Azenta Inc at KeyBanc Healthcare Forum (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Knight - KeyBanc - Analyst : Obviously, a lot of questions in all of life science right now, Lawrence and Yvonne, one of the topics has been, of course, amongst investors, NIH/academic exposure. I think that's probably the first topic to start with if you want to talk to that.

Question: Paul Knight - KeyBanc - Analyst : Right. I mean I think the argument that you -- that's been made by Azenta for many years is right that a sequencer to run can be $35,000 or a lot of money on a next gen sequencer. And some institutions don't want to make that A, capital investment, and B, they don't have capacity to run on a next-gen unit, right?

Question: Paul Knight - KeyBanc - Analyst : And then drilling into academic a little more. I mean roughly 18%-or-so of business is academic. And then a little over a half is US, right? So that's how you start getting that number to 2%, I think is one approach as well, right?

Question: Paul Knight - KeyBanc - Analyst : Like it's probably harder to sell a sequencer than it is to sell sequencing as a service?

Question: Paul Knight - KeyBanc - Analyst : I think the other bit of confusion is in kind of the old pie chart excluding the medical, we have government medical non-profit is maybe 15%, 16% of company. That's a pretty broad description. I'm guessing a lot of it's not NIH, right, or yeah, it's not NIH, I guess, or very little?

Question: Paul Knight - KeyBanc - Analyst : And then I guess in the samples business, how much of samples and stores is actual hardware sales?

Question: Paul Knight - KeyBanc - Analyst : Within the storage business, everything X multiomics portion of that is a cap equipment. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 19, 2025 / 2:30PM, AZTA.OQ - Azenta Inc at KeyBanc Healthcare Forum (Virtual)

Question: Paul Knight - KeyBanc - Analyst : I mean I think your pie chart that is in your corporate on the IR pages is pretty direct on talking about how much is ultra cold systems and services. And then Lawrence, you've been at the job not long. What are you learning?

Question: Paul Knight - KeyBanc - Analyst : Another question comes up is China. What are you seeing in that market right now? How much is sales to China? We're hearing that the biotech originators are actually very robust and strong as an end market. But if you could talk to -- I know you have some operations there and if you could talk on that.

Question: Paul Knight - KeyBanc - Analyst : Good. The sample management business, meaning the storages of service seems like one of the best businesses in life science. What do you plan to do with that? I guess just keep growing it or if you can add more color around that management of storage as a service?

Question: Paul Knight - KeyBanc - Analyst : And then the BioArc Ultra does seem to be kind of a game changer. Are you selling those yet or are you putting in a facility in Boston if my memory serves me correct, utilizing the BioArc Ultra?

Question: Paul Knight - KeyBanc - Analyst : I'm guessing that'll change the -- lower the price of storage for some of these customers as well.

Question: Paul Knight - KeyBanc - Analyst : And then I'm looking at your PowerPoint from your long ago Analyst Day. But the portion of business that's related to like the B3C freezers. How is demand for that type of technology?

Question: Paul Knight - KeyBanc - Analyst : The question we had here is B Medical obviously up for divestiture. Any update there, Lawrence?

Question: Paul Knight - KeyBanc - Analyst : And then what do you -- when will we see guidance on long term potential of margins and growth? Will you do an autumn Analyst Day or what are you thinking there, Yvonne or Lawrence?

Question: Paul Knight - KeyBanc - Analyst : I think you do a lot of lily work there, no? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 19, 2025 / 2:30PM, AZTA.OQ - Azenta Inc at KeyBanc Healthcare Forum (Virtual)

Question: Paul Knight - KeyBanc - Analyst : What's the latest count on number of customers that are kind of basically sole outsourcing to you? Last I remember was seven, but do you know or can you say?

Question: Paul Knight - KeyBanc - Analyst : Yeah. I mean I'm sure that the biopharma market continues to be pretty robust for you on storage.

Question: Paul Knight - KeyBanc - Analyst : I mean I think there was what, overcapacity in the industry in '23. But what's your view on market and as in the year '24 finished and we move into '25 for the biopharma for getting government academic?

Question: Paul Knight - KeyBanc - Analyst : And you're in the New Jersey sequencing and service site right now?

Question: Paul Knight - KeyBanc - Analyst : What portion of business on services sequencing and you do a lot more than that, I believe, right?

Question: Paul Knight - KeyBanc - Analyst : But I don't -- I think in the past, you've offered other products like PCR.

Question: Paul Knight - KeyBanc - Analyst : And then the China was your last big expansion effort. What's the utilization rate of the China facilities now?

Question: Paul Knight - KeyBanc - Analyst : Well, I know you're very busy. We really appreciate your time today and look forward to the year ahead.