Bio-Techne Corp (TECH) Reports 2% Organic Revenue Growth in Q1 FY2024
First quarter organic revenue increased by 2% to $276.9 million.
GAAP earnings per share (EPS) was $0.31, down from $0.55 one year ago.
ExoDx prostate test and GMP proteins continued their growth trajectories with test volume increasing 49% and revenue increasing 39%, respectively.
Cash flow generated from operations increased to $59.4 million, a 6% increase from the prior year.
On October 31, 2023, Bio-Techne Corp (NASDAQ:TECH) released its financial results for the first quarter ended September 30, 2023. The company reported a 2% increase in organic revenue, reaching $276.9 million. However, GAAP earnings per share (EPS) dropped to $0.31 from $0.55 in the same period last year.
Financial Highlights
The company's ExoDx prostate test and GMP proteins continued their growth trajectories, with test volume increasing by 49% and revenue increasing by 39%, respectively. The ProteinSimple branded portfolio of instruments and consumables services increased by 9% in the quarter and grew over 18% excluding China. Cash flow generated from operations increased to $59.4 million, a 6% increase from the prior year.
Leadership Transition
On October 19, 2023, the company announced the appointment of current Diagnostics and Genomics President, Kim Kelderman, as CEO effective February 1, 2024. Chuck Kummeth, President and Chief Executive Officer of Bio-Techne, expressed his confidence in Kelderman's leadership and the future of the company.
Financial Statements Summary
Net sales for the first quarter increased 3% to $276.9 million. GAAP EPS was $0.31 per diluted share, versus $0.55 in the same quarter last year. GAAP operating income for the first quarter of fiscal 2024 decreased 1% to $55.9 million, compared to $56.3 million in the first quarter of fiscal 2023. Adjusted EPS decreased to $0.41 per diluted share compared to $0.45 in the same quarter last year.
Segment Results
The Protein Sciences segment's first quarter fiscal 2024 net sales were $204.7 million, an increase of 2% from the first quarter of fiscal 2023. The Diagnostics and Genomics segment's first quarter fiscal 2024 net sales were $72.8 million, an increase of 4% from the first quarter of fiscal 2023.
Looking Ahead
Despite the challenges in the market, Bio-Techne Corp (NASDAQ:TECH) continues to execute its strategy and deliver growth. The company's portfolio, strategy, and leadership position it well for the future.
Explore the complete 8-K earnings release (here) from Bio-Techne Corp for further details.
This article first appeared on GuruFocus.
