ex_779225.htm

Exhibit 99.1

Azenta Reports Second Quarter Results for Fiscal 2025, Ended March 31, 2025

BURLINGTON, Mass., May 7, 2025 (PR Newswire) – Azenta, Inc. (Nasdaq: AZTA) today reported financial results for the second quarter ended March 31, 2025.

The results of B Medical Systems are treated as discontinued operations and reflected in total diluted EPS, following the Company’s announcement in the first fiscal quarter of 2025 of its intention to pursue a sale.

	Quarter Ended
Dollars in millions, except per share data	March 31,			December 31,			March 31,			Change
	2025			2024			2024			Prior Qtr			Prior Yr.
Revenue from Continuing Operations	$	143		$	148		$	136			(3	)%		5	%
Organic growth														6	%
Sample Management Solutions	$	80		$	81		$	74			(2	)%		8	%
Multiomics	$	64		$	66		$	62			(4	)%		2	%

Diluted EPS Continuing Operations	$	(0.40	)	$	(0.21	)	$	(0.29	)		(93	)%		(36	)%
Diluted EPS Total	$	(0.88	)	$	(0.29	)	$	(2.47	)		NM			64	%

Non-GAAP Diluted EPS Continuing Operations	$	0.05		$	0.08		$	0.06			(43	)%		(23	)%
Adjusted EBITDA - Continuing Operations	$	14		$	13		$	8			7	%		75	%
Adjusted EBITDA Margin - Continuing Operations		10.0	%		9.0	%		6.0	%

Management Comments

"We delivered another quarter of strong performance in an evolving and uncertain macroeconomic environment. Our performance in the second quarter and first half of our fiscal year demonstrates the resilience of our portfolio and the dedication of our teams that focus on our customers with our clearly differentiated products and services,” said John Marotta, President and CEO. “We have a healthy balance sheet, and strong cash position, which provides optionality to continue investing in our long-term growth plans while maintaining our continued disciplined in capital deployment. We remain confident in our positioning and disciplined in how we operate the business while navigating these uncertain times."

Second Quarter Fiscal 2025 Results - Continuing Operations

●

Revenue was $143 million, up 5% year over year. Organic revenue, which excludes the impact from foreign exchange, was up 6% year over year. The year-over-year revenue increase was attributable to higher Sample Management Solutions and Multiomics revenues.

●

Sample Management Solutions revenue was $80 million, up 8% year over year.

Organic revenue grew 8%, mainly driven by higher revenues in Sample Repository Solutions and Core Products, particularly in Consumables and Instruments, Sample Storage, Clinical Stores and Product Services.

●

Multiomics revenue was $64 million, up 2% year over year.

Organic revenue grew 3% year over year, primarily driven by growth in Next Generation Sequencing, partially offset by a year-over-year decline in Sanger Sequencing and Gene Synthesis.

Summary of GAAP Earnings Results - Continuing Operations

●

Operating loss was $16 million. Operating margin was (11.3%), up 650 basis points year over year.

Gross margin was 45.9%, up 140 basis points year over year, mainly driven by higher revenue, favorable sales mix and operational efficiencies.

Operating expenses were $82 million, down 3% year over year, primarily due to lower research and development expense and the impact of non-recurring intangible asset impairment charges recorded in the same period last year. These were partially offset by higher selling, general and administrative expenses, as well as increased restructuring and transformation charges.

●

Other income included $4 million of net interest income versus $9.5 million in the prior year period.

●

Diluted EPS from continuing operations was ($0.40) compared to ($0.29) in the second quarter of fiscal year 2024. Diluted EPS from discontinued operations was ($0.49). Total diluted EPS was ($0.88), compared to ($2.47) a year ago.

Summary of Non-GAAP Earnings Results - Continuing Operations

●

Adjusted operating loss was $0.6 million. Adjusted operating margin was (0.4%), an improvement of 280 basis points year over year.

Adjusted gross margin was 47.5%, up 130 basis points compared to the second quarter of fiscal 2024, primarily driven by higher revenue, favorable sales mix and operating efficiencies.

Adjusted operating expense in the quarter was $69 million, up 2% year over year, primarily driven by higher selling, general and administrative expenses, partially offset by lower research and development costs.

	●	Adjusted EBITDA was $14 million, and Adjusted EBITDA margin was 10.0%, an improvement of 400 basis points year over year.
	●	Non-GAAP Diluted EPS was $0.05, compared to $0.06 one year ago.

