NEW YORK – Bio-Techne said today that its fiscal 2019 fourth quarter revenues rose 6 percent over fiscal Q4 2018.
For the three months ended June 30, the firm reported revenues of $191.7 million compared to $180.3 million in Q4 2018, missing analysts' average estimate of $197.8 million. On an organic basis, fiscal Q4 revenues rose 7 percent.
The firm reported that its Q4 Diagnostics and Genomics segment revenues were $48.5 million, up 4 percent year over year from $46.5 million. Its Protein Sciences segment revenues were $143.4 million, up 7 percent year over year from $133.9 million.
Bio-Techne President and CEO Chuck Kummeth said in a statement that its Diagnostics tools division was adversely impacted in the fourth quarter by the timing of original equipment manufacturer order flows. However, its Genomics division continued "to be in full recovery from earlier in the year."
The firm noted that in the quarter, the US Food and Drug Administration granted Breakthrough Device designation for its ExoDx Prostate IntelliScore (EPI) exosome-based liquid biopsy test.
Kummeth said that to date, more than 25,000 EPI tests have been conducted. "Now with FDA support and the draft Local Coverage Decision for EPI issued in May by the National Government Services, ExosomeDx is in [a] strong position for a full commercialization ramp in FY ," he said.
Also in Q2, Bio-Techne acquired B-MoGen Biotechnologies, a developer of non-viral gene editing and delivery tools.
Bio-Techne's Q4 net income was $16.5 million, or $.42 per share, compared to $41.7 million, or $1.08 per share, in the prior-year quarter. The firm reported adjusted EPS of $1.25, missing on analysts' average estimate of $1.33 per share.
The firm's R&D expenses for the fourth quarter were up 16 percent to $16.3 million from $14.0 million, while SG&A expenses rose 5 percent to $68.7 million from $65.3 million.
For FY 2018, Bio-Techne's revenues were $714 million, up 10 percent from $643.0 million in FY 2018, and missing analysts' average estimate of $720.1 million.
Its Diagnostics and Genomics segment revenues for the full fiscal year were $171.7 million, up 7 percent from $161.2 million in fiscal 2018. The firm's Protein Sciences segment revenues were $543.2 million, up 13 percent year over year from $482.4 million.
Bio-Techne's 2019 net income dropped to $96.1 million, or $2.47 per share, from $126.2 million, or $3.31 per share, in FY 2018. Adjusted EPS for FY 2019 was $4.51 per share, missing on the Wall Street average estimate of $4.59 per share.
The firm's R&D expenses for the year were $62.4 million, up 13 percent from $55.3 million in the prior year, while SG&A expenses were $264.4 million in 2019, up 10 percent from $240.6 million in 2018.
Bio-Techne finished the year with $100.9 million in cash and cash equivalents and $65.1 million in short-term investments.
The firm announced a fiscal fourth quarter dividend of $.32 per share, payable Aug. 30 to all common shareholders of record on Aug. 16.
In morning trading on Nasdaq, Bio-Techne's shares were down around 1 percent to $197.40.