Why Azenta Shares Are Plummeting Afterhours - Azenta (NASDAQ:AZTA)

Azenta, Inc. (NASDAQ AZTA) reported preliminary results for the third quarter. It expects revenue of ~$133 million, an increase of 3% year-over-year, versus the consensus of $143.52 million.
The company sees GAAP diluted EPS from continuing operations in the range of ($0.13) to ($0.08) and Non-GAAP diluted EPS of $0.08 to $0.12, versus a consensus of $0.11.
Azenta stated that revenue for the Services segment is expected to be ~$85 million, up 6% Y/Y; for the Product segment, it is expected to be ~$47 million, down 3% Y/Y.
The company mentioned that the Consumables and Instruments (C&I) business experienced lower demand than expected, with an estimated decline of 18% Y/Y.
The balance of the Products segment revenue grew ~23% Y/Y supported by strong double-digit growth in each area of large systems, cryogenic systems, and product services.
"Revenue in the third quarter reflects currency headwinds and softness in the highly transactional businesses of Genomics Services and C&I, while other areas of the portfolio remained on track as evidenced by the strength in ultra-cold automation and Sample Repository Solutions," stated Steve Schwartz, President, and CEO.
Price Action: AZTA shares are trading lower by 12.35% at $65 during the post-market session on Wednesday.

Azenta Shares Plunge After Q3 Preliminary Results