Cash and Liquidity as of March 31, 2025

●

The Company ended the quarter with a total balance of cash, cash equivalents, restricted cash and marketable securities of $540 million, which includes $27 million of cash held in discontinued operations.

●

Operating cash flow was $14 million in the quarter. Capital expenditures were $7 million, and free cash flow (cash flow from operations less capital expenditures) was $7 million.

Guidance for Continuing Operations for Full Year Fiscal 2025

●

The Company is reiterating its revenue guidance for fiscal year 2025:

Total organic revenue is expected to grow in the range of 3% to 5% relative to fiscal 2024.

Adjusted EBITDA margin expansion is expected to be approximately 300 basis points relative to fiscal 2024.

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 costs, governance-related matters, goodwill and intangible impairments, 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 second quarter fiscal 2025 earnings conference call today 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 referenced on the call, will be hosted at the Investor Relations section of Azenta's website at https://investors.azenta.com/events and will be archived online on this website for convenient on-demand replay.

Regulation G – Use of Non-GAAP financial Measures

The Company supplements its GAAP financial measures with certain non-GAAP financial measures to provide investors a better perspective on the results of business operations, which the Company believes is more comparable to the similar analyses provided by its peers. These measures are not presented in accordance with, nor are they a substitute for, U.S. generally accepted accounting principles, or GAAP. These measures should always be considered in conjunction with appropriate GAAP measures. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets and statements of operations. Certain amounts in the tables that supplement the consolidated financial statements may not sum due to rounding. All percentages are calculated using unrounded amounts.

“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934

Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Azenta’s financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. Forward-looking statements include but are not limited to statements about our revenue and earnings expectations, our ability to realize margin improvement from cost reductions, and our ability to deliver financial success in the future and otherwise related to future operating or financial performance and opportunities. Factors that could cause results to differ from our expectations include the following: uncertainties in global political and economic conditions, including the imposition of additional tariffs on goods imported into the US, our ability to reduce costs effectively; the volatility of the life sciences markets the Company serves; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; price competition; disputes concerning intellectual property; and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, Current Reports on Form 8-K and our Quarterly Reports on Form 10-Q. As a result, we can provide no assurance that our future results will not be materially different from those projected. Azenta expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions, or circumstance on which any such statement is based. Azenta undertakes no obligation to update the information contained in this press release.

About Azenta Life Sciences
Azenta, Inc. (Nasdaq: AZTA) is a leading provider of life sciences solutions worldwide, enabling 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

Sherry Dinsmore

sherry.dinsmore@azenta.com

AZENTA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except per share data)

	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2025			2024			2025			2024
Revenue
Products	$	41,955		$	38,772		$	85,782		$	82,479
Services		101,463			97,583			205,146			195,601
Total revenue		143,418			136,355			290,928			278,080
Cost of revenue
Products		23,159			24,015			48,493			50,798
Services		54,373			51,676			107,878			104,875
Total cost of revenue		77,532			75,691			156,371			155,673
Gross profit		65,886			60,664			134,557			122,407
Operating expenses
Research and development		6,869			7,733			13,249			15,046
Selling, general and administrative		71,588			69,058			144,801			138,947
Impairment of intangible assets		—			4,658			—			4,658
Restructuring charges		3,580			3,428			4,011			4,214
Total operating expenses		82,037			84,877			162,061			162,865
Operating loss		(16,151	)		(24,213	)		(27,504	)		(40,458	)
Other income
Interest income, net		4,489			9,479			8,787			19,434
Other income (expense), net		1,157			(268	)		2,360			250
Loss before income taxes		(10,505	)		(15,002	)		(16,357	)		(20,774	)
Income tax expense		7,680			1,200			11,249			2,620
Loss from continuing operations		(18,185	)		(16,202	)		(27,606	)		(23,394	)
Loss from discontinued operations, net of tax		(22,271	)		(120,678	)		(26,190	)		(129,210	)
Net loss	$	(40,456	)	$	(136,880	)	$	(53,796	)	$	(152,604	)
Basic net loss per share:
Loss from continuing operations	$	(0.40	)	$	(0.29	)	$	(0.60	)	$	(0.42	)
Loss from discontinued operations, net of tax		(0.49	)		(2.18	)		(0.57	)		(2.30	)
Basic net loss per share	$	(0.88	)	$	(2.47	)	$	(1.18	)	$	(2.72	)
Diluted net loss per share:
Loss from continuing operations	$	(0.40	)	$	(0.29	)	$	(0.60	)	$	(0.42	)
Loss from discontinued operations, net of tax		(0.49	)		(2.18	)		(0.57	)		(2.30	)
Diluted net loss per share	$	(0.88	)	$	(2.47	)	$	(1.18	)	$	(2.72	)
Weighted average shares used in computing net loss per share:
Basic		45,732			55,440			45,658			56,078
Diluted		45,732			55,440			45,658			56,078

