Azenta (Nasdaq: AZTA) Q3 revenue reaches $161M as 2026 outlook updated
Rhea-AI Filing Summary
Azenta, Inc. reported third-quarter fiscal 2026 results for the quarter ended June 30, 2026. Revenue from continuing operations was $161 million, up 12% year over year, with 9% organic growth. Sample Management Solutions revenue was $88 million and Multiomics revenue was $73 million, both growing double digits.
From continuing operations, Azenta recorded an operating loss of $4.2 million with a gross margin of 44.9%. Diluted EPS from continuing operations was ($0.03), while total diluted EPS, including discontinued B Medical Systems operations, was $0.05. On a non-GAAP basis, diluted EPS from continuing operations was $0.16, and Adjusted EBITDA was $18.5 million with an 11.4% margin. The company ended the quarter with $529 million in cash, cash equivalents, restricted cash and marketable securities and generated operating cash flow of $1 million (free cash flow of negative $5 million).
Under its 2025 share repurchase program, Azenta has bought back 2.3 million shares for $50.0 million, all retired. For full-year fiscal 2026, Azenta now expects reported revenue from continuing operations of $613–$618 million, organic revenue flat to up 1%, and Adjusted EBITDA of $59–$62 million.
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Filing Explained
After the July 1 sale closed, Azenta still has a $35 million secured vendor loan whose collectability could affect the company.
The Form 8-K reports Azenta’s fiscal third-quarter results and confirms that the B Medical Systems sale closed on
The completed sale did not remove all related financial exposure: Azenta extended the buyer a
The filing’s remaining operating results and guidance describe Azenta after the divestiture, while the vendor loan remains a specific post-closing line of exposure to monitor.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue from continuing operations: $161 million
Sample Management Solutions revenue: $88 million
Multiomics revenue: $73 million
+5 more
8 metrics
Revenue from continuing operations
$161 million
Quarter ended June 30, 2026; up 12% year over year with 9% organic growth
Sample Management Solutions revenue
$88 million
Quarter ended June 30, 2026; up 14% year over year
Multiomics revenue
$73 million
Quarter ended June 30, 2026; up 10% year over year
Diluted EPS from continuing operations
$(0.03)
Quarter ended June 30, 2026; compared with $(0.01) in Q3 fiscal 2025
Total diluted EPS
$0.05
Quarter ended June 30, 2026; versus $(1.05) a year ago including discontinued operations
Adjusted EBITDA - continuing operations
$18.5 million
Quarter ended June 30, 2026; Adjusted EBITDA margin 11.4%
Cash, cash equivalents, restricted cash and marketable securities
$529 million
Balance as of June 30, 2026
Shares repurchased under 2025 program
2.3 million shares for $50.0 million
Cumulative through June 30, 2026; all repurchased shares retired
Key Terms
discontinued operations, Adjusted EBITDA, organic revenue, free cash flow, +2 more
6 terms
discontinued operations financial
"The results of B Medical Systems are reported as discontinued operations and reflected"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
Adjusted EBITDA financial
"Adjusted EBITDA was $18.5 million, and Adjusted EBITDA margin was 11.4%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
organic revenue financial
"Organic revenue, which excludes the impact of foreign exchange and the contribution"
Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.
free cash flow financial
"free cash flow (cash flow from operations less capital expenditures) was negative $5 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
goodwill impairment financial
"Represents a non-cash goodwill impairment charge recognized in the second quarter of fiscal 2026"
Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.
transformation costs financial
"Transformation costs represent expenses associated with discrete strategic initiatives undertaken"
Earnings Snapshot
Revenue from continuing operations: $161 million · Guidance included
Quarter ended June 30, 2026
Revenue from continuing operations
$161 million
up 12% year over year; organic revenue up 9%
Diluted EPS from continuing operations
$(0.03)
compared to $(0.01) in the third quarter of fiscal 2025
Non-GAAP diluted EPS from continuing operations
$0.16
compared to $0.17 one year ago
Adjusted EBITDA - continuing operations
$18.5 million
Adjusted EBITDA margin 11.4%, a decrease of 60 basis points year over year
Guidance
For fiscal 2026, Azenta expects reported revenue from continuing operations between $613 and $618 million, organic revenue flat to up 1%, and Adjusted EBITDA between $59 million and $62 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Azenta (AZTA) perform in its third quarter of fiscal 2026?
Azenta reported $161 million in revenue from continuing operations for Q3 2026, up 12% year over year, with 9% organic growth. Segments Sample Management Solutions and Multiomics delivered double-digit revenue increases, while the company remained loss-making on a GAAP basis from continuing operations.
What non-GAAP results did Azenta (AZTA) report for Q3 2026?
Non-GAAP diluted EPS from continuing operations was $0.16 in Q3 2026, slightly below $0.17 a year earlier. Adjusted EBITDA was $18.5 million, with an 11.4% margin, down 60 basis points year over year, as higher operating costs offset revenue growth.
What guidance did Azenta (AZTA) give for full-year fiscal 2026?
Azenta now expects $613–$618 million in reported revenue from continuing operations for fiscal 2026, with organic revenue flat to up 1%. Adjusted EBITDA is projected between $59 million and $62 million, and free cash flow is expected to improve 10–15% year over year.
How strong is Azenta (AZTA)'s cash position and cash flow?
Azenta ended June 30, 2026 with $529 million in cash, cash equivalents, restricted cash and marketable securities. Q3 operating cash flow was $1 million, capital expenditures were $7 million, and free cash flow (operations less capex) was negative $5 million for the quarter.
How did Azenta’s business segments perform in Q3 2026?
In Q3 2026, Sample Management Solutions revenue was $88 million, up 14% year over year, with 9% organic growth. Multiomics revenue was $73 million, up 10% year over year, with 8% organic growth driven mainly by Next Generation Sequencing and Gene Synthesis.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 4, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices and Zip Code)
(888 ) 229-3682
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition
On August 4, 2026, Azenta, Inc. (“Azenta” or the “Company”) announced via press release its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
Limitation on Incorporation by Reference. The information in Item 2.02 and Exhibit 99.1 to this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in this Current Report and the press release attached as an exhibit hereto, this Current Report and the press release contain forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release attached as Exhibit 99.1 hereto regarding these forward-looking statements.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
| EXHIBIT NUMBER | DESCRIPTION | |||||||
| 99.1 | Press release issued on August 4, 2026 by Azenta, Inc | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AZENTA, INC. | |||||
| /s/ Ephraim Starr | |||||
| Date: August 4, 2026 | Ephraim Starr | ||||
| Senior Vice President, General Counsel and Secretary | |||||
Exhibit 99.1
Azenta Reports Third Quarter Results for Fiscal 2026, Ended June 30, 2026.
