- Q4'23 reported revenue growth of 25% year over year and 2%
on an organic basis
- FY'23 reported revenue growth of 20% and down 1% on an
organic basis
- Q4'23 generated positive free cash flow for the second
consecutive quarter
- Fiscal 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.
|
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|
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|
|
Quarter Ended
|
|
Year Ended
|
|
Dollars in millions, except per share
data
|
|
September 30,
|
|
September 30,
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
Revenue from Continuing
Operations
|
|
$
|
172
|
|
$
|
138
|
|
25
|
%
|
|
$
|
665
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$
|
555
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|
20
|
%
|
|
Organic growth
|
|
|
|
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2
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%
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|
|
|
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|
|
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(1)
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%
|
|
Life Sciences
Products
|
|
$
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82
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$
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48
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70
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%
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$
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305
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$
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199
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53
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%
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|
Life Sciences
Services
|
|
$
|
90
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|
$
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89
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|
1
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%
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|
$
|
360
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$
|
356
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1
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%
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Diluted EPS Continuing
Operations
|
|
$
|
0.05
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|
$
|
(0.07)
|
|
166
|
%
|
|
$
|
(0.19)
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|
$
|
(0.15)
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|
(29)
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%
|
|
Diluted EPS
Total
|
|
$
|
0.06
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|
$
|
(0.28)
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|
120
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%
|
|
$
|
(0.22)
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|
$
|
28.48
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|
(101)
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%
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|
|
|
|
|
|
|
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|
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|
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|
Non-GAAP Diluted EPS
Continuing Operations
|
|
$
|
0.13
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|
$
|
0.16
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|
(19)
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%
|
|
$
|
0.31
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|
$
|
0.51
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|
(39)
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%
|
|
Adjusted EBITDA
Continuing Operations
|
|
$
|
8
|
|
$
|
9
|
|
(16)
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%
|
|
$
|
30
|
|
$
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62
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|
(51)
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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Management 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."
"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 ample liquidity, including roughly
$500 million of cash available to be
prudently allocated to enhance shareholder value, including
continued strategic investment in our unique end-to-end sample
management portfolio."
Fourth Quarter Fiscal 2023 Results
- Revenue was $172 million, up 25%
year over year and 4% sequentially. Organic revenue increased 2%
year over year, which excludes the impacts from foreign exchange
tailwinds of about 1 percentage point and 22 percentage points
contribution from acquisitions. Excluding the Consumables and
Instruments ("C&I") business, which declined 18% year over year
and remains soft reflecting continued oversupply in the consumables
market, organic revenue increased 6% year over year.
- Life Sciences Products revenue was $82
million, up 70% year over year.
- Revenue from businesses acquired during the past year was
$30 million in the quarter, including
$29 million from B Medical.
- Organic revenue, which excludes the revenue from acquired
businesses and impacts from foreign exchange, grew 3% mainly driven
by strong growth in large-automated store systems, partially offset
by continued softness in C&I. Excluding the C&I
business, the products segment grew 21% year over year on an
organic basis.
- Life Sciences Services revenue was $90
million, up 1% year over year.
- Organic revenue, which excludes foreign exchange impacts, grew
1% year over year.
- Sample Repository Solutions grew 9% year over year on an
organic basis. Genomics services organic revenue declined 2%
year over year.
Summary of GAAP Earnings Results
- Operating loss was $17 million.
Operating margin increased 100 basis points year over year.
- Gross margin was 39.5%, down 280 basis points year over year,
driven by increased amortization and purchase accounting
adjustments related to acquisitions.
- Operating expenses were $85
million, up $12 million year
over year primarily driven by the acquisition of B Medical.
- Other income included $11 million
of net interest income versus $10
million in the prior year period.
- Diluted EPS from continuing operations was $0.05 compared to ($0.07) in the fourth quarter of fiscal 2022.
Diluted EPS from discontinued operations was $0.01 compared to ($0.21) in the prior year. Total diluted EPS was
$0.06, compared to ($0.28) one year ago.
Summary of Non-GAAP Earnings Results
- Operating loss was $0.9 million.
Operating margin decreased 200 basis points year over year.
- Gross margin was 42.8%, down 110 basis points year over year. A
lower B Medical margin was partially offset by cost reduction
initiatives within operations and favorable product mix, namely in
large-automated stores.
- Operating expense in the quarter was $75
million, up $16 million year
over year, primarily driven by the additional operating structure
of businesses acquired during the past year, as well as investment
in sales and research and development, net of cost reduction
actions.
- Adjusted EBITDA was $8 million,
and Adjusted EBITDA margin was 4.6%, down 230 basis points year
over year.
- Diluted EPS was $0.13, compared
to $0.16 one year ago.
Full Year Fiscal 2023 Results
- Revenue for fiscal 2023 was $665
million, up 20% year over year. Organic revenue declined 1%,
which excludes the impacts from foreign exchange headwinds of 2
percentage points and a 23-percentage point contribution from
acquisitions. Excluding the C&I business, which declined 26%
year over year and remains soft reflecting continued oversupply in
the consumables market, the total business grew 5% year over year
on an organic basis.
- Life Sciences Products revenue was $305
million, up 53% year over year.
- Revenue from businesses acquired during the past year was
$127 million, including $113 million from B Medical.
- Organic revenue declined 9% year over year, primarily driven by
softness in the C&I business.
- Life Sciences Services revenue was $360
million, up 1% year over year.
- Organic revenue, which excludes foreign
exchange headwinds, grew 3% year over year.
- Sample Repository Solutions grew 6% year over year on an
organic basis. Genomics services grew 1% year over year on an
organic basis.
Summary of GAAP Results
- Operating loss was $73 million.
Operating margin decreased 650 basis points year over year.
- Gross margin was 39.6%, down 640 basis points year over year,
primarily due to increased costs in both segments, unfavorable mix
in the Life Science Products segment, and the increased
amortization and purchase accounting adjustments related to
acquisitions.
