BIO-TECHNE RELEASES THIRD QUARTER FISCAL 2024 RESULTS

MINNEAPOLIS, May 1, 2024 /PRNewswire/ -- Bio-Techne Corporation TECH today reported its financial results for the third quarter ending March 31, 2024.

Third Quarter FY2024 Highlights

  • Third quarter organic revenue increased by 2% (3% reported) to $303.4 million.
  • GAAP earnings per share (EPS) was $0.31 versus $0.43 one year ago. Delivered adjusted EPS of $0.48 compared to $0.53 one year ago.
  • Strong commercial execution in Diagnostics & Genomics led to 10% organic segment growth (16% reported).
  • Continued uptake of our cell and gene therapy workflow solutions, including record sales for our GMP reagent portfolio.
  • Cash flow generated from operations increased to $223.5 million, a 31% increase from the prior year.

The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted diluted EPS, adjusted net earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic revenue, adjusted operating margin, earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of non-GAAP Adjusted Financial Measures." A reconciliation of GAAP to non-GAAP financial measures is included in this press release.

"I am proud of the remarkable execution of our Bio-Techne team under challenging end market conditions, which drove solid top-line performance," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "As expected, we experienced subsiding headwinds from de-stocking but also delivered year-over-year growth in a depressed biopharma end market. This top-line performance, combined with the benefits of cost and efficiency initiatives, resulted in a 33.0% adjusted operating margin, representing a 290 basis-point sequential improvement."

Kelderman added, "Our differentiated portfolio of highly bioactive core reagents, proteomic analysis, cell & gene therapy, spatial biology and diagnostic solutions, remain extremely well positioned to catalyze advances in science and medicine, while creating long-term value for our shareholders."

Bio-Techne will host an earnings conference call today, May 1, 2024 at 8:00 a.m. CDT. To listen, please dial 1-877-407-9208 or 1-201-493-6784 (for international callers), and reference conference ID 13745802. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 13745802. The replay will be available from 11:00 a.m. CDT on Wednesday, May 1, 2024, until 11:00 p.m. CDT on Saturday, June 1, 2024.

Third Quarter Fiscal 2024

Revenue

Net sales for the third quarter increased 3% to $303.4 million. Organic revenue increased 2% compared to the prior year, with acquisitions contributing 1%. Foreign currency exchange and a business held-for-sale did not have a material impact.

GAAP Earnings Results

GAAP EPS was $0.31 per diluted share, versus $0.43 in the same quarter last year. GAAP operating income for the third quarter of fiscal 2024 decreased 16% to $67.0 million, compared to $80.2 million in the third quarter of fiscal 2023. GAAP operating margin was 22.1%, compared to 27.3% in the third quarter of fiscal 2023. Current year GAAP operating margin was impacted by restructuring and CEO transition costs, the acquisition of Lunaphore, and unfavorable volume leverage within Protein Sciences.

Non-GAAP Earnings Results

Adjusted EPS decreased to $0.48 per diluted share compared to $0.53 in the same quarter last year. Adjusted operating income for the third quarter of fiscal 2024 decreased 8% to $99.6 million compared to $108.7 million in the third quarter of fiscal 2023. Adjusted operating margin was 33.0%, compared to 37.0% in the third quarter of fiscal 2023. Adjusted operating margin was unfavorably impacted by the acquisition of Lunaphore and unfavorable volume leverage within Protein Sciences.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.

Protein Sciences Segment

The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biotechnology and academic research communities. Additionally, the segment provides an array of platforms useful in various areas of protein analysis. Protein Sciences segment's third quarter fiscal 2024 net sales were $214.6 million, a decrease of 2% from $218.9 million for the third quarter of fiscal 2023. As of December 31, 2023, a business within the Protein Sciences Segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's third quarter fiscal operating results. The exclusion of current period sales related to this held-for-sale business reduced sales by 1%. Organic revenue for the segment declined 1% and foreign currency exchange did not have a material impact. The Protein Sciences segment's operating margin was 44.2% in the third quarter of fiscal 2024 compared to 45.1% in the third quarter of fiscal 2023. The segment's operating margin decreased primarily due to unfavorable volume leverage and product mix.

