Agilent Technologies third-quarter revenue increases 8%

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For the third fiscal quarter ended July 31, Agilent’s Life Sciences and Applied Markets group reported revenue of $1.02 billion, a 14% year-over-year increase; CrossLab Group reported revenue of $359 million, a 5% year-over-year increase; and the Diagnostics and Genomics group reported revenue of $340 million, down 2% year-over-year.


“The strong results of our clinical trials in cancer and [next generation sequencing] were partially offset by headwinds from COVID testing in the qPCR portfolio,” Agilent President and CEO Mike McMullen said on a conference call to discuss the financial results.


The Santa Clara, Calif.-based company reported third-quarter net income of $329 million, or $1.10 per share, compared to $264 million, or 0.86 cents per share, in the third quarter of 2021 Its adjusted EPS was $1.34, beating analysts’ average estimate. of $1.16.


The company raised its full-year guidance and now expects revenue of $6.75 billion to $6.775 billion, representing reported growth of 6.8% to 7.2% and base growth from 9.9% to 10.3%. It previously guided revenue of $6.67 billion to $6.73 billion for the full year.


Meanwhile, non-GAAP EPS for the year 2022 is estimated to be between $5.06 and $5.08 per share.


For the fourth quarter, Agilent expects revenue to be between $1.75 billion and $1.775 billion, with non-GAAP EPS of $1.38 to $1.40.


On Wednesday afternoon, on the New York Stock Exchange, Agilent shares rose more than 7% to $142.23.



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