89\n$\n92\n1\n%\n(3)\n%\nDiluted EPS Continuing Operations\n$\n(0.03)\n$\n(0.15)\n$\n(0.02)\nnm\nnm\nDiluted EPS Total\n$\n(0.07)\n$\n(0.15)\n$\n28.28\nnm\nnm\nNon-GAAP Diluted EPS Continuing Operations\n$\n(0.06)\n$\n0.12\n$\n0.12\nnm\nnm\nAdjusted EBITDA Continuing Operations\n$\n(2)\n$\n12\n$\n19\nnm\nnm\n \n\n \nManagement Comments \n\"Second quarter results reflect a combination of solid progress on the Services side of the business offset by timing-related issues impacting performance in Products, most notably in B Medical. We are particularly encouraged by the results of the Genomics Services business, which included a sequential, broad based recovery in gene synthesis,\" stated Steve Schwartz, President and CEO. \"B Medical continues to navigate variable timing in the final receipt of orders, however, we remain confident in the growth prospects of this business based on the notable projects on track to be completed.\"\n\"Today we also announced a business realignment, which we believe will best position the Company to meet the needs of our customers, and in turn, accelerate growth of the business. In conjunction with the realignment, we are in the process of streamlining our manufacturing operations around key centers of excellence. We expect to realize $15 million in annual cost reduction in addition to the previously announced cost saving initiative.\"\n\"We are keenly focused on driving profitable growth and remain committed to delivering shareholder value through our operations as well as through our capital deployment strategy. Since late November 2022 to date, we have repurchased roughly 15% of our outstanding shares and by the end of calendar year 2023 we expect to have applied a total of $1 billion to share repurchases.\"\nSecond Quarter Fiscal 2023 Results\nIn addition to reported and organic year-over-year pe...

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