- Operating expense was $336
million, up $56 million year
over year primarily driven by additional operating structure of
businesses acquired during the past year, higher labor costs, and
continued investment in the business, partially offset by an
adjustment to the fair value of the contingent consideration
related to B Medical and savings from cost reduction
initiatives.
- Other income included $44 million
of net interest income versus $16
million in the prior year period.
- Diluted EPS from continuing operations was ($0.19) compared to ($0.15) in fiscal 2022. Diluted EPS from
discontinued operations was ($0.02)
compared to $28.63 in fiscal 2022.
Total diluted EPS was ($0.22),
compared to $28.48 in fiscal
2022.
Summary of Non-GAAP Results
- Operating loss was $15 million
and operating margin was (2.3%), down 740 basis points year over
year.
- Gross margin was 43.8%, down 350 basis points year over
year.
- Operating expense was $307
million, up $72 million year
over year, driven by the added structure of acquired businesses,
increased labor costs, and strategic investments in the business,
net of savings from cost reduction initiatives.
- Diluted EPS for fiscal 2023 was $0.31, compared to $0.51 in fiscal 2022.
- Adjusted EBITDA was $30 million
and Adjusted EBITDA margin was 4.6%, down 670 basis points year
over year.
Cash and Liquidity as of September 30,
2023
- The Company ended fiscal year 2023 with a total balance of
cash, cash equivalents, restricted cash and marketable securities
of $1.1 billion.
- Operating cash flow was $40
million in the quarter and $17
million for the full year. After adjusting for items related
to the Semiconductor Automation business, sold in February 2022, adjusted operating cash flow was
$54 million for fiscal 2023.
- Capital expenditures were $10
million in the quarter and $39
million for the full year.
- Free cash flow was $30M in the
quarter and ($22) million for the
full year. After adjusting for items related to the Semiconductor
Automation business, adjusted free cash flow was $14 million for fiscal 2023.
Share Repurchase Program Update
- In the fourth quarter, the Company repurchased 3.4 million
shares for $166 million under a
10b5-1 trading program.
- In fiscal 2023, the Company repurchased 17.5 million shares for
$839 million through the combination
of an accelerated share repurchase program and a 10b5-1
program.
- As of November 10, 2023, the
Company has repurchased a total of 19.4 million shares for
$934 million under its existing
$1.5 billion share repurchase
authorization.
- In fiscal 2024, the Company intends to repurchase an additional
$500 million in shares utilizing the
full capacity of the $1.5 billion
share repurchase authorization.
Guidance for Continuing Operations for Full Year Fiscal
2024
The Company announced guidance for Fiscal 2024.
- Total revenue is expected to be in the range of $696 to $718
million, reflecting total organic revenue growth in the
range of 5% to 8% relative to Fiscal 2023.
- Adjusted EBITDA margin expansion is expected to be
approximately 300 basis points.
- Non-GAAP diluted earnings per share is expected to be in the
range of $0.19 to $0.29.
Conference Call and Webcast
Azenta management will
webcast its fourth quarter and full year fiscal 2023 earnings
conference call today at 4:30 p.m. Eastern
Time. During the call, Company management will respond to
questions concerning, but not limited to, the Company's financial
performance, business conditions and industry outlook. Management's
responses could contain information that has not been previously
disclosed.
The call will be broadcast live over the Internet and, together
with presentation materials referenced on the call, will be hosted
at the Investor Relations section of Azenta's website at
https://investors.azenta.com/events and will be archived online on
this website for convenient on-demand replay. In addition, you may
call 800- 757-9216 (US & Canada only) or +1-212-231-2939 for
international callers to listen to the live webcast.
Regulation G – Use of Non-GAAP financial Measures
The
Company supplements its GAAP financial measures with certain
non-GAAP financial measures to provide investors a better
perspective on the results of business operations, which the
Company believes is more comparable to the similar analyses
provided by its peers. These measures are not presented in
accordance with, nor are they a substitute for, U.S. generally
accepted accounting principles, or GAAP. These measures should
always be considered in conjunction with appropriate GAAP measures.
A reconciliation of non-GAAP measures to the most nearly comparable
GAAP measures is included at the end of this release following the
consolidated balance sheets, statements of operations and
statements of cash flows.
"Safe Harbor Statement" under Section 21E of the Securities
Exchange Act of 1934
Some statements in this release are
forward-looking statements made under Section 21E of the Securities
Exchange Act of 1934. These statements are neither promises nor
guarantees but involve risks and uncertainties, both known and
unknown, that could cause Azenta's financial and business results
to differ materially from our expectations. They are based on the
facts known to management at the time they are made. Other
forward-looking statements include but are not limited to
statements about our revenue and earnings expectations, our ability
to realize margin improvement from cost reductions, and our ability
to deliver financial success in the future and otherwise related to
future operating or financial performance and opportunities.
Factors that could cause results to differ from our expectations
include the following: our ability to reduce costs
effectively, the impact of the COVID-19 global pandemic on the
markets we serve, including our supply chain, and on the global
economy generally; the volatility of the life sciences markets the
Company serves; our possible inability to meet demand for our
products due to difficulties in obtaining components and materials
from our suppliers in required quantities and of required quality;
the inability of customers to make payments to us when due; price
competition; disputes concerning intellectual property;
uncertainties in global political and economic conditions; our
ability to successfully invest the cash proceeds from the sale of
our Semiconductor Automation business; and other factors and other
risks, including those that we have described in our filings with
the Securities and Exchange Commission, including but not limited
to our Annual Report on Form 10-K, Current Reports on Form 8-K and
our Quarterly Reports on Form 10-Q. As a result, we can provide no
assurance that our future results will not be materially different
from those projected. Azenta expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statement to reflect any change in our expectations or any
change in events, conditions, or circumstances on which any such
statement is based. Azenta undertakes no obligation to update the
information contained in this press release.
About Azenta Life Sciences
Azenta, Inc. (Nasdaq: AZTA)
is a leading provider of life sciences solutions worldwide,
enabling impactful breakthroughs and therapies to market faster.
