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Bio-Techne Fiscal Q3 Revenues Rise 25 Percent as End Markets Improve

NEW YORK – Bio-Techne said on Thursday that its fiscal third quarter revenues rose 25 percent year over year.

For the three months ended March 31, the Minneapolis-based firm said revenues rose to $243.6 million year over year from $194.7 million, beating analysts' average estimate of $228.2 million.

The firm reported Q3 Diagnostics and Genomics segment revenues of $58.1 million, up 18 percent year over year from $49.4 million, and Protein Sciences segment revenues of $185.6 million, up 28 percent year over year from $145.5 million.

"Our end markets continued to improve during Q3, with biopharma remaining strong and academic labs continuing the reopening process," Chuck Kummeth, Bio-Techne's CEO and president, said in a statement. "Our ProteinSimple brand of proteomic analytical tools and [Advanced Cell Diagnostics] brand of tissue biopsy products were standouts in the quarter, with these platforms growing approximately [more than] 50 percent and 40 percent year-over-year, respectively."

The firm said in a statement that it closed the acquisition of Asuragen on April 6. Bio-Techne anticipates that its purchase of the Austin, Texas-based firm for up to $320 million will contribute products for applications in which Bio-Techne has no presence in the Diagnostics and Genomics segment.

"Asuragen adds a portfolio of leading genetic carrier screening and oncology research products and diagnostic kits, complements our legacy clinical controls with molecular diagnostic controls, and brings a pipeline of high-value products to accelerate its penetration and growth," Kummeth said on a conference call to discuss Bio-Techne's financial results. "The Asuragen team also brings deep diagnostic commercialization and regulatory expertise, which we will leverage to accelerate the growth of our clinical platforms across the organization."

Kummeth said that in the recently completed quarter, revenues for its ProteinSimple Simple Plex suite of automated multiplexing immunoassays climbed 90 percent. "We are seeing increased Simple Plex adoption from cell and gene therapy customers and the broader biopharma industry, as they leverage the platform for biomarker discovery, immune cell characterization, and quality control processes," Kummeth said.

During the quarter, Bio-Techne saw a recovery in orders for its ExoDx Prostate test, an exosomal liquid biopsy diagnostic assay. More urine samples were sent to its laboratory for testing in March than any other month since the beginning of the pandemic, Kummeth said. Additionally, "private payors are increasingly recognizing the patient benefits and cost savings [that] ExoDx Prostate delivers by avoiding unnecessary biopsies." In March, the firm announced that Humana, a Medicare Advantage provider, had awarded the first payor contract for coverage of its ExoDx prostate test.

Bio-Techne further announced that its Exosome Diagnostics business obtained the CE mark for the ExoDx Prostate test in March. Kummeth said that Bio-Techne will make the CE-marked kit available throughout Europe using distributors in Q4, and begin running the test in its accredited clinical laboratory in Munich.

The firm expects to launch the next test in its Exosome Diagnostics portfolio, a multigene urine-based exosomal mRNA assay for kidney transplant rejection, called ExoTru, later this year, he said. In March, Bio-Techne had announced the publication of preliminary data for the test in a study published in the Journal of the American Society of Nephrology.

Bio-Techne posted Q3 net income of $45.8 million, or $1.12 per share, compared to $36.4 million, or $.92 per share, in the prior year. The firm reported adjusted EPS of $1.79 per share, beating the analysts' average estimate of $1.55 per share.

The firm's R&D expenses rose 6 percent year over year to $17.1 million from $16.0 million, and its SG&A expenses rose 25 percent year over year to $82.6 million from $66.3 million.

At the end of Q3, Bio-Techne had $186.1 million in cash and cash equivalents and $90.1 million in short-term available-for-sale investments.

Bio-Techne on Thursday also announced a dividend of $.32 per share, payable on May 28 to shareholders of record on May 17.

In early Thursday morning trading on the Nasdaq, Bio-Techne shares were up less than 1 percent to $417.23.