Bio-Techne Reports 2% Increase in Net Sales

By Bobby Samwell • Friday, August 23 08:00 • Permanent Link

Bio-Techne Corporation has recently released its 10-K report, detailing its operations and financial performance. The company develops, manufactures, and sells life science reagents, instruments, and services for research and clinical diagnostic markets globally. Bio-Techne operates through two segments * Protein Sciences and Diagnostics and Genomics. The Protein Sciences segment focuses on biological reagents and proteomic analytical tools, while the Diagnostics and Genomics segment develops and manufactures diagnostic products and assays. Notably, the company has completed the acquisition of Lunaphore for $169.7 million and purchased a 19.9% investment in Wilson Wolf in fiscal 2023.

In fiscal 2024, Bio-Techne reported a 2% increase in consolidated net sales to $1.2 billion compared to fiscal 2023, with organic growth at 1% and acquisitions contributing favorably by 1%. However, consolidated net earnings, including non-controlling interest, decreased by 41% compared to fiscal 2023. Adjusted net earnings attributable to Bio-Techne also decreased by 11% in fiscal 2024 compared to fiscal 2023.

The company's consolidated gross margins were 66.4% in fiscal 2024, impacted by the Lunaphore acquisition, while adjusted gross margins were 71.0%. The Protein Sciences segment's gross margin percentage for fiscal 2024 was 75.7%, primarily due to the exclusion of a business held-for-sale. In contrast, the Diagnostics and Genomics segment's gross margin percentage for fiscal 2024 was 58.7%, influenced by the Lunaphore acquisition.

Selling, general, and administrative expenses increased by 23% in fiscal 2024, primarily due to the Lunaphore acquisition, impairment of assets held-for-sale, certain litigation charges, restructuring and restructuring-related charges, and CEO transition charges. Research and development expenses also increased by 5% in fiscal 2024, primarily due to strategic growth investments, including the acquisition of Lunaphore.

In terms of net interest income/(expense), Bio-Techne reported a net interest expense of $12.4 million in fiscal 2024, higher than the previous fiscal year. Other non-operating income/(expense), net, consists of foreign currency transaction gains and losses, rental income, and building.

Today the company's shares have moved -1.8% to a price of $71.35. If you want to know more, read the company's complete 10-K report here.

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