BURLINGTON, Mass., August 4, 2026 (PR Newswire) – Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the third quarter ended June 30, 2026.
The results of B Medical Systems are reported as discontinued operations and reflected in total diluted EPS. The Company entered into a definitive agreement to sell the business during fiscal 2025, and the transaction closed on July 1, 2026, on the terms described in the Company’s Current Report on Form 8-K filed on July 8, 2026.
| Quarter Ended | ||||||||||||||||||||||||||||||||
| Dollars in millions, except per share data | June 30, | March 31, | June 30, | Change | ||||||||||||||||||||||||||||
| 2026 | 2026 | 2025(1) | Prior Qtr | Prior Yr. | ||||||||||||||||||||||||||||
| Revenue from Continuing Operations | $ | 161 | $ | 145 | $ | 144 | 11 | % | 12 | % | ||||||||||||||||||||||
| Organic growth | 9 | % | ||||||||||||||||||||||||||||||
| Sample Management Solutions | $ | 88 | $ | 81 | $ | 78 | 9 | % | 14 | % | ||||||||||||||||||||||
| Multiomics | $ | 73 | $ | 64 | $ | 66 | 14 | % | 10 | % | ||||||||||||||||||||||
| Diluted EPS Continuing Operations | $ | (0.03) | $ | (3.41) | $ | (0.01) | 99 | % | NM | |||||||||||||||||||||||
| Diluted EPS Total | $ | 0.05 | $ | (3.49) | $ | (1.05) | NM | NM | ||||||||||||||||||||||||
| Non-GAAP Diluted EPS Continuing Operations | $ | 0.16 | $ | (0.04) | $ | 0.17 | NM | (6) | % | |||||||||||||||||||||||
| Adjusted EBITDA - Continuing Operations | $ | 18 | $ | 8 | $ | 17 | NM | 6 | % | |||||||||||||||||||||||
| Adjusted EBITDA Margin - Continuing Operations | 11.4 | % | 5.4 | % | 12.1 | % | ||||||||||||||||||||||||||
(1)Reflects revisions for an immaterial classification error among cost of revenue, research and development expenses, and selling, general and administrative expenses, and other immaterial adjustments, as further described in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
Management Comments
"Despite an uneven and challenging market backdrop, our third quarter results exceeded our expectations, with continued strength in our recurring revenue businesses, and a modest improvement in Multiomics in North America," said John Marotta, President and Chief Executive Officer. "While these results represent an encouraging step forward, our turnaround continues, and we remain focused on executing against our strategic priorities."
Third Quarter Fiscal 2026 Results - Continuing Operations
•Revenue was $161 million, up 12% year over year. Organic revenue, which excludes a 1-percentage point impact from foreign exchange and a 3-percentage point impact from the acquisition of UK Biocentre Limited, was up 9% year over year, reflecting higher revenue in Sample Management Solutions and Multiomics.
•Sample Management Solutions revenue was $88 million, up 14% year over year.
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◦Organic revenue, which excludes the impact from foreign exchange and the contribution from the acquisition of UK Biocentre Limited, was up 9%, mainly driven by higher revenue in Sample Repository Solutions and Consumables and Instruments, partially offset by lower revenue in Automated Stores.
•Multiomics revenue was $73 million, up 10% year over year.
◦Organic revenue, which excludes the impact from foreign exchange, was up 8% year over year, primarily driven by higher revenue in Next Generation Sequencing and Gene Synthesis, partially offset by lower Sanger Sequencing revenue.
Summary of GAAP Earnings Results - Continuing Operations
•Operating loss was $4.2 million. Operating margin was (2.6%), down 131 basis points year over year.
◦Gross margin was 44.9%, a decrease of 130 basis points year over year, primarily driven by unfavorable fixed-cost absorption associated with lower sales volumes in certain areas of the portfolio as well as costs related to quality remediation and rework activities in Automated Stores. These impacts were partially offset by improved operating leverage and the benefits of ongoing cost initiatives.
◦Operating expenses in the quarter were $77 million, up 12% year over year, driven by higher research and development expenses and higher selling, general and administrative expenses, partially offset by lower restructuring and transformation charges.
•Total other income included $4 million of net interest income, versus $5 million in the prior year period.
•Diluted EPS from continuing operations was ($0.03) compared to ($0.01) in the third quarter of fiscal year 2025. Diluted EPS from discontinued operations was $0.09, compared to ($1.04) a year ago. Total diluted EPS was $0.05, compared to ($1.05) a year ago.
Summary of Non-GAAP Earnings Results - Continuing Operations
•Adjusted operating income was $4.7 million. Adjusted operating margin was 2.9%, a decrease of 180 basis points year over year.
◦Adjusted gross margin was 46.2%, down 140 basis points compared to the third quarter of fiscal 2025, primarily driven by unfavorable fixed-cost absorption associated with lower sales volumes in certain areas of the portfolio as well as costs related to quality remediation and rework activities in Automated Stores. These impacts were partially offset by improved operating leverage and the benefits of ongoing cost initiatives.
◦Adjusted operating expenses in the quarter were $70 million, up 13% year over year, driven by higher selling, general and administrative expenses and higher research and development expenses.
•Adjusted EBITDA was $18.5 million, and Adjusted EBITDA margin was 11.4%, a decrease of 60 basis points year over year.
•Non-GAAP Diluted EPS was $0.16, compared to $0.17 one year ago.
Cash and Liquidity as of June 30, 2026
•The Company ended the quarter with a total balance of cash, cash equivalents, restricted cash and marketable securities of $529 million.
•Operating cash flow was $1 million in the quarter. Capital expenditures were $7 million, and free cash flow (cash flow from operations less capital expenditures) was negative $5 million.
Share Repurchase Program Update
•On December 8, 2025, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $250 million of our common stock through December 31, 2028, or the 2025 Repurchase Program. Repurchases under the 2025 Repurchase Program may be made in the open market or through privately negotiated transactions (including under an accelerated share repurchase agreement), or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, subject to market and business conditions, legal requirements, and other factors. As of June 30, 2026, the Company repurchased 2.3 million shares of common stock for $50.0 million (excluding fees, commissions, and excise tax) pursuant to the 2025 Repurchase Program. All shares of common stock repurchased under the 2025 Repurchase Program have been retired.
