- Organic revenue saw a 2% decline (0% reported), totaling $272.6 million. For the first half of fiscal 2024, organic revenue remained steady (2% reported) at $549.5 million.
- GAAP earnings per share (EPS) stood at $0.17 compared to $0.31 in the previous year. Adjusted EPS amounted to $0.40, down from $0.47 a year ago.
- Despite challenges in the BioPharma macroeconomic landscape, the company achieved a 20% growth in instrument consumables, partly offsetting the adverse effects.
- Strong performance in the academic end market with high single-digit growth.
- Cash flow from operations rose to $142.5 million, marking an 18% increase from the prior year.
- Matthew F. McManus appointed as President of the Diagnostics and Genomics segment.
President and CEO of Bio-Techne, Kim Kelderman, commented on the results, acknowledging the team’s resilience in a challenging environment. He expressed optimism regarding the stabilization observed in China and reiterated confidence in the company’s long-term growth prospects.
Kelderman also expressed gratitude to Chuck Kummeth for his support during the transition period before his retirement on July 1, 2024, acknowledging Kummeth’s significant contribution to Bio-Techne’s growth over his 11-year tenure as CEO.
Bio-Techne will host an earnings conference call on February 1, 2024, at 8:00 a.m. CST. Interested individuals can access the call via dial-in or webcast. A recorded rebroadcast will be available for those unable to participate in the live call.
Financial Details for Q2 FY2024:
- Revenue: Net sales remained flat at $272.6 million, with organic revenue declining by 2% compared to the prior year. Acquisitions contributed 1%, and favorable foreign currency exchange had a 1% impact.
- GAAP Earnings: GAAP EPS was $0.17 per diluted share, down from $0.31 in the same quarter last year. GAAP operating income decreased by 44% to $38.0 million.
- Non-GAAP Earnings: Adjusted EPS decreased to $0.40 per diluted share compared to $0.47 in the previous year.
- Segment Performance: The Protein Sciences segment saw a 3% decline in net sales, while the Diagnostics and Genomics segment witnessed an 11% increase.
- Non-GAAP Measures: The company provided non-GAAP measures such as organic revenue, adjusted EPS, adjusted operating margin, and adjusted EBITDA, offering additional insights into its operating results.
The company’s financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). Non-GAAP measures are also provided to offer investors greater transparency and facilitate period-to-period comparisons.
Forward-Looking Statements:
The press release may contain forward-looking statements, subject to risks and uncertainties that could affect actual results. Factors such as new initiatives, product acceptance, economic conditions, and the impact of the COVID-19 pandemic are among the considerations.
For additional information, including risk factors, investors are encouraged to refer to the Company’s filings with the Securities and Exchange Commission.