Diagnostics and Genomics Segment

The Company's Diagnostics and Genomics segment develops and provides spatial biology products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Genomics segment also provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Genomics segment's third quarter fiscal 2024 net sales were $87.5 million, an increase of 16% from $75.7 million for the third quarter of fiscal 2023. Organic revenue growth was 10% for the third quarter of fiscal 2024, with acquisitions having a 6% impact and foreign exchange not having a material impact. The Diagnostics and Genomics segment's operating margin was 9.3% in the third quarter of fiscal 2024 compared to 15.2% in the third quarter of fiscal 2023. The segment's operating margin decreased primarily due to the Lunaphore acquisition.

Use of non-GAAP Adjusted Financial Measures:

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include:

  • Organic revenue
  • Adjusted diluted earnings per share
  • Adjusted net earnings
  • Adjusted tax rate
  • Adjusted gross margin
  • Adjusted operating income
  • Adjusted operating margin
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA)
  • Adjusted EBITDA

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measure of organic revenue represents revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, the impact of businesses held-for-sale, as well as the impact of partially-owned consolidated subsidiaries. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period. Revenues from businesses held-for-sale are excluded from our organic revenue calculation starting on the date they become held-for-sale as those revenues will not be comparative in future periods. Revenues from partially-owned subsidiaries consolidated in our financial statements are also excluded from our organic revenue calculation, as those revenues are not fully attributable to the Company. There was no revenue from partially-owned consolidated subsidiaries in fiscal year 2024 due to the sale of Changzhou Eminence Biotechnology Co., Ltd. (Eminence) in the first quarter of fiscal 2023. Revenue from partially-owned consolidated subsidiaries was $2.0 million for the year ended June 30, 2023.

Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, exclude stock-based compensation, which is inclusive of the employer portion of payroll taxes on those stock awards, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, restructuring and restructuring-related costs, and other non-recurring items including non-recurring costs, goodwill and long-lived asset impairments, and gains. Stock-based compensation is excluded from non-GAAP adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjection assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory and acquisition-related expenses inclusive of the changes in fair value contingent consideration, and other non-recurring items including gains or losses on legal settlements, goodwill and long-lived asset impairment charges, and one-time assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Costs related to restructuring and restructuring-related activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs.  Additionally, these amounts can vary significantly from period to period based on current activity. The Company also excludes revenue and expense attributable to partially-owned consolidated subsidiaries as well as revenue and expense attributable to businesses held-for-sale in the calculation of our non-GAAP financial measures.

The Company's non-GAAP adjusted operating margin and adjusted net earnings, in total and on a per share basis, also excludes acquisition related expenses inclusive of the changes in fair value of contingent consideration, gain and losses from investments, as they are not part of our day-to-day operating decisions (excluding our equity method investment in Wilson Wolf as it is certain to be acquired in the future), certain adjustments to income tax expense, and other non-recurring items including certain costs related to the transition to a new CEO. Additionally, gains and losses from investments that are either isolated or cannot be expected to occur again with any predictability are excluded. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.

Investors are encouraged to review the reconciliations of adjusted financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.

Forward Looking Statements:

Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition,  general economic conditions, customer site closures or supply chain issues resulting from the COVID-19 pandemic, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.

Bio-Techne Corporation TECH is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $1.1 billion in net sales in fiscal 2023 and has approximately 3,200 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio­techne.com.

Contact:

David Clair, Vice President, Investor Relations & Corporate Development



David.Clair@bio-techne.com 



612-656-4416

 

BIO-TECHNE CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)































QUARTER



NINE MONTHS





ENDED



ENDED





3/31/2024



3/31/2023



3/31/2024



3/31/2023

Net Sales



$

303,428



$

294,146



$

852,961



$

835,382

Cost of sales





98,829





91,984





286,584





270,265

Gross margin





204,599





202,162





566,377





565,117

Operating Expenses:

























Selling, general and administrative





111,840





99,238





332,839





291,624

Research and development





25,761





22,713





72,675





69,074

Total Operating Expenses





137,601





121,951





405,514





360,698

Operating income





66,998





80,211





160,863





204,419

Other income (expense)





(5,914)





(15)





(16,835)





45,924

Earnings before income taxes





61,084





80,196





144,028





250,343

Income taxes





12,025





9,978





16,511





40,385

Net earnings, including noncontrolling interest



$

49,059



$

70,218



$

127,517



$

209,958

Net earnings attributable to noncontrolling interest

















179

Net earnings attributable to Bio-Techne



$

49,059



$

70,218



$

127,517



$

209,779

Earnings per share:

