AZENTA, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share data)

	March 31,			September 30,
	2025			2024

Assets
Current assets
Cash and cash equivalents	$	253,642		$	280,030
Short-term marketable securities		74,697			151,162
Accounts receivable, net of allowance for expected credit losses ($5,624 and $5,349, respectively)		149,490			156,273
Inventories		83,321			78,923
Short-term restricted cash		2,102			2,069
Prepaid expenses and other current assets		67,590			75,456
Current assets held for sale		79,754			88,894
Total current assets		710,596			832,807
Property, plant and equipment, net		151,716			155,622
Long-term marketable securities		176,781			49,454
Long-term deferred tax assets		731			837
Operating lease right-of-use assets		59,856			60,406
Goodwill		682,955			691,409
Intangible assets, net		111,202			125,042
Other assets		7,125			10,670
Noncurrent assets held for sale		140,963			173,794
Total assets	$	2,041,925		$	2,100,041
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	39,155		$	33,344
Deferred revenue		41,608			30,493
Accrued warranty and retrofit costs		5,237			5,213
Accrued compensation and benefits		26,039			27,785
Accrued customer deposits		26,318			22,324
Accrued income taxes payable		10,321			9,266
Accrued expenses and other current liabilities		43,102			46,364
Current liabilities held for sale		28,933			30,050
Total current liabilities		220,713			204,839
Long-term tax reserves		417			398
Long-term deferred tax liabilities		22,458			18,084
Long-term operating lease liabilities		53,696			56,683
Other long-term liabilities		10,062			8,874
Noncurrent liabilities held for sale		33,087			42,196
Total liabilities		340,433			331,074

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, 59,237,887 shares issued and 45,776,018 shares outstanding at March 31, 2025; 59,031,953 shares issued and 45,570,084 shares outstanding at September 30, 2024		593			590
Additional paid-in capital		520,961			505,958
Accumulated other comprehensive loss		(42,149	)		(13,464	)
Treasury stock, at cost - 13,461,869 shares at March 31, 2025 and September 30, 2024		(200,956	)		(200,956	)
Retained earnings		1,423,043			1,476,839
Total stockholders' equity		1,701,492			1,768,967
Total liabilities and stockholders' equity	$	2,041,925		$	2,100,041

AZENTA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

	Six Months Ended March 31,
	2025			2024
Cash flows from operating activities
Net loss	$	(53,796	)	$	(152,604	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		32,053			44,214
Impairment of goodwill and intangible assets		—			115,975
Loss on assets held for sale		24,187			—
Inventory write-downs and other asset write-offs		4,326			7,499
Stock-based compensation		13,453			8,804
Amortization and accretion on marketable securities		(983	)		(2,084	)
Deferred income taxes		(1,885	)		(9,456	)
(Gain) loss on disposals of property, plant and equipment		(7	)		260
Changes in operating assets and liabilities:
Accounts receivable		6,713			2,922
Inventories		(6,030	)		8,238
Accounts payable		1,864			936
Deferred revenue		12,042			3,379
Accrued warranty and retrofit costs		343			(714	)
Accrued compensation and tax withholdings		(2,379	)		(7,831	)
Accrued restructuring costs		1,548			1,454
Other assets and liabilities		12,752			1,379
Net cash provided by operating activities		44,201			22,371
Cash flows from investing activities
Purchases of property, plant and equipment		(15,158	)		(19,542	)
Purchases of marketable securities		(236,237	)		(345,447	)
Sales and maturities of marketable securities		184,636			190,504
Proceeds from other investment		2,130			—
Net investment hedge settlement		3,043			1,476
Net cash used in investing activities		(61,586	)		(173,009	)
Cash flows from financing activities
Proceeds from issuance of common stock		1,553			1,678
Payments of finance leases		(457	)		(386	)
Share repurchases		—			(186,834	)
Excise tax payment for settled share repurchases		(11,376	)		—
Net cash used in financing activities		(10,280	)		(185,542	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		(4,459	)		16,255
Net decrease in cash, cash equivalents and restricted cash		(32,124	)		(319,925	)
Cash, cash equivalents and restricted cash, beginning of period		320,990			684,045
Cash, cash equivalents and restricted cash, end of period	$	288,866		$	364,120
Supplemental disclosures:
Cash (received) / paid for income taxes, net		(4,594	)		5,008
Purchases of property, plant and equipment included in accounts payable and accrued expenses		5,773			2,270
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets

