MINNEAPOLIS, April 30, 2020 /PRNewswire/ -- Bio-Techne
Corporation (NASDAQ:TECH) today reported its financial results for
the third quarter ended March 31,
2020.
Third Quarter FY2020 Snapshot
- Third quarter organic revenue increased by 6% (5% reported) to
$194.7 million and 8% (8% reported)
in the first three quarters of fiscal 2020 to $562.9 million.
- GAAP EPS was $0.92 versus
$1.15 one year ago. Delivered
adjusted earnings per share (EPS) of $1.39 versus $1.21
one year ago.
- Adjusted Operating Margin increased to 36.4% in the third
quarter of fiscal 2020 compared to 35.2% in the third quarter of
fiscal 2019.
- Maintained strong operating cash flows with an increase of over
27% in year-to-date operating cash flow from the prior fiscal
year.
- Bio-Techne is utilizing our deep product portfolio and
expertise as a trusted partner in the fight against COVID-19. Our
automated immunoassay platform EllaTM, is providing
front-line support through real-time monitoring of an individual's
immune responses to COVID-19 while we deploy our other
market-leading technologies to provide critical support for
researchers further advancing the development of potential
therapeutics and vaccinations worldwide.
- Continued execution of long-term Exosome strategy with coverage
expansion through a 10-year agreement with General Services
covering approximately 9 million lives, product enhancements with
an ExoDx at-home specimen collection kit, and certification of the
ExoDx CLIA lab for virology testing expanding our CLIA lab
capabilities.
The Company's financial statements are prepared in accordance
with accounting principles generally accepted in the United States (GAAP). Adjusted EPS,
adjusted earnings, adjusted gross margin, adjusted operating
income, and adjusted operating margin 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.
"Our Q3 performance is indicative of the resolve and energy our
teams around the world have to succeed in these trying times. I
want to thank all of our employees for their commitment and hard
work," said Chuck Kummeth, President
and Chief Executive Officer of Bio-Techne. "A finish of 6%
organic growth is a great accomplishment for the company, given the
unprecedented challenges we all faced with the COVID-19 virus
pandemic during the second half of the quarter."
Kummeth added, "Going forward, we have all the necessary
processes in place to service our customers remotely as their labs
come back online. In addition, we have pivoted a significant part
of the company to innovate for COVID-19 solutions. We are currently
working on many COVID-19 related projects, and I am extremely
excited about how our company can participate on a global level to
help eradicate this horrible virus. As a premier Proteins,
Antibody, Assay and Diagnostics producer, we are in a unique
position to provide reagents for all aspects of COVID-19
research and diagnostics. Our mission thrives on helping solve
these types of problems."
COVID-19 Business Update
COVID-19 negatively impacted sales growth during the third
quarter of fiscal year 2020 due to numerous customer site shutdowns
that occurred in our academia and Bio-Pharma end-markets,
particularly in the last several weeks of the quarter. We estimate
these customer site shutdowns negatively impacted our third quarter
fiscal year 2020 sales by approximately 3%. Customer site shutdowns
will continue to have a negative impact on sales while they remain
in effect, and we are currently unable to forecast the impact given
uncertainty over the duration of the COVID-19 pandemic. We are
anticipating a positive long-term outlook for future sales growth
resulting from expected future funding increases within
life-science research in response to the current pandemic.
The Company has responded to COVID-19 by developing resources
for SARS-CoV-2 detection, cytokine monitoring, and drug discovery,
all which provide critical support in understanding the mechanisms
of infection and developing effective treatments. The Company
continues to pursue available opportunities to partner in the fight
against COVID-19, which may partially offset the impact of our
customer site closures.
Adjusted EPS was negatively impacted by COVID-19 by an estimated
$0.07-$0.09 in the third quarter of fiscal 2020. The
COVID-19 impact on adjusted EPS was primarily due to the sales
impacts described above. We anticipate the short- and long-term
impacts of COVID-19 on adjusted EPS to be similar to that of sales
growth.
The Company remains in a strong financial position with
sufficient available cash as well as access to additional funding
if necessary, through our long-term debt agreement. We did not
experience any material changes to our March
31, 2020 Balance Sheet resulting from COVID-19 for items
such as additional reserves or asset impairments resulting from the
pandemic.