Azenta provides a full suite of reliable cold-chain sample
management solutions and multiomics services across areas such as
drug development, clinical research and advanced cell therapies for
the industry's top pharmaceutical, biotech, academic and healthcare
institutions globally. Our global team delivers and supports these
products and services through our industry-leading brands,
including GENEWIZ, FluidX, Ziath, 4titude, Limfinity, Freezer Pro,
Barkey and B Medical Systems.
Azenta is headquartered in Burlington,
Massachusetts, with operations in North America, Europe and Asia. For more information, please visit
www.azenta.com.
AZENTA INVESTOR CONTACTS:
Sara Silverman
Head of Investor Relations & Corporate Communications
ir@azenta.com
Sherry Dinsmore
sherry.dinsmore@azenta.com
AZENTA, INC.
|
CONSOLIDATED STATEMENTS
OF OPERATIONS
|
(unaudited)
|
(In thousands, except
per share data)
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
72,180
|
|
$
|
42,944
|
|
$
|
277,191
|
|
$
|
180,950
|
|
Services
|
|
|
100,177
|
|
|
94,624
|
|
|
387,881
|
|
|
374,548
|
|
Total
revenue
|
|
|
172,357
|
|
|
137,568
|
|
|
665,072
|
|
|
555,498
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
49,235
|
|
|
26,478
|
|
|
186,090
|
|
|
100,044
|
|
Services
|
|
|
55,088
|
|
|
52,973
|
|
|
215,842
|
|
|
199,870
|
|
Total cost of
revenue
|
|
|
104,323
|
|
|
79,451
|
|
|
401,932
|
|
|
299,914
|
|
Gross profit
|
|
|
68,034
|
|
|
58,117
|
|
|
263,140
|
|
|
255,584
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
8,932
|
|
|
7,647
|
|
|
33,956
|
|
|
27,542
|
|
Selling, general and
administrative
|
|
|
74,926
|
|
|
64,704
|
|
|
316,282
|
|
|
251,465
|
|
Contingent
consideration - fair value adjustments
|
|
|
—
|
|
|
—
|
|
|
(18,549)
|
|
|
600
|
|
Restructuring
charges
|
|
|
804
|
|
|
393
|
|
|
4,577
|
|
|
712
|
|
Total operating
expenses
|
|
|
84,662
|
|
|
72,744
|
|
|
336,266
|
|
|
280,319
|
|
Operating
loss
|
|
|
(16,628)
|
|
|
(14,627)
|
|
|
(73,126)
|
|
|
(24,735)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
11,329
|
|
|
10,353
|
|
|
43,735
|
|
|
20,286
|
|
Interest
expense
|
|
|
—
|
|
|
(478)
|
|
|
—
|
|
|
(4,589)
|
|
Loss on extinguishment
of debt
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(632)
|
|
Other, net
|
|
|
(338)
|
|
|
1,352
|
|
|
(1,042)
|
|
|
(266)
|
|
Loss before income
taxes
|
|
|
(5,637)
|
|
|
(3,400)
|
|
|
(30,433)
|
|
|
(9,936)
|
|
Income tax (benefit)
expense
|
|
|
(8,443)
|
|
|
1,910
|
|
|
(17,550)
|
|
|
1,350
|
|
Income (loss) from
continuing operations
|
|
|
2,806
|
|
|
(5,310)
|
|
|
(12,883)
|
|
|
(11,286)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
|
569
|
|
|
(15,454)
|
|
|
(1,374)
|
|
|
2,144,145
|
|
Net income
(loss)
|
|
$
|
3,375
|
|
$
|
(20,764)
|
|
$
|
(14,257)
|
|
$
|
2,132,859
|
|
Basic net income (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
0.05
|
|
$
|
(0.07)
|
|
$
|
(0.19)
|
|
$
|
(0.15)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
|
0.01
|
|
|
(0.21)
|
|
|
(0.02)
|
|
|
28.63
|
|
Net income (loss) per
share
|
|
$
|
0.06
|
|
$
|
(0.28)
|
|
$
|
(0.22)
|
|
$
|
28.48
|
|
Diluted net income
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
0.05
|
|
$
|
(0.07)
|
|
$
|
(0.19)
|
|
$
|
(0.15)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
|
0.01
|
|
|
(0.21)
|
|
|
(0.02)
|
|
|
28.63
|
|
Diluted net income
(loss) per share
|
|
$
|
0.06
|
|
$
|
(0.28)
|
|
$
|
(0.22)
|
|
$
|
28.48
|
|
Weighted average shares
used in computing net income
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
59,603
|
|
|
75,010
|
|
|
66,253
|
|
|
74,897
|
|
Diluted
|
|
|
59,692
|
|
|
75,010
|
|
|
66,253
|
|
|
74,897
|
|
AZENTA, INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(unaudited)
|
(In thousands, except
share and per share data)
|
|
|
|
September 30,
|
|
September 30,
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
678,910
|
|
$
|
658,274
|
Short-term marketable
securities
|
|
|
338,873
|
|
|
911,764
|
Accounts receivable,
net of allowance for expected credit losses ($8,057 and
$5,162, respectively)
|
|
|
156,535
|
|
|
163,758
|
Inventories
|
|
|
128,198
|
|
|
85,544
|
Derivative
asset
|
|
|
13,036
|
|
|
124,789
|
Short-term restricted
cash
|
|
|
4,650
|
|
|
382,596
|
Prepaid expenses and
other current assets
|
|
|
98,754
|
|
|
132,621
|
Total current
assets
|
|
|
1,418,956
|
|
|
2,459,346
|
Property, plant and
equipment, net
|
|
|
205,744
|
|
|
154,470
|
Long-term marketable
securities
|
|
|
111,338
|
|
|
352,020
|
Long-term deferred tax
assets
|
|
|
571
|
|
|
1,169
|
Goodwill
|
|
|
784,339
|
|
|
513,623
|
Intangible assets,
net
|
|
|
294,301
|
|
|
178,401
|
Other assets
|
|
|
70,471
|
|
|
57,093
|
Total
assets
|
|
$
|
2,885,720
|
|
$
|
3,716,122
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
35,796
|
|
$
|
38,654
|
Deferred
revenue
|
|
|
34,614
|
|
|
39,748
|
Accrued warranty and
retrofit costs
|
|
|
10,223
|
|
|
2,890
|
Accrued compensation
and benefits
|
|
|
33,911
|
|
|
41,898
|
Accrued income taxes
payable
|
|
|
7,378
|
|
|
28,419
|
Accrued expenses and
other current liabilities
|
|
|
89,006
|
|
|
78,937
|
Total current
liabilities
|
|
|
210,928
|
|
|
230,546
|
Long-term tax
reserves
|
|
|
380
|
|
|
1,684
|
Long-term deferred tax
liabilities
|
|
|
67,301
|
|
|
64,555
|
Long-term operating
lease liabilities
|
|
|
60,436
|
|
|
49,227
|
Other long-term
liabilities
|
|
|
12,175
|
|
|
6,724
|
Total
liabilities
|
|
|
351,220
