Agilent Fiscal Q1 Revenues Rise 8 Percent; Firm Increases FY22 Guidance

Original from: Genomeweb

Agilent Technologies reported after the close of the market on Tuesday that its fiscal first quarter revenues rose 8 percent year over year.

For the three months ended Jan. 31, Agilent said its revenues rose to $1.67 billion from $1.55 billion in the prior-year quarter, beating analysts' average estimate of $1.46 billion. The firm said core revenues, which exclude the impact of currency and acquisitions and divestitures over the last 12 months, grew 9 percent in Q1.

The Santa Clara, California-based firm said it implemented changes to its segment reporting structure in Q1 2022, modifying prior-year period segment information to reflect the changes. 

Agilent said that revenues for its diagnostics and genomics group rose 15 percent year over year to $339.0 million. Revenues for its life sciences and applied markets group rose 6 percent year over year to $976.0 million, and revenues for the Agilent Crosslab Group grew 8 percent year over year to $359.0 million.

In fiscal Q1, Agilent reported a net income of $283.0 million, or $.93 per share, compared to a net income of $288.0 million, or $.93, in Q1 2021. The firm reported Q1 adjusted EPS of $1.21, beating analysts' average estimate of $1.03.

Agilent's Q1 R&D spending rose 14 percent year over year to $117.0 million from $103.0 million, while its SG&A spending rose about 2 percent year over year to $417.0 million from $407.0 million.

"Building on our first quarter results, combined with a strong order book, we are raising our full-year outlook, increasing our core growth and non-GAAP EPS expectations," Mike McMullen, Agilent president and CEO, said in a statement.

For the second quarter, Agilent expects revenues of $1.60 billion to $1.63 billion and adjusted EPS of $1.10 to $1.12. Prior to the release of the financial results, analysts were expecting Q2 revenues of $1.44 billion and EPS of $.99.

For fiscal year 2022, the company raised its revenue guidance to $6.67 billion to $6.73 billion, representing reported growth of 5.6 percent to 6.5 percent and core revenue growth of 7 percent to 8 percent. Fiscal year 2022 adjusted EPS is expected to be $4.80 to $4.90. Prior to the release of the financial results, analysts expected 2022 revenues of $5.97 billion and adjusted EPS of $4.27.

At the 40th Annual JP Morgan Healthcare Conference in January, Agilent had reiterated its previously announced fiscal year 2022 guidance, saying it expected total revenues of $6.65 billion to $6.73 billion and adjusted EPS of $4.76 to $4.86. In January, it also said it expected Q1 2022 revenues of $1.64 billion to $1.66 billion and adjusted EPS of $1.16 to $1.18.

At the end of its fiscal first quarter, Agilent had cash and cash equivalents of $1.11 billion.

Source: Agilent Fiscal Q1 Revenues Rise 8 Percent; Firm Increases FY22 Guidance