Welcome to the annual meeting for Azenta, Inc. Our host for today's call is Frank Casal, Chair of the Board of Directors. I will now turn the call over to your host. Mr. Casal, you may begin, sir.
Thank you. Good morning, and thank you for joining us virtually for the Azenta annual meeting. I am Frank Casal, chair of the board of directors, and I'm pleased to take a moment to reflect on a transformative year for Azenta. Your engagement as shareholders is invaluable, and I'd like to share a few observations on the progress and milestones the company has achieved before we move to the formal part of the meeting. Fiscal 2025 was a turnaround year for Azenta. Under the Board's oversight, Management executed on a disciplined strategy, delivering growth in our core businesses in a meaningful margin expansion despite a challenging macro environment. The organization became simpler, more accountable, and better position to serve our customers while driving long-term shareholder value.
The company ended the fiscal year with a strong cash balance of $546 million, providing the financial flexibility to invest strategically, return capital to shareholders, and pursue targeted inorganic growth opportunities. Following the fiscal year, the company hosted an Investor Day, where the company outlined its multi-year strategic roadmap and announced a $250 million share repurchase program. Prior to the close of calendar 2025, the company announced a definitive agreement to divest B Medical, with the transaction expected to close by March 31st, 2026. The Board is confident that these actions, these accomplishments, together with strong leadership and operational momentum, position Azenta for durable growth and long-term profitable value creation for the shareholders. With that, let's proceed with the formal business of the meeting. During today's session, we will consider the proposals outlined in this year's proxy statement.
Joining us in person today are six members of the Board of Directors, including John Marotta, our CEO, Erica McLaughlin, Bill Cornog, Robyn Davis, and Dr. Martin Madaus. Joining us virtually are three members of our Board of Directors, Dr. Tina Nova, Quentin Koffey, and Dipal Doshi. Our Board member, Alan Malus, was unable to attend the meeting. I will now ask Ephraim Starr, our General Counsel and Corporate Secretary, to lead us through the formal portion of the meeting.
Good morning, and welcome to the 2026 Annual Meeting of Stockholders. In addition to our Board members, attending the meeting is Aaron Casale, representing PricewaterhouseCoopers, who has been appointed to the Audit Committee to serve as the company's independent registered public accounting firm for the fiscal year ending September 30th, 2026. The polls for each proposal are now officially open as of 9:03 A.M. Eastern Time, and I'd like to confirm that we have a quorum for this meeting. Frank Arren from Broadridge Financial Solutions is the Inspector of Elections. Frank, can you please tell us how many votes are present?
Mr. Secretary, thus far, we have 42,310,536 shares of common stock present in person or by proxy, out of 45,989,578 shares outstanding and entitled to vote.
The quorum is present, and I declare this meeting duly convened. Four proposals are pending. They are, one, the election of 10 directors. Two, the non-binding advisory vote on executive compensation. Three, amendment to the company's 2020 Equity Incentive Plan to increase the number of shares reserved for issuance by 2,750,000. And four, the ratification of the appointment of PwC as independent auditors for fiscal year 2026. Can I have a motion to vote on the four proposals?
I so move.
Do I have a second?
I second the motion.
Is there any discussion on any of the proposals? We have now called to vote all matters on the agenda. Is there anyone who wishes to vote or to change their vote concerning any of the proposals before the meeting? I hereby declare the polls closed at 9:05 A.M. Eastern Time. I've received a report of the Inspector of Elections and can confirm that each of the proposals has been approved by the requisite vote. Can I have a motion to adjourn the meeting?
I so move.
Seconded.
The motion has been duly made and seconded. All those in favor, say "Aye.
[Crosstalk]
All opposed, say "No." The motion is carried, and the formal portion of the meeting is adjourned. I will now turn it over to our CEO , John Marotta.
Thank you all for attending the Azenta Inc virtual shareholder meeting.
The meeting has now concluded. Thank you for joining, and have a pleasant day.