	March 31,		September 30,
	2025		2024
Cash and cash equivalents of continuing operations	$	253,642	$	280,030
Cash included in current assets held for sale		27,025		30,899
Short-term restricted cash		2,102		2,069
Long-term restricted cash included in other assets		6,097		7,992
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	288,866	$	320,990

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, non-recurring 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
	March 31, 2025						December 31, 2024						March 31, 2024
				per diluted						per diluted						per diluted
Amounts in thousands, except per share data	$			share			$			share			$			share
Net loss from continuing operations	$	(18,185	)	$	(0.40	)	$	(9,421	)	$	(0.21	)	$	(16,202	)	$	(0.29	)
Adjustments:
Amortization of completed technology		2,308			0.05			1,500			0.03			2,067			0.04
Amortization of other intangible assets		3,803			0.08			4,573			0.10			5,152			0.09
Transformation costs⁽¹⁾		5,183			0.11			3,046			0.07			4,095			0.07
Restructuring charges		3,580			0.08			431			0.01			3,428			0.06
Impairment of intangible assets		—			—			—			—			4,658			0.08
Merger and acquisition costs and costs related to share repurchase⁽²⁾		688			0.02			1,570			0.03			426			0.01
Investment income⁽³⁾		(2,130	)		(0.05	)		—			—			—			—
Tax adjustments⁽⁴⁾		6,900			0.15			408			0.01			1,645			0.03
Tax effect of adjustments		(40	)		(0.00	)		1,530			0.03			(1,959	)		(0.04	)
Non-GAAP adjusted net income from continuing operations	$	2,107		$	0.05		$	3,637		$	0.08		$	3,310		$	0.06
Stock-based compensation, pre-tax		8,031			0.18			4,872			0.11			5,410			0.10
Tax rate		17	%		—			15	%		—			12	%		—
Stock-based compensation, net of tax		6,690			0.15			4,141			0.09			4,761			0.09
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations	$	8,797		$	0.19		$	7,778		$	0.17		$	8,071		$	0.15

Shares used in computing non-GAAP diluted net income per share		—			45,732			—			45,626			—			55,440

	Six Months Ended
	March 31, 2025						March 31, 2024
				per diluted						per diluted
Amounts in thousands, except per share data	$			share			$			share
Net loss from continuing operations	$	(27,606	)	$	(0.60	)	$	(23,394	)	$	(0.42	)
Adjustments:
Amortization of completed technology		3,808			0.08			3,923			0.07
Amortization of other intangible assets		8,376			0.18			10,523			0.19
Transformation costs⁽¹⁾		8,229			0.18			4,136			0.07
Restructuring charges		4,011			0.09			4,214			0.08
Impairment of intangible assets		—			—			4,658			0.08
Merger and acquisition costs and costs related to share repurchase⁽²⁾		2,258			0.05			4,747			0.08
Investment income⁽³⁾		(2,130	)		(0.05	)		—			—
Tax adjustments⁽⁴⁾		7,308			0.16			3,338			0.06
Tax effect of adjustments		1,490			0.03			(4,288	)		(0.08	)
Non-GAAP adjusted net income from continuing operations	$	5,744		$	0.13		$	7,857		$	0.14
Stock-based compensation, pre-tax		12,904			0.28			8,411			0.15
Tax rate		17	%		—			12	%		—
Stock-based compensation, net of tax		10,749			0.24			7,402			0.13
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations	$	16,493		$	0.36		$	15,259		$	0.27

Shares used in computing non-GAAP diluted net income per share		—			45,658			—			56,078

⁽¹⁾

Transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company focused on cost reduction and productivity improvement that do not meet the definition of restructuring charges. These costs are directed at simplifying, standardizing, streamlining, and optimizing the Company’s operations, processes and systems to permanently alter the Company’s operations for the long term. For a project to be considered transformational, successful completion of the project must be expected to bring long-term material benefits to the organization and involve significant changes to process and/or underlying technology. Transformation costs in the period result from actions taken as part of the Company’s 2024 transformation plan and primarily relate to one time asset write downs associated with changes in technology, one time inventory write downs relating to restructuring actions taken in the period, and third-party consulting costs associated with process and systems re-design.

