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Azenta Inc. (AZTA) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details Azenta's financial performance, highlighting a 4% increase in revenue to $147.5 million compared to $141.7 million in the same quarter of the previous year. This growth was driven by increased revenue in both the Multiomics and Sample Management Solutions segments.
Gross profit for the quarter was $68.7 million, up from $61.7 million in the previous year. The gross margin improved to 47% from 44%, attributed to higher revenues and operational efficiencies.
Operating expenses rose to $80 million from $78 million, primarily due to increased selling, general, and administrative expenses. Research and development expenses decreased to $6.4 million from $7.3 million.
The company reported an operating loss of $11.4 million, an improvement from the $16.2 million loss in the previous year. Interest income decreased significantly to $4.3 million from $10 million.
Net loss for the quarter was $13.3 million, compared to $15.7 million in the previous year. Loss from continuing operations was $9.4 million, while loss from discontinued operations was $3.9 million.
Azenta announced its plan to sell the B Medical Systems business, which has been classified as held-for-sale and discontinued operations. Revenue from discontinued operations was $17.6 million, with a net loss of $3.9 million.
The filing also discusses Azenta's liquidity, with cash, cash equivalents, and marketable securities totaling $503.4 million as of December 31, 2024. The company reported cash provided by operating activities of $30.6 million for the quarter.
Azenta's management has identified a material weakness in internal controls over financial reporting related to the review of the cash flow statement. Remediation efforts are underway, including the implementation of a new cash flow reporting tool.
The filing does not indicate any significant changes to the company's risk factors from those disclosed in the previous annual report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Azenta Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.