Azenta, Inc. Q3 2024 10-Q: $125M Revenue

TL;DR

Azenta Q3 revenue $125M, focus on cost reduction projects.

AI Summary

Azenta, Inc. filed its 10-Q for the period ending June 30, 2024, reporting revenue of $125 million for the quarter. The company's core products include Automated Stores, Cryogenic Systems, Automated Sample Tubes, and Consumables and Instruments. Transformation costs, aimed at cost reduction and productivity improvement, are also detailed.

Why It Matters

This filing provides insight into Azenta's financial performance and strategic initiatives, including transformation costs aimed at long-term benefits.

Risk Assessment

Risk Level: medium — The filing details transformation costs and strategic projects, which carry inherent execution and financial risks.

Key Numbers

• $125.0M — Revenue (Quarterly revenue for the period ending June 30, 2024.)
• $63.9B — Total Assets (As of June 30, 2024.)
• $50.4B — Total Assets (Prior Period) (As of September 30, 2023.)

Key Players & Entities

• Azenta, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $125,000,000 (dollar_amount) — Revenue for the period
• Automated Stores (product) — Core product offering
• Cryogenic Systems (product) — Core product offering
• Automated Sample Tube (product) — Core product offering
• Consumables and Instruments (product) — Core product offering

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value AZTA The Nasdaq Stock Mar

Filing Documents

• azta20240630_10q.htm (10-Q) — 2230KB
• ex_671755.htm (EX-31.01) — 12KB
• ex_671756.htm (EX-31.02) — 12KB
• ex_671757.htm (EX-32) — 9KB
• 0001437749-24-024933.txt ( ) — 9478KB
• azta-20240630.xsd (EX-101.SCH) — 65KB
• azta-20240630_cal.xml (EX-101.CAL) — 62KB
• azta-20240630_def.xml (EX-101.DEF) — 474KB
• azta-20240630_lab.xml (EX-101.LAB) — 390KB
• azta-20240630_pre.xml (EX-101.PRE) — 517KB
• azta20240630_10q_htm.xml (XML) — 1743KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and September 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 and 2023 (unaudited) 7 Condensed Consolidated Statements of Changes in Stockholders ' Equity for the three and nine months ended June 30, 2024 and 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 10

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 45

Signatures

Signatures 46 2 Table of Contents INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that are, or may be considered to be, forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended, Section-27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section-21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements that are not historical facts, including statements about our beliefs or expectations, are forward-looking statements. These statements may be identified by such forward-looking, terminology as "expect," "estimate," "intend," "believe," "anticipate," "may," "will," "should," "could," "continue," "likely" or similar statements or variations of such terms. Forward-looking statements include, but are not limited to, statements that relate to our future revenue, margins, costs, operating expenses, tax expenses, capital expenditures, earnings, profitability, product development, demand, acceptance and market share, competitiveness, market opportunities and performance, levels of research and development, the success of our marketing, sales and service efforts, outsourced activities, anticipated manufacturing, customer and technical requirements, the ongoing viability of the solutions that we offer and our customers' success, our management's plans and objectives for our current and future operations and business focus, our share repurchase authorization, litigation, our ability to retain, hire and integrate skilled personnel, our ability to identify and address increased cybersecurity risks, including as a result of employees continuing to work remotely, the anticipated growth prospects of our business, the expected benefits and other statements relating to our divestitures and acquisitions, the adequacy, effectiveness and success of cost saving plans and our business transformation initiatives, o

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AZENTA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share and per share data) June 30, September 30, 2024 2023 Assets Current assets Cash and cash equivalents $ 336,543 $ 678,910 Short-term marketable securities 259,296 338,873 Accounts receivable, net of allowance for expected credit losses ($ 6,507 and $ 8,057 , respectively) 167,613 156,535 Inventories 115,270 128,198 Derivative asset 834 13,036 Prepaid expenses and other current assets 88,102 103,404 Total current assets 967,658 1,418,956 Property, plant and equipment, net 196,124 205,744 Long-term marketable securities 148,086 111,338 Long-term deferred tax assets 1,231 571 Goodwill 679,691 784,339 Intangible assets, net 253,475 294,301 Other assets 77,030 70,471 Total assets $ 2,323,295 $ 2,885,720 Liabilities and stockholders' equity Current liabilities Accounts payable $ 39,115 $ 35,796 Deferred revenue 33,268 34,614 Accrued warranty and retrofit costs 9,351 10,223 Accrued compensation and benefits 31,229 33,911 Accrued customer deposits 20,954 17,707 Accrued income taxes payable 11,705 7,378 Short-term operating lease liability 10,739 9,499 Accrued expenses and other current liabilities 46,213 61,800 Total current liabilities 202,574 210,928 Long-term deferred tax liabilities 58,080 67,301 Long-term operating lease liabilities 60,654 60,436 Other long-term liabilities 11,589 12,555 Total liabilities 332,897 351,220 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, 63,941,421 shares issued and 50,395,071 shares outstanding at June 30, 2024, 71,294,247 shares issued and 57,832,378 shares outstanding at September 30, 2023 639 713 Additional paid-in capital 758,269 1,156,160 Accumulated other comprehensive los

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