The Company remains fully operational as we abide by local "stay
at home" orders across the world. To achieve this, the Company is
utilizing a remote workforce where possible. For employees
who are unable to work remotely, the Company adopted significant
protective measures at our sites, including staggered shifts, and
distancing and hygiene best practices recommended by the Center for
Disease Control (CDC). In addition, the Company has taken
additional steps to monitor and strengthen our supply chain to
ensure we can maintain an uninterrupted supply of our critical
products and services.
Third Quarter Fiscal 2020
Revenue
Net sales for the third quarter increased 5% to $194.7 million. Organic growth was 6% compared to
the prior year, with foreign currency exchange having an
unfavorable impact of 1% and acquisitions having an immaterial
impact on revenue.
GAAP Earnings Results
GAAP EPS decreased to $0.92 per
diluted share, versus $1.15 in the
same quarter last year. GAAP operating income for the third quarter
of fiscal 2020 increased 8% to $47.8
million, compared to $44.1
million in the third quarter of fiscal 2019. GAAP operating
margin was 24.5%, compared to 23.9% in the third quarter of fiscal
2019. GAAP operating margin compared to prior year was positively
impacted by volume leverage on sales growth.
Non-GAAP Earnings Results
Adjusted EPS increased to $1.39
per diluted share, versus $1.21 in
the same quarter last year, an increase of 15%. Adjusted EPS
increased primarily due to revenue growth in the quarter. Adjusted
operating income for the third quarter of fiscal 2020 increased 17%
compared to the third quarter of fiscal 2019. Adjusted operating
margin was 36.4%, compared to 35.2% in the third quarter of fiscal
2019. Adjusted operating margin compared to the prior year was
favorably impacted by volume leverage on sales growth.
Segment Results
Management uses adjusted operating results to monitor and
evaluate performance of the Company's business segments, as
highlighted below. Since these results are used for this purpose,
they are also considered to be prepared in accordance with
GAAP.
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 community. Additionally, the segment provides an
array of platforms useful in various areas of protein analysis.
Protein Sciences segment's third quarter fiscal 2020 net sales were
$145.5 million, an increase of 6%
from $137.9 million for the third
quarter of fiscal 2019. Organic growth for the segment was 6%, with
foreign currency exchange having an unfavorable impact of 1% on
revenue growth and acquisitions contributing 1% to revenue growth.
Protein Sciences segment's operating margin was 44.7% in the third
quarter of fiscal 2020 compared to 45.1% in the third quarter of
fiscal 2019. The segment's operating margin compared to the prior
year was negatively impacted by sales mix and the acquisition of
B-Mogen in the fourth quarter of fiscal 2019.
Diagnostics and Genomics Segment
The Company's Diagnostics and Genomics segment 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
also develops and provides in situ hybridization products as
well as exosome-based diagnostics for various pathologies,
including prostate cancer. The Diagnostics and Genomics segment's
third quarter fiscal 2020 net sales were $49.4 million compared to $47.1 million for the third quarter of fiscal
2019. Organic growth for the segment was 5%, with foreign currency
exchange having an immaterial impact on revenue. The Diagnostics
and Genomics segment's operating margin was 14.3% in the third
quarter of fiscal 2020 compared to 7.6% in the third quarter of
fiscal 2019. The segment's operating margin was favorably impacted
by volume leverage.
Conference Call
Bio-Techne will host an earnings conference call today,
April 30, 2020 at 8:00 a.m. CST. To listen, please dial
1-877-407-9208 or 1-201-493-6784 for international callers, and
reference conference ID 13701798. A live webcast of the earnings
conference call is also available on the Bio-Techne website
(https://investors.bio-techne.com/ir-calendar/detail/2321/third-quarter-2020-financial-results-conference-call).
A recorded rebroadcast will be available for interested parties
unable to participate in the live conference call by going to:
http://audio.viavid.com/20200430-139066-bio-techne.mp3
The replay will be available from 11:00
a.m. CDT on Thursday, April 30, 2020 until 11:00 p.m. CDT on Sunday, May 30, 2020.
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 growth
- Adjusted diluted earnings per share
- Adjusted net earnings
- Adjusted gross margin
- Adjusted operating income
- Adjusted operating margin
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 growth represents
revenue growth excluding revenue from acquisitions within the
preceding 12 months as well as the impact of foreign currency.
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.
