AGILENT TECHNOLOGIES, INC. Q4 FY2024 earnings call

• Introduction of new market-focused organizational structure (Ignite transformation) to be nimbler and customer-centric. - Launch of Agilent Infinity 3 LC series with advanced automation. - Acquisition of BioVectra, expanding CDMO services. - Full year digital orders exceeded $1 billion. - Phil Binns to retire, Mike Zhang promoted to President of AMG, Simon May to lead LDG, Angelica Riemann to continue as ACG President.

The Life Sciences and Applied Markets Group (LSAG) reported $833 million in revenue, a 1% decline with instruments constrained by conservative customer CapEx but consumables growing mid-single digits. Agilent CrossLab Group (ACG) delivered $426 million, 5% growth, with contracts including enterprise services double digits. The Diagnostics and Genomics Group (DGG) posted $442 million, a 3% decline. Revenue contributions: Life Sciences and Diagnostics Markets Group (LDG) represents $2.5 billion in annual revenue, Applied Markets Group (AMG) $1.3 billion, and Agilent CrossLab Group (ACG) $2.7 billion.

• FY 2025 revenue expected $6.79-$6.87 billion (reported growth 4.3%-5.5%, core 2.5%-3.5%). - Q1 2025 revenue expected $1.65B-$1.68B (reported decline 0.5%-growth 1.3%, core decline 2%-flat). - FY 2025 non-GAAP EPS $5.54-$5.61, Q1 2025 EPS $1.25-$1.28. - Expect recovery throughout FY 2025 with second half more traditional growth.

• Tariffs and supply chain risks, with current impact ~$10-15M, potential broader impact manageable. - Uncertainty from new administration on funding, tariffs, biopharma pricing. - Impact of Lunar New Year timing on Q1 results.

Q: On instrument side, book-to-bill over one and replacement cycle?

A: Padraig McDonnell said steady recovery, midway through replacement cycle, expecting increased demand for Infinity 3 starting in Q1.

Q: On China stimulus and growth?

A: Padraig and Bob McMahon said China performance better than expected, steadily improving, with PFAS a standout growth area.

Q: On DGG growth drivers?

A: Simon May mentioned pathology high single-digit growth, genomics pivot with Magnus and Aveda showing traction.

Q: On tariffs and manufacturing?

A: Bob McMahon said ~60% of US business from US-sourced product, supply chain diversified, tariff impact manageable.