Fourth Quarter Caps Off Record-Setting
Performance in 2021
Highlights:
Fourth-quarter fiscal year 2021
- Revenue of $1.66 billion represents 12% reported growth; and up
11% on a core(1) basis.
- GAAP net income of $442 million with earnings per share (EPS)
of $1.45, up 104% from the fourth quarter of 2020.
- Non-GAAP(2) net income of $368 million with EPS of $1.21, up
23% from the fourth quarter of 2020.
Fiscal year 2021
- Fiscal year 2021 revenue of $6.32 billion delivers 18% reported
growth and a 15% increase in core(1) revenue over fiscal year
2020.
- Full-year GAAP net income of $1.21 billion with EPS of $3.94,
up 71% from fiscal year 2020.
- Non-GAAP(2) net income of $1.33 billion with EPS of $4.34, up
32% from fiscal year 2020.
Outlook
- Fiscal year 2022 revenue expected in the range of $6.65 billion
to $6.73 billion, representing reported growth of 5.2% to 6.5% and
core(1) growth of 5.5% to 7%. Fiscal year 2022 non-GAAP(3) earnings
guidance of $4.76 to $4.86 per share.
- Fiscal first-quarter revenue guidance of $1.64 billion to $1.66
billion, representing reported and core(1) revenue growth of 5.9%
to 7.2%. Fiscal first-quarter non-GAAP(3) earnings guidance of
$1.16 to $1.18 per share.
Agilent Technologies Inc. (NYSE: A) today reported revenue of
$1.66 billion for the fourth quarter ended Oct. 31, 2021, up 12%
year over year (core(1) growth of 11%). Revenue for the full year
was $6.32 billion, delivering 18% reported growth (core(1) growth
of 15%), up a record $980 million above that of fiscal year
2020.
On a GAAP basis, fourth-quarter net income was $442 million, or
$1.45 per share. This compares with $222 million, or 71 cents per
share, in the fourth quarter of fiscal year 2020. Non-GAAP(2) net
income was $368 million, or $1.21 per share during the quarter,
compared with $305 million or 98 cents per share during the fourth
quarter a year ago.
For the full year, GAAP net income was $1.21 billion or $3.94
per share, up 71% from fiscal year 2020. Non-GAAP(2) net income was
$1.33 billion or $4.34 per share, up 32% from fiscal year 2020.
“Our strong fourth quarter closes out a record top- and
bottom-line performance in fiscal year 2021,” said Mike McMullen,
Agilent president and CEO. “We continue to see strong momentum in
our business and look forward to the Agilent team extending it into
the year ahead.”
Financial Highlights
Life Sciences and Applied Markets Group
Fourth-quarter revenue of $747 million from Agilent’s Life
Sciences and Applied Markets Group (LSAG) grew a reported 11% year
over year (also an increase of 11% on a core(1) basis). LSAG’s
operating margin for the quarter was 26.6%. Full-year revenue of
$2.82 billion increased a reported 18% versus fiscal 2020 (up 16%
on a core(1) basis). LSAG’s operating margin for the full year was
25.6%.
Agilent CrossLab Group
The Agilent CrossLab Group (ACG) posted fourth-quarter revenue
of $572 million, representing year-over-year reported growth of 10%
(up 9% on a core(1) basis). ACG’s operating margin for the quarter
was 29.9%. Full-year revenue of $2.20 billion grew a reported 16%
over last year (up 12% on a core(1) basis). ACG’s operating margin
for the year was 28.1%.
Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) generated
fourth-quarter revenue of $341 million, up a reported 16% year over
year (up 13% on a core(1) basis). DGG posted operating margins of
20.8%. Full-year revenue was $1.30 billion, which was up a reported
24% year over year (up 20% on a core(1) basis). DGG’s operating
margin for the year was 21.0%.
Fiscal Year 2022 and First-Quarter Outlook
Fiscal year 2022 revenue is expected to be in the range of $6.65
billion to $6.73 billion, representing reported growth of 5.2% to
6.5% and core(1) growth of 5.5% to 7%. Non-GAAP(3)
earnings-per-share guidance for fiscal year 2022 is in the range of
$4.76 to $4.86 per share.
The outlook for fiscal 2022 first-quarter revenue is expected to
be in a range of $1.64 billion to $1.66 billion, representing
reported and core(1) growth of 5.9% to 7.2%. Fiscal first-quarter
non-GAAP(3) earnings guidance is in a range of $1.16 to $1.18 per
share
The outlook is based on Oct. 31, 2021, currency exchange
rates.
