10-KPeriod: FY2021

AGILENT TECHNOLOGIES, INC. Annual Report, Year Ended Oct 31, 2021

Filed December 17, 2021For Securities:A

Summary

Agilent Technologies, Inc. reported strong performance in its fiscal year ended October 31, 2021, with an 18% increase in net revenue to $6,319 million. This growth was driven by robust demand across all business segments – Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab – and key end markets, particularly pharmaceutical, chemical and energy, and diagnostics and clinical. The company successfully completed the acquisition of Resolution Bioscience, Inc., bolstering its precision oncology solutions. Financially, Agilent demonstrated strong operational leverage, with total operating margin increasing to 21.3%. The company continued to return value to shareholders through share repurchases and dividends, with $1.577 billion remaining authorization for share repurchases under its 2021 program. Agilent also maintained a strong liquidity position with $1,484 million in cash and cash equivalents, and no borrowings outstanding under its credit facilities. The company is well-positioned to navigate ongoing market dynamics, including supply chain pressures, and remains optimistic about long-term growth opportunities.

Financial Highlights

57 data points
Beta

Revenue

$6.32B

53.9% Gross Margin

Net Income

$1.21B

19.1% Net Margin

EPS (Diluted)

$3.94

Total Assets

$10.71B

Cash & Equivalents

$1.49B

Free Cash Flow

$1.30B

Financial Statements
Beta
Revenue$6.32B
Cost of Revenue$2.91B
Gross Profit$3.41B
R&D Expenses$441.00M
SG&A Expenses$1.62B
Operating Expenses$4.97B
Operating Income$1.35B
Interest Expense$81.00M
Net Income$1.21B
EPS (Basic)$3.98
EPS (Diluted)$3.94
Shares Outstanding (Basic)304.00M
Shares Outstanding (Diluted)307.00M

Key Highlights

  • 1Achieved 18% year-over-year revenue growth, reaching $6,319 million in fiscal year 2021.
  • 2Experienced broad-based growth across all three business segments: Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab.
  • 3Successfully acquired Resolution Bioscience, Inc. for $561 million to enhance its precision oncology capabilities.
  • 4Reported a significant increase in net income to $1,210 million, up from $719 million in the prior year.
  • 5Maintained a strong operating margin of 21.3%, reflecting effective cost management and volume leverage.
  • 6Continued robust share repurchase program with $1.577 billion authorized remaining as of October 31, 2021.
  • 7Ended the fiscal year with a healthy cash and cash equivalents balance of $1,484 million, indicating strong liquidity.

Frequently Asked Questions

Agilent Technologies demonstrated strong financial performance in fiscal year 2021, with a significant 18% increase in net revenue to $6,319 million. This growth was broad-based across all segments and key markets. Net income also saw a substantial increase to $1,210 million, reflecting improved operational leverage and strategic acquisitions.

The primary drivers of Agilent's revenue growth included strong demand in the pharmaceutical, chemical and energy, and diagnostics and clinical markets. Growth was also supported by contributions from recent acquisitions, such as Resolution Bioscience, and a general recovery in customer demand across various end markets.

Agilent maintained a strong liquidity position with $1,484 million in cash and cash equivalents. The company actively returned capital to shareholders through share repurchases, repurchasing $423 million under its 2021 repurchase program, and by paying dividends. Agilent also invested in strategic growth initiatives, including the acquisition of Resolution Bioscience.

While the COVID-19 pandemic continued to present economic challenges and supply chain pressures, Agilent reported that its overall business performance in fiscal year 2021 was strong and largely non-COVID related. The company took proactive measures to protect employee safety and adapt to changing market conditions, but noted that the ongoing effects remain difficult to predict due to numerous uncertainties.