NEW YORK – Bio-Techne said on Thursday morning that its fiscal fourth quarter revenues rose 47 percent year over year as sales grew in both its Diagnostics and Genomics, and Protein Sciences segments.
For the three months ended June 30, the Minneapolis-based company reported revenues of $259.0 million compared to $175.8 million a year ago and beat the Wall Street analysts' average estimate of $244.6 million. Its Q4 organic revenues grew 39 percent year over year.
Diagnostics and Genomics revenues were $67.1 million, up 38 percent year over year from $48.7 million. Year-over-year organic revenue growth was 22 percent. Protein Sciences revenues were $192.3 million, up 51 percent year over year from $127.3 million, with year-over-year organic revenue growth of 46 percent.
Bio-Techne is "reaching [a] tipping point across [its] portfolio of proteomic, genomic, diagnostic, and reagent solutions," CEO Chuck Kummeth said in a statement. "Our portfolio of products is extremely well positioned for the coming wave of cell [and] gene therapies, and we are seeing demand across our instrument and reagent portfolio from these customers."
Bio-Techne reported a Q4 net income of $15.0 million, or $.37 per share, compared to a net income of $58.8 million, or $1.48 per share, a year ago. Its adjusted EPS for the recently completed quarter was $1.87 and beat the consensus Wall Street estimate of $1.70.
Its Q4 R&D expenses grew 23 percent year over year to $20.7 million from $16.8 million, while its SG&A expenses grew 51 percent year over year to $86.6 million from $57.2 million.
For full fiscal year 2021, Bio-Techne reported revenues of $931.0 million, up 26 percent from $738.7 million in 2020, and beating the analysts' average estimate of $917.6 million. Its 2021 organic revenues grew 22 percent year over year.
Full-year 2021 Diagnostics and Genomics revenues were $227.7 million, an increase of 23 percent year over year from $184.5, and Protein Sciences revenues were $704.6 million, an increase of 27 percent year over year from $555.4 million.
For fiscal 2021, the firm reported a net income of $140.4 million, or $3.47 per share, compared to $229.3 million, or $5.82 per share, in 2020. Its adjusted EPS for 2021 of $6.75 beat the consensus Wall Street estimate of $6.47.
Bio-Techne ended fiscal 2020 with $199.1 million in cash and cash equivalents and $32.5 million in short-term available-for-sale investments.
The company also said on Thursday that it will pay a fourth quarter dividend of $.32 per share, payable Aug. 27 to its common shareholders of record on Aug. 16.
In Thursday morning trading on the Nasdaq, Bio-Techne's shares were up more than 3 percent to $501.40.