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      What Boosted Azenta (AZTA) Stock During Extended Trades

      By Fahim Awan

      Published on

      November 14, 2023

      8:35 AM UTC

      What Boosted Azenta (AZTA) Stock During Extended Trades

      Azenta, Inc. (NASDAQ: AZTA) shares demonstrated a notable upswing in the post-market session on Monday, reflecting a robust surge of 6.67% to attain a trading value of $51.00 in the after-hours phase. During the regular session, AZTA stock exhibited a modest incline of 0.59%, settling at $47.81. This positive momentum in AZTA stock is a consequence of strategic initiatives unveiled in the recent past.

      Azenta (AZTA) disclosed yesterday that its subsidiary, B Medical Systems has signed a Memorandum of Understanding with The Ministry of Public Health, Hygiene and Prevention of the Democratic Republic of the Congo (DRC).The MOU outlines B Medical’s commitment to providing a comprehensive solution designed for the storage and transportation of vaccines, complete with real-time traceability.

      Additionally, it encompasses the delivery of customized Toyota vehicles equipped with B Medical’s cold chain solutions and other supplementary equipment. This collaboration is in line with a new EURO 100 million National Vaccination Service project in the DRC, and Azenta anticipates that over 50% of the project’s value will be recognized as revenue for B Medical.

      The Ministry has chosen B Medical as its partner for cold chain solutions as part of its new National Vaccination Service (“SNAV”). SNAV aims to comprehensively address the healthcare structure in the DRC, extending its reach from the national level down to the local health areas to ensure coverage of the entire population.

      In a separate announcement issued on the same day, Azenta disclosed a series of strategic actions as part of the company’s ongoing transformation. In 2021, AZTA launched a broad strategy for transformation.

      This includes the sustained expansion of its life sciences business, the divestiture of its semiconductor automation business in 2022, the implementation of cost reduction measures, and a significant return of capital to its stockholders.

      Furthermore, Azenta revealed its commitment to an additional $500 million in share repurchases in Fiscal 2024, thereby completing the full $1.5 billion authorized for such endeavors.

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