|
|
|
352,736
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock, $0.01
par value - 1,000,000 shares authorized, no shares issued or
outstanding
|
|
|
—
|
|
|
—
|
Common stock, $0.01 par
value - 125,000,000 shares authorized, 71,294,247
shares issued and 57,832,378 shares outstanding at
September 30, 2023,
88,482,125 shares issued and 75,020,256 shares outstanding at
September 30, 2022
|
|
|
713
|
|
|
885
|
Additional paid-in
capital
|
|
|
1,156,160
|
|
|
1,992,017
|
Accumulated other
comprehensive income (loss)
|
|
|
(62,426)
|
|
|
(83,916)
|
Treasury stock, at cost
- 13,461,869 shares at September 30, 2023 and
September
30, 2022
|
|
|
(200,956)
|
|
|
(200,956)
|
Retained
earnings
|
|
|
1,641,009
|
|
|
1,655,356
|
Total stockholders'
equity
|
|
|
2,534,500
|
|
|
3,363,386
|
Total liabilities and
stockholders' equity
|
|
$
|
2,885,720
|
|
$
|
3,716,122
|
|
|
|
|
|
|
|
AZENTA, INC.
|
CONSOLIDATED STATEMENTS
OF CASH FLOWS
|
(unaudited)
|
(In
thousands)
|
|
|
Year Ended
|
|
|
September 30,
|
|
|
2023
|
|
2022
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(14,257)
|
|
$
|
2,132,859
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
85,584
|
|
|
53,702
|
|
Stock-based
compensation
|
|
9,376
|
|
|
10,666
|
|
Contingent
consideration adjustment
|
|
(18,549)
|
|
|
600
|
|
Amortization and
accretion on marketable securities
|
|
(7,870)
|
|
|
(1,894)
|
|
Deferred income
taxes
|
|
(28,236)
|
|
|
24,469
|
|
Loss on extinguishment
of debt
|
|
—
|
|
|
632
|
|
Purchase accounting
impact on inventory
|
|
9,664
|
|
|
—
|
|
(Gain) loss on
disposals of property, plant and equipment
|
|
43
|
|
|
(21)
|
|
(Gain) loss on
divestiture, net of tax
|
|
—
|
|
|
(2,130,265)
|
|
Fees paid stemming
from divestiture
|
|
—
|
|
|
(52,461)
|
|
Taxes paid stemming
from divestiture
|
|
—
|
|
|
(431,600)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
33,992
|
|
|
(31,397)
|
|
Inventories
|
|
5,771
|
|
|
(66,629)
|
|
Accounts
payable
|
|
(14,710)
|
|
|
(3,926)
|
|
Deferred
revenue
|
|
(7,564)
|
|
|
16,599
|
|
Accrued warranty and
retrofit costs
|
|
5,604
|
|
|
303
|
|
Accrued compensation
and tax withholdings
|
|
(15,434)
|
|
|
11,404
|
|
Other current assets
and liabilities
|
|
(25,924)
|
|
|
1,513
|
|
Net cash provided by
(used in) operating activities
|
|
17,490
|
|
|
(466,046)
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(39,436)
|
|
|
(73,435)
|
|
Purchases of technology
intangibles
|
|
—
|
|
|
(4,000)
|
|
Purchases of marketable
securities
|
|
(236,194)
|
|
|
(1,975,599)
|
|
Sales and maturities of
marketable securities
|
|
1,064,209
|
|
|
705,384
|
|
Proceeds from
divestiture, net of cash transferred
|
|
—
|
|
|
2,939,116
|
|
Net Investment hedge
settlement
|
|
29,313
|
|
|
—
|
|
Acquisitions, net of
cash acquired
|
|
(386,508)
|
|
|
(125,876)
|
|
Net cash provided by
(used in) investing activities
|
|
431,384
|
|
|
1,465,590
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Proceeds from issuance
of common stock
|
|
—
|
|
|
5,245
|
|
Principal payments on
debt
|
|
—
|
|
|
(49,725)
|
|
Payments of finance
leases
|
|
(578)
|
|
|
(388)
|
|
Payment for contingent
consideration related to acquisition
|
|
—
|
|
|
(10,400)
|
|
Withholding tax
payments on net share settlements on equity awards
|
|
(4,988)
|
|
|
—
|
|
Stock
repurchase
|
|
(838,514)
|
|
|
—
|
|
Common stock
dividends
|
|
—
|
|
|
(7,494)
|
|
Net cash used in
financing activities
|
|
(844,080)
|
|
|
(62,762)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
|
37,955
|
|
|
(180,819)
|
|
Net (decrease) increase
in cash, cash equivalents and restricted cash
|
|
(357,251)
|
|
|
755,963
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
1,041,296
|
|
|
285,333
|
|
Cash, cash equivalents
and restricted cash, end of period
|
$
|
684,045
|
|
$
|
1,041,296
|
|
Supplemental
disclosures:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
—
|
|
|
469
|
|
Cash paid for income
taxes, net
|
|
43,073
|
|
|
452,461
|
|
Reconciliation of cash,
cash equivalents, and restricted cash to the consolidated balance
sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of continuing operations
|
$
|
678,910
|
|
$
|
658,274
|
|
Short-term restricted
cash
|
|
4,650
|
|
|
382,596
|
|
Long-term restricted
cash included in other assets
|
|
485
|
|
|
426
|
|
Total cash, cash
equivalents and restricted cash shown in the consolidated
statements of cash flows
|
$
|
684,045
|
|
$
|
1,041,296
|
|
Notes on Non-GAAP Financial Measures
Non-GAAP
financial measures are used in addition to and in conjunction with
results presented in accordance with GAAP and should not be relied
upon to the exclusion of GAAP financial measures. Management
adjusts the GAAP results for the impact of amortization of
intangible assets, restructuring charges, purchase price accounting
adjustments and charges related to M&A to provide investors
better perspective on the results of operations which the Company
believes is more comparable to the similar analysis provided by its
peers. Management also excludes special charges and gains,
such as impairment losses, gains and losses from the sale of
assets, certain tax benefits and charges, as well as other gains
and charges that are not representative of the normal operations of
the business. Management strongly encourages investors to review
our financial statements and publicly filed reports in their
entirety and not rely on any single measure.