2
Fourth Quarter Fiscal 2026 Guidance - Continuing Operations
•Total organic revenue, which excludes the impact of foreign exchange and the contribution from the acquisition of UK Biocentre Limited, is expected to decline approximately in the low single digits relative to the fourth quarter of fiscal 2025.
•Adjusted EBITDA is expected to range approximately between $20 million and $23 million.
Full Year Fiscal 2026 Guidance - Continuing Operations
The Company now expects total reported revenue from continuing operations to range approximately between $613 to $618 million, compared to prior guidance of $603 to $621 million for the fiscal year ending September 30, 2026.
•Total organic revenue, which excludes the impact of foreign exchange and the contribution from the acquisition of UK Biocentre Limited, is now expected to range approximately between flat to up 1%, compared to prior guidance of down 2% to up 1% relative to fiscal 2025.
◦Organic revenue for Sample Management Solutions is expected to grow low-single-digits, consistent with prior guidance.
◦Organic revenue for Multiomics is now expected to range approximately between down 1% to flat, compared to prior guidance of down mid-single-digits.
•Adjusted EBITDA is expected to be in the range of $59 million to $62 million, including an anticipated impact of approximately 30 basis points of margin dilution from the UK Biocentre acquisition.
•Free cash flow (cash flow from operations less capital expenditures) is expected to improve approximately 10% to 15% year-over-year, consistent with prior guidance.
Azenta does not provide forward-looking guidance on a GAAP basis for the measures on which it provides forward-looking non-GAAP guidance as the Company is unable to provide a quantitative reconciliation of forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure, without unreasonable effort, because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are dependent on various factors, are out of the Company's control, or cannot be reasonably predicted. Such adjustments include, but are not limited to, transformation costs, restructuring charges, costs related to acquisitions and divestitures, governance-related matters, goodwill and intangible impairments, stock-based compensation, and other gains and charges that are not representative of the normal operations of the business.
Conference Call and Webcast
Azenta management will webcast its third quarter fiscal 2026 earnings conference call on August 5, 2026 at 8:30 a.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.
The call will be broadcast live over the Internet and, together with presentation materials and supplemental information referenced on the call, will be hosted at the Investor Relations section of Azenta’s website at https://investors.azenta.com/events. The supplemental information is being posted at the time of this earnings release, and the presentation materials will be posted ahead of the earnings call. A replay of the webcast will be archived on the website for convenient on-demand access.
Regulation G – Use of Non-GAAP Financial Measures
This release includes non-GAAP financial measures, including organic revenue, adjusted gross profit and margin, adjusted operating income, expenses and margin, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin, non-GAAP net income, non-GAAP diluted EPS and free cash flow. Management believes these measures give investors additional insight into the results of business operations, improve period-to-period comparability and facilitate comparison with peers. Management uses these measures to evaluate business performance and uses organic revenue (referred to as Core Revenue in the Company’s proxy statement), Adjusted EBITDA and free cash flow in determining compensation under the Company’s annual incentive plan. They are not presented in accordance with, and are not a substitute for, U.S. generally accepted accounting principles, or GAAP, should always be considered together with the most directly comparable GAAP measures, and may not be comparable to similarly titled measures used by other companies. These measures are presented on a continuing operations basis, except free cash flow, which is presented on a total company basis inclusive of B Medical Systems. Non-GAAP diluted EPS does not exclude stock-based compensation; the Company separately presents non-GAAP adjusted net income excluding stock-based compensation. Reconciliations to the most directly comparable GAAP measures, and descriptions of the adjustments, are included at the end of this release under “Notes on Non-GAAP Financial Measures.” Certain amounts may not sum due to rounding, and all percentages are calculated using unrounded amounts.
3
“Safe Harbor Statement” under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended
Some statements in this release are forward-looking statements made under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Azenta’s actual financial and business results to differ materially from those expressed or implied by such statements. They are based on the facts and assumptions known to management at the time they are made. Forward looking statements include, but are not limited to, statements regarding the Company’s guidance and outlook for fiscal year 2026, including revenue, organic revenue growth, earnings, Adjusted EBITDA margin and free cash flow expectations; expectations regarding the timing, execution and benefits of operational, commercial and organizational transformation initiatives; anticipated productivity improvements and cost actions; expectations regarding demand trends and end market conditions; statements regarding the Company’s long range plan and multi-year financial targets, including the extension of the long range plan timeline to 2029.
Factors that could cause actual results to differ materially from those expressed or implied by forward looking statements include, but are not limited to: the Company’s ability to execute on and realize the expected benefits from its transformation and operational improvement initiatives; changes in customer demand, purchasing behavior or funding conditions in the markets the Company serves; macroeconomic, geopolitical or regulatory developments; the impact of foreign currency fluctuations; the Company’s ability to effectively manage costs, improve productivity and achieve anticipated margin improvements; supply chain disruptions; competitive dynamics; the ability of customers to meet payment obligations; risks relating to the collectability and timely repayment of the $35 million secured vendor loan extended to the buyer in connection with the B Medical Systems divestiture, including the buyer's ability to obtain permanent financing, the sufficiency of the collateral securing the loan, and the potential for an associated charge or impairment; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10 K, Quarterly Reports on Form 10 Q and Current Reports on Form 8 K. Because forward looking statements relate to future events and are based on current expectations, they are inherently subject to significant uncertainties, particularly with respect to projections and assumptions extending over multiple years. As a result, actual outcomes may differ materially from those projected.
Azenta expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Azenta Life Sciences
Azenta, Inc. (Nasdaq: AZTA) is a leading provider of life sciences solutions worldwide, enabling life science organizations around the world to bring impactful breakthroughs and therapies to market faster. Azenta provides a full suite of reliable cold-chain sample management solutions and multiomics services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally. Our global team delivers and supports these products and services through our industry-leading brands, including GENEWIZ, FluidX, Ziath, 4titude, Limfinity, Freezer Pro, and Barkey.
Azenta is headquartered in Burlington, Massachusetts, with operations in North America, Europe, and Asia. For more information, please visit www.azenta.com.
