Azenta, Inc. has recently released its 10-K report, providing an insight into its financial performance and operations for the fiscal year ended September 30, 2024. The company operates in the life sciences market, offering biological and chemical compound sample exploration and management solutions. It operates in two reportable segments: Life Sciences Products and Life Sciences Services, providing a range of solutions to pharmaceutical companies, biotechnology companies, biorepositories, and research institutes. The company was founded in 1978 and is headquartered in Burlington, Massachusetts.
In the fiscal year ended September 30, 2024, Azenta reported a revenue of $656.3 million, a decrease of 1% compared to the previous year. The cost of revenue was $392.9 million, resulting in a gross profit of $263.4 million. However, the company incurred operating expenses of $464.0 million, leading to an operating loss of $200.7 million. The net loss for the fiscal year 2024 was $164.2 million, primarily due to non-cash impairment of goodwill and intangible assets, increased restructuring and transformation costs, and a lower income tax benefit.
Azenta's critical accounting policies and estimates involve significant judgment and have the most significant potential impact on its consolidated financial statements. The company's revenue recognition policies are based on the sale of products and services, with revenue from certain products recognized over time as the asset created by their performance does not have alternative use and there is an enforceable right to payment for performance completed to date.
The company also accounts for business acquisitions using the purchase method of accounting, requiring significant judgment in determining fair values of assets acquired, liabilities assumed, and contingent consideration, as well as intangible assets.
Azenta's 10-K report provides a comprehensive overview of its financial performance and operations, shedding light on the challenges and opportunities it faces in the life sciences market. Following these announcements, the company's shares moved 1.4%, and are now trading at a price of $46.4. Check out the company's full 10-K submission here.