⁽²⁾	Includes expenses related to governance-related matters.
⁽³⁾	The Company received $2.1 million of cash proceeds from a cost method investment which had no cost basis during the three months ended March 31, 2025. The gain is non-recurring and non-operational in nature.

⁽⁴⁾

Tax adjustments during all periods include adjustments to tax benefits related to stock compensation. These adjustments are recognized in the period of vesting for US GAAP but included in the annual effective tax rate for Non-GAAP reporting. Tax adjustments for the three and six months ended March 31, 2025 include $6.6 million of tax expenses related to a one-time repatriation of historical earnings from China.

	Quarter Ended									Six Months Ended
	March 31,			December 31,			March 31,			March 31,			March 31,
Dollars in thousands	2025			2024			2024			2025			2024
GAAP net loss	$	(40,456	)	$	(13,340	)	$	(136,880	)	$	(53,796	)	$	(152,604	)
Less: Loss from discontinued operations		(22,271	)		(3,919	)		(120,678	)		(26,190	)		(129,210	)
GAAP net loss from continuing operations		(18,185	)		(9,421	)		(16,202	)		(27,606	)		(23,394	)
Adjustments:
Interest income, net		(4,489	)		(4,298	)		(9,479	)		(8,787	)		(19,434	)
Income tax expense		7,680			3,569			1,200			11,249			2,620
Depreciation		7,818			7,474			7,395			15,292			14,815
Amortization of completed technology		2,308			1,500			2,067			3,808			3,923
Amortization of other intangible assets		3,803			4,573			5,152			8,376			10,523
Earnings before interest, taxes, depreciation and amortization - Continuing operations	$	(1,065	)	$	3,397		$	(9,867	)	$	2,332		$	(10,947	)

	Quarter Ended								Six Months Ended
	March 31,			December 31,		March 31,			March 31,			March 31,
Dollars in thousands	2025			2024		2024			2025			2024
Earnings before interest, taxes, depreciation and amortization - Continuing operations	$	(1,065	)	$	3,397	$	(9,867	)	$	2,332		$	(10,947	)
Adjustments:
Stock-based compensation		8,031			4,872		5,410			12,904			8,411
Restructuring charges		3,580			431		3,428			4,011			4,214
Impairment of intangible assets		—			—		4,658			—			4,658
Merger and acquisition costs and costs related to share repurchase⁽¹⁾		688			1,570		426			2,258			4,747
Transformation costs⁽²⁾		5,183			3,046		4,095			8,229			4,136
Investment income⁽³⁾		(2,130	)		—		—			(2,130	)		—
Adjusted earnings before interest, taxes, depreciation and amortization - Continuing operations	$	14,287		$	13,316	$	8,150		$	27,604		$	15,219

⁽¹⁾	Includes expenses related to governance-related matters.

⁽²⁾

⁽³⁾

The Company received $2.1 million of cash proceeds from a cost method investment which had no cost basis during the three months ended March 31, 2025. The gain is non-recurring and non-operational in nature.

	Quarter Ended
Dollars in thousands	March 31, 2025					December 31, 2024				March 31, 2024
GAAP gross profit	$	65,886		45.9	%	$	68,671	46.6	%	$	60,664	44.5	%
Adjustments:
Amortization of completed technology		2,308		1.6	%		1,500	1.0	%		2,067	1.5	%
Transformation costs⁽¹⁾		—		—	%		52	0.0	%		359	0.3	%
Other adjustments		(9	)	(0.0	)%		6	0.0	%		—	—	%
Non-GAAP adjusted gross profit	$	68,185		47.5	%	$	70,229	47.6	%	$	63,091	46.3	%

