Form 8-K - Current report

false000109087200010908722024-11-252024-11-25

 

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): November 25, 2024

 

 

AGILENT TECHNOLOGIES, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-15405	77-0518772
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
5301 Stevens Creek Boulevard
Santa Clara, California				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		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		A		New York Stock Exchange

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 8.01 – Other Events.

 

The information in this Item 8.01 of Form 8-K and Exhibit 99.1 attached hereto is furnished 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.

On November 25, 2024, Agilent Technologies, Inc. (the “Company”) issued a press release announcing that the Company has reorganized its operational structure under the following three business groups: Life Sciences and Diagnostics Markets Group, Applied Markets Group and Agilent CrossLab Group. The Company will report under this new structure beginning with the Company’s first quarter fiscal 2025 results.

 

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		Press release dated November 25, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

---

 

 

SIGNATURES

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 thereunto duly authorized.

			AGILENT TECHNOLOGIES, INC.
Date:	November 25, 2024	By:	/s/ P. Diana Chiu
		Name:	P. Diana Chiu
		Title:	Vice President, Assistant General Counsel & Assistant Secretary

 

 

---

 

 

Agilent Announces New Organizational Structure to Support its Market-Focused Strategy

 

SANTA CLARA, Calif., Nov. 25, 2024 -- Agilent Technologies Inc. (NYSE: A) today announced a new organizational structure to accelerate the company’s operational transformation to drive higher growth through a market-focused, customer-centric enterprise strategy. The new structure, including new leadership roles, takes effect immediately.

 

“This is an important step in our transformation to become a nimbler company that puts our customers and our markets first,” said Agilent President and CEO Padraig McDonnell. “It builds on Agilent’s legacy of success and evolves our business to further strengthen our performance, sharpen our focus, and accelerate our market-focused solutions.”

 

The New Structure

The new structure organizes Agilent’s businesses according to its end markets and customers. It will enable closer collaboration among the business groups and better execution on cross-division, customer-first priorities.

 

Below are the three new business groups:

 

•

Life Sciences and Diagnostics Markets Group (LDG) represents 38%1 of Agilent’s revenue and is primarily focused on Agilent’s pharma, biopharma, clinical, and diagnostics end markets.

 

LDG provides a comprehensive portfolio of leading technology platforms and solutions to serve Agilent customers’ value chain — including research and discovery, development and scale-up, production of therapeutics, and development of critical cancer diagnostics.

 

LDG includes liquid chromatography and mass spectrometry instrument platforms, cell and biomolecular analysis, specialized CDMO services, pathology, companion diagnostics, and genomics.

 

---

1 Revenue percentage estimates for each group are based on fiscal year 2024 revenue.

---

 

 

•

Applied Markets Group (AMG) represents 20%2 of Agilent’s revenue and is primarily focused on the food, environmental, forensics, chemicals, and advanced materials markets.

 

AMG will focus on growing Agilent’s leadership in these markets and accelerating growth in new areas of the market.

 

AMG includes gas chromatography and mass spectrometry, spectroscopy, and vacuum technology platforms.

 

•

Agilent CrossLab Group (ACG) represents 42%3 of Agilent’s revenue and is focused on supporting our customers in all our end markets.

 

ACG will accelerate and strengthen customer connections across all Agilent end markets. The group is uniquely positioned to leverage its comprehensive portfolio and capabilities. This will further enhance the installed base of instruments with targeted workflows and applications that drive critical outcomes and productivity in labs.

 

ACG includes services, software and informatics, automation, and consumables.

 

Business Group Leadership

•

Simon May will serve as president of LDG. Simon recently served as president of the Diagnostics and Genomics Group (DGG). Prior to joining Agilent earlier this year, Simon was executive vice president and president of the Life Science Group at Bio-Rad Laboratories.

•

Mike Zhang has been promoted to president of AMG. Most recently, Mike was vice president and general manager of our gas chromatography and mass spectrometry product line. Mike is a 22-year veteran of Agilent. Phil Binns, former president of the Life Sciences and Applied Markets group (LSAG), will retire in April 2025 after supporting the transition to the new business group structure.

---

2 ibid.

3 ibid.

---

 

•

Angelica Riemann will continue to serve as president of ACG. Angelica is a 25-year veteran of Agilent and prior to her current role she served as vice president and general manager of ACG’s Services Division.

---

 

Agilent Analyst and Investor Day

Agilent will share additional details about the company’s market-focused, customer-first enterprise strategy and transformation at its Analyst and Investor Day on Dec. 17, 2024. The event will be webcast and available for replay afterwards. See details here.

 

Reporting Changes

Later today, Agilent will release fourth-quarter fiscal 2024 financial results. These results will be reported under the existing fiscal year 2024 organizational structure.

 

Agilent’s first-quarter 2025 results will be reported under the new organizational structure. Agilent will issue an 8-K before the company’s Analyst and Investor Day with a recast of the previous three years of financial reporting to reflect the new structure. Agilent will release a recast 10-K reflecting the new structure in March 2025.

 

Forward Looking Statement

This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, statements regarding Agilent’s new organizational structure, operational transformation and market-focused, customer-centric strategy, including the effects on Agilent’s performance, focus and market-focused solutions; growth; leadership; collaboration and execution; customer connections and leveraging Agilent’s portfolio and capabilities. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of Agilent’s customers’ businesses; unforeseen changes in the demand for current and new products, technologies, and services; customer purchasing decisions and timing; the ability to meet and achieve the benefits of its new organizational structure, operational transformation and market-focused strategy and otherwise successfully adapt to continuing changes in business conditions; the impact of geopolitical uncertainties and global economic conditions on its operations, its markets and its ability to conduct business; and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2024. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.

 

---

 

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.83 billion in fiscal 2023 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn and Facebook.

 

# # # # #

 

Investor Contact:

Parmeet Ahuja

[phone]

[e-mail]

 

Media Contact:

Sarah Litton

[phone]

[e-mail]

 

---

Document And Entity Information	Nov. 25, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 25, 2024
Entity Registrant Name	AGILENT TECHNOLOGIES, INC.
Entity Central Index Key	0001090872
Entity Emerging Growth Company	false
Entity File Number	001-15405
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0518772
Entity Address, Address Line One	5301 Stevens Creek Boulevard
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95051
City Area Code	800
Local Phone Number	227-9770
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	A
Security Exchange Name	NYSE

---