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Bio-Techne Q4 Revenues Climb 11 Percent

NEW YORK – Bio-Techne said on Thursday morning that its fiscal fourth quarter revenues rose 11 percent year over year.

For the three months ended June 30, the Minneapolis-based company reported revenues of $288.2 million compared to $259.0 million a year ago. Its Q4 organic revenues grew 14 percent year over year.

Diagnostics and Genomics revenues were $71.7 million, up 7 percent year over year from $67.1 million. Year-over-year organic revenue growth was 8 percent. Protein Sciences revenues were $217.0 million, up 13 percent year over year from $192.3 million, with year-over-year organic revenue growth of 16 percent.

Bio-Techne reported a Q4 net income of $61.5 million, or $1.51 per share, compared to a net income of $15.0 million, or $.37 per share, a year ago. Its adjusted EPS for the recently completed quarter was $2.05.

While the firm's R&D costs grew about 12 percent year over year to $23.1 million from $20.7 million and its SG&A costs also grew 12 percent to $96.6 million from $86.6 million, the company reduced its other expenses to $1.5 million from $61.5 million a year ago.

"I am particularly pleased with this performance given the prolonged headwinds we faced in China, as lockdowns in this geography lasted longer than we initially expected," CEO Chuck Kummeth said in a statement. "We experienced robust demand across our portfolio of proteomic reagents and analytical tools, especially from our biopharma end markets, as well as accelerating momentum in our ExosomeDx business and a return to double-digit growth in our Spatial Biology business."

For full fiscal year 2022, Bio-Techne reported revenues of $1.11 billion, up 19 percent from $931.0 million in 2021. Its 2022 organic revenues grew 17 percent year over year.

Full-year 2022 Diagnostics and Genomics revenues were $274.8 million, an increase of 21 percent year over year from $227.7 million, and Protein Sciences revenues were $832.3 million, an increase of 18 percent year over year from $704.6 million. 

For fiscal 2022, the firm reported a net income of $272.1 million, or $6.63 per share, compared to $140.4 million, or $3.47 per share, in 2021. Its adjusted EPS for 2022 was $7.89.

The firm's R&D costs rose 23 percent year over year to $87.1 million from $70.6 million, while its SG&A costs grew 15 percent to $372.8 million from $325.0 million. It had other income of $4.8 million for 2022 compared to other expenses of $89.1 million a year ago.

Bio-Techne ended fiscal 2022 with $172.6 million in cash and cash equivalents and $74.5 million in short-term available-for-sale investments.

In a separate announcement on Thursday, the company said Kummeth would be stepping down as CEO, effective June 30, 2024. The board of directors has begun looking for Kummeth's replacement, and Kummeth will likely remain on the board once he retires, the firm said.

The company also announced separately that the board approved a dividend of $.32 per share, payable on Aug. 29 to shareholders of record on Aug. 15.

In Thursday morning trading on the Nasdaq, Bio-Techne's shares were down 3 percent to $379.83.