	Six Months Ended
Dollars in thousands	March 31, 2025				March 31, 2024
GAAP gross profit	$	134,557	46.3	%	$	122,407	44.0	%
Adjustments:
Amortization of completed technology		3,808	1.3	%		3,923	1.4	%
Transformation costs⁽¹⁾		52	0.0	%		359	0.1	%
Non-GAAP adjusted gross profit	$	138,417	47.6	%	$	126,689	45.6	%

⁽¹⁾

	Sample Management Solutions													Multiomics
	Quarter Ended													Quarter Ended
	March 31,					December 31,				March 31,				March 31,				December 31,				March 31,
Dollars in thousands	2025					2024				2024				2025				2024				2024
GAAP gross profit	$	38,251		47.9	%	$	38,114	46.9	%	$	32,943	44.4	%	$	27,635	43.5	%	$	30,557	46.1	%	$	27,721	44.6	%
Adjustments:
Amortization of completed technology		1,449		1.8	%		639	0.8	%		1,028	1.4	%		859	1.4	%		861	1.3	%		1,040	1.7	%
Transformation costs⁽¹⁾		—		—	%		52	0.1	%		359	0.5	%		—	—	%		—	—	%		—	—	%
Other adjustment		(9	)	(0.0	)%		5	0.0	%		—	—	%		—	—	%		1	—	%		—	—	%
Non-GAAP adjusted gross profit	$	39,691		49.7	%	$	38,810	47.8	%	$	34,330	46.3	%	$	28,494	44.9	%	$	31,419	47.4	%	$	28,761	46.2	%

	Segment Total
	Quarter Ended
	March 31,					December 31,				March 31,
Dollars in thousands	2025					2024				2024
GAAP gross profit	$	65,886		45.9	%	$	68,671	46.6	%	$	60,664	44.5	%
Adjustments:
Amortization of completed technology		2,308		1.6	%		1,500	1.0	%		2,068	1.5	%
Transformation costs⁽¹⁾		—		—	%		52	0.0	%		359	0.3	%
Other adjustment		(9	)	(0.0	)%		6	0.0	%		—	—	%
Non-GAAP adjusted gross profit	$	68,185		47.5	%	$	70,229	47.6	%	$	63,091	46.3	%

	Sample Management Solutions								Multiomics
	Six Months Ended								Six Months Ended
Dollars in thousands	March 31, 2025				March 31, 2024				March 31, 2025				March 31, 2024
GAAP gross profit	$	76,366	47.4	%	$	66,215	43.2	%	$	58,191	44.8	%	$	56,192	45.0	%
Adjustments:
Amortization of completed technology		2,088	1.3	%		1,843	1.4	%		1,720	1.3	%		2,080	1.7	%
Transformation costs⁽¹⁾		52	0.0	%		359	0.3	%		—	—	%		—	—	%
Non-GAAP adjusted gross profit	$	78,506	48.7	%	$	68,417	44.7	%	$	59,911	46.2	%	$	58,272	46.6	%

	Segment Total
	Six Months Ended
Dollars in thousands	March 31, 2025				March 31, 2024
GAAP gross profit	$	134,557	46.3	%	$	122,407	44.0	%
Adjustments:
Amortization of completed technology		3,808	1.3	%		3,923	1.4	%
Transformation costs⁽¹⁾		52	0.0	%		359	0.1	%
Non-GAAP adjusted gross profit	$	138,417	47.6	%	$	126,689	45.6	%

⁽¹⁾

	Sample Management Solutions								Multiomics
	Quarter Ended								Quarter Ended
	March 31,			December 31,		March 31,			March 31,			December 31,			March 31,
Dollars in thousands	2025			2024		2024			2025			2024			2024
GAAP operating income (loss)	$	567		$	1,562	$	(2,894	)	$	(6,132	)	$	(3,387	)	$	(3,920	)
Adjustments:
Amortization of completed technology		1,449			639		1,028			859			861			1,040
Amortization of other intangible assets		—			13		52			—			—			—
Transformation costs⁽¹⁾		2,606			103		359			—			—			—
Restructuring charges		—			—		—			(23	)		23			—
Other adjustments		(9	)		—		(2	)		—			—			—
Non-GAAP adjusted operating income (loss)	$	4,613		$	2,317	$	(1,457	)	$	(5,296	)	$	(2,503	)	$	(2,880	)

