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09.08.2022 22:20:00
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Azenta Life Sciences Reports Results of Third Quarter of Fiscal 2022, Ended June 30, 2022
CHELMSFORD, Mass., Aug. 9, 2022/PRNewswire/ -- Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2022.
Quarter Ended | ||||||||||||||||
Dollars in millions, except per share data | June 30, | March 31, | June 30, | Change | ||||||||||||
2022 | 2022 | 2021 | Prior Qtr. | Prior Yr. | ||||||||||||
Revenue from Continuing Operations | $ | 133 | $ | 146 | $ | 129 | (9) | % | 3 | % | ||||||
Life Sciences Products | $ | 47 | $ | 54 | $ | 49 | (12) | % | (3) | % | ||||||
Life Sciences Services | $ | 85 | $ | 92 | $ | 80 | (7) | % | 6 | % | ||||||
Diluted EPS Continuing Operations | $ | (0.09) | $ | (0.02) | $ | (0.02) | nm | nm | ||||||||
Diluted EPS Total | $ | (0.13) | $ | 28.28 | $ | 0.53 | nm | nm | ||||||||
Non-GAAP Diluted EPS Continuing Operations | $ | 0.12 | $ | 0.12 | $ | 0.10 | 0 | % | 14 | % | ||||||
Adjusted EBITDA Continuing Operations | $ | 14 | $ | 19 | $ | 19 | (29) | % | (26) | % | ||||||
Management Comments
"We delivered 6% organic growth year-over-year driven by continued momentum in our storage services and automated ultra-cold storage systems. Despite this, our overall results came in below expectations reflecting lower revenue from consumables and genomics," stated Steve Schwartz, President and CEO. "While these challenges exist over the near-term, we remain confident in the long-term growth and profitability of the business and are focused on delivering the value of Azenta to our customers."
Summary of Q3 GAAP Results
- Revenue from continuing operations was $133 million, up 3% year over year and down 9% sequentially. Year-over-year organic growth was 6%, which excludes a 3 percentage point headwind from foreign exchange.
- Revenue from Life Sciences Products declined 3% year over year driven by lower consumables and instruments revenue partially offset by double-digit growth across large automated stores, cryogenic systems and infrastructure services. Excluding the impact of foreign exchange, the Products segment provided 2% organic growth year over year. On a sequential basis, revenue was down 12%.
- Life Sciences Services revenue was up 6% year over year, with 19% growth in Sample Repository Solutions driven by growth in storage. Genomics services revenue, which was up 1%, was the result of lower synthesis and Sanger sequencing revenue, partially offset by an increase in next generation sequencing and preclinical & clinical services. Excluding the impact of foreign exchange, the Services segment provided 8% organic growth year over year. On a sequential basis, Services revenue was down 7%.
- Operating loss was $5.1 million, compared to an operating loss of $4.7 million in the prior quarter. Gross margin was 44.9%, down 380 basis points sequentially while operating expense was $65 million, down from $76 million in the second quarter.
- Other income included approximately $5 million of net interest income, up $3 million sequentially.
- Tax expense for the quarter was $7 million.
- Diluted EPS from continuing operations was ($0.09) per share. Total diluted EPS of ($0.13) includes ($0.03) of diluted EPS from discontinued operations.Discontinued operations include legal expenses and a true-up on the gain on the sale of the Semiconductor Automation business.
Summary of Q3 Non-GAAP Earnings for Continuing Operations
The Continuing Operations view shown on a non-GAAP basis provides additional performance information by excluding the impact of M&A costs, amortization, restructuring, purchase price accounting, certain tax impacts, and special charges or gains, such as impairment losses.
- As referenced above, revenue in the third quarter was $133 million, up 3% year over year.
- Operating income was $4 million and operating margin was 3.4%, down 530 basis points year over year and down 330 basis points sequentially. Gross margin of 46.3% was lower by 370 basis points year over year and down 330 basis points sequentially. Operating expense in the quarter was $57 million, down $6 million compared to Q2 2022 and up $4 million year over year.
- Adjusted EBITDA, which excludes stock-based compensation, was $14 million and Adjusted EBITDA margin was 10.4%, down 290 basis points from the previous quarter and down 410 basis points year over year.
- Diluted EPS for the third quarter was $0.12, flat sequentially and up $0.01 versus one year ago.
