Bio-Techne Corporation (NASDAQ: TECH) has released its financial results for the second quarter ending December 31, 2023.
Key Highlights for the Second Quarter of Fiscal Year 2024:
- Organic revenue for the second quarter declined by 2% (0% reported) to reach $272.6 million. In the first half of fiscal 2024, organic revenue remained flat (2% reported) at $549.5 million.
- GAAP earnings per share (EPS) were $0.17, compared to $0.31 in the same period the previous year. Adjusted EPS stood at $0.40, down from $0.47 one year ago.
- The impact of the BioPharma macroeconomic conditions in the industry, experienced throughout the past calendar year, increased in the fiscal second quarter. The company partially offset this by providing customers with highly productive analytical tools, leading to a 20% growth in instrument consumables.
- Strong commercial execution in the academic end market resulted in high single-digit growth.
- Cash flow generated from operations increased to $142.5 million, marking an 18% increase from the prior year.
- Matthew F. McManus was appointed as President of the Diagnostics and Genomics segment.
Bio-Techne’s financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). Non-GAAP measures, such as 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, are detailed later in the press release under “Use of non-GAAP Adjusted Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures is included in the release.
Kim Kelderman, President, and CEO of Bio-Techne, expressed satisfaction with the team’s performance in a dynamic operating environment. The company faced challenges in the China landscape and from a subset of biotech customers, but continued strength was observed in the academic end market. Initial signs of stabilization in China are noted, with confidence in the long-term high-growth potential of the region.
Kelderman extended gratitude to Chuck Kummeth for his support during the transition before his retirement on July 1, 2024. Kummeth’s remarkable leadership during his 11-year tenure as CEO has positioned Bio-Techne for the next phase of growth.
Bio-Techne will conduct an earnings conference call on February 1, 2024, at 8:00 a.m. CST.