	Total Segments									Corporate									Total
	Quarter Ended									Quarter Ended									Quarter Ended
	March 31,			December 31,			March 31,			March 31,			December 31,			March 31,			March 31,			December 31,			March 31,
Dollars in thousands	2025			2024			2024			2025			2024			2024			2025			2024			2024
GAAP operating income (loss)	$	(5,565	)	$	(1,825	)	$	(6,814	)	$	(10,586	)	$	(9,528	)	$	(17,399	)	$	(16,151	)	$	(11,353	)	$	(24,213	)
Adjustments:
Amortization of completed technology		2,308			1,500			2,068			—			—			(1	)		2,308			1,500			2,067
Amortization of other intangible assets		—			13			52			3,803			4,560			5,100			3,803			4,573			5,152
Transformation costs⁽¹⁾		2,606			103			359			2,577			2,943			3,736			5,183			3,046			4,095
Restructuring charges		(23	)		23			—			3,603			408			3,428			3,580			431			3,428
Impairment of intangible assets		—			—			—			—			—			4,658			—			—			4,658
Merger and acquisition costs and costs related to share repurchase⁽²⁾		—			—			—			688			1,570			426			688			1,570			426
Other adjustments		(9	)		—			(2	)		—			9			2			(9	)		9			—
Non-GAAP adjusted operating income (loss)	$	(683	)	$	(186	)	$	(4,337	)	$	85		$	(38	)	$	(50	)	$	(598	)	$	(224	)	$	(4,387	)

	Sample Management Solutions					Multiomics
	Six Months Ended					Six Months Ended
Dollars in thousands	March 31,		March 31,			March 31,			March 31,
	2025		2024			2025			2024
GAAP operating income (loss)	$	2,129	$	(4,380	)	$	(9,519	)	$	(8,223	)
Adjustments:
Amortization of completed technology		2,088		1,843			1,720			2,080
Amortization of other intangible assets		—		103			—			—
Transformation costs⁽¹⁾		2,709		359			—			—
Other adjustments		4		2			3			(1	)
Non-GAAP adjusted operating income (loss)	$	6,930	$	(2,073	)	$	(7,796	)	$	(6,144	)

	Total Segments						Corporate						Total
	Six Months Ended						Six Months Ended						Six Months Ended
Dollars in thousands	March 31,			March 31,			March 31,			March 31,			March 31,			March 31,
	2024			2024			2025			2024			2025			2024
GAAP operating loss	$	(7,390	)	$	(12,603	)	$	(20,114	)	$	(27,855	)	$	(27,504	)	$	(40,458	)
Adjustments:
Amortization of completed technology		3,808			3,923			—			—			3,808			3,923
Amortization of other intangible assets		—			103			8,376			10,420			8,376			10,523
Transformation costs⁽¹⁾		2,709			359			5,520			3,777			8,229			4,136
Restructuring charges		—			—			4,011			4,214			4,011			4,214
Impairment of intangible assets		—			—			—			4,658			—			4,658
Merger and acquisition costs and costs related to share repurchase⁽²⁾		—			—			2,258			4,747			2,258			4,747
Other adjustments		7			1			(7	)		(2	)		—			(1	)
Non-GAAP adjusted operating income (loss)	$	(866	)	$	(8,217	)	$	44		$	(41	)	$	(822	)	$	(8,258	)

⁽¹⁾

⁽²⁾	Includes expenses related to governance-related matters.

	Sample Management Solutions							Multiomics							Azenta Total
	Quarter Ended							Quarter Ended							Quarter Ended
	March 31,		March 31,					March 31,		March 31,					March 31,		March 31,
Dollars in millions	2025		2024		Change			2025		2024		Change			2025		2024		Change
Revenue	$	80	$	74		8	%	$	64	$	62		2	%	$	143	$	136		5	%
Currency exchange rates		0		—		1	%		1		—		1	%		1		—		1	%
Organic revenue	$	80	$	74		8	%	$	64	$	62		3	%	$	144	$	136		6	%

	Sample Management Solutions							Multiomics							Azenta Total
	Six Months Ended							Six Months Ended							Six Months Ended
	March 31,		March 31,					March 31,		March 31,					March 31,		March 31,
Dollars in millions	2025		2024		Change			2025		2024		Change			2025		2024		Change
Revenue	$	161	$	153		5	%	$	130	$	125		4	%	$291		$	278		5	%
Currency exchange rates		0		—		0	%		1		—		0	%		1	—			0	%
Organic revenue	$	161	$	153		5	%	$	130	$	125		4	%	$	292	$278			5	%