AZENTA INVESTOR CONTACTS:
Yvonne Perron
Vice President, Financial Planning & Analysis and Investor Relations
ir@azenta.com
Maria Isabel Cuartas
Manager Investor Relations
ir@azenta.com
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AZENTA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
| Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Products | $ | 41,259 | $ | 39,387 | $ | 119,985 | $ | 125,169 | |||||||||||||||
| Services | 119,919 | 104,468 | 334,630 | 309,460 | |||||||||||||||||||
| Total revenue | 161,178 | 143,855 | 454,615 | 434,629 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Products | 25,018 | 19,572 | 71,889 | 68,607 | |||||||||||||||||||
| Services | 63,804 | 57,879 | 184,629 | 168,016 | |||||||||||||||||||
| Total cost of revenue | 88,822 | 77,451 | 256,518 | 236,623 | |||||||||||||||||||
| Gross profit | 72,356 | 66,404 | 198,097 | 198,006 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Research and development | 8,853 | 7,417 | 27,475 | 22,132 | |||||||||||||||||||
| Selling, general and administrative | 67,168 | 60,083 | 195,666 | 199,854 | |||||||||||||||||||
| Impairment of goodwill and intangible assets | — | — | 149,083 | — | |||||||||||||||||||
| Restructuring charges | 513 | 754 | 3,078 | 4,765 | |||||||||||||||||||
| Total operating expenses | 76,534 | 68,254 | 375,302 | 226,751 | |||||||||||||||||||
| Operating loss | (4,178) | (1,850) | (177,205) | (28,745) | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Interest income, net | 3,825 | 4,973 | 13,310 | 13,760 | |||||||||||||||||||
| Other income (expense), net | 1,199 | (820) | 5,337 | 1,542 | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 846 | 2,303 | (158,558) | (13,443) | |||||||||||||||||||
| Income tax expense | 2,375 | 2,635 | 5,182 | 13,752 | |||||||||||||||||||
| Loss from continuing operations | (1,529) | (332) | (163,740) | (27,195) | |||||||||||||||||||
| Income (loss) from discontinued operations, net of tax | 3,985 | (47,655) | (10,034) | (79,445) | |||||||||||||||||||
| Net income (loss) | $ | 2,456 | $ | (47,987) | $ | (173,774) | $ | (106,640) | |||||||||||||||
| Basic net income (loss) per share: | |||||||||||||||||||||||
| Loss from continuing operations | $ | (0.03) | $ | (0.01) | $ | (3.58) | $ | (0.59) | |||||||||||||||
| Income (loss) from discontinued operations, net of tax | $ | 0.09 | $ | (1.04) | $ | (0.22) | $ | (1.74) | |||||||||||||||
| Basic net income (loss) per share | $ | 0.05 | $ | (1.05) | $ | (3.80) | $ | (2.33) | |||||||||||||||
| Diluted net income (loss) per share: | |||||||||||||||||||||||
| Loss from continuing operations | $ | (0.03) | $ | (0.01) | $ | (3.58) | $ | (0.59) | |||||||||||||||
| Income (loss) from discontinued operations, net of tax | $ | 0.09 | $ | (1.04) | $ | (0.22) | $ | (1.74) | |||||||||||||||
| Diluted net income (loss) per share | $ | 0.05 | $ | (1.05) | $ | (3.80) | $ | (2.33) | |||||||||||||||
| Weighted average shares used in computing net income (loss) per share: | |||||||||||||||||||||||
| Basic | 45,286 | 45,780 | 45,759 | 45,712 | |||||||||||||||||||
| Diluted | 45,286 | 45,780 | 45,759 | 45,712 | |||||||||||||||||||
5
AZENTA, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
| June 30, 2026 | September 30, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 189,654 | $ | 279,783 | |||||||
| Short-term marketable securities | 136,143 | 61,137 | |||||||||
Accounts receivable, net of allowance for expected credit losses ($3,953 and $4,649, respectively) | 143,675 | 142,181 | |||||||||
| Inventories | 79,082 | 74,956 | |||||||||
| Short-term restricted cash | 2,414 | 2,359 | |||||||||
| Refundable income taxes | 5,846 | 9,728 | |||||||||
| Prepaid expenses and other current assets | 53,150 | 64,660 | |||||||||
| Current assets held for sale | 71,387 | 73,535 | |||||||||
| Total current assets | 681,351 | 708,339 | |||||||||
| Property, plant and equipment, net | 172,427 | 153,954 | |||||||||
| Long-term marketable securities | 196,087 | 201,585 | |||||||||
| Long-term deferred tax assets | 494 | 726 | |||||||||
| Operating lease right-of-use assets | 61,421 | 54,048 | |||||||||
| Goodwill | 547,457 | 702,395 | |||||||||
| Intangible assets, net | 85,688 | 101,814 | |||||||||
| Long-term income taxes receivable | 45,600 | 45,600 | |||||||||
| Other assets | 8,997 | 6,115 | |||||||||
| Noncurrent assets held for sale | 76,689 | 85,006 | |||||||||
| Total assets | $ | 1,876,211 | $ | 2,059,582 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 39,381 | $ | 37,722 | |||||||
| Deferred revenue | 36,041 | 31,569 | |||||||||
| Derivative liability | 28,435 | 33,420 | |||||||||
| Accrued warranty and retrofit costs | 4,047 | 4,713 | |||||||||
| Accrued compensation and benefits | 30,965 | 35,799 | |||||||||
| Customer deposits | 35,355 | 26,499 | |||||||||
| Accrued income taxes payable | 6,775 | 9,416 | |||||||||
| Deposit received for the sale of B Medical Systems business | 28,000 | — | |||||||||
| Accrued expenses and other current liabilities | 34,249 | 30,268 | |||||||||
| Current liabilities held for sale | 29,326 | 28,268 | |||||||||
| Total current liabilities | 272,574 | 237,674 | |||||||||
| Long-term deferred tax liabilities | 15,836 | 18,245 | |||||||||
| Long-term operating lease liabilities | 53,967 | 51,244 | |||||||||
| Other long-term liabilities | 10,725 | 11,142 | |||||||||
| Noncurrent liabilities held for sale | 12,980 | 14,291 | |||||||||
| Total liabilities | 366,082 | 332,596 | |||||||||
| Stockholders' equity | |||||||||||
| Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding | — | — | |||||||||
| Common stock, $0.01 par value - 125,000,000 shares authorized, 57,226,616 shares issued and 43,764,747 shares outstanding at June 30, 2026; 59,320,848 shares issued and 45,858,979 shares outstanding at September 30, 2025 | 572 | 594 | |||||||||
| Additional paid-in capital | 493,071 | 529,605 | |||||||||
| Accumulated other comprehensive loss | (28,740) | (22,213) | |||||||||
| Treasury stock, at cost - 13,461,869 shares at June 30, 2026 and September 30, 2025 | (200,956) | (200,956) | |||||||||
| Retained earnings | 1,246,182 | 1,419,956 | |||||||||