Cash and Liquidity
- The Company ended the third fiscal quarter of 2022 with a total balance of cash, cash equivalents, restricted cash and marketable securities of $2.5 billion. In the quarter, the company paid taxes of approximately $424 million related to the gain on the sale of the Semiconductor Automation business which was sold on February 1, 2022.
Subsequent Events
- On July 1st, the Company completed the acquisition of Barkey Holding GmbH and its subsidiaries, a leading provider of controlled rate thawing devices for customers in the medical, biotech, and pharmaceutical industries for approximately €80 million in cash.
- On August 8th, the Company announced it entered into a definitive agreement to acquire B Medical Systems S.a.r.l ("B Medical"), a global leader in temperature-controlled storage and transportation solutions. The total cash due at closing will be approximately €410 million. The transaction is expected to close in October 2022.
Guidance for Continuing Operations for Fourth Quarter Fiscal 2022
The Company announced revenue and earnings guidance for continuing operations for the fourth quarter of fiscal 2022. Revenue is expected to be in the range of $131 million to $141 million and non-GAAP diluted earnings per share is expected to be in the range of $0.04 to $0.12. GAAP diluted earnings per share from continuing operations is expected to be in the range of ($0.11) to ($0.03).
Conference Call and Webcast
Azenta management will webcast its third quarter 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. The conference call will be extended to accommodate time for a review of third quarter results, highlights of the acquisition of B Medical Systems, and a Q&A session. 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 800-954-0586 (US & Canada only) or +1-212-231-2901 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 increase our profitability, our ability to improve or retain our market position, our ability to deliver financial success in the future, the expected timing of the completion of our acquisition of B Medical, and our ability to invest the cash proceeds from the sale of our semiconductor automation business. Factors that could cause results to differ from our expectations include the following: 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 industries 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; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions, 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 genomic 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. As of December 1st, the company changed its name and ticker to Azenta, Inc. (Nasdaq: AZTA) from Brooks Automation, Inc, (Nasdaq: BRKS).
Azenta is headquartered in Chelmsford, MA, 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
978.262.2635
ir@azenta.com
Sherry Dinsmore
978.262.2400
sherry.dinsmore@azenta.com
AZENTA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue | |||||||||||||||
Products | $ | 42,688 | $ | 44,169 | $ | 138,006 | $ | 131,864 | |||||||
Services | 90,047 | 84,918 | 279,925 | 244,900 | |||||||||||
Total revenue | 132,735 | 129,087 | 417,931 | 376,764 | |||||||||||
Cost of revenue | |||||||||||||||
Products | 24,090 | 23,603 | 73,565 | 69,183 | |||||||||||
Services | 49,045 | 43,053 | 146,897 | 129,915 | |||||||||||
Total cost of revenue | 73,135 | 66,656 | 220,462 | 199,098 | |||||||||||
Gross profit | 59,600 | 62,431 | 197,469 | 177,666 | |||||||||||
Operating expenses | |||||||||||||||
Research and development | 6,515 | 5,489 | 19,895 | 15,813 | |||||||||||
Selling, general and administrative | 58,133 | 57,825 | 187,361 | 171,648 | |||||||||||
Restructuring charges | 25 | — | 319 | 53 | |||||||||||
Total operating expenses | 64,673 | 63,314 | 207,575 | 187,514 | |||||||||||