|
|
Quarter Ended
|
|
|
|
September 30, 2023
|
|
June 30, 2023
|
|
September 30, 2022
|
|
|
|
|
|
per diluted
|
|
|
|
per diluted
|
|
|
|
per diluted
|
|
Amounts in thousands, except per share
data
|
|
$
|
|
share
|
|
$
|
|
share
|
|
$
|
|
share
|
|
Net income (loss) from
continuing operations
|
|
$
|
2,806
|
|
$
|
0.05
|
|
$
|
(2,463)
|
|
$
|
(0.04)
|
|
$
|
(5,310)
|
|
$
|
(0.07)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
4,769
|
|
|
0.08
|
|
|
4,656
|
|
|
0.07
|
|
|
1,901
|
|
|
0.03
|
|
Purchase accounting
impact on inventory
|
|
|
927
|
|
|
0.02
|
|
|
2,956
|
|
|
0.05
|
|
|
—
|
|
|
—
|
|
Amortization of other
intangible assets
|
|
|
7,481
|
|
|
0.13
|
|
|
7,522
|
|
|
0.12
|
|
|
6,900
|
|
|
0.09
|
|
Rebranding and
transformation costs
|
|
|
(15)
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
536
|
|
|
0.01
|
|
Restructuring and
restructuring related
charges
|
|
|
804
|
|
|
0.01
|
|
|
812
|
|
|
0.01
|
|
|
393
|
|
|
0.01
|
|
Contingent
consideration - fair value
adjustments
|
|
|
—
|
|
|
—
|
|
|
(1,404)
|
|
|
(0.02)
|
|
|
—
|
|
|
—
|
|
Merger and acquisition
costs and costs
related to share repurchase (1)
|
|
|
1,767
|
|
|
0.03
|
|
|
219
|
|
|
—
|
|
|
6,959
|
|
|
0.09
|
|
Tax adjustments
(2)
|
|
|
(6,691)
|
|
|
(0.11)
|
|
|
(31)
|
|
|
—
|
|
|
2,510
|
|
|
0.03
|
|
Tax effect of
adjustments
|
|
|
(4,379)
|
|
|
(0.07)
|
|
|
(3,947)
|
|
|
(0.06)
|
|
|
(2,130)
|
|
|
(0.03)
|
|
Non-GAAP adjusted net income from
continuing operations
|
|
$
|
7,469
|
|
$
|
0.13
|
|
$
|
8,341
|
|
$
|
0.13
|
|
$
|
11,759
|
|
$
|
0.16
|
|
Stock based compensation,
pre-tax
|
|
|
(715)
|
|
|
(0.01)
|
|
|
3,995
|
|
|
0.06
|
|
|
(49)
|
|
|
—
|
|
Tax rate
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
|
Stock-based
compensation, net of tax
|
|
|
(608)
|
|
|
(0.01)
|
|
|
3,396
|
|
|
0.05
|
|
|
(42)
|
|
|
—
|
|
Non-GAAP adjusted net
income excluding
stock-based compensation - continuing
operations
|
|
$
|
6,861
|
|
$
|
0.11
|
|
$
|
11,737
|
|
$
|
0.18
|
|
$
|
11,717
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP
diluted net income per share
|
|
|
—
|
|
|
59,692
|
|
|
—
|
|
|
63,432
|
|
|
—
|
|
|
75,010
|
|
|
|
Year Ended
|
|
|
|
September 30, 2023
|
|
September 30, 2022
|
|
|
|
|
|
per diluted
|
|
|
|
per diluted
|
|
Amounts in thousands, except per share
data
|
|
$
|
|
share
|
|
$
|
|
share
|
|
Net loss from
continuing operations
|
|
$
|
(12,883)
|
|
$
|
(0.19)
|
|
$
|
(11,286)
|
|
$
|
(0.15)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
18,494
|
|
|
0.28
|
|
|
7,325
|
|
|
0.10
|
|
Purchase accounting
impact on inventory
|
|
|
9,664
|
|
|
0.15
|
|
|
—
|
|
|
—
|
|
Amortization of other
intangible assets
|
|
|
29,884
|
|
|
0.45
|
|
|
24,964
|
|
|
0.33
|
|
Rebranding and
transformation costs
|
|
|
(49)
|
|
|
(0.00)
|
|
|
2,741
|
|
|
0.04
|
|
Restructuring and
restructuring related charges
|
|
|
4,577
|
|
|
0.07
|
|
|
712
|
|
|
0.01
|
|
Contingent
consideration - fair value adjustments
|
|
|
(18,549)
|
|
|
(0.28)
|
|
|
—
|
|
|
—
|
|
Tariff
adjustment
|
|
|
—
|
|
|
—
|
|
|
(484)
|
|
|
(0.01)
|
|
Merger and acquisition
costs and costs related to share
repurchase (1)
|
|
|
13,842
|
|
|
0.21
|
|
|
17,929
|
|
|
0.24
|
|
Indemnification asset
release
|
|
|
(19)
|
|
|
(0.00)
|
|
|
—
|
|
|
—
|
|
Loss on extinguishment
of debt
|
|
|
—
|
|
|
—
|
|
|
632
|
|
|
0.01
|
|
Tax adjustments
(2)
|
|
|
(8,102)
|
|
|
(0.12)
|
|
|
5,744
|
|
|
0.08
|
|
Tax effect of
adjustments
|
|
|
(16,260)
|
|
|
(0.25)
|
|
|
(10,078)
|
|
|
(0.13)
|
|
Non-GAAP adjusted net income from continuing
operations
|
|
$
|
20,599
|
|
$
|
0.31
|
|
$
|
38,199
|
|
$
|
0.51
|
|
Stock-based compensation,
pre-tax
|
|
|
9,497
|
|
|
0.14
|
|
|
12,443
|
|
|
0.17
|
|
Tax rate
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
|
Stock-based
compensation, net of tax
|
|
|
8,072
|
|
|
0.12
|
|
|
10,577
|
|
|
0.14
|
|
Non-GAAP adjusted net
income excluding stock-based
compensation - continuing operations
|
|
$
|
28,671
|
|
$
|
0.43
|
|
$
|
48,776
|
|
$
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted net income per share
|
|
|
—
|
|
|
66,253
|
|
|
—
|
|
|
74,897
|
|
|
|
(1)
|
Includes expenses
related to governance-related matters.