Basic



$

0.31



$

0.45



$

0.81



$

1.34

Diluted



$

0.31



$

0.43



$

0.79



$

1.30

Weighted average common shares outstanding

























Basic





157,309





157,311





157,655





157,071

Diluted





160,496





161,615





160,817





161,768

 

BIO-TECHNE CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)



















3/31/2024



6/30/2023

ASSETS













Cash and equivalents



$

139,915



$

180,571

Short-term available-for-sale investments





5,397





23,739

Accounts receivable, net





227,887





218,468

Inventories





179,496





171,638

Current assets held-for-sale





26,669





Other current assets





31,286





27,066

Total current assets





610,650





621,482















Property and equipment, net





243,728





226,200

Right of use asset





97,258





98,326

Goodwill and intangible assets, net





1,497,394





1,407,382

Other assets





272,140





285,302

Total assets



$

2,721,170



$

2,638,692















LIABILITIES AND STOCKHOLDERS' EQUITY













Accounts payable and accrued expenses



$

91,014



$

77,306

Contract liabilities





30,108





23,069

Income taxes payable





12,082





12,022

Contingent consideration payable









3,500

Operating lease liabilities - current





12,978





11,199

Current liabilities held-for-sale





689





Other current liabilities





2,949





1,413

Total current liabilities





149,820





128,509















Deferred income taxes





63,666





88,982

Long-term debt obligations





389,000





350,000

Operating lease liabilities





92,752





93,766

Other long-term liabilities





11,557





10,919

Stockholders' equity





2,014,375





1,966,516

Total liabilities and stockholders' equity



$

2,721,170



$

2,638,692

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE

(Unaudited)































QUARTER



NINE MONTHS





ENDED



ENDED





3/31/2024



3/31/2023



3/31/2024



3/31/2023

Gross margin percentage - GAAP



67.4

%



68.7

%



66.4

%



67.6

%

Identified adjustments:

























Costs recognized upon sale of acquired inventory



0.1

%



%



0.1

%



0.0

%

Amortization of intangibles



3.8

%



3.8

%



4.1

%



4.1

%

Stock compensation expense



0.0

%



0.1

%



0.1

%



0.1

%

Restructuring and restructuring-related costs



0.2

%



%



0.2

%



%

Impact of partially-owned consolidated subsidiaries1)



%



%



%



0.0

%

Impact of business held-for-sale2)



0.4

%



%



0.1

%



%

Gross margin percentage - Adjusted



71.9

%



72.6

%



71.0

%



71.8

%



1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE

(Unaudited)































QUARTER



NINE MONTHS





ENDED



ENDED





3/31/2024



3/31/2023



3/31/2024



3/31/2023

Operating margin percentage - GAAP



22.1

%



27.3

%



18.9

%



24.5

%

Identified adjustments:

























Costs recognized upon sale of acquired inventory



0.1

%



%



0.1

%



0.0

%

Amortization of intangibles



6.3

%



6.6

%



6.8

%



6.9

%

Acquisition related expenses and other



1.1

%



(0.5)

%



0.2

%



(1.1)

%

Stock-based compensation, inclusive of employer taxes



2.7

%



3.6

%



3.9

%



5.1

%

Restructuring and restructuring-related costs



0.5

%



0.0

%



0.8

%



0.4

%

Impairment of assets held-for-sale



%



%



0.7

%



%

Impact of partially-owned consolidated subsidiaries1)



%



%



%



0.0

%

Impact of business held-for-sale2)



0.2

%



%



0.1

%



%

Operating margin percentage - Adjusted



33.0

%



37.0

%



31.5

%



35.8

%



1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023. As disclosed in our use of Non-GAAP Adjusted Financial Measures, the adjusted operating margin percentages excludes partially-owned consolidated revenue and expense amounts. Due to the sale of this partially-owned consolidated subsidiary in the first fiscal quarter of 2023, there was no impact on operating margin for the quarter and nine months ended March 31, 2024 and the quarter ended March 31, 2023. The excluded revenue and excluded operating (income)/loss attributable to partially-owned consolidated subsidiaries had a 0.1% and (0.1%) impact, respectively, on the operating margin for the first nine months of fiscal 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

