8-K
AGILENT TECHNOLOGIES, INC. (A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 13, 2024
AGILENT TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-15405 | 77-0518772 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction | (Commission | (IRS Employer | |||
| of incorporation) | File Number) | Identification No.) |
5301 Stevens Creek Boulevard, Santa Clara, CA 95051
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (800) 227-9770
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| TITLE OF EACH CLASS | NAME OF EACH EXCHANGE ON WHICH REGISTERED | ||
|---|---|---|---|
| COMMON STOCK, 0.01 PAR VALUE | A | New York Stock Exchange |
All values are in US Dollars.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On November 25, 2024, Agilent Technologies, Inc. (the "Company") issued a press release announcing that the Company has reorganized its operational structure to support its market-focused, customer-centric strategy under the following three businesses: life sciences and diagnostics markets, applied markets and Agilent CrossLab. Each business constitutes a new reportable segment.
We are furnishing this Current Report on Form 8-K to present selected unaudited historical financial information under the new reportable segments. Beginning with the quarter ending January 31, 2025, our financial statements will reflect the new reporting structure with prior periods recast accordingly.
The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following is furnished as an exhibit to this report and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended:
| Exhibit No. | Description |
|---|---|
| 99.1 | Selected unaudited segment information for the fiscal quarters ended January 31, 2022, 2023 and 2024, April 30, 2022, 2023 and 2024, July 31, 2022, 2023 and 2024 and October 31, 2022, 2023 and 2024 and fiscal years ended October 31, 2022, 2023 and 2024. |
| 104 | Cover page interactive data file (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AGILENT TECHNOLOGIES, INC. | ||
|---|---|---|
| By: | /s/ P. Diana Chiu | |
| Name: | P. Diana Chiu | |
| Title: | Vice President, Assistant General Counsel <br>and Assistant Secretary | |
| Date: December 13, 2024 |
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| AGILENT TECHNOLOGIES, INC. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIFE SCIENCES AND DIAGNOSTICS MARKETS SEGMENT | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In millions, except margins data) | FY24 | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 620 | $ | 604 | $ | 585 | $ | 657 | $ | 2,466 | ||||||
| Gross margin % | 54.9 | % | 55.1 | % | 54.4 | % | 53.8 | % | 54.5 | % | ||||||
| Research and development expenses | $ | 66 | $ | 64 | $ | 59 | $ | 61 | $ | 250 | ||||||
| Selling, general and administrative expenses | $ | 160 | $ | 154 | $ | 145 | $ | 152 | $ | 611 | ||||||
| Income from operations | $ | 114 | $ | 115 | $ | 114 | $ | 141 | $ | 484 | ||||||
| Operating margin % | 18.4 | % | 19.0 | % | 19.6 | % | 21.5 | % | 19.6 | % | ||||||
| FY23 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 719 | $ | 726 | $ | 661 | $ | 674 | $ | 2,780 | ||||||
| Gross margin % | 57.2 | % | 57.0 | % | 56.5 | % | 55.8 | % | 56.7 | % | ||||||
| Research and development expenses | $ | 71 | $ | 72 | $ | 61 | $ | 65 | $ | 269 | ||||||
| Selling, general and administrative expenses | $ | 169 | $ | 166 | $ | 147 | $ | 151 | $ | 633 | ||||||
| Income from operations | $ | 171 | $ | 176 | $ | 166 | $ | 160 | $ | 673 | ||||||
| Operating margin % | 23.8 | % | 24.2 | % | 25.1 | % | 23.7 | % | 24.2 | % | ||||||
| FY22 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 670 | $ | 690 | $ | 718 | $ | 766 | $ | 2,844 | ||||||
| Gross margin % | 57.3 | % | 57.2 | % | 57.5 | % | 56.0 | % | 57.0 | % | ||||||
| Research and development expenses | $ | 66 | $ | 66 | $ | 66 | $ | 68 | $ | 266 | ||||||
| Selling, general and administrative expenses | $ | 161 | $ | 157 | $ | 162 | $ | 163 | $ | 643 | ||||||
| Income from operations | $ | 157 | $ | 171 | $ | 185 | $ | 198 | $ | 711 | ||||||
| Operating margin % | 23.4 | % | 24.8 | % | 25.8 | % | 25.8 | % | 25.0 | % |
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 restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, business exit and divestiture costs and change in fair value of contingent consideration.
