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Jun 30, 2023
Azenta Q3 2023 Earnings Report
Revenue increased by 25% year over year and 12% sequentially, driven by growth in both Life Sciences Products and Services.
Key Takeaways
Azenta reported a strong Q3 2023 with revenue of $166 million, a 25% increase year-over-year. The company saw positive momentum in both organic revenue growth and profitability, driven by go-to-market initiatives and cost reduction efforts. Positive free cash flow was generated during the quarter.
Revenue was $166 million, up 25% year over year and 12% sequentially.
Organic revenue increased 2% year over year.
Life Sciences Products revenue was $75 million, up 57% year over year, including $27 million from B Medical.
Life Sciences Services revenue was $91 million, up 7% year over year.
Forward Guidance
The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2023. Total revenue is expected to be in the range of $155 to $173 million. Non-GAAP diluted earnings per share is expected to be in the range of ($0.02) to $0.06. GAAP diluted earnings per share from continuing operations is expected to be in the range of ($0.20) to ($0.12). For the full year, the Company is narrowing its expectation for revenue to be in the range of $648 to $665 million, consistent with growth of approximately 17% to 20% year over year.
Positive Outlook
- Total revenue is expected to be in the range of $155 to $173 million.
- Life Sciences Services revenue is expected to be in the range of $86 to $94 million.
- Life Sciences Products revenue excluding B Medical is expected to be in the range of $45 to $55 million.
- B Medical revenue is expected to be approximately $24 million.
- For the full year, the Company is narrowing its expectation for revenue to be in the range of $648 to $665 million, consistent with growth of approximately 17% to 20% year over year.
Challenges Ahead
- Non-GAAP diluted earnings per share is expected to be in the range of ($0.02) to $0.06.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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