Brooks Automation Reports Results of Second Quarter of Fiscal 2021, Ended March 31, 2021, and Announces Quarterly Cash Dividend – Yahoo Finance

Record Revenue and Continued Margin Expansion in Both Life Sciences and Semiconductor Solutions

CHELMSFORD, Mass., May 10, 2021 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the second fiscal quarter of 2021, ended March 31, 2021.

Financial Results Summary

Quarter Ended

Dollars in millions, except per share data

March 31,

December 31,

March 31,

Change vs.

2021

2020

2020

Prior Qtr

Prior Year

Revenue

$

287

$

250

$

220

15

%

30

%

Semiconductor Solutions

$

157

$

131

$

125

20

%

26

%

Life Sciences

$

130

$

118

$

95

10

%

36

%

Diluted EPS Continuing Operations

$

0.32

$

0.36

$

0.12

(12)

%

158

%

Diluted EPS Total

$

0.32

$

0.35

$

0.12

(9)

%

158

%

Non-GAAP Diluted EPS Continuing Operations

$

0.61

$

0.47

$

0.25

30

%

145

%

Adjusted EBITDA

$

71

$

58

$

35

23

%

105

%

Today the Company also announced plans to separate into two independent, publicly traded companies by establishing a standalone life sciences company, comprised of the Life Sciences business and a standalone automation company, comprised of the Semiconductor Solutions business. The separation is expected to be completed by end of the calendar year 2021 and does not affect the presentation of the financial statements included within this release. Please see the Company's separate press release for further information.

Management Comments "Record level revenue in the second quarter is yet another proof point of the strength and continued momentum of our Life Sciences and Semiconductor Solutions businesses," commented Steve Schwartz, President and CEO. "While today's separation announcement reflects years of strategic investment and innovation, we believe that the Life Sciences and Semiconductor Solutions businesses are now of size and scale to operate and benefit from their own standalone structures. Looking ahead, we see strong demand in both businesses supporting continued acceleration as we enter the second half of our fiscal year."

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Summary of GAAP ResultsSecond Quarter, Fiscal 2021

Revenue for the second quarter was $287 million, up 30% year over year, supported by growth in both Life Sciences and Semiconductor Solutions. Diluted EPS from continuing operations was $0.32 per share compared to $0.12 per share in the second quarter of 2020.

Life Sciences revenue of $130 million grew 36% year over year. Year-over-year organic growth was also 36%. Life Sciences Products grew 69% year over year, and Life Sciences Services grew 20%. Excluding the effect of the recent exit of the RUCDR alliance, Life Science Services grew 28%.

Semiconductor Solutions revenue was $157 million, an increase of 26% year over year.

Operating income was $31 million, compared to $15 million in the second quarter of 2020. Operating margin was 10.6%, up 400 basis points year over year and was driven by gross margin of 44.4%, up 340 basis points year over year. The gross profit result in the second quarter of 2021 includes a charge of approximately $5 million related to liabilities for import tariffs. Operating expenses in the quarter include approximately $12 million in unallocated corporate expenses related to strategic M&A initiatives, including the preparation to separate the two businesses.

In the following analysis of the non-GAAP results, Brooks adjusted the GAAP results to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers and/or representative of the normal operations of the business. In this context, the Company has removed the effect of the charge in the second quarter of 2021 related to liabilities for import tariffs related to imports in prior fiscal years. The cost of import tariffs which pertain to the current fiscal year imports remain in the results discussed below. A description of all adjustments and reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follow the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

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Brooks Automation Reports Results of Second Quarter of Fiscal 2021, Ended March 31, 2021, and Announces Quarterly Cash Dividend - Yahoo Finance