Conference Call
Agilent’s management will present additional details regarding
the company’s fourth-quarter and fiscal year 2021 financial results
on a conference call with investors today at 1:30 p.m. PST. The
event will be webcast live in listen-only mode. To listen to the
webcast, select the “Q4 2021 Agilent Technologies Inc. Earnings
Conference Call” link in the “News & Events > Events”
portion of the Investor Relations section of the Agilent website.
The webcast will remain on the company site for 90 days.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in the
life sciences, diagnostics, and applied chemical markets,
delivering insight and innovation toward advancing the quality of
life. Agilent’s full range of solutions includes instruments,
software, services, and expertise that provide trusted answers to
our customers' most challenging questions. The company generated
revenue of $6.32 billion in fiscal 2021 and employs 17,000 people
worldwide. Information about Agilent is available at
www.agilent.com. To receive the latest Agilent news, subscribe to
the Agilent Newsroom. Follow Agilent on LinkedIn, Twitter and
Facebook.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
Agilent’s revenue and non-GAAP earnings guidance for the first
quarter and full fiscal year 2022, future amortization of
intangibles and Agilent’s growth prospects, business model and
financial results. These forward-looking statements involve risks
and uncertainties that could cause Agilent’s results to differ
materially from management’s current expectations. Such risks and
uncertainties include, but are not limited to, unforeseen changes
in the strength of Agilent’s customers’ businesses; unforeseen
changes in the demand for current and new products, technologies,
and services; unforeseen changes in the currency markets; customer
purchasing decisions and timing, and the risk that Agilent is not
able to realize the savings expected from integration and
restructuring activities. In addition, other risks that Agilent
faces in running its operations include the ability to execute
successfully through business cycles; the ability to meet and
achieve the benefits of its cost-reduction goals and otherwise
successfully adapt its cost structures to continuing changes in
business conditions; ongoing competitive, pricing and gross-margin
pressures; the risk that its cost-cutting initiatives will impair
its ability to develop products and remain competitive and to
operate effectively; the impact of geopolitical uncertainties and
global economic conditions on its operations, its markets and its
ability to conduct business; the ability to improve asset
performance to adapt to changes in demand; the ability of its
supply chain to adapt to changes in demand; the ability to
successfully introduce new products at the right time, price and
mix; the ability of Agilent to successfully integrate recent
acquisitions; the ability of Agilent to successfully comply with
certain complex regulations; the adverse impacts of and risks posed
by the COVID-19 pandemic and other risks detailed in Agilent’s
filings with the Securities and Exchange Commission, including its
quarterly report on Form 10-Q for the quarter ended July 31, 2021.
Forward-looking statements are based on the beliefs and assumptions
of Agilent’s management and on currently available information.
Agilent undertakes no responsibility to publicly update or revise
any forward-looking statement.
(1) Core revenue growth excludes the impact of currency and
acquisitions and divestitures within the past 12 months. Core
revenue is a non-GAAP measure. Reconciliations between GAAP revenue
and core revenue for Q4 fiscal year 2021 and full fiscal year 2021
are set forth on pages 6 and 7 of the attached tables along with
additional information regarding the use of this non-GAAP measure.
Core revenue growth rate as projected for Q1 fiscal year 2022 and
full fiscal year 2022 excludes the impact of currency and
acquisitions and divestitures within the past 12 months. Most of
the excluded amounts pertain to events that have not yet occurred
and are not currently possible to estimate with a reasonable degree
of accuracy and could differ materially. Therefore, no
reconciliation to GAAP amounts has been provided for the
projection.
(2) Non-GAAP net income and non-GAAP earnings per share
primarily exclude the impacts of non-cash asset impairments,
intangibles amortization, transformational initiatives, acquisition
and integration costs, change in fair value of contingent
consideration, loss on extinguishment of debt, business exit and
divestiture costs, pension settlement loss and net gain on equity
securities. Agilent also excludes any tax benefits or expenses that
are not directly related to ongoing operations and which are either
isolated or are not expected to occur again with any regularity or
predictability. A reconciliation between non-GAAP net income and
GAAP net income is set forth on page 4 of the attached tables along
with additional information regarding the use of this non-GAAP
measure.
(3) Non-GAAP earnings per share as projected for Q1 fiscal year
2022 and full fiscal year 2022 exclude primarily the impacts of
non-cash intangibles amortization, transformational initiatives,
and acquisition and integration costs. Agilent also excludes any
tax benefits or expenses that are not directly related to ongoing
operations and which are either isolated or are not expected to
occur again with any regularity or predictability. Most of these
excluded amounts pertain to events that have not yet occurred and
are not currently possible to estimate with a reasonable degree of
accuracy and could differ materially. Therefore, no reconciliation
to GAAP amounts has been provided. Future amortization of
intangibles is expected to be approximately $50 million per
quarter.
AGILENT TECHNOLOGIES, INC. CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (In millions, except per share
amounts) (Unaudited) PRELIMINARY
Three Months Ended
Years Ended
October 31,
October 31,
2021
2020
2021
2020
Net revenue
$
1,660
$
1,483
$
6,319
$
5,339
Costs and expenses: Cost of products and services
760
695
2,912
2,502
Research and development
116
102
441
495
Selling, general and administrative
389
387
1,619
1,496
Total costs and expenses
1,265
1,184
4,972
4,493
Income from operations
395
299
1,347
846
Interest income
1
1
2
8
Interest expense
(21
)
(19
)
(81
)
(78
)
Other income (expense), net
73
2
92
66
Income before taxes
448
283
1,360
842
Provision for income taxes
6
61
150
123
Net income
$
442
$
222
$
1,210
$
719
Net income per share: Basic
$
1.46
$
0.72
$
3.98
$
2.33
Diluted
$
1.45
$
0.71
$
3.94
$
2.30
Weighted average shares used in computing net income per
share: Basic
303
308
304
309
Diluted
305
311
307
312
The preliminary income statement is estimated based on our
current information. Page 1
AGILENT TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED BALANCE SHEET (In
millions, except par value and share amounts)
(Unaudited) PRELIMINARY October
31, October 31,
2021
2020
ASSETS Current assets: Cash and cash equivalents
$
1,484
$
1,441
Short-term investments
91
—
Accounts receivable, net
1,172
1,038
Inventory
830
720
Other current assets
222
216
Total current assets
3,799
3,415
Property, plant and equipment, net
945
845
Goodwill and other intangible assets, net
4,956
4,433
Long-term investments
185
158
Other assets
820
776
Total assets
$
10,705
$
9,627
LIABILITIES AND EQUITY Current liabilities: Accounts
payable
$
446
$
354
Employee compensation and benefits
493
367
Deferred revenue
441
386
Short-term debt
—
75
Other accrued liabilities
328
285
Total current liabilities
1,708
1,467
Long-term debt
2,729
2,284
Retirement and post-retirement benefits
220
389
Other long-term liabilities
659
614
Total liabilities
5,316
4,754
Total Equity: Stockholders' equity: Preferred stock; $0.01
par value; 125 million shares authorized; none issued and
outstanding
—
—
Common stock; $0.01 par value, 2 billion shares authorized; 302
million shares at October 31, 2021 and 306 million shares at
October 31, 2020, issued and outstanding
3
3
Additional paid-in-capital
5,320
5,311
Retained earnings
348
81
Accumulated other comprehensive loss
(282
)
(522
)
Total stockholders' equity
5,389
4,873
Total liabilities and stockholders' equity
$
10,705
$
9,627
The preliminary balance sheet is estimated based on
our current information. Page 2
AGILENT TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions) (Unaudited) PRELIMINARY
Years Ended October 31, October 31,
2021
2020
Cash flows from operating activities: Net income
$
1,210
$
719
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
321
308
Share-based compensation
110
83
Excess and obsolete inventory related charges
29
28
Loss on extinguishment of debt
17
—
Asset impairment charges
2
99
Net gain on equity securities
(98
)
(27
)
Change in fair value of contingent consideration
(21
)
—
Other non-cash expenses, net
3
8
Changes in assets and liabilities: Accounts receivable, net
(128
)
(107
)
Inventory
(136
)
(68
)
Accounts payable
64
2
Employee compensation and benefits
112
29
Other assets and liabilities
—
(153
)
Net cash provided by operating activities (a)
1,485
921
Cash flows from investing activities: Investments in
property, plant and equipment
(188
)
(119
)
Proceeds from sale of property, plant and equipment
1
1
Payment to acquire equity securities
(22
)
(20
)
Proceeds from sale of equity securities
12
—
Payment to acquire intangible assets
(1
)
—
Payment in exchange for convertible note
(5
)
(9
)
Acquisition of businesses and intangible assets, net of cash
acquired
(546
)
—
Net cash used in investing activities
(749
)
(147
)
Cash flows from financing activities: Issuance of common
stock under employee stock plans
55
60
Payment of taxes related to net share settlement of equity awards
(76
)
(37
)
Issuance of senior notes
848
499
Debt issuance costs
(7
)
(4
)
Payment of dividends
(236
)
(222
)
Repayment of senior notes
(417
)
—
Proceeds from commercial paper
1,647
420
Repayment of commercial paper
(1,722
)
(345
)
Proceeds from revolving credit facility
—
798
Repayment of revolving credit facility
—
(1,413
)
Repayment of finance lease
—
(4
)
Treasury stock repurchases
(788
)
(469
)
Net cash used in financing activities
(696
)
(717
)
Effect of exchange rate movements
3
2
Net increase in cash, cash equivalents and restricted cash
43
59
Cash, cash equivalents and restricted cash at beginning of
period
1,447
1,388
Cash, cash equivalents and restricted cash at end of period
$
1,490
$
1,447
Reconciliation of cash, cash equivalents and
restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
1,484
$
1,441
Restricted cash, included in other assets
6
6
Total cash, cash equivalents and restricted cash
$
1,490
$
1,447
(a) Cash payments included in operating activities:
Income tax paid, net
$
211
$
361
Interest payments
$
76
$
71
The preliminary cash flow is estimated based on our
current information. Page 3
AGILENT TECHNOLOGIES,
INC. NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share amounts) (Unaudited)
PRELIMINARY Three Months Ended Years
Ended October 31, October 31,
2021
Diluted EPS
2020
Diluted EPS
2021
Diluted EPS
2020
Diluted EPS
GAAP net income
$
442
$
1.45
$
222
$
0.71
$
1,210
$
3.94
$
719
$
2.30
Non-GAAP adjustments: Asset impairments
—
—
—
—
2
0.01
99
0.32
Intangible amortization
51
0.17
45
0.14
194
0.63
184
0.59
Transformational initiatives
5
0.02
12
0.04
37
0.12
53
0.17
Acquisition and integration costs
9
0.03
8
0.03
41
0.13
41
0.13
Change in fair value of contingent consideration
(21
)
(0.07
)
—
—
(21
)
(0.07
)
—
—
Loss on extinguishment of debt
—
—
—
—
17
0.06
—
—
Business exit and divestiture costs
1
—
2
0.01
5
0.02
2
0.01
Pension settlement loss
1
—
4
0.01
1
—
4
0.01
Net gain on equity securities
(73
)
(0.24
)
(2
)
(0.01
)
(92
)
(0.30
)
(28
)
(0.09
)
Other
2
0.01
5
0.02
9
0.02
10
0.04
Adjustment for taxes (a)
(49
)
(0.16
)
9
0.03
(71
)
(0.22
)
(61
)
(0.20
)
Non-GAAP net income
$
368
$
1.21
$
305
$
0.98
$
1,332
$
4.34
$
1,023
$
3.28
(a) The adjustment for taxes excludes tax expense (benefits)
that management believes are not directly related to on-going
operations and which are either isolated or cannot be expected to
occur again with any regularity or predictability. For the three
months and year ended October 31, 2021, management used a non-GAAP
effective tax rate of 13.00% and 14.25%, respectively. For the
three months and year ended October 31, 2020, management used a
non-GAAP effective tax rate of 14.65% and 15.25%, respectively.
We provide non-GAAP net income and non-GAAP net income per
share amounts in order to provide meaningful supplemental
information regarding our operational performance and our prospects
for the future. These supplemental measures exclude, among other
things, charges related to asset impairments, amortization of
intangibles, transformational initiatives, acquisition and
integration costs, change in fair value of contingent
consideration, loss on extinguishment of debt, business exit and
divestiture costs, pension settlement loss and net gain on equity
securities. Asset impairments include assets that have been written
down to their fair value. Transformational initiatives include
expenses associated with targeted cost reduction activities such as
manufacturing transfers including costs to move manufacturing,
small site consolidations, legal entity and other business
reorganizations, insourcing or outsourcing of activities. Such
costs may include move and relocation costs, one-time termination
benefits and other one-time reorganization costs. Included in this
category are also expenses associated with company programs to
transform our product lifecycle management (PLM) system, human
resources and financial systems. Acquisition and integration costs
include all incremental expenses incurred to effect a business
combination. Such acquisition costs may include advisory, legal,
accounting, valuation, and other professional or consulting fees.
