Exhibit 99.1
BIO-TECHNE RELEASES FIRST QUARTER FISCAL 2024 RESULTS
Minneapolis/October 31, 2023/ Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the first quarter ended September 30, 2023.
First Quarter FY2024 Highlights
●First quarter organic revenue increased by 2% (3% reported) to $276.9 million.
●GAAP earnings per share1) (EPS) was $0.31 versus $0.55 one year ago. Delivered adjusted EPS1) of $0.41 compared to $0.45 one year ago.
●Our ExoDx prostate test and GMP proteins continued their growth trajectories with test volume increasing 49% and revenue increasing 39%, respectively.
●Our ProteinSimple branded portfolio of instruments and consumables services increased 9% in the quarter and grew over 18% excluding China.
●Strong commercial execution in EMEA led to first quarter organic growth of 15% in the region.
●Cash flow generated from operations increased to $59.4 million, a 6% increase from the prior year.
●On October 19, 2023, announced the appointment of current Diagnostics and Genomics President, Kim Kelderman, as CEO effective February 1, 2024.
1)On November 29, 2022, the company executed a four-for-one split of Bio-Techne’s common stock in the form of a stock dividend to all shareholders of record on November 14, 2022. All references made to share or per share amounts in this press release have been retroactively adjusted to reflect the effects of the stock split.
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 growth, 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.
"The Bio-Techne team continues to execute in a challenging market, with our durable portfolio delivering 2% organic growth despite the soft biotech funding environment and evolving macroeconomic landscape in China. Our European team’s performance was particularly impressive with 15% growth in the region,” said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. “We delivered these results with a continued focus on profitability, as our disciplined approach led to an adjusted operating margin of 31.4%, in-line with our expectations.”
Kummeth continued, “Our growth pillars continue to perform well, including 49% ExoDx Prostate test volume growth, a 39% increase in our GMP proteins business, as well as 9% growth in our ProteinSimple branded portfolio of instruments and consumables. In fact, excluding China, our ProteinSimple portfolio increased over 18% in the quarter.”
Kummeth concluded, “I also want to personally congratulate Kim Kelderman on his appointment as CEO effective February 1, 2024. I am looking forward to working with Kim in his interim role as Chief Operating Officer and will continue to support him as a Senior Advisor until my retirement on July 1, 2024. One thing is certain, Kim is inheriting an experienced and talented team, and I am confident he is the right leader to execute our strategic playbook and drive results going forward. I am excited for the future of Bio-Techne and believe our portfolio, strategy and leadership position the Company incredibly well for the future.”