AZTA - Azenta stock falls postmarket as prelim Q3 revenue misses Street estimates

July, 13 2022 05:35 PM Azenta Inc.

Azenta ( NASDAQ: AZTA ) stock dropped ~10% postmarket on Wednesday after the firm reported prelim. Q3 revenue of ~$133M, up 3% Y/Y, well below consensus estimate of $144.19M.
Q3 organic revenue growth Y/Y is estimated to be 6%, after adjusting for ~3 pp of currency impact.
Q3 adj. EPS is projected to be $0.08-$0.12, while GAAP loss per share from continuing operations is expected to be $0.13-$0.08, hurt by income taxes.
"Q3 revenue reflects currency headwinds and softness in the highly transactional businesses of genomics services and Consumables & Instruments (C&I)," said AZTA CEO Steve Schwartz.
Revenue for the services segment is expected to be ~$85M, up 6% Y/Y. In this segment, genomic services revenue grew ~1% Y/Y, reflecting weak demand.
Revenue for the products segment is expected to be ~$47M, down 3% Y/Y. In this segment, the C&I business saw lower demand, with ~18% decline Y/Y.
AZTA will report its Q3 results on Aug. 9.
Shares of AZTA have fallen ~29% YTD.

For further details see: