AZTA - Azenta hits 52-week low after Q2 miss
2023-05-10 14:40:31 ET
Shares of Azenta, Inc. ( NASDAQ: AZTA ) fell ~18% to reach a new 52-week low on Wednesday after the maker of sample collection kits reported lower-than-expected financials for Q2 fiscal 2023, setting its outlook in line with the consensus.
While revenue rose ~2% YoY to $148M on a reported basis, in organic terms, Azenta's ( AZTA ) topline shrank ~8% YoY excluding a 3% unfavorable impact from forex changes and a 13% benefit from acquisitions.
Life Sciences Products revenue jumped ~10% YoY to $59M, mainly due to the addition of vaccine cold chain provider B Medical, while Life Sciences Services added $90M with a ~3% YoY drop. Meanwhile, diluted loss per share reached $0.03 from $0.02 in the prior year period, while gross margin reached 35.9%, indicating a decline of 12.8 points year over year.
In conjunction with the financials, Azenta ( AZTA ) announced a business realignment plan that it said would save $15M in annual costs by the end of the 2023 calendar year.
The company's guidance for Q3 FY23 revenue and non-GAAP diluted earnings stood at $150M – $168M and ($0.07) – $0.03 per share compared to $159.2M and $0.01 per share in the consensus, respectively.
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Azenta hits 52-week low after Q2 miss