Azenta, Inc. · NASDAQ:AZTA
Azenta — Q2 2024 Earnings Presentation
15 slides from Azenta's earnings presentation, May 8, 2024
Slide 1: Conference Call: Second Quarter Financial Results
Conference Call Second Quarter Financial Results May 8, 2024 1 © 2024 Azenta, Inc. • All rights reserved
Slide 2: Safe Harbor Statement
Safe Harbor Statement “Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995; certain matters in this presentation, including forecasts of future demand and future Company performance, are forward-looking statements that are subject to risks and uncertainties that co
Slide 3: Azenta Life Sciences Q2 2024 Financial Overview
Azenta Life Sciences Q2 2024 Financial Overview Continuing Operations – Quarter Ended March 31, 2024 Q2’24 Profitability Balance Sheet and Q2’24 Revenue and Cash Flow Capital Allocation • Revenue of $159M, up 7% YoY on a • Non-GAAP EPS of $0.05 & Adj. EBITDA • Strong balance sheet with cash balance
Slide 4: Azenta Operating Performance
Azenta Operating Performance Continuing Operations – Quarter Ended March 31, 2024 Total Azenta OrganicQ1’24 GrowthRevenue Growth (YtY) Non-GAAP Q2'23 Q2'24 YtY Revenue 148 159 7% Q2 '2 3 Q2 '2 4 Y tY Gross profit 61 70 15% Reported Q1'231 4 8 Q1'24 159 YtY7 % % 41.1% 44.3% 3.1 pts. ReportedFX 178 15
Slide 5: Q2 2024 Revenue Summary
Q2 2024 Revenue Summary Sample Management Solutions (“SMS”) Sample Management Solutions 47% • Continued strong growth in large-automated stores and Sample Repository Solutions • Organic growth excluding C&I was 8% year • $74 Million over year • 4% YoY reported • 3% Organic Multiomics Multiomics • $1
Slide 6: Summary Consolidated Balance Sheet
Summary Consolidated Balance Sheet Balance Sheet Q1’24 Revenue Growth (YtY) Highlights Dec Mar $ millions 2023 2024 QtQ Cash, restricted cash, short term marketable securities 989 825 (164) • $975M cash,Q1'23 cash equivalents, Q1'24 and YtY Accounts receivable, net 156 155 (1) marketable securities
Slide 7: Summary Consolidated Cash Flow
Summary Consolidated Cash Flow Cash Flow Q1’24 Revenue Growth (YtY) Highlights $ millions Q2'24 Cash, restricted cash and marketable securities - Beginning 1,051 • Operating cash flow of Q1'24 Q1'23 $8M YtY Net income (137) Deferred income tax benefit (provision) (2) • Free cash flow178 Reported of
Slide 8: Fiscal Year 2024 Guidance
Fiscal Year 2024 Guidance 2024 Guidance February 7, 2024 May 8, 2024 Comments • Revenue decline due to slower timing of order conversion in B Medical Organic Growth: 5% to 8% Organic: (1%) to 1% • Multiomics: +LSD to +MSD growth (No change) Revenue Revenue: $696M to $718M Revenue: $659M to $671M • S
Slide 9: Q3'24 Guidance Considerations
Q3’24 Guidance Considerations P&L Line Item Comments • Multiomics & Sample Management Solutions (“SMS”): Combined +LSD YoY growth Revenue • B Medical: ~(14%)% YoY decline • Overall, Q3’24 expected to be flat YoY • Adjusted EBITDA Margin %: +MSD to +HSD Adjusted • Gross Margin %: Approaching Mid-40%s
Slide 10: Appendix
Appendix 10 © 2024 Azenta, Inc. • All rights reserved
Slide 11: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Continuing Operations – Total Azenta $ millions, except EPS Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Q1 FY24 Q2 FY24 Revenue 178.4 148.4 165.9 172.4 665.1 154.3 159.1 GAAP gross profit 73.9 53.2 68.0 68.0 263.1 61.5 63.4 Gross profit margin 41.4% 35.9% 41.0% 39.5% 39.6% 3
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Continuing Operations – Segments $ millions, except EPS Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Q1 FY24 Q2 FY24 Multiomics Revenue 61.1 62.2 63.8 61.1 248.3 62.7 62.2 Gross profit 27.7 27.0 28.3 26.8 109.8 28.5 27.7 Gross profit margin 45.4% 43.4% 44.3% 43.9% 44.2% 45.4%
Slide 13: GAAP to Non-GAAP Reconciliation – Continued
GAAP to Non-GAAP Reconciliation – Continued Continuing Operations – Segments $ millions, except EPS Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Q1 FY24 Q2 FY24 B Medical Revenue 41.8 15.1 26.8 29.4 113.1 12.6 22.8 GAAP gross profit 14.1 (1.3) 4.8 2.9 20.5 (0.2) 2.7 Gross profit margin 33.7% (8.7%) 17.9% 10
Slide 14: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Continuing Operations $ millions Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Q1 FY24 Q2 FY24 Net income (11.2) (4.9) (1.5) 3.4 (14.3) (15.7) (136.9) (Income) Loss from discontinued operations, net of tax - 2.9 (1.0) (0.6) 1.4 - - Net income (Loss) from continuin
Slide 15: Calculation of Organic Revenue
Calculation of Organic Revenue Continuing Operations Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Revenue 28% 2% 25% 25% (13%) 7% Acquisitions/divestitures (33%) (13%) (24%) (22%) (1%) 0% Currency exchange rates 4% 3% 0% (1%) (1%) (0%) Organic revenue (1%) (8%) 2% 2% (15%) 7% Q1 FY23 Q2 FY23 Q3 F