Our non-GAAP financial measures for adjusted gross margin,
adjusted operating margin, and adjusted net earnings, in total and
on a per share basis, exclude the costs recognized upon the sale of
acquired inventory, amortization of acquisition intangibles,
acquisition related expenses inclusive of the changes in fair value
of contingent consideration, and other non-recurring assessments
including non-recurring costs. 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 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.
Additionally, these amounts can vary significantly from period to
period based on current activity.
The Company's non-GAAP adjusted operating margin and adjusted
net earnings, in total and on a per share basis, also excludes
stock-based compensation expense, which is inclusive of the
employer portion of payroll taxes on those stock awards,
restructuring, impairments of equity method investments, gain and
losses from investments, and certain adjustments to income tax
expense. Stock-based compensation is excluded from non-GAAP
adjusted net earnings because of the nature of this charge,
specifically the varying available valuation methodologies,
subjective assumptions, variety of award types, and
unpredictability of amount and timing of employer related tax
obligations. Impairments of equity investments are excluded as they
are not part of our day-to-day operating decisions. Additionally,
gains and losses from other investments that are either isolated or
cannot be expected to occur again with any predictability are
excluded. Costs related to restructuring activities, including
reducing overhead and consolidating facilities, are excluded
because we believe they are not indicative of our normal operating
costs. 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, 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 (NASDAQ: 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 $714
million in net sales in fiscal 2019 and has over 2,200
employees worldwide. For more information on Bio-Techne and its
brands, please visit www.bio-techne.com.
Contact:
|
David Clair, Senior
Director, 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
ENDED
|
|
|
NINE
MONTHS
ENDED
|
|
|
|
3/31/20
|
|
3/31/19
|
|
3/31/20
|
|
3/31/19
|
|
Net sales
|
|
$
|
194,680
|
|
$
|
184,861
|
|
$
|
562,857
|
|
$
|
522,341
|
|
Cost of
sales
|
|
|
64,617
|
|
|
60,251
|
|
|
192,977
|
|
|
177,110
|
|
Gross
margin
|
|
|
130,063
|
|
|
124,610
|
|
|
369,880
|
|
|
345,231
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
66,318
|
|
|
64,968
|
|
|
203,358
|
|
|
195,622
|
|
Research and
development
|
|
|
15,954
|
|
|
15,552
|
|
|
48,413
|
|
|
46,154
|
|
Total operating
expenses
|
|
|
82,272
|
|
|
80,520
|
|
|
251,771
|
|
|
241,776
|
|
Operating
income
|
|
|
47,791
|
|
|
44,090
|
|
|
118,109
|
|
|
103,455
|
|
Other income
(expense)
|
|
|
(970)
|
|
|
5,787
|
|
|
96,843
|
|
|
(14,226)
|
|
Earnings before
income taxes
|
|
|
46,821
|
|
|
49,877
|
|
|
214,952
|
|
|
89,229
|
|
Income
taxes
|
|
|
10,389
|
|
|
5,223
|
|
|
44,501
|
|
|
9,617
|
|
Net
earnings
|
|
$
|
36,432
|
|
$
|
44,654
|
|
$
|
170,451
|
|
$
|
79,612
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.95
