Azenta Inc reported a modest Q4 2024 revenue of $170.1 million and a GAAP bottom line that remained negative, while non-GAAP metrics showed meaningful improvement driven by the company’s transformation program. Revenue declined 1% year-over-year (down 2% organically) to reflect a softer life-sciences market, though SMS and Multiomics delivered continued growth (SMS up 4% YoY; Multiomics up 8% YoY). The company reaffirmed its strategic pivot away from B Medical Systems, announcing plans to divest that business to sharpen focus on core Sample Management Solutions (SMS) and Multiomics franchises. For the full year, Azenta reported revenue of $656 million, a decline of 1% on a reported basis and 2% on an organic basis, with combined SMS/Multiomics delivering mid-single-digit growth while B Medical contributed $83 million (down 27% organic). Management emphasized margin expansion from the Ascend 2026 program, delivering two consecutive quarters with adjusted EBITDA margins above 10% (4Q24 at 10.2%, full year 7.5%), and guided 2025 organic revenue growth of 3-5% (excluding B Medical), with Multiomics expected to grow in the low-single digits and SMS in the mid-single digits. The guidance implies continued margin discipline and cost optimization, alongside ongoing investments in automation, capacity, and geographic expansion. The operating outlook is tempered by macro uncertainty but supported by a large, recurring base and a backlog-anchored growth strategy. Investors should monitor: (1) the B Medical divestiture timeline and the resulting “RemainCo” trajectory, (2) progress on Ascend 2026 initiatives (site rationalization, IT optimization, simplified incentive plans), and (3) the rate/path of NGS pricing stabilization and SMS/Multiomics growth cadence as 2025 unfolds.