Such integration costs may include expenses directly related to
integration of business and facility operations, the transfer of
assets and intellectual property, information technology systems
and infrastructure and other employee-related costs.
Change in
fair value of contingent consideration represents changes in the
fair value estimate of acquisition-related contingent
consideration. Loss on extinguishment of debt relates to the
net loss recorded on the redemption of $100 million of the $400
million outstanding 3.2% 2022 senior notes due on October 1, 2022,
called on December 22, 2020 and settled on January 21, 2021 and the
net loss recorded on the redemption of the remaining $300 million
called on March 5, 2021 and settled on April 5, 2021.
Business exit and divestiture costs include costs associated
with business divestitures. Pension settlement loss relates
to the relief of the US Retirement Plan pension obligation due to
increased lump sum payouts over a specified accounting
threshold. Net gain on equity securities relates to the
realized and unrealized mark-to-market adjustments for our
marketable and non-marketable equity securities.
Other includes
certain legal costs and settlements, special compliance costs and
acceleration of share-based compensation expense in addition to
other miscellaneous adjustments. Our management uses
non-GAAP measures to evaluate the performance of our core
businesses, to estimate future core performance and to compensate
employees. Since management finds this measure to be useful, we
believe that our investors benefit from seeing our results “through
the eyes” of management in addition to seeing our GAAP results.
This information facilitates our management’s internal comparisons
to our historical operating results as well as to the operating
results of our competitors. Our management recognizes that
items such as amortization of intangibles can have a material
impact on our cash flows and/or our net income. Our GAAP financial
statements including our statement of cash flows portray those
effects. Although we believe it is useful for investors to see core
performance free of special items, investors should understand that
the excluded items are actual expenses that may impact the cash
available to us for other uses. To gain a complete picture of all
effects on the company’s profit and loss from any and all events,
management does (and investors should) rely upon the GAAP income
statement. The non-GAAP numbers focus instead upon the core
business of the company, which is only a subset, albeit a critical
one, of the company’s performance. Readers are reminded that
non-GAAP numbers are merely a supplement to, and not a replacement
for, GAAP financial measures. They should be read in conjunction
with the GAAP financial measures. It should be noted as well that
our non-GAAP information may be different from the non-GAAP
information provided by other companies. The preliminary
non-GAAP net income and diluted EPS reconciliation is estimated
based on our current information. Page 4
AGILENT
TECHNOLOGIES, INC. SEGMENT INFORMATION (In millions,
except where noted) (Unaudited) PRELIMINARY
Quarter-over-Quarter Life Sciences
and Applied Markets Group Q4'21 Q4'20 Revenue
$
747
$
671
Gross Margin, %
59.4
%
59.2
%
Income from Operations
$
199
$
166
Operating margin, %
26.6
%
24.8
%
Diagnostics and Genomics Group Q4'21
Q4'20 Revenue
$
341
$
294
Gross Margin, %
52.5
%
50.9
%
Income from Operations
$
71
$
60
Operating margin, %
20.8
%
20.3
%
Agilent CrossLab Group Q4'21
Q4'20 Revenue
$
572
$
518
Gross Margin, %
53.4
%
51.8
%
Income from Operations
$
171
$
143
Operating margin, %
29.9
%
27.7
%
Year-over-Year Life Sciences and
Applied Markets Group FY21 FY20 Revenue
$
2,823
$
2,392
Gross Margin, %
59.8
%
59.2
%
Income from Operations
$
722
$
548
Operating margin, %
25.6
%
22.9
%
Diagnostics and Genomics Group FY21
FY20 Revenue
$
1,296
$
1,047
Gross Margin, %
52.8
%
51.9
%
Income from Operations
$
273
$
192
Operating margin, %
21.0
%
18.3
%
Agilent CrossLab Group FY21 FY20
Revenue
$
2,200
$
1,900
Gross Margin, %
52.3
%
52.2
%
Income from Operations
$
618
$
516
Operating margin, %
28.1
%
27.2
%
Income from operations reflect the results of
our reportable segments under Agilent's management reporting system
which are not necessarily in conformity with GAAP financial
measures. Income from operations of our reporting segments exclude,
among other things, charges related to asset impairments,
amortization of intangibles, transformational initiatives,
acquisition and integration costs, change in fair value of
contingent consideration and business exit and divestiture costs.