| Total stockholders' equity | 1,510,129 | 1,726,986 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,876,211 | $ | 2,059,582 | |||||||
6
AZENTA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
| Nine Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net loss | $ | (173,774) | $ | (106,640) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 41,230 | 46,775 | |||||||||
| Impairment of goodwill and intangible assets | 149,083 | — | |||||||||
| Non-cash gain from settlement of preexisting contractual relationship | (3,858) | — | |||||||||
| Loss on assets held for sale | 9,491 | 92,706 | |||||||||
| Inventory write-downs and other non-cash items | 1,301 | 3,866 | |||||||||
| Stock-based compensation | 15,232 | 16,716 | |||||||||
| Amortization and accretion on marketable securities | (1,088) | (1,318) | |||||||||
| Deferred income taxes | (3,563) | (20,385) | |||||||||
| Loss on disposals of property, plant and equipment | 14 | 759 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 4,073 | 38,799 | |||||||||
| Inventories | (9,501) | (9,998) | |||||||||
| Accounts payable | (655) | (365) | |||||||||
| Deferred revenue | 1,986 | 7,156 | |||||||||
| Accrued warranty and retrofit costs | 84 | 38 | |||||||||
| Accrued compensation and tax withholdings | (3,816) | 3,604 | |||||||||
| Accrued restructuring costs | 26 | (51) | |||||||||
| Other assets and liabilities | 9,540 | (1,651) | |||||||||
| Net cash provided by operating activities | 35,805 | 70,011 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property, plant and equipment | (20,234) | (25,997) | |||||||||
| Purchases of marketable securities | (365,358) | (312,990) | |||||||||
| Sales and maturities of marketable securities | 295,489 | 242,527 | |||||||||
| Acquisition of UK Biocentre, net of cash acquired | (11,150) | — | |||||||||
| Proceeds from other investment | — | 2,130 | |||||||||
| Net investment hedge settlement | — | 3,043 | |||||||||
| Deposit received for the sale of B Medical Systems business | 28,000 | — | |||||||||
| Net cash used in investing activities | (73,253) | (91,287) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from issuance of common stock | 1,178 | 1,553 | |||||||||
| Payments of finance leases | (583) | (585) | |||||||||
| Withholding tax payments on net share settlements on equity awards | (2,521) | — | |||||||||
| Excise tax payment for settled share repurchases | — | (11,376) | |||||||||
| Share repurchases | (50,046) | — | |||||||||
| Net cash used in financing activities | (51,972) | (10,408) | |||||||||
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (2,594) | 4,510 | |||||||||
| Net decrease in cash, cash equivalents and restricted cash | (92,014) | (27,174) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 296,685 | 320,990 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 204,671 | $ | 293,816 | |||||||
| Supplemental disclosures: | |||||||||||
| Cash paid for income taxes, net | $ | 7,017 | $ | 2,243 | |||||||
| Purchases of property, plant and equipment included in accounts payable and accrued expenses | $ | 6,978 | $ | 4,652 | |||||||
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets | |||||||||||
| June 30, 2026 | September 30, 2025 | ||||||||||
| Cash and cash equivalents of continuing operations | $ | 189,654 | $ | 279,783 | |||||||
| Cash included in current assets held for sale | 8,363 | 13,206 | |||||||||
| Short-term restricted cash | 2,414 | 2,359 | |||||||||
| Long-term restricted cash included in other assets | 4,240 | 1,337 | |||||||||
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 204,671 | $ | 296,685 | |||||||
7
Notes on Non-GAAP Financial Measures - Continuing Operations
Non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusts the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A, costs related to the Company’s business transformation initiatives and share repurchases to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, certain tax benefits and charges, as well as other gains and charges that are not representative of the normal operations of the business. Management strongly encourages investors to review our financial statements and publicly filed reports in their entirety and not rely on any single measure.
| Quarter Ended | |||||||||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025(*) | |||||||||||||||||||||||||||||||||
| Amounts in thousands, except per share data | $ | per diluted share | $ | per diluted share | $ | per diluted share | |||||||||||||||||||||||||||||
| Net loss from continuing operations | $ | (1,529) | $ | (0.03) | $ | (157,021) | $ | (3.41) | $ | (332) | $ | (0.01) | |||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 2,082 | 0.05 | 2,076 | 0.05 | 2,068 | 0.05 | |||||||||||||||||||||||||||||
| Amortization of other intangible assets | 3,616 | 0.08 | 3,563 | 0.08 | 4,123 | 0.09 | |||||||||||||||||||||||||||||
Transformation costs(1) | 272 | 0.01 | 440 | 0.01 | 1,542 | 0.03 | |||||||||||||||||||||||||||||
| Restructuring charges | 513 | 0.01 | 1,422 | 0.03 | 754 | 0.02 | |||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets(2) | — | — | 149,083 | 3.24 | — | — | |||||||||||||||||||||||||||||
Merger and acquisition costs(3) | 2,248 | 0.05 | 2,175 | 0.05 | 58 | 0.00 | |||||||||||||||||||||||||||||
Non-recurring other adjustments(4) | — | 0.00 | (3,858) | (0.08) | 38 | 0.00 | |||||||||||||||||||||||||||||
| Purchase accounting adjustments | 154 | 0.00 | — | — | — | — | |||||||||||||||||||||||||||||
| Tax effect of adjustments | (198) | 0.00 | 331 | 0.01 | (534) | (0.01) | |||||||||||||||||||||||||||||
| Other adjustments | — | — | 13 | 0.00 | — | — | |||||||||||||||||||||||||||||
| Non-GAAP adjusted net income (loss) from continuing operations | $ | 7,158 | $ | 0.16 | $ | (1,776) | $ | (0.04) | $ | 7,717 | $ | 0.17 | |||||||||||||||||||||||
| Stock-based compensation, pre-tax | 4,692 | 0.10 | 6,268 | 0.14 | 3,045 | 0.07 | |||||||||||||||||||||||||||||
| Tax rate | 13 | % | — | 13 | % | — | 17 | % | — | ||||||||||||||||||||||||||
| Stock-based compensation, net of tax | 4,082 | 0.09 | 5,453 | 0.12 | 2,536 | 0.06 | |||||||||||||||||||||||||||||
