标记具有大量资产负债表灵活性的中小市值工具公司

Matthew Stanton * | Equity Analyst(615) 963-8397 | mstanton@jefferies.comTycho Peterson * | Equity Analyst+1 (212) 738-5583 | tpeterson2@jefferies.comJack Melick, CPA * | Equity Associate+1 (617) 345-8671 | jmelick@jefferies.comPriya Patel * | Equity Associate+1 (332) 204-0140 | ppatel5@jefferies.comNoah Kava * | Equity Associate+1 (212) 323-3939 | nkava@jefferies.comLauren Timmins, Ph.D. * | Equity Associate+1 (929) 237-2038 (mobile) | ltimmins@jefferies.com Company Valuation/RisksAzenta, IncOur $30 PT implies an EV of ~16x our ‘25E EBITDA. Risks: a) downside: inability to fully realize cost actions tied to Ascend 2026 plan ($30-40M total),weaker biotech funding, clinical pipeline rationalization, ASP pressure/disruption within NGS market, b) upside: end-market demand normalizes fasterin '25/26, cell/gene therapy demand reaccelerates.Cryoport, Inc.Our $6.50 PT implies an EV of ~1.7x our ‘25E revs. Risks: clinical trial failures; loss of key customer/failure to renew contract; increased costs to buildout additional centers; competition from larger peers.Analyst Certification:I, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jack Melick, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Priya Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Noah Kava, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Lauren Timmins, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Azenta, Incwithin the next three months.Within the past twelve months, Azenta, Inc has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to Azenta, Inc.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from Cryoport,Inc. within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromCryoport, Inc..Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Cryoport,Inc. or one of its affiliates.Please see important disclosure info