Readers are reminded that non-GAAP numbers are merely a
supplement to, and not a replacement for, GAAP financial measures.
They should be read in conjunction with the GAAP financial
measures. It should be noted as well that our non-GAAP information
may be different from the non-GAAP information provided by other
companies. The preliminary segment information is estimated
based on our current information. Page 5
AGILENT
TECHNOLOGIES, INC. RECONCILIATIONS OF REVENUE BY SEGMENT
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY
ADJUSTMENTS (CORE) (in millions) (Unaudited)
PRELIMINARY Year-over-Year GAAP
Year-over-Year GAAP Revenue by
Segment Q4'21 Q4'20 % Change
Life Sciences and Applied Markets Group
$
747
$
671
11
%
Diagnostics and Genomics Group
341
294
16
%
Agilent CrossLab Group
572
518
10
%
Agilent
$
1,660
$
1,483
12
%
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a) Year-over-Year Year-over-Year Percentage
Point Impact from Currency Current Quarter Currency Impact
(b) Non GAAP Revenue by
Segment Q4'21 Q4'20 % Change %
Change Life Sciences and Applied Markets Group
$
747
$
671
11
%
11
%
—
$
4
Diagnostics and Genomics Group
333
294
14
%
13
%
1 ppt
1
Agilent CrossLab Group
572
518
10
%
9
%
1 ppt
6
Agilent (Core)
$
1,652
$
1,483
11
%
11
%
—
$
11
We compare the year-over-year change in
revenue excluding the effect of recent acquisitions and
divestitures and foreign currency rate fluctuations to assess the
performance of our underlying business. (a) The constant
currency year-over-year growth percentage is calculated by
recalculating all periods in the comparison period at the foreign
currency exchange rates used for accounting during the last month
of the current quarter and then using those revised values to
calculate the year-over-year percentage change. (b) The
dollar impact from the current quarter currency impact is equal to
the total year-over-year dollar change less the constant currency
year-over-year change. The preliminary reconciliation of
GAAP revenue adjusted for recent acquisitions and divestitures and
impact of currency is estimated based on our current information.
Page 6
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS
OF REVENUE BY SEGMENT EXCLUDING ACQUISITIONS, DIVESTITURES
AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE) (in
millions) (Unaudited) PRELIMINARY
Year-over-Year GAAP Year-over-Year
GAAP Revenue by Segment
FY21 FY20 % Change Life Sciences and
Applied Markets Group
$
2,823
$
2,392
18
%
Diagnostics and Genomics Group
1,296
1,047
24
%
Agilent CrossLab Group
2,200
1,900
16
%
Agilent
$
6,319
$
5,339
18
%
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a) Year-over-Year Year-over-Year Percentage
Point Impact from Currency Current Quarter Currency Impact
(b) Non GAAP Revenue by
Segment FY21 FY20 % Change %
Change Life Sciences and Applied Markets Group
$
2,823
$
2,392
18
%
16
%
2 ppts
$
59
Diagnostics and Genomics Group
1,282
1,047
22
%
20
%
2 ppts
27
Agilent CrossLab Group
2,200
1,900
16
%
12
%
4 ppts
67
Agilent (Core)
$
6,305
$
5,339
18
%
15
%
3 ppts
$
153
We compare the year-over-year change in
revenue excluding the effect of recent acquisitions and
divestitures and foreign currency rate fluctuations to assess the
performance of our underlying business. (a) The constant
currency year-over-year growth percentage is calculated by
recalculating all periods in the comparison period at the foreign
currency exchange rates used for accounting during the last month
of the current quarter and then using those revised values to
calculate the year-over-year percentage change. (b) The
dollar impact from the current year currency impact is equal to the
total year-over-year dollar change less the constant currency
year-over-year change. The preliminary reconciliation of
GAAP revenue adjusted for recent acquisitions and divestitures and
impact of currency is estimated based on our current information.
Page 7
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version on businesswire.com: https://www.businesswire.com/news/home/20211122006559/en/
Investor Contact: Parmeet Ahuja +1 408-345-8948
parmeet_ahuja@agilent.com
Media Contact: Tom Beermann +1 408-553-2914
tom.beermann@agilent.com
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