NON-GAAP ADJUSTED CONSOLIDATED NET EARNINGS and EARNINGS per SHARE

(In thousands, except per share data) (Unaudited)



































QUARTER



NINE MONTHS







ENDED



ENDED







3/31/2024



3/31/2023





3/31/2024



3/31/2023



Net earnings before taxes - GAAP



$

61,084



$

80,196





$

144,028



$

250,343



Identified adjustments attributable to Bio-Techne:





























Costs recognized upon sale of acquired inventory





186











550





400



Amortization of intangibles





19,287





19,286







58,908





57,694



Amortization of Wilson Wolf intangible assets and acquired inventory





4,208











12,623







Acquisition related expenses and other





3,432





(1,187)







2,609





(8,670)



Gain on sale of partially-owned consolidated subsidiaries



















(11,682)



Stock-based compensation, inclusive of employer taxes





8,358





10,543







32,810





42,879



Restructuring and restructuring-related costs





1,550











7,157





2,950



Investment (gain) loss and other non-operating









(314)







(283)





(38,328)



Impairment of assets held-for-sale















6,038







Impact of partially-owned consolidated subsidiaries1)



















(420)



Impact of business held-for-sale(2)





(78)











(78)







Net earnings before taxes - Adjusted1,2)



$

98,027



$

108,524





$

264,362



$

295,166



Non-GAAP tax rate





22.0

%



21.0

%





22.0

%



21.0

%

Non-GAAP tax expense



$

21,602



$

22,790





$

58,181



$

61,985



Non-GAAP adjusted net earnings attributable to Bio-Techne1,2)



$

76,425



$

85,734





$

206,181



$

233,181



Earnings per share - diluted - Adjusted1,2)



$

0.48



$

0.53





$

1.28



$

1.44





1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

NON-GAAP adjusted tax rate (In percentages)

(Unaudited)































QUARTER



NINE MONTHS





ENDED



ENDED





3/31/2024



3/31/2023



3/31/2024



3/31/2023

GAAP effective tax rate



19.7

%



12.4

%



11.5

%



16.1

%

Discrete items



2.9





7.1





11.5





3.5



Impact of non-taxable net gain















1.0



Annual forecast update



0.4





1.1











Long-term GAAP tax rate



23.0

%



20.6

%



23.0

%



20.6

%

Rate impact items

























Stock based compensation



(2.0)

%



(1.5)

%



2.2

%



(2.0)

%

Other



1.0





1.9





(3.2)





2.4



Total rate impact items



(1.0)

%



0.4

%



(1.0)

%



0.4

%

Non-GAAP adjusted tax rate



22.0

%



21.0

%



22.0

%



21.0

%

 

BIO-TECHNE CORPORATION

SEGMENT REVENUE

(In thousands)

(Unaudited)































QUARTER



NINE MONTHS





ENDED



ENDED





3/31/2024



3/31/2023



3/31/2024



3/31/2023

Protein Sciences segment revenue



$

214,589



$

218,903



$

616,914



$

622,739

Diagnostics and Genomics segment revenue





87,511





75,669





235,715





213,577

Other revenue1)





2,093









2,093





lntersegment revenue





(765)





(426)





(1,761)





(934)

Consolidated revenue



$

303,428



$

294,146



$

852,961



$

835,382



1) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

SEGMENT OPERATING INCOME

(In thousands)

(Unaudited)































QUARTER



NINE MONTHS





ENDED



ENDED





3/31/2024



3/31/2023



3/31/2024



3/31/2023

Protein Sciences segment operating income



$

94,829



$

98,756



$

262,777



$

274,035

Diagnostics and Genomics segment operating income





8,104





11,464





13,189





28,399

Segment operating income





102,933





110,220





275,966





302,434

Corporate general, selling, and administrative





(3,346)





(1,513)





(7,545)





(4,082)

Adjusted operating income





99,587





108,707





268,421





298,352

Cost recognized upon sale of acquired inventory





(186)









(550)





(400)

Amortization of intangibles





(19,287)





(19,286)





(58,908)





(57,694)

Acquisition related expenses and other





(3,286)





1,333





(2,173)





9,343

Impact of partially-owned consolidated subsidiaries1)

















647

Stock-based compensation, inclusive of employer taxes





(8,358)





(10,543)





(32,810)





(42,879)

Restructuring and restructuring-related costs





(1,550)









(7,157)





(2,950)

