Thu, Aug 22, 8:32 PM (145 days ago)
Bio-Techne Corporation's fiscal year 2024 results show a 2% increase in consolidated net sales to $1,159,060, driven by a 1% organic growth and a 1% contribution from acquisitions, notably the acquisition of Lunaphore for $169.7 million. However, net earnings attributable to Bio-Techne fell by 41% to $168,105, influenced by non-recurring gains in the previous year and restructuring charges. Adjusted net earnings decreased 11%, primarily due to the Lunaphore acquisition and unfavorable volume leverage in the Protein Sciences segment, which accounted for 72% of sales. Operating expenses rose 19% to $563,039, with significant increases in selling, general, and administrative expenses due to the Lunaphore acquisition and restructuring costs. Gross margins declined to 66.4%, impacted by the acquisition's integration costs. The Diagnostics and Genomics segment performed well, with a 12% sales increase, driven by molecular diagnostics. Bio-Techne's financial condition remains stable, with $152.9 million in cash and cash equivalents and a $1 billion revolving credit facility, of which $319 million was drawn. The company faces risks from global economic conditions, regulatory changes, and competition, but continues to focus on strategic acquisitions and product innovation to enhance its market position.