Wed, Nov 27, 11:04 AM (234 days ago)
**Summary of Azenta, Inc. (AZTA) Financial Performance for Fiscal Year 2024** For the fiscal year ending September 30, 2024, Azenta, Inc. reported revenues of $656,323, a slight decline of 1% from $665,072 in 2023. The Sample Management Solutions and Multiomics segments experienced growth, while revenue from B Medical Systems fell by 27% to $83,125. Gross profit remained stable at $263,367, leading to a gross margin of 40.1%. However, total operating expenses surged to $464,045, primarily due to a $115,975 impairment of goodwill and intangible assets, resulting in an operating loss of $200,678 compared to a loss of $73,126 in 2023. The net loss for the year was $164,170, significantly impacted by the impairment charge. Strategically, Azenta realigned its business into three segments to enhance growth, with a focus on sample management, genomic services, and temperature-controlled solutions. The company is pursuing a sale of its B Medical Systems segment as of November 12, 2024. Risks include macroeconomic conditions, customer concentration (notably one customer representing 10% of revenue), and ongoing regulatory compliance. The company ended the fiscal year with $321 million in cash and cash equivalents, indicating a strong liquidity position despite the net loss. Future outlook hinges on successful execution of cost-saving initiatives and potential divestitures.