Impairment of assets held-for-sale













(6,038)





Impact of business held-for-sale2)





78









78





Operating income



$

66,998



$

80,211



$

160,863



$

204,419



1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)



























QUARTER



NINE MONTHS



ENDED



ENDED



3/31/2024



3/31/2023



3/31/2024



3/31/2023

Net earnings attributable to Bio-Techne

$

49,059



$

70,218



$

127,517



$

209,779

Net interest expense (income)



3,293





393





10,808





5,138

Depreciation and amortization



27,310





26,971





83,654





80,315

Income taxes



12,025





9,978





16,511





40,385

EBITDA attributable to Bio-Techne



91,687





107,560





238,490





335,617

Costs recognized upon sale of acquired inventory



186









550





400

Acquisition related expenses and other



3,432





(1,187)





2,609





(8,670)

Amortization of Wilson Wolf intangible assets and acquired inventory



4,208









12,623





Gain on sale of partially-owned consolidated subsidiaries















(11,682)

Stock-based compensation, inclusive of employer taxes



8,358





10,543





32,810





42,879

Restructuring and restructuring-related costs



1,550









7,157





2,950

Investment (gain) loss and other non-operating







(314)





(283)





(38,328)

Impairment of assets held-for-sale











6,038





Impact of business held-for-sale2)



(78)









(78)





Impact of partially-owned consolidated subsidiaries1)















(241)

Adjusted EBITDA

$

109,343



$

116,602



$

299,916



$

322,925



1) Net earnings attributable to Bio-Techne excludes non-controlling interest of approximately 43% of the GAAP net earnings or loss for Eminence. To prevent double-counting the non-controlling interest component within our Adjusted EBITDA calculation, the amount accounts for both the non-controlling interest within the GAAP metric and the impact of partially-owned consolidated subsidiaries within our Non-GAAP adjusted consolidated net earnings table.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

CONDENSED CASH FLOW

(In thousands)

(Unaudited)



















NINE MONTHS





ENDED





3/31/2024



3/31/2023

CASH FLOWS FROM OPERATING ACTIVITIES













Net earnings



$

127,517



$

209,958

Adjustments to reconcile net earnings to net cash provided by operating activities













Depreciation and amortization





83,654





80,315

Costs recognized on sale of acquired inventory





550





400

Deferred income taxes





(29,896)





(22,651)

Stock-based compensation expense





30,979





41,315

Gain on sale of CCXI investment









(37,176)

Fair value adjustment to available-for-sale investments





(283)





(1,153)

(Gain) loss on equity method investment





6,042





Fair value adjustment to contingent consideration payable





(3,500)





(10,350)

Gain on sale of Eminence









(11,682)

Impairment of assets held-for-sale





6,038





Other operating activities





2,384





(77,976)

Net cash provided by (used in) operating activities





223,485





171,000

CASH FLOWS FROM INVESTING ACTIVITIES













Proceeds from sale of available-for-sale investments





23,759





29,161

Purchases of available-for-sale investments





(5,526)





(20,500)

Proceeds from sale of CCXI investment









73,219

Additions to property and equipment





(44,897)





(27,413)

Acquisitions, net of cash acquired





(169,707)





(101,184)

Distributions from (Investments in) Wilson Wolf





2,149





(232,000)

Proceeds from sale of Eminence









17,824

Net cash provided by (used in) investing activities





(194,222)





(260,893)

CASH FLOWS FROM FINANCING ACTIVITIES













Cash dividends





(37,792)





(37,688)

Proceeds from stock option exercises





38,001





21,399

Long-term debt activity, net





39,000





114,000

Re-purchases of common stock





(80,042)





(19,562)

Taxes paid on RSUs and net share settlements





(21,470)





(28,854)

Other financing activity









(2,457)

Net cash provided by (used in) financing activities





(62,303)





46,838

Effect of exchange rate changes on cash and cash equivalents





(7,616)





(2,230)

Net increase (decrease) in cash and cash equivalents





(40,656)





(45,285)

Cash and cash equivalents at beginning of period





180,571





172,567

Cash and cash equivalents at end of period



$

139,915



$

127,282

 

Bio-Techne Logo (PRNewsfoto/Bio-Techne Corporation)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/bio-techne-releases-third-quarter-fiscal-2024-results-302132590.html

SOURCE Bio-Techne Corporation

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsPress Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!