Azenta surges on upbeat Q4 results, board rejig announcement

Azenta

14/11/2023 15:30

** Shares of Azenta  AZTA.O  surge 13% to $54.01 in early
trading after the biotech company reports upbeat Q4 earnings,
board changes and buyback
    ** Co announces changes to its board and adds activist
investor Politan Capital Management will not be pushing for
seats this year
    ** Co forecasts FY24 revenue range of $696-$718 mln and EPS
range of 19-29 cents/shr
    ** Co reports Q4 revenue at $172 mln vs. est. $163.9 mln and
profit 13 cents/shr vs. 2 cents/shr est - LSEG data
    ** Co says revenue was driven by robust growth in
large-automated store systems
    ** AZTA announces additional $500 mln share repurchase in
FY2024
    ** Earlier this month, Politan had nominated directors to
the board, laying the groundwork for a potential proxy fight
    ** Including session gains, stock is down 8% YTD

 (Reporting by Pranav Kashyap in Bengaluru)