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In Brief This Week: Bio-Techne, Immunovia, Labcorp, and More

NEW YORK (GenomeWeb) – Bio-Techne this week reported total fiscal third quarter revenues of $164.0 million, up 14 percent year over year from $144.0 million in Q3 2017, and matching the analysts' average estimate for the quarter. The firm said that its organic growth was 7 percent year over year. Currency translation had a positive impact of 4 percent, and acquisitions contributed 3 percent to revenue growth.

For the quarter ended March 31, its diagnostics revenues were $28.5 million, up 10 percent from $26.0 million in Q3 2017.  Its biotechnology revenues were $110.0 million, up 16 percent year over year from $94.5 million. The firm's protein platforms segment posted revenues of $25.5 million, up 8 percent from $23.6 million in the prior-year quarter. 

Bio-Techne's Q3 net income fell to $19.7 million, or $.52 per share, from $22.2 million, or $.59 per share in Q3 2017. Its adjusted earnings per share was $1.21, beating the analysts' average estimate of $1.14 per share.

The firm's R&D expenses for the quarter decreased 1 percent year over year to $14.0 million from $13.8 million, and its SG&A expenses rose 8 percent to $53.0 million from $49.4 million.

In Q3, the firm acquired Atlanta Biologicals, which supplies cell culture sera, media, and reagents for the life science research market.

At the end of Q3, Bio-Techne had cash and equivalents of $86.6 million and short-term investments of $89.8 million.

Separately, the firm said this week that its board of directors has approved a dividend of $.32 per share, payable on May 25 to all shareholders of record on May 14.

Immunovia announced this week that the Clínica Universidad de Navarra has agreed to participate in the PanFAM-1 prospective study looking at early diagnosis in high-risk individuals with familial pancreatic cancer (FPC). The study, which is designed to validate Immunovia's IMMray PanCan-d blood test, will analyze more than 1,000 individuals over three years across sites in the US and Europe already offering FPC screening programs, with the aim of proving the overall healthcare benefits of testing hereditary pancreatic cancer patients. The other PanFAM-1 partners to date are Mount Sinai, the Knight Cancer Institute at Oregon Health and Sciences University, the University of Pittsburgh Medical Center, Massachusetts General Hospital, NYU School of Medicine, the University of Liverpool, Ramon y Cajal Institute for Health Research, University Hospital of Santiago de Compostela, and Sahlgrenska University Hospital.

Laboratory Corporation of America said this week that it has reached a deal to sell its Covance Food Solutions business to Eurofins Scientific for $670 million in cash. Covance Food Solutions is a global provider of product design and product integrity services and has facilities in the US, the UK, and Singapore. During calendar year 2017, the business posted pro forma revenue of about $150 million, LabCorp said. Covance Food Solutions is part of the Covance business that LabCorp acquired in 2015. LabCorp Chairman and CEO David King said in a statement that the transaction will allow the firm to focus on its core mission of improving health and lives. The deal is expected to close in the third quarter.

Trinity Biotech reported this week that its total revenues for the first quarter rose 1 percent to $23.8 million from $23.5 million in Q1 2017.

For the quarter ended March 31, the firm's point-of-care revenues were $3.8 million, down 6 percent from $4.0 million in Q1 2017, due to the impact of lower public health spending on US HIV sales and what Trinity called "normal fluctuation" in African HIV orders. Its clinical laboratory revenues rose 3 percent to $20.0 million from $19.5 million in Q1 2017, due to higher diabetes and autoimmunity sales.

The firm's Q1 profit after tax and non-cash items was $378,000, or $.03 per share, compared to $1.2 million, or $.01 per share, in Q1 2017. Diluted EPS for the quarter was $.07 compared to $.05 in the equivalent quarter in 2017.

Its Q1 R&D expenses were flat year-over-year at $1.3 million, and SG&A expenses fell slightly to $6.9 million from $7.0 million in the prior-year quarter.

During the quarter, the company bought back 27,000 shares at an average price of $5.15 per share. The total amount purchased since the beginning of its buy-back program reached more than 2.5 million shares with a total value of $17.5 million.

At the end of the quarter, Trinity held cash and cash equivalents of $53.9 million.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on the GenomeWeb site.