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Agilent Technologies Fiscal Q1 Revenues Rise 5 Percent

NEW YORK – Agilent Technologies reported after the close of the market Tuesday that its fiscal first quarter revenues rose 5 percent year over year with gains across all end markets.

For the quarter ended Jan. 31, Agilent said its revenues rose to $1.76 billion from $1.67 billion in the year-ago period, beating the Wall Street consensus of $1.70 billion. The firm said its core revenues, which exclude the impact of currency and acquisitions and divestitures during the past 12 months, grew 10 percent year over year.

Agilent's Diagnostics and Genomics Group brought in $342 million of that revenue, up 1 percent from $339 million in the year-ago quarter. Meanwhile, its Life Sciences and Applied Markets Group revenues rose almost 6 percent to $1.03 billion from $976 million. Agilent CrossLab Group revenues grew 6 percent to $381 million in revenues from $359 million.

In a conference call, Agilent CEO Mike McMullen said the Diagnostics and Genomics Group grew with strong performances from its immunohistochemistry cancer diagnostics business and its nucleic acid solutions division. An expansion of Agilent's nucleic acid solutions division remains on track to come online in mid-2023, and Agilent announced in January it was further investing $725 million into increasing its manufacturing capacity for therapeutic oligonucleotides.

McMullen said Agilent also enhanced its genomics capabilities in the quarter with its acquisition of Avida Biomed, a California-based firm that had been developing genomic and DNA methylation profiling tools for cancer diagnosis. He further noted that Agilent is pairing its companion diagnostic and immunohistochemistry diagnostic workflow expertise with Akoya Biosciences' multiplexed tissue assay development technologies in a partnership announced in January.

Agilent reported net income for Q1 of $352 million, or $1.19 per share, compared to $283 million, or $.93 per share, a year ago. Adjusted EPS was $1.37 per share and beat the consensus Wall Street estimate of $1.30 per share.

The firm ended the quarter with $1.25 billion in cash, cash equivalents, and restricted cash.

For its fiscal second quarter, Agilent is guiding to a revenue range of between $1.655 billion and $1.680 billion. Non-GAA EPS is expected to be $1.24 to $1.27.

For the full fiscal year, Agilent now predicts revenues in the range of $7.03 billion to $7.10 billion. Non-GAAP EPS is anticipated to be between $5.65 and $5.70.

In early morning trading on the New York Stock Exchange on Wednesday, Agilent was down about 2 percent to $138.58 per share.

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