Bio-Techne’s fourth quarter organic revenue increased by 1% (2% reported) to $306.1 million. For the full year, organic revenue rose by 1% (2% reported) to $1.2 billion.
GAAP earnings per share (EPS) for the fourth quarter were $0.25, down from $0.47 a year ago. Adjusted EPS for the quarter was $0.49, compared to $0.55 in the same period last year. For the full year, GAAP EPS was $1.05, down from $1.76, while adjusted EPS decreased to $1.77 from $1.99.
The Diagnostics & Genomics segment experienced robust performance, achieving 9% organic growth (15% reported) in the fourth quarter and 6% organic growth (12% reported) for fiscal year 2024.
Cash flow from operations for fiscal 2024 increased by 18% to $299.0 million.
Bio-Techne’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The company also reports non-GAAP measures, including adjusted diluted EPS, adjusted net earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic revenue, adjusted operating margin, earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA. A reconciliation of these non-GAAP measures is available in the press release under “Use of non-GAAP Adjusted Financial Measures.”
Kim Kelderman, President and CEO of Bio-Techne, stated, “I am extremely proud of our team’s dedication and execution in stabilizing our challenging end-markets. We achieved solid financial results while seeing continued stabilization in our biopharma and China end-markets, and strong performance in our diagnostic products. Our focus on profitability yielded a 33.5% adjusted operating margin, a 50 basis-point improvement from the previous quarter.”
Kelderman added, “Our differentiated financial performance throughout fiscal 2024 highlights the value of our growth pillars and core portfolio, even amid budget constraints. This positions us well for continued outperformance as life science research markets return to historical growth rates.”
Bio-Techne will host an earnings conference call on August 7, 2024, at 8:00 a.m. CDT. To participate, call 1-800-343-4136 or 1-203-518-9843 (international callers) and use conference ID BioTechne. The call can also be accessed via webcast at Bio-Techne Investor Relations.
A recorded rebroadcast will be available from 11:00 a.m. CDT on August 7, 2024, until 11:00 p.m. CDT on September 7, 2024. To listen to the replay, dial 1-844-512-2921 or 1-412-317-6671 (international callers) and reference Conference ID 11156560.
Fourth Quarter Fiscal 2024
Revenue: Net sales for the fourth quarter increased 2% to $306.1 million, with organic revenue up 1% from the previous year. Acquisitions contributed an additional 1%. Foreign currency exchange and a business held-for-sale had no significant impact.
GAAP Earnings Results: GAAP EPS was $0.25 per diluted share, compared to $0.47 in the same quarter last year. GAAP operating income for the fourth quarter decreased 52% to $45.8 million, with a GAAP operating margin of 15.0%, down from 31.4% in the prior year. The decrease was due to asset impairment, restructuring and CEO transition costs, litigation charges, changes in the fair value of performance-based stock compensation awards, and the acquisition of Lunaphore.
Non-GAAP Earnings Results: Adjusted EPS was $0.49 per diluted share, down from $0.55 last year. Adjusted operating income decreased 9% to $101.8 million, with an adjusted operating margin of 33.5%, compared to 37.1% in the same quarter last year. The margin was impacted by the acquisition of Lunaphore and unfavorable volume leverage in Protein Sciences.
Full Year Fiscal 2024
Revenue: Net sales for the full year increased 2% to $1.2 billion, with organic revenue up 1% and acquisitions contributing 1%. Foreign currency exchange and a business held-for-sale had no significant impact.
GAAP Earnings Results: GAAP EPS was $1.05 per diluted share, compared to $1.76 last year. GAAP operating income for the full year decreased 31% to $206.7 million, with a GAAP operating margin of 17.8%, down from 26.3% in the previous year. The decrease was attributed to asset impairment, restructuring and CEO transition costs, litigation charges, and the acquisition of Lunaphore, alongside unfavorable volume leverage within Protein Sciences.
Non-GAAP Earnings Results: Adjusted EPS decreased to $1.77 per diluted share from $1.99 last year. Adjusted operating income decreased 10% to $370.2 million, with an adjusted operating margin of 32.1%, compared to 36.1% in the prior year. The margin decline was due to the acquisition of Lunaphore and unfavorable volume leverage within Protein Sciences.