|
|
$
|
1.18
|
|
$
|
4.46
|
|
$
|
2.11
|
|
Diluted
|
|
$
|
0.92
|
|
$
|
1.15
|
|
$
|
4.33
|
|
$
|
2.05
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
38,303
|
|
|
37,772
|
|
|
38,167
|
|
|
37,745
|
|
Diluted
|
|
|
39,435
|
|
|
38,861
|
|
|
39,354
|
|
|
38,813
|
|
BIO-TECHNE
CORPORATION
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
ASSETS
|
|
3/31/20
|
|
6/30/19
|
|
Cash and
equivalents
|
|
$
|
156,216
|
|
$
|
100,886
|
|
Short-term
available-for-sale investments
|
|
|
104,872
|
|
|
65,147
|
|
Accounts receivable,
net
|
|
|
117,452
|
|
|
137,466
|
|
Inventories
|
|
|
99,673
|
|
|
91,050
|
|
Other current
assets
|
|
|
13,715
|
|
|
18,058
|
|
Total current
assets
|
|
|
491,928
|
|
|
412,607
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
165,012
|
|
|
154,039
|
|
Right of use
asset
|
|
|
73,751
|
|
|
-
|
|
Goodwill and
intangible assets, net
|
|
|
1,256,164
|
|
|
1,312,096
|
|
Other
assets
|
|
|
12,167
|
|
|
5,668
|
|
Total
assets
|
|
$
|
1,999,022
|
|
$
|
1,884,410
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
52,857
|
|
$
|
71,237
|
|
Contract
liabilities
|
|
|
13,556
|
|
|
9,084
|
|
Income taxes
payable
|
|
|
10,378
|
|
|
5,764
|
|
Contingent
consideration payable
|
|
|
6,150
|
|
|
3,400
|
|
Operating lease
liabilities – current
|
|
|
9,544
|
|
|
-
|
|
Current portion of
long-term debt obligations
|
|
|
12,500
|
|
|
12,500
|
|
Total current
liabilities
|
|
|
104,985
|
|
|
101,985
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
96,178
|
|
|
89,754
|
|
Long-term debt
obligations
|
|
|
407,348
|
|
|
492,660
|
|
Operating lease
liabilities
|
|
|
69,491
|
|
|
-
|
|
Long-term contingent
consideration payable
|
|
|
1,700
|
|
|
9,200
|
|
Other long-term
liabilities
|
|
|
28,052
|
|
|
25,222
|
|
Stockholders'
equity
|
|
|
1,291,268
|
|
|
1,165,589
|
|
Total liabilities and
stockholders' equity
|
|
$
|
1,999,022
|
|
$
|
1,884,410
|
|
BIO-TECHNE
CORPORATION
|
RECONCILIATION OF
ADJUSTED GROSS MARGIN PERCENTAGE
|
(Unaudited)
|
|
|
|
QUARTER
ENDED
|
|
|
NINE
MONTHS
ENDED
|
|
|
|
|
|
3/31/20
|
|
3/31/19
|
|
|
3/31/20
|
|
3/31/19
|
|
Gross margin
percentage – GAAP
|
|
|
66.8
|
%
|
|
67.4
|
%
|
|
|
65.7
|
%
|
|
66.1
|
%
|
Identified
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs recognized upon
sale of acquired inventory
|
|
|
-
|
|
|
0.5
|
%
|
|
|
-
|
|
|
0.5
|
%
|
Amortization of
intangibles
|
|
|
4.5
|
%
|
|
3.4
|
%
|
|
|
4.7
|
%
|
|
4.7
|
%
|
Stock compensation
expense - COGS
|
|
|
0.2
|
%
|
|
-
|
|
|
|
0.2
|
%
|
|
-
|
|
Gross margin
percentage - Adjusted
|
|
|
71.5
|
%
|
|
71.3
|
%
|
|
|
70.6
|
%
|
|
71.3
|
%
|
BIO-TECHNE
CORPORATION
|
RECONCILIATION OF
ADJUSTED OPERATING MARGIN PERCENTAGE
|
(Unaudited)
|
|
|
|
QUARTER
ENDED
|
|
|
NINE
MONTHS
ENDED
|
|
|
|
|
|
3/31/20
|
|
3/31/19
|
|
|
3/31/20
|
|
3/31/19
|
|
Operating margin
percentage – GAAP
|
|
|
24.5
|
%
|
|
23.9
|
%
|
|
|
21.0
|
%
|
|
19.8
|
%
|
Identified
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs recognized upon
sale of acquired inventory
|
|
|
-
|
|
|
0.5
|
%
|
|
|
-
|
|
|
0.5
|
%
|
Amortization of
intangibles
|
|
|
7.9
|
%
|
|
7.7
|
%
|
|
|
8.1
|
%
|
|
8.4
|
%
|
Acquisition related
expenses
|
|