Operating loss | (5,073) | (883) | (10,106) | (9,847) | |||||||||||
Interest income | 6,822 | 409 | 9,933 | 503 | |||||||||||
Interest expense | (2,101) | (477) | (4,111) | (1,485) | |||||||||||
Loss on extinguishment of debt | — | — | (632) | — | |||||||||||
Other income (expenses), net | 630 | (1,651) | (1,617) | (263) | |||||||||||
Income (loss) before income taxes | 278 | (2,602) | (6,533) | (11,092) | |||||||||||
Income tax provision (benefit) | 7,293 | (760) | (560) | (4,620) | |||||||||||
Loss from continuing operations | (7,015) | (1,842) | (5,973) | (6,472) | |||||||||||
(Loss) income from discontinued operations, net of tax | $ | (2,555) | $ | 41,008 | $ | 2,159,597 | $ | 95,414 | |||||||
Net (loss) income | (9,570) | 39,166 | 2,153,624 | 88,942 | |||||||||||
Basic net (loss) income per share: | $ | ||||||||||||||
Loss from continuing operations | $ | (0.09) | $ | (0.02) | $ | (0.08) | $ | (0.09) | |||||||
(Loss) income from discontinued operations, net of tax | $ | (0.03) | $ | 0.55 | $ | 28.84 | $ | 1.29 | |||||||
Basic net (loss) income per share | (0.13) | 0.53 | 28.76 | 1.20 | |||||||||||
Diluted net (loss) income per share: | |||||||||||||||
Loss from continuing operations | $ | (0.09) | $ | (0.02) | $ | (0.08) | $ | (0.09) | |||||||
(Loss) income from discontinued operations, net of tax | $ | (0.03) | $ | 0.55 | $ | 28.84 | $ | 1.29 | |||||||
Diluted net (loss) income per share | (0.13) | 0.53 | 28.76 | 1.20 | |||||||||||
Weighted average shares used in computing net income per share: | |||||||||||||||
Basic | 74,989 | 74,296 | 74,879 | 74,195 | |||||||||||
Diluted | 74,989 | 74,296 | 74,879 | 74,195 | |||||||||||
AZENTA, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share and per share data) | |||||
June 30, | September 30, | ||||
2022 | 2021 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 1,474,189 | $ | 227,427 | |
Marketable securities | 709,063 | 81 | |||
Accounts receivable, net | 150,274 | 119,877 | |||
Inventories | 81,213 | 60,398 | |||
Prepaid expenses and other current assets | 160,557 | 58,198 | |||
Current assets held for sale | — | 311,385 | |||
Total current assets | 2,575,296 | 777,366 | |||
Property, plant and equipment, net | 154,596 | 130,719 | |||
Long-term marketable securities | 312,027 | 3,598 | |||
Long-term deferred tax assets | 1,926 | 10,043 | |||
Goodwill | 464,885 | 469,356 | |||
Intangible assets, net | 160,691 | 186,534 | |||
Other assets | 53,296 | 58,068 | |||
Non-current assets held for sale | — | 183,828 | |||
Total assets | $ | 3,722,717 | $ | 1,819,512 | |
Liabilities and Stockholders' Equity | |||||
Current liabilities | |||||
Accounts payable | $ | 34,576 | $ | 42,360 | |
Deferred revenue | 33,132 | 25,724 | |||
Accrued warranty and retrofit costs | 2,524 | 2,330 | |||
Accrued compensation and benefits | 44,279 | 33,183 | |||
Accrued restructuring costs | 169 | 304 | |||
Accrued income taxes payable | 7,095 | 8,711 | |||
Accrued expenses and other current liabilities | 72,881 | 103,537 | |||
Current liabilities held for sale | 271 | 128,939 | |||
Total current liabilities | 194,927 | 345,088 | |||
Long-term debt | — | 49,677 | |||
Long-term tax reserves | 1,681 | 1,973 | |||
Long-term deferred tax liabilities | 44,286 | 13,030 | |||
Long-term pension liabilities | 698 | 705 | |||
Long-term operating lease liabilities | 46,719 | 45,088 | |||
Other long-term liabilities | 6,620 | 6,173 | |||
Non-current liabilities held for sale | — | 32,444 | |||
Total liabilities | 294,931 | 494,178 | |||
Commitments and contingencies | |||||
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, 88,451,223 shares issued and | 885 | 878 | |||
Additional paid-in capital | 1,990,281 | 1,976,112 | |||
Accumulated other comprehensive income | (38,493) | 19,351 | |||
Treasury stock at cost - 13,461,869 shares | (200,956) | (200,956) | |||