|
(2)
|
Tax adjustments during
all periods include adjustments to tax benefits related to stock
compensation. These adjustments are recognized in the period of
vesting for US GAAP but included in the annual effective tax rate
for Non-GAAP reporting. Tax adjustments for the twelve months ended
September 30, 2023, included a $1.4M increase to expense related to
the exclusion of a benefit from an incentive tax rate change in
China. The fourth quarter 2023 tax adjustment includes the
exclusion of a one-time GAAP tax benefit related to the outside
basis difference of a foreign subsidiary of $6.1 million. Tax
adjustments for the quarter ended September 30, 2022, include a
$4.1M increase to expense related to the exclusion of allocations
between continuing operations and discontinued
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
Dollars in thousands
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP net income
(loss)
|
|
$
|
3,375
|
|
$
|
(1,470)
|
|
$
|
(20,764)
|
|
$
|
(14,257)
|
|
$
|
2,132,859
|
Less: Income (loss)
from discontinued operations
|
|
|
569
|
|
|
993
|
|
|
(15,454)
|
|
|
(1,374)
|
|
|
2,144,145
|
GAAP net income (loss)
from continuing operations
|
|
|
2,806
|
|
|
(2,463)
|
|
|
(5,309)
|
|
|
(12,883)
|
|
|
(11,286)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Interest
income
|
|
|
(11,329)
|
|
|
(11,347)
|
|
|
(10,353)
|
|
|
(43,735)
|
|
|
(20,286)
|
Add: Interest
expense
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|
—
|
|
|
4,589
|
Add / Less: Income tax
(benefit) expense
|
|
|
(8,443)
|
|
|
(1,207)
|
|
|
1,910
|
|
|
(17,550)
|
|
|
1,350
|
Add:
Depreciation
|
|
|
9,891
|
|
|
9,126
|
|
|
6,087
|
|
|
37,206
|
|
|
21,864
|
Add: Amortization of
completed technology
|
|
|
4,769
|
|
|
4,656
|
|
|
1,901
|
|
|
18,494
|
|
|
7,325
|
Add: Amortization of
other intangible assets
|
|
|
7,481
|
|
|
7,522
|
|
|
6,900
|
|
|
29,884
|
|
|
24,956
|
Add: Loss on
extinguishment of debt
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
632
|
Earnings before
interest, taxes, depreciation and
amortization - Continuing operations
|
|
$
|
5,175
|
|
$
|
6,287
|
|
$
|
1,614
|
|
$
|
11,416
|
|
$
|
29,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
Dollars in thousands
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Earnings before
interest, taxes, depreciation and
amortization - Continuing operations
|
|
$
|
5,175
|
|
$
|
6,287
|
|
$
|
1,613
|
|
$
|
11,416
|
|
$
|
29,144
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Stock-based
compensation
|
|
|
(715)
|
|
|
3,995
|
|
|
(49)
|
|
|
9,497
|
|
|
12,443
|
Add: Purchase
accounting impact on inventory
|
|
|
927
|
|
|
2,956
|
|
|
—
|
|
|
9,664
|
|
|
—
|
Add: Restructuring and
restructuring related charges
|
|
|
804
|
|
|
812
|
|
|
393
|
|
|
4,577
|
|
|
712
|
Add: Merger and
acquisition costs and costs related
to share repurchase(1)
|
|
|
1,767
|
|
|
219
|
|
|
6,959
|
|
|
13,842
|
|
|
17,929
|
Less: Contingent
consideration - fair value adjustments
|
|
|
—
|
|
|
(1,404)
|
|
|
—
|
|
|
(18,549)
|
|
|
—
|
Less: Tariff
adjustment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(484)
|
Less: Rebranding and
transformation costs
|
|
|
(15)
|
|
|
21
|
|
|
536
|
|
|
(49)
|
|
|
2,741
|
Less: Indemnification
asset release
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19)
|
|
|
—
|
Adjusted earnings
before interest, taxes, depreciation
and amortization - Continuing operations
|
|
$
|
7,943
|
|
$
|
12,886
|
|
$
|
9,452
|
|
$
|
30,379
|
|
$
|
62,485
|
|
|
(1)
|
Includes expenses
related to governance-related matters.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Dollars in thousands
|
|
September 30, 2023
|
|
|
June 30, 2023
|
|
|
September 30, 2022
|
|
GAAP gross
profit
|
|
$
|
68,034
|
|
39.5
|
%
|
|
$
|
68,005
|
|
41.0
|
%
|
|
$
|
58,117
|
|
42.2
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
4,769
|
|
2.8
|
|
|
|
4,656
|
|
2.8
|
|
|
|
1,901
|
|
1.4
|
|
Purchase accounting
impact on inventory
|
|
|
927
|
|
0.5
|
|
|
|
2,956
|
|
1.8
|
|
|
|
—
|
|
—
|
|
Other
adjustment
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
289
|
|
0.2
|
|
Non-GAAP adjusted gross
profit
|
|
$
|
73,730
|
|
42.8
|
%
|
|
$
|
75,617
|
|
45.6
|
%
|
|
$
|
60,307
|
|
43.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
Dollars in thousands
|
|
September 30, 2023
|
|
|
September 30, 2022
