Azenta, Inc. · NASDAQ:AZTA
Azenta — Q1 2024 Earnings Presentation
15 slides from Azenta's earnings presentation, Feb 7, 2024
Slide 1: Conference Call First Quarter Financial Results
Conference Call First Quarter Financial Results February 7, 2024 1 © 2024 Azenta, Inc. • Proprietary Information
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 Q1 2024 Financial Overview
Azenta Life Sciences Q1 2024 Financial Overview Continuing Operations – Quarter Ended December 31, 2023 Q1’24 Profitability Balance Sheet and Q1’24 Revenue and Cash Flow Capital Allocation • Revenue of $154M, down 13% YoY and • Non-GAAP EPS of $0.02 & Adj. EBITDA • Strong balance sheet with cash bal
Slide 4: Azenta Operating Performance
Azenta Operating Performance Continuing Operations – Quarter Ended December 31, 2023 Total Azenta OrganicQ1’24 GrowthRevenue Growth (YtY) Non-GAAP Q1'23 Q1'24 YtY Revenue 178 154 (13%) Q1'23 Q1'24 YtY Gross profit 81 67 (17%) Reported Q1'23 178 Q1'24 154 YtY (13%) % 45.4% 43.5% (1.9) pts. Reported F
Slide 5: Q1 2024 Revenue Summary
Q1 2024 Revenue Summary Sample Management Solutions (“SMS”) Sample Management Solutions 51% • Continued strong growth in large-automated stores and core storage • Organic growth excluding C&I was 9% year • $79 Million over year • 5% YoY reported • 1% Organic Multiomics Multiomics • $154 Million • (1
Slide 6: Summary Consolidated Balance Sheet
Summary Consolidated Balance Sheet Balance Sheet Q1’24 Revenue Growth (YtY) Highlights Sep Dec $ millions 2023 2023 QtQ Cash, restricted cash, short term marketable securities 1,022 989 (34) • $1.1B cash,Q1'23 cash equivalents, Q1'24 and YtY Accounts receivable, net 157 156 (1) marketable securities
Slide 7: Summary Consolidated Cash Flow
Summary Consolidated Cash Flow Cash Flow Q1’24 Revenue Growth (YtY) Highlights $ millions Q1'24 Cash, restricted cash and marketable securities - Beginning 1,134 • Operating cash flow of Q1'24 Q1'23 $26M YtY Net income (16) • Free cash flow178 of $15M 154 Reported (13%) Deferred income tax benefit (
Slide 8: Fiscal Year 2024 Guidance
Fiscal Year 2024 Guidance 2024 Guidance November 13, 2023 February 7, 2024 Comments • Growth driven by sales execution, broadening use of channel partners, expanding geographic footprint, and innovation Revenue Organic Growth: 5% to 8% No Change • Multiomics: +LSD to +MSD growth Revenue: $696M to $7
Slide 9: Q2'24 Guidance Considerations
Q2’24 Guidance Considerations P&L Line Item Comments • Multiomics & Sample Management Solutions (“SMS”): Combined +MSD YoY growth Revenue • B Medical: ~25% YoY growth • Overall, Q2 expected to grow mid-to-high single digits YoY • Adjusted EBITDA Margin %: Approaching MSD • Gross Margin %: Approachin
Slide 10: Appendix
Appendix 10 © 2024 Azenta, Inc. • Proprietary Information
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 Revenue 178.4 148.4 165.9 172.4 665.1 154.3 GAAP gross profit 73.9 53.2 68.0 68.0 263.1 61.5 Gross profit margin 41.4% 35.9% 41.0% 39.5% 39.6% 39.9% Amortization e
Slide 12: GAAP to Non-GAAP Reconciliation – Segments
GAAP to Non-GAAP Reconciliation Continuing Operations – Segments $ millions, except EPS Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Q1 FY24 Multiomics Revenue 61.1 62.2 63.8 61.1 248.3 62.7 Gross profit 27.7 27.0 28.3 26.8 109.8 28.5 Gross profit margin 45.4% 43.4% 44.3% 43.9% 44.2% 45.4% Amortization expe
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 B Medical Revenue 41.8 15.1 26.8 29.4 113.1 12.6 GAAP gross profit 14.1 (1.3) 4.8 2.9 20.5 (0.2) Gross profit margin 33.7% (8.7%) 17.9% 10.0% 18.1% (1.8%)
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 Net income (11.2) (4.9) (1.5) 3.4 (14.3) (15.7) (Income) Loss from discontinued operations, net of tax - 2.9 (1.0) (0.6) 1.4 - Net income (Loss) from continuing operations (11.2
Slide 15: Calculation of Organic Revenue
Calculation of Organic Revenue Continuing Operations $ millions Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 FY23 Q1 FY24 Revenue 28% 2% 25% 25% 20% (13%) Acquisitions/divestitures (33%) (13%) (24%) (22%) (23%) (1%) Currency exchange rates 4% 3% 0% (1%) 2% (1%) Organic revenue (1%) (8%) 2% 2% (1%) (15%) $ millio