Business
Azenta Reports Results of Third Quarter of Fiscal 2023, Ended June 30, 2023
BURLINGTON, Mass., Aug. 8, 2023 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2023.
About this update from Azenta, Inc.
[{"type":"text","content":"BURLINGTON, Mass., Aug. 8, 2023 /PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2023.\nQuarter Ended\nDollars in millions, except per share data\nJune 30, \nMarch 31,\nJune 30, \nChange\n2023\n2023\n2022\nPrior Qtr\nPrior Yr.\nRevenue from Continuing Operations\n$\n166\n$\n148\n$\n133\n12\n%\n25\n%\n Organic growth\n2\n%\nLife Sciences Products\n$\n75\n$\n59\n$\n47\n27\n%\n57\n%\nLife Sciences Services\n$\n91\n$\n90\n$\n85\n2\n%\n7\n%\nDiluted EPS Continuing Operations\n$\n(0.04)\n$\n(0.03)\n$\n(0.09)\n(35)\n%\n59\n%\nDiluted EPS Total\n$\n(0.02)\n$\n(0.07)\n$\n(0.13)\n67\n%\n82\n%\nNon-GAAP Diluted EPS Continuing Operations\n$\n0.13\n$\n(0.06)\n$\n0.12\nnm\n12\n%\nAdjusted EBITDA Continuing Operations\n$\n13\n$\n(2)\n$\n14\nnm\n(7)\n%\nManagement Comments \n\"Our third quarter results reflect positive momentum in both organic revenue growth and profitability. Our go-to-market initiatives continue to gain traction while our cost reduction efforts are providing additional support to the bottom line,\" stated Steve Schwartz, President and CEO. \"Notably, the leverage in the business model is evident again and we generated positive free cash flow in the quarter. We are encouraged by the progress in the business over the past quarter, and while macroeconomic factors remain challenging, we are confident in the unique value we bring to our customer partnerships across pharmaceutical, biotech, and academic institutions.\" \nThird Quarter Fiscal 2023 Results\nRevenue was $166 million, up 25% year over year and 12% sequentially. Organic revenue increased 2% year over year, which excludes the impacts from foreign exchange headwinds of less than 1 percent and the contribution from acquisitions of 24 percentage points. Excluding the Consumables and Instruments (\"C&I\") business, which declined 27% and remains soft reflecting continued oversupply in the consumables market, the total business grew 8% year over year on an organic basis.Life Sciences Products revenue was $75 million, up 57% year over year. Revenue from businesses acquired during the past year was $32 million in the quarter, including $27 million from B Medical. Organic revenue, which excludes the revenue from acquired businesses and impacts from foreign exchange headwinds, declined 9% driven by the softness in C...