| Non-GAAP adjusted net income excluding stock-based compensation - continuing operations | $ | 11,240 | $ | 0.25 | $ | 3,677 | $ | 0.08 | $ | 10,253 | $ | 0.22 | |||||||||||||||||||||||
| Shares used in computing non-GAAP diluted net income per share | 45,286 | 46,063 | 45,780 | ||||||||||||||||||||||||||||||||
8
| Nine Months Ended | |||||||||||||||||||||||
| June 30, 2026 | June 30, 2025(*) | ||||||||||||||||||||||
| Amounts in thousands, except per share data | $ | per diluted share | $ | per diluted share | |||||||||||||||||||
| Net loss from continuing operations | $ | (163,740) | $ | (3.58) | $ | (27,195) | $ | (0.59) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Amortization of completed technology | 6,017 | 0.13 | 5,876 | 0.13 | |||||||||||||||||||
| Amortization of other intangible assets | 10,730 | 0.23 | 12,499 | 0.27 | |||||||||||||||||||
Transformation costs(1) | 1,913 | 0.04 | 9,771 | 0.21 | |||||||||||||||||||
| Restructuring charges | 3,078 | 0.07 | 4,765 | 0.10 | |||||||||||||||||||
Impairment of goodwill and intangible assets(2) | 149,083 | 3.26 | — | — | |||||||||||||||||||
Merger and acquisition costs(3) | 4,436 | 0.10 | 2,316 | 0.05 | |||||||||||||||||||
Non-recurring other adjustments(4) | (3,858) | (0.08) | (2,097) | (0.05) | |||||||||||||||||||
| Purchase accounting adjustment | 154 | 0.00 | — | — | |||||||||||||||||||
Tax adjustments(5) | — | — | 7,300 | 0.16 | |||||||||||||||||||
| Tax effect of adjustments | 1,704 | 0.04 | 571 | 0.01 | |||||||||||||||||||
| Other adjustments | 22 | 0.00 | — | — | |||||||||||||||||||
| Non-GAAP adjusted net income from continuing operations | $ | 9,539 | $ | 0.21 | $ | 13,806 | $ | 0.30 | |||||||||||||||
| Stock-based compensation, pre-tax | 14,822 | 0.32 | 15,949 | 0.35 | |||||||||||||||||||
| Tax rate | 13% | — | 17 | % | — | ||||||||||||||||||
| Stock-based compensation, net of tax | 12,895 | 0.28 | 13,238 | 0.29 | |||||||||||||||||||
| Non-GAAP adjusted net income excluding stock-based compensation - continuing operations | $ | 22,434 | $ | 0.49 | $ | 27,044 | $ | 0.59 | |||||||||||||||
| Shares used in computing non-GAAP diluted net income per share | 45,759 | 45,712 | |||||||||||||||||||||
(*)See footnote (1) on Page 1.
(1)Transformation costs represent expenses associated with discrete strategic initiatives undertaken to simplify, standardize, streamline, and optimize the Company's operations, processes, and systems. These initiatives are intended to generate long-term operational efficiencies and productivity improvements and do not meet the definition of restructuring charges. Transformation costs primarily include asset write-downs associated with technology changes, inventory write-downs related to restructuring activities, and third-party consulting costs incurred to support process and systems redesign efforts.
(2)Represents a non-cash goodwill impairment charge recognized in the second quarter of fiscal 2026 as a result of the Company's quantitative goodwill impairment analysis as of March 31, 2026, including $112.4 million for the Multiomics reporting unit and $36.6 million for the Sample Management Solutions reporting unit.
(3)Merger and acquisition costs consist primarily of legal, accounting, valuation, and strategic advisory fees incurred in connection with acquisition and integration activities.
(4)The Company recognized $3.9 million non-cash gain from the settlement of the pre-existing contractual relationship with UK Biocentre Limited in the second quarter of fiscal 2026. The Company received $2.1 million of cash proceeds from a cost method investment which had no cost basis in the second quarter of fiscal 2025. These are non-recurring and non-operational adjustments.
(5)Tax adjustments for the nine months ended June 30, 2025 are primarily driven by tax expenses related to a one-time repatriation of historical earnings from China.
9
| Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | June 30, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||
| GAAP net loss | $ | 2,456 | $ | (160,798) | $ | (47,987) | $ | (173,774) | $ | (106,640) | |||||||||||||||||||
| Less: Loss from discontinued operations | 3,985 | (3,777) | (47,655) | (10,034) | (79,445) | ||||||||||||||||||||||||
| GAAP net loss from continuing operations | (1,529) | (157,021) | (332) | (163,740) | (27,195) | ||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Interest income, net | (3,825) | (4,387) | (4,973) | (13,310) | (13,760) | ||||||||||||||||||||||||
| Income tax expense | 2,375 | (323) | 2,635 | 5,182 | 13,752 | ||||||||||||||||||||||||
| Depreciation | 7,861 | 8,338 | 8,399 | 24,406 | 23,695 | ||||||||||||||||||||||||
| Amortization of completed technology | 2,082 | 2,076 | 2,068 | 6,017 | 5,876 | ||||||||||||||||||||||||
| Amortization of other intangible assets | 3,616 | 3,563 | 4,123 | 10,730 | 12,499 | ||||||||||||||||||||||||
| Earnings before interest, taxes, depreciation and amortization - Continuing operations | $ | 10,580 | $ | (147,754) | $ | 11,920 | $ | (130,715) | $ | 14,867 | |||||||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | June 30, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||
| Earnings before interest, taxes, depreciation and amortization - Continuing operations | $ | 10,580 | $ | (147,754) | $ | 11,920 | $ | (130,715) | $ | 14,867 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Stock-based compensation | 4,692 | 6,268 | 3,045 | 14,822 | 15,949 | ||||||||||||||||||||||||
| Restructuring charges | 513 | 1,422 | 754 | 3,078 | 4,765 | ||||||||||||||||||||||||
Impairment of goodwill and intangible assets(1) | — | 149,083 | — | 149,083 | — | ||||||||||||||||||||||||
Merger and acquisition costs(2) | 2,248 | 2,175 | 58 | 4,436 | 2,316 | ||||||||||||||||||||||||
Transformation costs(3) | 272 | 440 | 1,542 | 1,913 | 9,771 | ||||||||||||||||||||||||
Non-recurring other adjustments(4) | — | (3,858) | 38 | (3,858) | (2,097) | ||||||||||||||||||||||||
| Purchase accounting adjustment | 154 | — | — | 154 | — | ||||||||||||||||||||||||
| Adjusted earnings before interest, taxes, depreciation and amortization - Continuing operations | $ | 18,459 | $ | 7,776 | $ | 17,357 | $ | 38,913 | $ | 45,571 | |||||||||||||||||||
(*)See footnote (1) on Page 1.
