NEW YORK – Bio-Techne on Tuesday announced that its fiscal 2022 second quarter revenues rose 20 percent year over year.
For the three months ended Dec. 31, the Minneapolis-based firm reported revenues of $269.3 million, up from $224.3 million a year ago and beating analysts' average estimate of $266.6 million.
Bio-Techne's second quarter year-over-year organic growth was 17 percent, with acquisitions contributing 3 percent to revenue growth.
In Q2, the firm reported Diagnostics and Genomics revenues of $64.5 million, up 23 percent year over year from $52.5 million. Second quarter year-over-year organic growth for the segment was 7 percent, with acquisitions contributing 16 percent to revenue growth.
Bio-Techne posted Q2 Protein Sciences revenues of $205.0 million, up 19 percent from $172.2 million in the prior-year quarter. Second quarter year-over-year organic growth for the segment was 19 percent.
Within Protein Sciences, the firm saw a 27 percent increase in ProteinSimple branded analytical solutions and more than 180 percent growth in its good manufacturing practices (GMP) proteins.
"This quarter marks the first time in our 44-year history where we have achieved over $1 billion in trailing twelve-month revenue," Bio-Techne CEO Chuck Kummeth said in a statement.
On a conference call to discuss the firm's financial results, Kummeth said that second quarter volumes for Bio-Techne's ExoDx Prostate (EPI) test grew by "strong double digits" year over year and returned to pre-pandemic volumes as more patients returned for doctors' visits.
The firm plans to add more sales staff to target additional urologists for the test soon, he said.
So far, the company has reached about 3,500 US urologists, about one-third of the amount it intends to target, and about 75 percent of them are repeat purchasers, Kummeth said, adding that overall, the firm has sold more than 75,000 of the ExoDx Prostate tests.
Bio-Techne is "seeing an immediate effect" from executives at Asuragen, a business Bio-Techne acquired last March, taking over management of the Exosome Dx business, according to Kummeth.
During the quarter, the firm continued to advance its pipeline of exosome-based diagnostic tests including its kidney transplant rejection assay ExoTru Kidney, a non-invasive, multigene assay that uses urine samples. "We continue to work a dual pathway for the ExoTru commercial launch, focusing on discussions with potential commercial partners and taking steps to prepare for potential [commercialization] on our own," Kummeth said.
Kummeth noted that the firm recently inked a non-exclusive partnership with Marlborough, Massachusetts-based Akoya Biosciences to develop a single-cell, spatial multiomics workflow for the analysis of tissue samples. The partnership involves the pairing of Bio-Techne's RNAScope HiPlex v2 assay for RNA imaging with Akoya's protein-imaging assays to run on Akoya's PhenoCycler-Fusion System.
For its fiscal second quarter, Bio-Techne posted a net income of $80.2 million, or $1.94 per share, compared to $46.3 million, or $1.15 per share, a year ago. EPS was favorably impacted by a non-recurring gain of approximately $28.4 million stemming from Bio-Techne's investment in Mountain View, California-based ChemoCentryx, which develops orally administered small molecule therapeutics that target chemokine receptors and related chemo-attractants.
The company's fiscal Q2 2022 adjusted EPS was $1.88, beating analysts' average estimate of $1.79.
Its fiscal Q2 R&D expenses rose 23 percent year over year to $20.7 million from $16.8 million, and its SG&A expenses rose 21 percent year over year to $100.7 million from $83.1 million.
At the end of fiscal Q2, the firm had cash and cash equivalents of $211.8 million and short-term available-for-sale investments of $67.1 million.
Given the firm's performance during the first half of fiscal 2022, "we have increasing confidence that we can achieve an overall organic growth rate in the mid-teens for full fiscal 2022," Bio-Techne's CFO James Hippel said on the conference call.
In Tuesday morning trading on the Nasdaq, shares of Bio-Techne were up more than 6 percent to $399.36