$AZTA
Azenta Inc

2024 Q1 Form 10-Q Financial Statement

#000155837024000902 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $159.1M $154.3M
YoY Change 7.23% -13.48%
Cost Of Revenue $95.75M $92.81M
YoY Change 0.61% -11.19%
Gross Profit $63.39M $61.51M
YoY Change 19.06% -16.72%
Gross Profit Margin 39.83% 39.86%
Selling, General & Admin $78.31M $78.58M
YoY Change 6.78% -15.1%
% of Gross Profit 123.55% 127.74%
Research & Development $8.707M $8.493M
YoY Change 2.19% 12.7%
% of Gross Profit 13.74% 13.81%
Depreciation & Amortization $22.35M $21.87M
YoY Change 1.77% 8.35%
% of Gross Profit 35.26% 35.55%
Operating Expenses $210.3M $88.19M
YoY Change 217.67% -13.16%
Operating Profit -$147.0M -$26.68M
YoY Change 1032.43% -3.64%
Interest Expense $9.565M $10.08M
YoY Change -7.98% 23344.19%
% of Operating Profit
Other Income/Expense, Net $250.0K $682.0K
YoY Change -109.37% -40.44%
Pretax Income -$137.1M -$15.91M
YoY Change 2511.69% 0.25%
Income Tax -$300.0K -$200.0K
% Of Pretax Income
Net Earnings -$136.9M -$15.72M
YoY Change 2678.16% 39.96%
Net Earnings / Revenue -86.02% -10.19%
Basic Earnings Per Share -$2.47 -$0.28
Diluted Earnings Per Share -$2.47 -$0.28
COMMON SHARES
Basic Shares Outstanding 55.77M 56.11M
Diluted Shares Outstanding 55.44M 56.71M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $821.7M $984.1M
YoY Change -30.42% -13.0%
Cash & Equivalents $353.5M $702.9M
Short-Term Investments $468.2M $281.2M
Other Short-Term Assets $91.34M $115.6M
YoY Change 44.22% -4.75%
Inventory $122.4M $127.2M
Prepaid Expenses
Receivables $154.7M $155.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.190B $1.383B
YoY Change -24.95% -14.64%
LONG-TERM ASSETS
Property, Plant & Equipment $270.6M $210.6M
YoY Change -2.82% -23.21%
Goodwill $681.1M $800.2M
YoY Change -13.83% 5.13%
Intangibles
YoY Change
Long-Term Investments $143.0M $61.96M
YoY Change -46.27% -79.66%
Other Assets $10.16M $77.19M
YoY Change -85.0% 24.64%
Total Long-Term Assets $1.373B $1.442B
YoY Change -17.47% -13.81%
TOTAL ASSETS
Total Short-Term Assets $1.190B $1.383B
Total Long-Term Assets $1.373B $1.442B
Total Assets $2.563B $2.824B
YoY Change -21.12% -14.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.32M $40.24M
YoY Change -17.63% -27.18%
Accrued Expenses $116.7M $123.3M
YoY Change 0.98% -2.27%
Deferred Revenue $38.32M $34.81M
YoY Change -16.78% -18.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $203.0M $235.6M
YoY Change -4.54% -5.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $11.61M $12.32M
YoY Change -8.6% -6.58%
Total Long-Term Liabilities $11.61M $12.32M
YoY Change -8.6% -6.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $203.0M $235.6M
Total Long-Term Liabilities $11.61M $12.32M
Total Liabilities $340.6M $380.7M
YoY Change -3.94% -9.59%
SHAREHOLDERS EQUITY
Retained Earnings $1.488B $1.625B
YoY Change -9.19% -1.14%
Common Stock $1.000B $1.046B
YoY Change -33.15% -29.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.223B $2.444B
YoY Change
Total Liabilities & Shareholders Equity $2.563B $2.824B
YoY Change -21.12% -14.22%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$136.9M -$15.72M
YoY Change 2678.16% 39.96%
Depreciation, Depletion And Amortization $22.35M $21.87M
YoY Change 1.77% 8.35%
Cash From Operating Activities $8.356M $26.43M
YoY Change -168.77% -197.82%
INVESTING ACTIVITIES
Capital Expenditures $6.827M $11.92M
YoY Change -22.97% -7.19%
Acquisitions
YoY Change
Other Investing Activities -$263.8M $110.3M
YoY Change -493.49% 59.42%
Cash From Investing Activities -$270.6M $98.40M
YoY Change -565.17% 74.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -74.07M -113.2M
YoY Change 17704.57% -77.58%
NET CHANGE
Cash From Operating Activities 8.356M 26.43M
Cash From Investing Activities -270.6M 98.40M
Cash From Financing Activities -74.07M -113.2M
Net Change In Cash -336.3M 24.18M
YoY Change -837.42% -105.68%
FREE CASH FLOW
Cash From Operating Activities $8.356M $26.43M
Capital Expenditures $6.827M $11.92M
Free Cash Flow $1.529M $14.51M
YoY Change -107.28% -136.41%