Retained earnings (accumulated deficit) | 1,676,069 | (470,051) | |||
Total stockholders' equity | 3,427,786 | 1,325,334 | |||
Total liabilities and stockholders' equity | $ | 3,722,717 | $ | 1,819,512 | |
AZENTA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands, except share and per share data) | ||||||
Nine Months Ended | ||||||
June 30, | ||||||
2022 | 2021 | |||||
Cash flows from operating activities | ||||||
Net income | $ | 2,153,624 | $ | 88,942 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 38,813 | 48,684 | ||||
Stock-based compensation | 10,715 | 20,277 | ||||
Amortization of deferred financing costs and unrealized gains/losses on investments | (7,048) | 169 | ||||
Deferred income taxes | 24,207 | (10,293) | ||||
Loss on extinguishment of debt | 632 | — | ||||
(Gain) loss on disposals of property, plant and equipment | (100) | — | ||||
Gain on divestiture, net of tax | (2,128,761) | 225 | ||||
Adjustment to the gain on divestiture of semiconductor cryogenics business, net of tax | — | 948 | ||||
Fees paid stemming from divestiture | (52,461) | — | ||||
Taxes paid stemming from divestiture | (431,600) | — | ||||
Changes in operating assets and liabilities, net of acquisitions and divestiture: | ||||||
Accounts receivable | (16,298) | (40,286) | ||||
Inventories | (61,345) | (32,532) | ||||
Prepaid expenses and other assets | (61,692) | 4,000 | ||||
Accounts payable | (8,320) | 23,327 | ||||
Deferred revenue | 8,580 | (1,564) | ||||
Accrued warranty and retrofit costs | (28) | (286) | ||||
Accrued compensation and tax withholdings | 13,835 | (338) | ||||
Accrued restructuring costs | (126) | (153) | ||||
Accrued expenses and other liabilities | 41,693 | 21,626 | ||||
Net cash (used in) provided by operating activities | $ | (475,680) | $ | 122,745 | ||
Cash flows from investing activities | ||||||
Purchases of property, plant and equipment | (59,730) | (34,606) | ||||
Purchases of technology intangibles | (4,000) | — | ||||
Purchases of marketable securities | (1,525,993) | (100) | ||||
Sales and maturities of marketable securities | 503,505 | 50 | ||||
Proceeds from divestiture, net of cash transferred | 2,926,286 | — | ||||
Acquisitions, net of cash acquired | — | (94,178) | ||||
Net cash provided by (used in) investing activities | $ | 1,840,068 | $ | (128,834) | ||
Cash flows from financing activities | ||||||
Proceeds from issuance of common stock | 3,461 | 2,583 | ||||
Principal payments on debt | (49,725) | (828) | ||||
Payments of finance leases | (355) | (915) | ||||
Payment for contingent consideration related to acquisition | (10,400) | — | ||||
Common stock dividends paid | (7,494) | (22,288) | ||||
Net cash used in financing activities | $ | (64,513) | $ | (21,448) | ||
Effects of exchange rate changes on cash and cash equivalents | (98,972) | 7,582 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,200,903 | (19,955) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 285,333 | 257,526 | ||||
Cash, cash equivalents and restricted cash, end of period | $ | 1,486,236 | $ | 237,571 | ||
June 30, | September 30, | |||||
2022 | 2021 | |||||
Cash and cash equivalents of continuing operations | $ | 1,474,189 | $ | 227,427 | ||
Cash and cash equivalents included in assets held for sale | — | 45,000 | ||||
Short-term restricted cash included in prepaid expenses and other current assets | 11,564 | 7,145 | ||||
Long-term restricted cash included in other assets | 483 | 5,761 | ||||
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 1,486,236 | $ | 285,333 | ||
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 | ||||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | ||||||||||||||||
per diluted | per diluted | per diluted | ||||||||||||||||
Dollars in thousands, except per share data | $ | share | $ | share | $ | share | ||||||||||||
