Can you pass a message containing that data to a debug node and then share a screenshot of the message? That will help us determine exactly what you've got and from that, how best to convert it to a proper JavaScript string you can start extracting bits from.
and feed that into a debug node and check it gives you "AZ:129.9". If so then feed that into JSON node which should convert it from a JSON string to a javascript object. Again check in a debug node that you get {AZ: 129.9}. If so then you can reference the value as msg.payload.AZ in the gauge node.
@Colin that still isn't valid JSON - the AZ would need to be in quotes - "AZ". Forcing it into a JSON format isn't worth the effort.
@n61ab the screenshot you've shared shows that msg.payloads is a Buffer type. That is why the toString() function Colin suggests works.
Here's a quick function that will do the string conversion and then split out the number:
// Convert Buffer to String:
var data = msg.payload.toString()
// Split it using the `:` character
var parts = data.split(":");
// parts is now a two-element array, containing "AZ" and "129.9"
// use the second element:
msg.payload = parts[1];
return msg