|
|
GAAP gross
profit
|
|
$
|
263,140
|
|
39.6
|
%
|
|
$
|
255,584
|
|
46.0
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
18,494
|
|
2.8
|
|
|
|
7,325
|
|
1.3
|
|
Purchase accounting
impact on inventory
|
|
|
9,664
|
|
1.4
|
|
|
|
—
|
|
—
|
|
Tariff
adjustment
|
|
|
—
|
|
—
|
|
|
|
(484)
|
|
(0.1)
|
|
Other
adjustment
|
|
|
—
|
|
—
|
|
|
|
289
|
|
0.1
|
|
Non-GAAP adjusted gross
profit
|
|
$
|
291,298
|
|
43.8
|
%
|
|
$
|
262,714
|
|
47.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Products
|
|
Life Sciences Services
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
Dollars in thousands
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
GAAP gross
profit
|
|
$
|
26,716
|
|
32.5
|
%
|
|
$
|
27,213
|
|
36.5
|
%
|
|
$
|
19,068
|
|
39.4
|
%
|
|
$
|
41,318
|
|
45.8
|
%
|
|
$
|
40,792
|
|
44.6
|
%
|
|
$
|
39,057
|
|
43.8
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
3,451
|
|
4.2
|
|
|
|
3,329
|
|
4.4
|
|
|
|
401
|
|
0.8
|
|
|
|
1,318
|
|
1.5
|
|
|
|
1,327
|
|
1.5
|
|
|
|
1,500
|
|
1.7
|
|
Purchase accounting
impact on inventory
|
|
|
927
|
|
1.2
|
|
|
|
2,956
|
|
4.0
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
Other
adjustment
|
|
|
(1)
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
289
|
|
0.3
|
|
Non-GAAP adjusted gross
profit
|
|
$
|
31,093
|
|
37.9
|
%
|
|
$
|
33,498
|
|
44.9
|
%
|
|
$
|
19,469
|
|
40.3
|
%
|
|
$
|
42,636
|
|
47.2
|
%
|
|
$
|
42,119
|
|
46.1
|
%
|
|
$
|
40,846
|
|
45.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Products
|
|
Life Sciences Services
|
|
|
Year Ended
|
|
Year Ended
|
Dollars in thousands
|
|
September 30, 2023
|
|
September 30, 2022
|
|
September 30, 2023
|
|
September 30, 2022
|
|
GAAP gross
profit
|
|
$
|
101,192
|
|
33.2
|
%
|
|
$
|
89,074
|
|
44.7
|
%
|
|
$
|
161,948
|
|
45.0
|
%
|
|
$
|
166,523
|
|
46.7
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
13,194
|
|
4.3
|
|
|
|
1,122
|
|
0.6
|
|
|
|
5,300
|
|
1.5
|
|
|
|
6,202
|
|
1.7
|
|
Purchase accounting
impact on inventory
|
|
|
9,664
|
|
3.2
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
Tariff
adjustment
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(484)
|
|
(0.1)
|
|
Other
adjustment
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(1)
|
|
(0.0)
|
|
|
|
289
|
|
0.1
|
|
Non-GAAP adjusted gross
profit
|
|
$
|
124,050
|
|
40.6
|
%
|
|
$
|
90,196
|
|
45.2
|
%
|
|
$
|
167,247
|
|
46.5
|
%
|
|
$
|
172,530
|
|
48.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences
Products
|
|
Life Sciences Services
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
Dollars in thousands
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
GAAP operating (loss)
profit
|
|
$
|
(5,244)
|
|
$
|
(4,878)
|
|
$
|
(141)
|
|
$
|
(1,420)
|
|
$
|
(3,813)
|
|
$
|
12
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
3,451
|
|
|
3,329
|
|
|
401
|
|
|
1,318
|
|
|
1,327
|
|
|
1,500
|
Purchase accounting
impact on inventory
|
|
|
927
|
|
|
2,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Other
adjustment
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
339
|
Non-GAAP adjusted
operating (loss) profit
|
|
$
|
(815)
|
|
$
|
1,407
|
|
$
|
260
|
|
$
|
(103)
|
|
$
|
(2,486)
|
|
$
|
1,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segments
|
|
Corporate
|
|
Total
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
Dollars in thousands
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
2022
|
GAAP operating (loss)
profit
|
|
$
|
(6,664)
|
|
$
|
(8,691)
|
|
$
|
(129)
|
|
$
|
(9,964)
|
|
$
|
(7,145)
|
|
$
|
(14,490)
|
|
$
|
(16,628)
|
|
$
|
(15,836)
|
|
$
|
(14,619)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
4,769
|
|
|
4,656
|
|
|
1,901
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,769
|
|
|
4,656
|
|
|
1,901
|
Purchase accounting
impact on inventory
|
|
|
927
|
|
|
2,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
927
|
|
|
2,956
|
|
|
—
|
Amortization of other
intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,481
|
|
|
7,522
|
|
|
6,900
|
|
|
7,481
|
|
|
7,522
|
|
|
6,900
|
Rebranding and
transformation costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15)
|
|
|
21
|
|
|
536
|
|
|
(15)
|
|
|
21
|
|
|
536
|
Restructuring
charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
804
|
|
|
812
|
|
|
393
|
|
|
804
|
|
|
812
|
|
|
393
|
Contingent