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.
| AGILENT TECHNOLOGIES, INC. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AGILENT CROSSLAB SEGMENT | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In millions, except margins data) | FY24 | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 686 | $ | 664 | $ | 691 | $ | 706 | $ | 2,747 | ||||||
| Gross margin % | 56.9 | % | 56.6 | % | 57.7 | % | 56.3 | % | 56.9 | % | ||||||
| Research and development expenses | $ | 29 | $ | 26 | $ | 25 | $ | 25 | $ | 105 | ||||||
| Selling, general and administrative expenses | $ | 139 | $ | 134 | $ | 126 | $ | 133 | $ | 532 | ||||||
| Income from operations | $ | 222 | $ | 216 | $ | 248 | $ | 239 | $ | 925 | ||||||
| Operating margin % | 32.4 | % | 32.5 | % | 35.9 | % | 33.8 | % | 33.7 | % | ||||||
| FY23 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 652 | $ | 660 | $ | 672 | $ | 672 | $ | 2,656 | ||||||
| Gross margin % | 55.1 | % | 53.7 | % | 56.4 | % | 55.8 | % | 55.3 | % | ||||||
| Research and development expenses | $ | 26 | $ | 27 | $ | 24 | $ | 26 | $ | 103 | ||||||
| Selling, general and administrative expenses | $ | 138 | $ | 136 | $ | 123 | $ | 129 | $ | 526 | ||||||
| Income from operations | $ | 195 | $ | 192 | $ | 232 | $ | 220 | $ | 839 | ||||||
| Operating margin % | 30.0 | % | 29.0 | % | 34.5 | % | 32.8 | % | 31.6 | % | ||||||
| FY22 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 648 | $ | 613 | $ | 639 | $ | 663 | $ | 2,563 | ||||||
| Gross margin % | 55.3 | % | 54.8 | % | 55.5 | % | 56.2 | % | 55.4 | % | ||||||
| Research and development expenses | $ | 24 | $ | 23 | $ | 23 | $ | 24 | $ | 94 | ||||||
| Selling, general and administrative expenses | $ | 139 | $ | 135 | $ | 137 | $ | 137 | $ | 548 | ||||||
| Income from operations | $ | 195 | $ | 178 | $ | 194 | $ | 212 | $ | 779 | ||||||
| Operating margin % | 30.1 | % | 29.0 | % | 30.4 | % | 31.9 | % | 30.4 | % |
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 restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, business exit and divestiture costs and change in fair value of contingent consideration.
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.
| AGILENT TECHNOLOGIES, INC. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APPLIED MARKETS SEGMENT | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In millions, except margins data) | FY24 | |||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 352 | $ | 305 | $ | 302 | $ | 338 | $ | 1,297 | ||||||
| Gross margin % | 56.4 | % | 54.2 | % | 55.2 | % | 55.0 | % | 55.2 | % | ||||||
| Research and development expenses | $ | 25 | $ | 23 | $ | 23 | $ | 23 | $ | 94 | ||||||
| Selling, general and administrative expenses | $ | 82 | $ | 78 | $ | 74 | $ | 77 | $ | 311 | ||||||
| Income from operations | $ | 92 | $ | 64 | $ | 70 | $ | 86 | $ | 312 | ||||||
| Operating margin % | 26.1 | % | 21.0 | % | 23.2 | % | 25.3 | % | 24.0 | % | ||||||
| FY23 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 385 | $ | 331 | $ | 339 | $ | 342 | $ | 1,397 | ||||||
| Gross margin % | 57.6 | % | 54.9 | % | 55.5 | % | 55.7 | % | 56.0 | % | ||||||
| Research and development expenses | $ | 26 | $ | 26 | $ | 23 | $ | 25 | $ | 100 | ||||||
| Selling, general and administrative expenses | $ | 86 | $ | 83 | $ | 73 | $ | 77 | $ | 319 | ||||||
| Income from operations | $ | 110 | $ | 72 | $ | 92 | $ | 89 | $ | 363 | ||||||
| Operating margin % | 28.5 | % | 21.9 | % | 27.2 | % | 25.9 | % | 26.0 | % | ||||||
| FY22 | ||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Total | ||||||||||||
| Revenue | $ | 356 | $ | 304 | $ | 361 | $ | 420 | $ | 1,441 | ||||||
| Gross margin % | 55.6 | % | 54.2 | % | 55.9 | % | 56.8 | % | 55.7 | % | ||||||
| Research and development expenses | $ | 26 | $ | 25 | $ | 26 | $ | 26 | $ | 103 | ||||||
| Selling, general and administrative expenses | $ | 83 | $ | 83 | $ | 83 | $ | 84 | $ | 333 | ||||||
| Income from operations | $ | 89 | $ | 57 | $ | 93 | $ | 128 | $ | 367 | ||||||
| Operating margin % | 24.9 | % | 18.8 | % | 25.7 | % | 30.5 | % | 25.5 | % |
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 restructuring and other related costs, asset impairments, amortization of intangibles, transformational initiatives, acquisition and integration costs, business exit and divestiture costs and change in fair value of contingent consideration.
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.
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