HOLMDEL, N.J., Aug. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its second quarter ended June 30, 2024 (Q2'24). Note, BIO-key's results for 2023 were restated at year-end and filed with the Company's 2023 Form 10-K, and as a result Q2'23 and six months ended June 30, ...

Bio-Rad's (BIO) business performance has been affected by Biopharma's softness, macroeconomic conditions in China and competitive pressure. The stock carries a Zacks Rank #4 (Sell). Since the beginning of 2023, Bio-Rad has been witnessing softness in smaller BioPharma companies, where historically, demand for life science products has been strong. This directly correlates with the funding constraints the broader pharmaceutical industry has been experiencing. Management puts forth that BioPharma's softness h ...

Group 1 - BIO-key International, Inc. will host its Q2 2024 investor call on August 15th at 10 a.m. ET, with results released after market close on August 14th [1] - The conference will be led by Mike DePasquale, Chairman & CEO, and Cecilia Welch, CFO, who will also conduct a Q&A session [1] - The company provides biometric-centric, multi-factor identity and access management solutions, securing access for over 40 million users [2] Group 2 - BIO-key offers various authentication options, including phoneless, tokenless, and passwordless biometric solutions [2] - The PortalGuard IAM solution is available both as a hosted and on-premise option, providing cost-effective and secure access to critical information and applications [2] - Investor contact information is provided for further inquiries, including contacts from Catalyst IR [3]

MINNEAPOLIS, Aug. 7, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced that its Board of Directors has decided to pay a dividend of $0.08 per share for the quarter ended June 30, 2024. The quarterly dividend will be payable August 30, 2024, to all common shareholders of record on August 19, 2024. Future cash dividends will be considered by the Board of Directors on a quarterly basis. Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bio ...

MINNEAPOLIS, Aug. 7, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the fourth quarter ending June 30, 2024. Fourth Quarter FY2024 Highlights Fourth quarter organic revenue increased by 1% (2% reported) to $306.1 million. Full year organic revenue increased 1% (2% reported) to $1.2 billion. GAAP earnings per share (EPS) was $0.25 versus $0.47 one year ago. Delivered adjusted EPS of $0.49 compared to $0.55 one year ago. Full year GAAP EPS was $1.05 versus ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, Par Value $0.0001 per share BIO New York Stock Exchange Class B Common Stock, Par Value $0.0001 per share BIO.B New York Stock Exchange For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

Core Insights - Bio-Rad Laboratories, Inc. reported second-quarter 2024 adjusted earnings per share (EPS) of $3.11, exceeding the Zacks Consensus Estimate by 46.7% and reflecting a 3.7% increase from the prior-year quarter [1] - The company experienced a GAAP loss of $76.26 per share, compared to a GAAP loss of $39.59 in the same quarter last year [2] - Revenues for the quarter were $638.5 million, missing the Zacks Consensus Estimate by 1.6% and declining 6.3% year-over-year [3] Revenue Breakdown - Life Science segment sales totaled $250.5 million, down 16.5% year-over-year, primarily due to weakness in the biotech and biopharma markets [4] - Clinical Diagnostics segment net sales reached $387.9 million, up 2.1% year-over-year, driven by increased demand for quality control and blood typing products [5] Margin Analysis - Gross profit decreased by 2% to $355.1 million, but gross margin improved by 240 basis points to 55.6%, attributed to cost control initiatives and a favorable product mix [6] - Operating expenses were $253.6 million, down 7.1% year-over-year, with operating profit increasing by 3.2% to $101.5 million, leading to an operating margin expansion of 274 basis points to 15.9% [7] Financial Position - At the end of Q2 2024, the company had cash and cash equivalents of $1.62 billion, slightly down from $1.65 billion at the end of Q1 2024, while total debt increased to $1.20 billion from $1.19 billion [8] - Cumulative net cash flow from operating activities was $167.4 million, down from $196.2 million year-over-year [9] Guidance and Outlook - Bio-Rad revised its full-year 2024 guidance, now expecting non-GAAP currency-neutral revenues to decline by 2.5% to 4%, a shift from earlier growth expectations of 1%-2.5% [10] - The adjusted operating margin projection for the full year is now estimated to be in the range of 12%-13%, down from the previous guidance of 13.5%-14% [10] Overall Assessment - The company exited Q2 2024 with mixed results, achieving earnings above estimates but falling short on revenue, primarily due to ongoing weaknesses in the biotech and biopharma markets [11] - Positive growth was noted in the Clinical Diagnostics segment, with broad-based growth across all regions [12]