consideration adjustment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,404)
|
|
|
—
|
|
|
—
|
|
|
(1,404)
|
|
|
—
|
Merger and acquisition
costs and costs
related to share repurchase (1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,767
|
|
|
219
|
|
|
6,959
|
|
|
1,767
|
|
|
219
|
|
|
6,959
|
Other
adjustment
|
|
|
50
|
|
|
—
|
|
|
339
|
|
|
(51)
|
|
|
(2)
|
|
|
(339)
|
|
|
(1)
|
|
|
(2)
|
|
|
—
|
Non-GAAP adjusted
operating (loss) profit
|
|
$
|
(918)
|
|
$
|
(1,079)
|
|
$
|
2,111
|
|
$
|
22
|
|
$
|
23
|
|
$
|
(41)
|
|
$
|
(896)
|
|
$
|
(1,056)
|
|
$
|
2,070
|
|
|
(1)
|
Includes expenses
related to governance-related matters.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Products
|
|
Life Sciences Services
|
|
|
Year Ended
|
|
Year Ended
|
Dollars in thousands
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP operating (loss)
profit
|
|
$
|
(30,321)
|
|
$
|
11,033
|
|
$
|
(14,722)
|
|
$
|
10,784
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
13,194
|
|
|
1,122
|
|
|
5,300
|
|
|
6,202
|
Purchase accounting
impact on inventory
|
|
|
9,664
|
|
|
—
|
|
|
—
|
|
|
—
|
Tariff
adjustment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(484)
|
Other
adjustment
|
|
|
1,566
|
|
|
—
|
|
|
110
|
|
|
345
|
Non-GAAP adjusted
operating (loss) profit
|
|
$
|
(5,897)
|
|
$
|
12,155
|
|
$
|
(9,312)
|
|
$
|
16,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segments
|
|
Corporate
|
|
Total
|
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
Dollars in thousands
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP operating (loss)
profit
|
|
$
|
(45,043)
|
|
$
|
21,817
|
|
$
|
(28,083)
|
|
$
|
(46,552)
|
|
$
|
(73,126)
|
|
$
|
(24,735)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
18,494
|
|
|
7,324
|
|
|
—
|
|
|
—
|
|
|
18,494
|
|
|
7,324
|
Purchase accounting
impact on inventory
|
|
|
9,664
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,664
|
|
|
—
|
Amortization of other
intangibles
|
|
|
—
|
|
|
—
|
|
|
29,884
|
|
|
24,965
|
|
|
29,884
|
|
|
24,965
|
Rebranding and
transformation costs
|
|
|
—
|
|
|
—
|
|
|
(49)
|
|
|
2,741
|
|
|
(49)
|
|
|
2,741
|
Restructuring and
restructuring related charges
|
|
|
—
|
|
|
—
|
|
|
4,577
|
|
|
712
|
|
|
4,577
|
|
|
712
|
Contingent
consideration - fair value adjustments
|
|
|
—
|
|
|
—
|
|
|
(18,549)
|
|
|
—
|
|
|
(18,549)
|
|
|
—
|
Tariff
adjustment
|
|
|
—
|
|
|
(484)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(484)
|
Merger and acquisition
costs and costs related to
share repurchase (1)
|
|
|
—
|
|
|
—
|
|
|
13,842
|
|
|
17,929
|
|
|
13,842
|
|
|
17,929
|
Other
adjustment
|
|
|
1,676
|
|
|
345
|
|
|
(1,677)
|
|
|
(345)
|
|
|
(1)
|
|
|
—
|
Non-GAAP adjusted
operating (loss) profit
|
|
$
|
(15,209)
|
|
$
|
29,002
|
|
$
|
(55)
|
|
$
|
(550)
|
|
$
|
(15,264)
|
|
$
|
28,452
|
|
|
(1)
|
Includes expenses
related to governance-related matters.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Products
|
|
Life Sciences Services
|
|
Azenta Total
|
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
Dollars in millions
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
Revenue
|
|
$
|
82
|
|
$
|
48
|
|
70
|
%
|
|
$
|
90
|
|
$
|
89
|
|
1
|
%
|
|
$
|
172
|
|
$
|
138
|
|
25
|
%
|
|
Acquisitions/divestitures
|
|
|
30
|
|
|
—
|
|
(63)
|
%
|
|
|
—
|
|
|
—
|
|
—
|
%
|
|
|
30
|
|
|
—
|
|
(22)
|
%
|
|
Currency exchange
rates
|
|
|
2
|
|
|
—
|
|
(4)
|
%
|
|
|
0
|
|
|
—
|
|
(0)
|
%
|
|
|
2
|
|
|
—
|
|
(1)
|
%
|
|
Organic revenue
|
|
$
|
50
|
|
$
|
48
|
|
3
|
%
|
|
$
|
90
|
|
$
|
89
|
|
1
|
%
|
|
$
|
140
|
|
$
|
138
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Sciences Products
|
|
Life Sciences Services
|
|
Azenta Total
|
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
Dollars in millions
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Revenue
|
|
$
|
305
|
|
$
|
199
|
|
53
|
%
|
|
$
|
360
|
|
$
|
356
|
|
1
|
%
|
|
$
|
665
|
|
$
|
555
|
|
20
|
%
|
Acquisitions/divestitures
|
|
|
127
|
|
|
—
|
|
(64)
|
%
|
|
|
—
|
|
|
—
|
|
—
|
%
|
|
|
127
|
|
|
—
|
|
(23)
|
%
|
Currency exchange
rates
|
|
|
(4)
|
|
|
—
|
|
2
|
%
|
|
|
(6)
|
|
|
—
|
|
2
|
%
|
|
|
(9)
|
|
|
—
|
|
2
|
%
|
Organic revenue
|
|
$
|
182
|
|
$
|
199
|
|
(9)
|
%
|
|
$
|
366
|
|
$
|
356
|
|
3
|
%
|
|
$
|
547
|
|
$
|
555
|
|
(1)
|
%
|
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SOURCE Azenta