Net loss from continuing operations | $ | (7,015) | $ | (0.09) | $ | (1,816) | $ | (0.02) | $ | (1,842) | $ | (0.02) | ||||||
Adjustments: | ||||||||||||||||||
Amortization of intangible assets | 7,557 | 0.10 | 7,887 | 0.11 | 9,570 | 0.13 | ||||||||||||
Restructuring charges | 23 | 0.00 | 122 | 0.00 | — | — | ||||||||||||
Tariff adjustment | — | — | (486) | (0.01) | (83) | (0.00) | ||||||||||||
Merger and acquisition costs | 1,662 | 0.02 | 5,589 | 0.07 | 2,526 | 0.03 | ||||||||||||
Rebranding and transformation costs | 289 | 0.00 | 1,297 | 0.02 | — | — | ||||||||||||
Loss on extinguishment of debt | — | — | 632 | 0.01 | — | — | ||||||||||||
Tax adjustments (1) | 8,417 | 0.11 | (900) | (0.01) | 682 | 0.01 | ||||||||||||
Tax effect of adjustments | (2,143) | (0.03) | (3,580) | (0.05) | (3,191) | (0.04) | ||||||||||||
Non-GAAP adjusted net income from continuing operations | $ | 8,790 | $ | 0.12 | $ | 8,745 | $ | 0.12 | $ | 7,662 | $ | 0.10 | ||||||
Stock based compensation, pre-tax | 3,485 | 0.05 | 5,549 | 0.07 | 4,344 | 0.06 | ||||||||||||
Tax rate | 15 | % | — | 15 | % | — | 15 | % | — | |||||||||
Stock-based compensation, net of tax | 2,962 | 0.04 | 4,717 | 0.06 | 3,692 | 0.05 | ||||||||||||
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations | $ | 11,752 | $ | 0.16 | $ | 13,462 | $ | 0.18 | $ | 11,354 | $ | 0.15 | ||||||
Shares used in computing non-GAAP diluted net income per share | — | 74,989 | — | 74,958 | — | 74,296 | ||||||||||||
Nine Months Ended | |||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||
per diluted | per diluted | ||||||||||||
Dollars in thousands, except per share data | $ | share | $ | share | |||||||||
Net loss from continuing operations | $ | (5,973) | $ | (0.08) | $ | (6,472) | $ | (0.09) | |||||
Adjustments: | |||||||||||||
Amortization of intangible assets | 23,488 | 0.31 | 27,857 | 0.38 | |||||||||
Restructuring charges | 319 | 0.00 | 53 | 0.00 | |||||||||
Tariff adjustment | (484) | (0.01) | 5,414 | 0.07 | |||||||||
Merger and acquisition costs | 10,970 | 0.15 | 12,234 | 0.16 | |||||||||
Rebranding and transformation costs | 2,205 | 0.03 | — | — | |||||||||
Loss on extinguishment of debt | 632 | 0.01 | — | — | |||||||||
Tax adjustments (1) | 3,619 | 0.05 | (863) | (0.01) | |||||||||
Tax effect of adjustments | (8,329) | (0.11) | (11,058) | (0.15) | |||||||||
Non-GAAP adjusted net income from continuing operations | $ | 26,447 | $ | 0.35 | $ | 27,165 | $ | 0.37 | |||||
Stock-based compensation, pre-tax | 12,492 | 0.17 | 14,913 | 0.20 | |||||||||
Tax rate | 15 | % | — | 15 | % | — | |||||||
Stock-based compensation, net of tax | 10,618 | $ | 0.14 | 12,676 | 0.17 | ||||||||
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations | $ | 37,065 | $ | 0.49 | $ | 39,841 | $ | 0.54 | |||||
Shares used in computing non-GAAP diluted net income per share | — | 74,879 | — | 74,195 | |||||||||
(1) | Tax adjustments during all periods include adjustments to tax benefits related to stock compensation windfalls. These benefits are recognized in the period of vesting for |
Quarter Ended | Nine Months Ended | ||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
Dollars in thousands | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||
GAAP net (loss) income | $ | (9,570) | $ | 2,119,874 | $ | 39,166 | $ | 2,153,624 | $ | 88,942 | |||||
Less: Income from discontinued operations | 2,555 | (2,121,690) | (41,008) | (2,159,597) | (95,414) | ||||||||||
GAAP net (loss) income from continuing operations | (7,015) | (1,816) | (1,842) | (5,973) | (6,472) | ||||||||||
Adjustments: | |||||||||||||||
Less: Interest income | (6,822) | (3,076) | (409) | (9,933) | (503) | ||||||||||
Add: Interest expense | 2,101 | 1,555 | 477 | 4,111 | 1,485 | ||||||||||
Add / Less: Income tax provision (benefit) | 7,293 | (3,173) | (760) | (560) | (4,620) | ||||||||||