(1)Represents a non-cash goodwill impairment charge recognized in the second quarter of fiscal 2026 as a result of the Company's quantitative goodwill impairment analysis as of March 31, 2026, including $112.4 million for the Multiomics reporting unit and $36.6 million for the Sample Management Solutions reporting unit.
(2)Merger and acquisition costs consist primarily of legal, accounting, valuation, and strategic advisory fees incurred in connection with acquisition and integration activities.
(3)Transformation costs represent expenses associated with discrete strategic initiatives undertaken to simplify, standardize, streamline, and optimize the Company's operations, processes, and systems. These initiatives are intended to generate long-term operational efficiencies and productivity improvements and do not meet the definition of restructuring charges. Transformation costs primarily include asset write-downs associated with technology changes, inventory write-downs related to restructuring activities, and third-party consulting costs incurred to support process and systems redesign efforts.
(4)The Company recognized $3.9 million non-cash gain from the settlement of the pre-existing contractual relationship with UK Biocentre Limited in the second quarter of fiscal 2026. The Company received $2.1 million of cash proceeds from a cost method investment which had no cost basis in the second quarter of fiscal 2025. These are non-recurring and non-operational adjustments.
10
| Quarter Ended | |||||||||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||||||||||
| GAAP gross profit | $ | 72,356 | 44.9 | % | $ | 62,035 | 42.8 | % | $ | 66,404 | 46.2 | % | |||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 2,082 | 1.3 | % | 2,076 | 1.4 | % | 2,068 | 1.4 | % | ||||||||||||||||||||||||||
| Other Adjustments | — | — | % | — | — | % | 25 | 0.0 | % | ||||||||||||||||||||||||||
| Non-GAAP adjusted gross profit | $ | 74,438 | 46.2 | % | $ | 64,111 | 44.3 | % | $ | 68,497 | 47.6 | % | |||||||||||||||||||||||
| Nine Months Ended | ||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||
| GAAP gross profit | $ | 198,097 | 43.6 | % | $ | 198,006 | 45.6 | % | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Amortization of completed technology | 6,017 | 1.3 | % | 5,876 | 1.4 | % | ||||||||||||||||||||
Transformation costs(1) | — | — | % | 51 | 0.0 | % | ||||||||||||||||||||
| Other Adjustments | — | — | % | 25 | 0.0 | % | ||||||||||||||||||||
| Non-GAAP adjusted gross profit | $ | 204,114 | 44.9 | % | $ | 203,958 | 46.9 | % | ||||||||||||||||||
(*)See footnote (1) on Page 1.
(1)Transformation costs represent expenses associated with discrete strategic initiatives undertaken to simplify, standardize, streamline, and optimize the Company's operations, processes, and systems. These initiatives are intended to generate long-term operational efficiencies and productivity improvements and do not meet the definition of restructuring charges. Transformation costs primarily include asset write-downs associated with technology changes, inventory write-downs related to restructuring activities, and third-party consulting costs incurred to support process and systems redesign efforts.
| Sample Management Solutions | Multiomics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GAAP gross profit | $ | 39,126 | 44.3 | % | $ | 37,084 | 45.7 | % | $ | 40,180 | 51.8 | % | $ | 33,230 | 45.6 | % | $ | 24,951 | 39.2 | % | $ | 26,224 | 39.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 1,393 | 1.6 | % | 1,389 | 1.7 | % | 1,208 | 1.6 | % | 689 | 0.9 | % | 687 | 1.1 | % | 860 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Adjustments | — | — | % | — | — | % | 25 | 0.0 | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP adjusted gross profit | $ | 40,519 | 45.9 | % | $ | 38,473 | 47.4 | % | $ | 41,413 | 53.4 | % | $ | 33,919 | 46.5 | % | $ | 25,638 | 40.2 | % | $ | 27,084 | 40.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Segment Total | |||||||||||||||||||||||||||||||||||
| Quarter Ended | |||||||||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||||||||||
| GAAP gross profit | $ | 72,356 | 44.9 | % | $ | 62,035 | 42.8 | % | $ | 66,404 | 46.2 | % | |||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 2,082 | 1.3 | % | 2,076 | 1.4 | % | 2,068 | 1.4 | % | ||||||||||||||||||||||||||
| Other Adjustments | — | — | % | — | — | % | 25 | 0.0 | % | ||||||||||||||||||||||||||
| Non-GAAP adjusted gross profit | $ | 74,438 | 46.2 | % | $ | 64,111 | 44.3 | % | $ | 68,497 | 47.6 | % | |||||||||||||||||||||||
11
| Sample Management Solutions | Multiomics | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | June 30, 2025(*) | June 30, 2026 | June 30, 2025(*) | |||||||||||||||||||||||||||||||||||||||||||||||||
| GAAP gross profit | $ | 111,993 | 44.7 | % | $ | 115,471 | 48.4 | % | $ | 86,104 | 42.2 | % | $ | 82,535 | 42.1 | % | |||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 3,958 | 1.6 | % | 3,296 | 1.4 | % | 2,059 | 1.0 | % | 2,580 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||
Transformation costs(1) | — | — | % | 51 | 0.0 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
| Other Adjustments | — | — | % | 25 | 0.0 | % | $ | — | — | % | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||
| Non-GAAP adjusted gross profit | 115,951 | 46.2 | % | 118,843 | 49.8 | % | $ | 88,163 | 43.3 | % | $ | 85,115 | 43.4 | % | |||||||||||||||||||||||||||||||||||||||
| Segment Total | ||||||||||||||||||||||||||
| Nine Months Ended | ||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||
| GAAP gross profit | $ | 198,097 | 43.6 | % | $ | 198,006 | 45.6 | % | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Amortization of completed technology | 6,017 | 1.3 | % | 5,876 | 1.4 | % | ||||||||||||||||||||
Transformation costs(1) | — | — | % | 51 | 0.0 | % | ||||||||||||||||||||
| Other Adjustments | — | — | % | $ | 25 | 0.0 | % | |||||||||||||||||||
| Non-GAAP adjusted gross profit | 204,114 | 44.9 | % | $ | 203,958 | 46.9 | % | |||||||||||||||||||
(*)See footnote (1) on Page 1.
