Q3 2024 Azenta Inc Earnings Call Transcript
Key Points
- Azenta Inc (AZTA) reported a strong quarter with organic revenue up 5% year over year and 9% sequentially.
- Sample Management Solutions segment grew 7% year over year, with cryogenic stores revenue up almost 40%.
- The Multiomics GENEWIZ team delivered 1% organic year-over-year revenue growth and 2% sequential growth despite a down market.
- Azenta Inc (AZTA) achieved an adjusted EBITDA margin of 10.3%, marking a 260 basis point expansion year over year.
- The company turned profitable in Q3, delivering an operating profit of $4.6 million, a significant improvement after six quarters of losses.
- Azenta Inc (AZTA) lowered its full-year revenue guidance to a range of down 2% to down 1%, citing delays in B Medical and OEM product lines.
- Non-GAAP gross margin was down 40 basis points year over year, driven by nonrecurring items from the previous year.
- The Sanger sequencing business saw an 8% organic year-over-year decline, although it grew 4% sequentially.
- Free cash flow was slightly negative in the quarter, with a usage of $5 million driven by the timing of billings.
- The company is still in the process of optimizing and closing additional sites, which may incur further costs and operational disruptions.
Greetings, and welcome to the Azenta third quarter 2024 financial results. (Operator Instructions) As a reminder, this conference is being recorded Tuesday, August 6, 2024.
I will now turn the conference over to Yvonne Perron, Vice President FP&A, and Investor Relations.
Thank you, operator, and good afternoon to everyone on the line. We would like to welcome you to our earnings conference call for the third quarter of fiscal year 2024. Our third quarter earnings press release was issued after the close of the market today and is available on our Investor Relations website located at investors.azenta.com in addition to the supplementary PowerPoint slides that will be used during the prepared remarks today.
I would like to remind everyone that during the course of the call, we will be making a number of forward-looking statements within the meaning of the Private Litigation Securities Act of 1995. There are many factors that may cause actual financial results or other events to differ from
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