Add: Depreciation | 5,253 | 5,316 | 4,873 | 15,777 | 14,434 | ||||||||||
Add: Amortization of completed technology | 1,810 | 1,840 | 2,173 | 5,424 | 6,200 | ||||||||||
Add: Amortization of customer relationships and acquired intangible assets | 5,745 | 6,047 | 7,396 | 18,064 | 21,657 | ||||||||||
Add: Loss on extinguishment of debt | — | 632 | — | 632 | — | ||||||||||
Earnings before interest, taxes, depreciation and amortization - Continuing operations | $ | 8,365 | $ | 7,325 | $ | 11,908 | $ | 27,542 | $ | 32,181 | |||||
Quarter Ended | Nine Months Ended | ||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
Dollars in thousands | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||
Earnings before interest, taxes, depreciation and amortization - Continuing operations | $ | 8,365 | $ | 7,325 | $ | 11,908 | $ | 27,542 | $ | 32,181 | |||||
Adjustments: | |||||||||||||||
Add: Stock-based compensation | 3,485 | 5,549 | 4,344 | 12,492 | 14,913 | ||||||||||
Add: Restructuring charges | 23 | 122 | — | 319 | 53 | ||||||||||
Add: Merger and acquisition costs | 1,664 | 5,589 | 2,526 | 10,970 | 12,234 | ||||||||||
Add: Tariff adjustment | — | (486) | (83) | (484) | 5,414 | ||||||||||
Add: Rebranding and transformation costs | 289 | 1,297 | — | 2,205 | — | ||||||||||
Adjusted earnings before interest, taxes, depreciation and amortization - Continuing operations | $ | 13,826 | $ | 19,396 | $ | 18,695 | $ | 53,044 | $ | 64,795 | |||||
Quarter Ended | ||||||||||||||||||
Dollars in thousands | June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
GAAP gross profit | $ | 59,600 | 44.9 | % | $ | 70,825 | 48.7 | % | $ | 62,431 | 48.4 | % | ||||||
Adjustments: | ||||||||||||||||||
Amortization of completed technology | 1,812 | 1.4 | 1,840 | 1.3 | 2,173 | 1.7 | ||||||||||||
Tariff adjustment | — | — | (486) | (0.3) | (83) | (0.1) | ||||||||||||
Non-GAAP adjusted gross profit | $ | 61,412 | 46.3 | % | $ | 72,179 | 49.6 | % | $ | 64,521 | 50.0 | % | ||||||
Life Sciences Products | Life Sciences Services | |||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||
Dollars in thousands | June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | ||||||||||||||||||||||||||||||
GAAP gross profit | $ | 21,026 | 44.4 | % | $ | 26,290 | 49.0 | % | $ | 22,655 | 46.6 | % | $ | 38,564 | 45.2 | % | $ | 44,535 | 48.4 | % | $ | 39,772 | 49.4 | % | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||
Amortization of completed technology | 251 | 0.5 | 267 | 0.5 | 432 | 0.9 | 1,562 | 1.8 | 1,572 | 1.7 | 1,742 | 2.2 | ||||||||||||||||||||||||
Tariff adjustment | — | — | — | — | — | — | — | — | (486) | (0.5) | (83) | (0.1) | ||||||||||||||||||||||||
Non-GAAP adjusted gross profit | $ | 21,277 | 44.9 | % | $ | 26,557 | 49.5 | % | $ | 23,087 | 47.5 | % | $ | 40,126 | 47.0 | % | $ | 45,621 | 49.6 | % | $ | 41,431 | 51.5 | % | ||||||||||||
Nine Months Ended | ||||||||||||
Dollars in thousands | June 30, 2022 | June 30, 2021 | ||||||||||
GAAP gross profit | $ | 197,469 | 47.2 | % | $ | 177,666 | 47.2 | % | ||||
Adjustments: | ||||||||||||
Amortization of completed technology | 5,424 | 1.3 | 6,200 | 1.6 | ||||||||
Tariff adjustment | (486) | (0.1) | 5,414 | 1.4 | ||||||||
Non-GAAP adjusted gross profit | $ | 202,407 | 48.4 | % | $ | 189,280 | 50.2 | % | ||||
Life Sciences Products | Life Sciences Services | ||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
Dollars in thousands | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
GAAP gross profit | $ | 70,006 | 46.4 | % | $ | 67,232 | 45.9 | % | $ | 127,466 | 47.7 | % | $ | 110,431 | 48.0 | % | |||||||
Adjustments: | |||||||||||||||||||||||
Amortization of completed technology | 722 | 0.5 | 985 | 0.7 | 4,702 | 1.8 | 5,215 | 2.3 | |||||||||||||||