(1)Transformation costs represent expenses associated with discrete strategic initiatives undertaken to simplify, standardize, streamline, and optimize the Company's operations, processes, and systems. These initiatives are intended to generate long-term operational efficiencies and productivity improvements and do not meet the definition of restructuring charges. Transformation costs primarily include asset write-downs associated with technology changes, inventory write-downs related to restructuring activities, and third-party consulting costs incurred to support process and systems redesign efforts.
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| Total Segments | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | June 30, 2026 | March 31, 2026 | June 30, 2025(*) | ||||||||||||||||||||||||||||||||||||||||||||
| GAAP operating loss | $ | 2,051 | $ | (9,091) | $ | 4,505 | $ | (6,229) | $ | (156,699) | $ | (6,355) | $ | (4,178) | $ | (165,790) | $ | (1,850) | |||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 2,082 | 2,076 | 2,068 | — | — | — | 2,082 | 2,076 | 2,068 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of other intangible assets | 49 | — | — | 3,567 | 3,563 | 4,123 | 3,616 | 3,563 | 4,123 | ||||||||||||||||||||||||||||||||||||||||||||
Transformation costs(1) | 56 | 55 | 168 | 216 | 385 | 1,374 | 272 | 440 | 1,542 | ||||||||||||||||||||||||||||||||||||||||||||
| Restructuring charges | — | — | — | 513 | 1,422 | 754 | 513 | 1,422 | 754 | ||||||||||||||||||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets(2) | — | — | — | — | 149,083 | — | — | 149,083 | — | ||||||||||||||||||||||||||||||||||||||||||||
Merger and acquisition costs(3) | 204 | — | — | 2,044 | 2,175 | 58 | 2,248 | 2,175 | 58 | ||||||||||||||||||||||||||||||||||||||||||||
| Purchase accounting and other adjustments | 154 | 8 | 38 | — | — | (5) | 154 | 8 | 33 | ||||||||||||||||||||||||||||||||||||||||||||
| Non-GAAP adjusted operating income (loss) | $ | 4,596 | $ | (6,952) | $ | 6,779 | $ | 111 | $ | (71) | $ | (51) | $ | 4,707 | $ | (7,023) | $ | 6,728 | |||||||||||||||||||||||||||||||||||
| Total Segments | Corporate | Total | |||||||||||||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
| Dollars in thousands | June 30, 2026 | June 30, 2025(*) | June 30, 2026 | June 30, 2025(*) | June 30, 2026 | June 30, 2025(*) | |||||||||||||||||||||||||||||
| GAAP operating loss | $ | (8,355) | $ | (2,276) | $ | (168,850) | $ | (26,469) | $ | (177,205) | $ | (28,745) | |||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||
| Amortization of completed technology | 6,017 | 5,876 | — | — | 6,017 | 5,876 | |||||||||||||||||||||||||||||
| Amortization of other intangible assets | 49 | — | 10,681 | 12,499 | 10,730 | 12,499 | |||||||||||||||||||||||||||||
Transformation costs(1) | 168 | 2,877 | 1,745 | 6,894 | 1,913 | 9,771 | |||||||||||||||||||||||||||||
| Restructuring charges | — | — | 3,078 | 4,765 | 3,078 | 4,765 | |||||||||||||||||||||||||||||
Impairment of goodwill and intangible assets(2) | — | — | 149,083 | — | 149,083 | — | |||||||||||||||||||||||||||||
Merger and acquisition costs(3) | 204 | — | 4,232 | 2,316 | 4,436 | 2,316 | |||||||||||||||||||||||||||||
| Purchase accounting and other adjustments | 175 | 40 | — | (5) | 175 | 35 | |||||||||||||||||||||||||||||
| Non-GAAP adjusted operating income (loss) | $ | (1,742) | $ | 6,517 | $ | (31) | $ | — | $ | (1,773) | $ | 6,517 | |||||||||||||||||||||||
(*)See footnote (1) on Page 1.
(1)Transformation costs represent expenses associated with discrete strategic initiatives undertaken to simplify, standardize, streamline, and optimize the Company's operations, processes, and systems. These initiatives are intended to generate long-term operational efficiencies and productivity improvements and do not meet the definition of restructuring charges. Transformation costs primarily include asset write-downs associated with technology changes, inventory write-downs related to restructuring activities, and third-party consulting costs incurred to support process and systems redesign efforts.
(2)Represents non-cash goodwill impairment charges recognized in the second quarter of fiscal 2026 as a result of the Company’s annual and interim impairment assessment, including $112.4 million for the Multiomics reporting unit and $36.6 million for the Sample Management Solutions reporting unit.
(3)Merger and acquisition costs consist primarily of legal, accounting, valuation, and strategic advisory fees incurred in connection with acquisition and integration activities.
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| Sample Management Solutions | Multiomics | Azenta Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in millions | June 30, 2026 | June 30, 2025 | Change | June 30, 2026 | June 30, 2025 | Change | June 30, 2026 | June 30, 2025 | Change | ||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 88 | $ | 78 | 14 | % | $ | 73 | $ | 66 | 10 | % | $ | 161 | $ | 144 | 12 | % | |||||||||||||||||||||||||||||||||||
| Acquisitions | (4) | — | (5) | % | — | — | — | % | (4) | — | (3) | % | |||||||||||||||||||||||||||||||||||||||||
| Currency exchange rates | (0) | — | (0) | % | (1) | — | (2) | % | (1) | — | (1) | % | |||||||||||||||||||||||||||||||||||||||||
| Organic revenue | $ | 84 | $ | 78 | 9 | % | $ | 72 | $ | 66 | 8 | % | $ | 156 | $ | 144 | 9 | % | |||||||||||||||||||||||||||||||||||
| Sample Management Solutions | Multiomics | Azenta Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Dollars in millions | June 30, 2026 | June 30, 2025 | Change | June 30, 2026 | June 30, 2025 | Change | June 30, 2026 | June 30, 2025 | Change | ||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 251 | $ | 239 | 5 | % | $ | 204 | $ | 196 | 4 | % | $ | 455 | $ | 435 | 5 | % | |||||||||||||||||||||||||||||||||||
| Acquisitions | (5) | — | (2) | % | — | — | — | % | (5) | — | (1 | %) | |||||||||||||||||||||||||||||||||||||||||
| Currency exchange rates | (4) | — | (2) | % | (4) | — | (2) | % | (8) | — | (2) | % | |||||||||||||||||||||||||||||||||||||||||
| Organic revenue | $ | 242 | $ | 239 | 1 | % | $ | 200 | $ | 196 | 2 | % | $ | 442 | $ | 435 | 2 | % | |||||||||||||||||||||||||||||||||||
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