Facts In Submission

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CY2023Q4 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">1. Nature of Operations </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">Azenta, Inc. (“Azenta”, or the “Company”) is <span style="background:#ffffff;">a leading global provider of sample exploration and management solutions for the life sciences industry. The Company supports its customers from research and clinical development to commercialization with its sample management, automated storage, vaccine cold storage and transport, as well as genomic services expertise to help bring impactful therapies to market faster</span>. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><span style="color:#212529;font-style:italic;font-weight:bold;">Organizational Structure</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="background:#ffffff;">As previously announced, effective October 1, 2023, the Company realigned its organizational structure to three principal business segments: Sample Management Solutions (“SMS”), Multiomics, and B Medical Systems. The segment realignment had no impact on the Company’s consolidated financial position, results of operations, or cash flows. All segment information included in this Form 10-Q is reflective of this new structure and prior period information has been recast to conform to the Company’s current period presentation. Refer to </span>Note 15 <i style="font-style:italic;">Segment and Geographic Information </i>for<i style="font-style:italic;"> </i>further details on the nature of operations of these segments. </p>
CY2023Q4 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect amounts reported in the financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. Estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, stock-based compensation expense, and other accounts. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known.</p>
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CY2023Q4 azta Deferred Tax Assets Net Outside Basis Difference In Foreign Subsidiary
DeferredTaxAssetsNetOutsideBasisDifferenceInForeignSubsidiary
900000
CY2023Q4 azta Deferred Tax Assets Net Benefit Deductible Foreign Exchange Losses On Repatriation Measured At Foreign Exchange Rate
DeferredTaxAssetsNetBenefitDeductibleForeignExchangeLossesOnRepatriationMeasuredAtForeignExchangeRate
2900000
CY2023Q4 azta Deferred Tax Liabilities Net State Income Taxes Net Of Domestic Benefit
DeferredTaxLiabilitiesNetStateIncomeTaxesNetOfDomesticBenefit
2000000.0
CY2023Q4 azta Deferred Tax Assets Net Increase Decrease Amount Changes In Foreign Exchange Rates
DeferredTaxAssetsNetIncreaseDecreaseAmountChangesInForeignExchangeRates
-5200000
CY2022Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1145000
CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-15914000
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-15875000
CY2023Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15724000
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11235000
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56709000
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72543000
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56709000
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72543000
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2022Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2022Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154317000
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178366000
CY2022Q4 azta Inventory Purchase Accounting Impact
InventoryPurchaseAccountingImpact
2869000
CY2023Q4 us-gaap Restructuring Charges
RestructuringCharges
1120000
CY2022Q4 us-gaap Restructuring Charges
RestructuringCharges
1461000
CY2023Q4 azta Merger And Acquisition Costs And Costs Related To Share Repurchase
MergerAndAcquisitionCostsAndCostsRelatedToShareRepurchase
4321000
CY2022Q4 azta Merger And Acquisition Costs And Costs Related To Share Repurchase
MergerAndAcquisitionCostsAndCostsRelatedToShareRepurchase
11838000
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-26677000
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-27685000
CY2023Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
10081000
CY2022Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
10665000
CY2023Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
682000
CY2023Q4 azta Cash And Cash Equivalents Restricted Cash And Marketable Securities
CashAndCashEquivalentsRestrictedCashAndMarketableSecurities
1051395000
CY2023Q3 azta Cash And Cash Equivalents Restricted Cash And Marketable Securities
CashAndCashEquivalentsRestrictedCashAndMarketableSecurities
1134256000
CY2023Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
1341000
CY2023Q3 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
571000
CY2023Q4 us-gaap Other Assets
OtherAssets
30030000
CY2023Q3 us-gaap Other Assets
OtherAssets
29108000
CY2023Q4 us-gaap Assets
Assets
2824314000
CY2023Q3 us-gaap Assets
Assets
2885720000
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154317000
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178366000

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