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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.
Azenta
Azenta
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.
- GAAP diluted earnings per share from continuing operations is expected to be in the range of ($0.20) to ($0.12).