|
-0.2
|
%
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
0.6
|
%
|
Stock-based
compensation
|
|
|
4.2
|
%
|
|
3.1
|
%
|
|
|
4.9
|
%
|
|
4.6
|
%
|
Operating margin
percentage - Adjusted
|
|
|
36.4
|
%
|
|
35.2
|
%
|
|
|
34.0
|
%
|
|
33.9
|
%
|
BIO-TECHNE
CORPORATION
|
RECONCILIATION OF
ADJUSTED NET EARNINGS and EARNINGS per SHARE
|
(In thousands, except
per share data)
|
(Unaudited)
|
|
|
|
QUARTER
ENDED
|
|
|
NINE
MONTHS
ENDED
|
|
|
|
|
|
3/31/20
|
|
3/31/19
|
|
3/31/20
|
|
3/31/19
|
|
Net earnings –
GAAP
|
|
$
|
36,432
|
|
$
|
44,654
|
|
$
|
170,451
|
|
$
|
79,612
|
|
Identified
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs recognized upon
sale of acquired inventory
|
|
|
-
|
|
|
935
|
|
|
-
|
|
|
2,804
|
|
Amortization of
intangibles
|
|
|
15,459
|
|
|
14,400
|
|
|
45,467
|
|
|
43,678
|
|
Acquisition related
expenses
|
|
|
(228)
|
|
|
100
|
|
|
389
|
|
|
3,263
|
|
Stock-based
compensation
|
|
|
8,088
|
|
|
5,725
|
|
|
27,505
|
|
|
24,151
|
|
Restructuring
|
|
|
87
|
|
|
-
|
|
|
87
|
|
|
-
|
|
Realized and
unrealized loss (gain) on investments and Other
|
|
|
(410)
|
|
|
(12,279)
|
|
|
(110,458)
|
|
|
(2,907)
|
|
Tax impact of above
adjustments
|
|
|
(3,027)
|
|
|
(323)
|
|
|
14,123
|
|
|
(12,683)
|
|
Tax impact of discrete
items
|
|
|
(1,431)
|
|
|
(6,152)
|
|
|
(8,086)
|
|
|
(11,439)
|
|
Net earnings -
Adjusted
|
|
$
|
54,970
|
|
$
|
47,060
|
|
$
|
139,478
|
|
$
|
126,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted – Adjusted
|
|
$
|
1.39
|
|
$
|
1.21
|
|
$
|
3.54
|
|
$
|
3.26
|
|
BIO-TECHNE
CORPORATION
|
SEGMENT
REVENUE
|
(In
thousands)
|
(Unaudited)
|
|
|
|
QUARTER
ENDED
|
|
|
NINE
MONTHS
ENDED
|
|
|
|
|
|
3/31/20
|
|
3/31/19
|
|
3/31/20
|
|
3/31/19
|
|
Protein Sciences
segment revenue
|
|
$
|
145,509
|
|
$
|
137,935
|
|
$
|
428,021
|
|
$
|
399.787
|
|
Diagnostics and
Genomics segment revenue
|
|
|
49,411
|
|
|
47,134
|
|
|
135,808
|
|
|
123.144
|
|
Intersegment
revenue
|
|
|
(240)
|
|
|
(208)
|
|
|
(972)
|
|
|
(590)
|
|
Consolidated
revenue
|
|
$
|
194,680
|
|
$
|
184,861
|
|
$
|
562,857
|
|
$
|
522,341
|
|
BIO-TECHNE
CORPORATION
|
SEGMENT OPERATING
INCOME
|
(In
thousands)
|
(Unaudited)
|
|
|
|
QUARTER
ENDED
|
|
|
NINE
MONTHS
ENDED
|
|
|
|
|
|
3/31/20
|
|
3/31/19
|
|
3/31/20
|
|
3/31/19
|
|
Protein Sciences
segment operating income
|
|
$
|
65,046
|
|
$
|
62,256
|
|
$
|
185,456
|
|
$
|
175,821
|
|
Diagnostics and
Genomics segment operating income
|
|
|
7,062
|
|
|
3,579
|
|
|
8,937
|
|
|
5,061
|
|
Segment operating
income
|
|
|
72,108
|
|
|
65,835
|
|
|
194,393
|
|
|
180,882
|
|
Costs recognized upon
sale of acquired inventory
|
|
|
-
|
|
|
(935)
|
|
|
-
|
|
|
(2,804)
|
|
Amortization of
intangibles
|
|
|
(15,459)
|
|
|
(14,400)
|
|
|
(45,467)
|
|
|
(43,678)
|
|
Acquisition related
expenses
|
|
|
322
|
|
|
-
|
|
|
(107)
|
|
|
(2,973)
|
|
Stock-based
compensation
|
|
|
(8,088)
|
|
|
(5,725)
|
|
|
(27,505)
|
|
|
(24,151)
|
|
Corporate general,
selling, and administrative
|
|
|
(1,092)
|
|
|
(685)
|
|
|
(3,205)
|
|
|
(3,821)
|
|
Operating
income
|
|
$
|
47,791
|
|
$
|
44,090
|
|
$
|
118,109
|
|
$
|
103,455
|
|
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SOURCE Bio-Techne Corporation