Tariff adjustment | — | — | — | — | (484) | (0.2) | 5,414 | 2.4 | |||||||||||||||
Non-GAAP adjusted gross profit | $ | 70,728 | 46.9 | % | $ | 68,217 | 46.6 | % | $ | 131,684 | 49.3 | % | $ | 121,060 | 52.6 | % | |||||||
Life Sciences Products | Life Sciences Services | |||||||||||||||||
Quarter Ended | Quarter Ended | |||||||||||||||||
June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | |||||||||||||
Dollars in thousands | 2022 | 2022 | 2021 | 2022 | 2022 | 2021 | ||||||||||||
GAAP operating loss | $ | 1,965 | $ | 5,021 | $ | 4,629 | $ | 688 | $ | 3,770 | $ | 4,115 | ||||||
Adjustments: | ||||||||||||||||||
Amortization of completed technology | 251 | 267 | 431 | 1,562 | 1,572 | 1,742 | ||||||||||||
Tariff adjustment | — | — | — | — | (486) | (83) | ||||||||||||
Non-GAAP adjusted operating profit | $ | 2,216 | $ | 5,288 | $ | 5,060 | $ | 2,250 | $ | 4,856 | $ | 5,774 | ||||||
Total Segments | Corporate | Total | |||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | June 30, | March 31, | June 30, | |||||||||||||||||||
Dollars in thousands | 2022 | 2022 | 2021 | 2022 | 2022 | 2021 | 2022 | 2022 | 2021 | ||||||||||||||||||
GAAP operating profit (loss) | $ | 2,653 | $ | 8,791 | $ | 8,744 | $ | (7,726) | $ | (13,499) | $ | (9,627) | $ | (5,073) | $ | (4,708) | $ | (883) | |||||||||
Adjustments: | — | ||||||||||||||||||||||||||
Amortization of completed technology | 1,813 | 1,840 | 2,173 | — | — | — | 1,813 | 1,840 | 2,173 | ||||||||||||||||||
Amortization of customer relationships and acquired intangible assets | — | — | — | 5,745 | 6,047 | 7,396 | 5,745 | 6,047 | 7,396 | ||||||||||||||||||
Restructuring charges | — | — | — | 25 | 122 | — | 25 | 122 | — | ||||||||||||||||||
Tariff adjustment | — | (486) | (83) | — | — | — | — | (486) | (83) | ||||||||||||||||||
Rebranding and transformation costs | — | — | — | 289 | 1,297 | — | 289 | 1,297 | — | ||||||||||||||||||
Merger and acquisition costs | — | — | — | 1,662 | 5,589 | 2,527 | 1,662 | 5,589 | 2,527 | ||||||||||||||||||
Non-GAAP adjusted operating profit (loss) | $ | 4,466 | $ | 10,145 | $ | 10,834 | $ | (5) | $ | (444) | $ | 296 | $ | 4,461 | $ | 9,701 | $ | 11,130 | |||||||||
Life Sciences Products | Life Sciences Services | |||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||
Dollars in thousands | June 30, | June 30, | June 30, | June 30, | ||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
GAAP operating profit | $ | 11,173 | $ | 15,501 | $ | 10,772 | $ | 7,687 | ||||
Adjustments: | ||||||||||||
Amortization of completed technology | 722 | 985 | 4,702 | 5,215 | ||||||||
Tariff adjustment | — | — | (484) | 5,414 | ||||||||
Non-GAAP adjusted operating profit | $ | 11,895 | $ | 16,486 | $ | 14,990 | $ | 18,316 | ||||
Total Segments | Corporate | Total | ||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||
Dollars in thousands | June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||
GAAP operating profit (loss) | $ | 21,945 | $ | 23,188 | $ | (32,052) | $ | (33,036) | $ | (10,107) | $ | (9,848) | ||||||
Adjustments: | ||||||||||||||||||
Amortization of completed technology | 5,424 | 6,200 | — | — | 5,424 | 6,200 | ||||||||||||
Amortization of customer relationships and acquired intangible assets | — | — | 18,064 | 21,657 | 18,064 | 21,657 | ||||||||||||
Restructuring charges | — | — | 319 | 53 | 319 | 53 | ||||||||||||
Tariff adjustment | (484) | 5,414 | — | — | (484) | 5,414 | ||||||||||||
Rebranding and transformation costs | — | — | 2,205 | — | 2,205 | — | ||||||||||||
Merger and acquisition costs | — | — | 10,970 | 12,234 | 10,970 | 12,234 | ||||||||||||
Non-GAAP adjusted operating profit (loss) | $ | 26,885 | $ | 34,802 | $ | (494) | $ | 908 | $ | 26,391 | $ | 35,710 | ||||||
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SOURCE Azenta, Inc.
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