Financial Data and Key Metrics Changes - Net sales for Q2 2024 were $638 million, a decline of 6.3% from $681 million in Q2 2023, with a currency-neutral decline of 5.4% [14] - The reported GAAP gross margin increased to 55.6% from 53.2% in Q2 2023, driven by cost control initiatives and product mix [16] - Non-GAAP net income for Q2 2024 was $89 million or $3.11 diluted earnings per share, compared to $89 million or diluted earnings per share of $0.03 in Q2 2023 [20] Business Line Data and Key Metrics Changes - Life Science Group sales were approximately $251 million, a decrease of 16.5% on a reported basis and 15.9% on a currency-neutral basis compared to Q2 2023 [14] - Clinical Diagnostics Group sales increased to $388 million, up 2.1% on a reported basis and 3.2% on a currency-neutral basis year-over-year [15] - Excluding process chromatography sales, core Life Science Group revenue decreased 11.6% on a currency-neutral basis [14] Market Data and Key Metrics Changes - The clinical diagnostics business showed steady growth across all regions, while the Life Science Group experienced a double-digit decline year-over-year due to low demand in biotech and biopharma, particularly in China [9][12] - The company anticipates normalized growth in clinical diagnostics for the second half of 2024, while the Life Science Group is expected to decline by 10% to 12% currency-neutral for the full year [23][24] Company Strategy and Development Direction - The company is focused on maintaining leadership in clinical diagnostics and investing in new molecular diagnostics segments, while also enhancing its position in digital PCR and academic markets [7] - A corporate transformation path is underway, with efforts in supply chain and core process improvements contributing to margin expansion [6] - The company plans to continue opportunistic share repurchases, having authorized an additional $500 million for buybacks [22] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging market environment but expressed confidence in long-term growth, particularly in clinical diagnostics and life sciences [4][12] - The company revised its full-year 2024 financial outlook to reflect a more modest pace of market recovery than initially predicted [4] - Management remains cautious about the recovery in life science markets, particularly in China, and expects steady growth in clinical diagnostics [13] Other Important Information - The company repurchased $100 million of its stock during Q2 and an additional $96 million in July 2024 [22] - A one-time in-process R&D charge of approximately $30 million is anticipated in Q3 or by the end of 2024 [25] Q&A Session Summary Question: What drove the strength in Q2 margins and the expectations for the second half? - Management indicated that Q2 margin strength was due to product mix and cost initiatives, but they expect more under-absorption in the second half [26][27] Question: What is the outlook for process chromatography? - Management noted ongoing destocking by large customers and expects recovery in 2025, with a cautious view on process chromatography for the remainder of the year [30][31] Question: How is the digital PCR market performing? - Management reported stable demand for digital PCR consumables and expects second-half strength, despite a tough comparison to the previous year [34][35] Question: How does the company view the operating environment and guidance? - Management believes they have framed the operating environment appropriately, with cautious optimism for clinical diagnostics and a conservative outlook for life sciences [36][37] Question: What is the strategy for the single-cell product launched in June? - The company aims to establish product performance and credibility in key labs, with expectations for solid long-term growth in the single-cell market [39][40] Question: Why not a larger buyback? - Management indicated that the $500 million authorization reflects a strong message from the Board, considering their balance sheet and cash position [42] Question: What are the thoughts on inventory levels? - Management acknowledged that inventory levels are bloated but are focused on reducing them through operational improvements [51][52]

Bio-Rad Laboratories (BIO) came out with quarterly earnings of $3.11 per share, beating the Zacks Consensus Estimate of $2.12 per share. This compares to earnings of $3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 46.70%. A quarter ago, it was expected that this maker of instruments used in biomedical research would post earnings of $2.04 per share when it actually produced earnings of $2.29, delivering a surprise of 12.25 ...

Financial Performance - Total net sales for Q2 2024 were $638.5 million, a decrease of 6.3% compared to $681.1 million in Q2 2023[1] - Life Science segment net sales decreased by 16.5% to $250.5 million in Q2 2024, primarily due to weakness in biotech and biopharma markets[2] - Clinical Diagnostics segment net sales increased by 2.1% to $387.9 million in Q2 2024, driven by demand for quality control and blood typing products[2] - The company reported a net loss of $2,165.5 million, or $76.26 per share, in Q2 2024, compared to a net loss of $1,162.3 million, or $39.59 per share, in Q2 2023[5] - Non-GAAP net income for Q2 2024 was $88.5 million, or $3.11 per share, compared to $88.5 million, or $3.00 per share, in Q2 2023[6] - The company expects non-GAAP revenue to decline by approximately 2.5% to 4.0% for the full year 2024, a revision from previous growth estimates[7] Margins and Profitability - Gross margin for Q2 2024 was 55.6%, up from 53.2% in Q2 2023[5] - Non-GAAP operating margin is estimated to be about 12.0% to 13.0% for the full year 2024, down from the prior estimate of 13.5% to 14.0%[19] - Gross profit for Q2 2024 was $355,119, down from $362,483 in Q2 2023, reflecting a gross margin of 55.6%[24] - GAAP gross profit for the latest quarter was $724,900, representing a margin of 53.4%, compared to $681,085 and 54.5% in the previous quarter[31] - Non-GAAP gross profit was $737,231, with a margin of 54.3%, compared to $691,138 and 55.3% in the previous quarter[31] - GAAP income from operations was $151,530, with a margin of 11.2%, compared to $146,204 and 11.7% in the previous quarter[34] - Non-GAAP income from operations was $192,111, representing a margin of 14.1%, compared to $166,065 and 13.3% in the previous quarter[34] Expenses and Losses - Research and development expenses for Q2 2024 were $58,904, a decrease of 9.5% from $65,042 in Q2 2023[24] - The company reported a significant loss from changes in fair market value of equity securities and loan receivable amounting to $2,895,355 in Q2 2024, compared to $1,595,442 in Q2 2023[24] - The company reported restructuring costs of $15,316, significantly higher than $3,707 in the previous quarter[31] - Non-GAAP selling, general and administrative expenses were $410,842, compared to $401,694 in the previous quarter[31] - The company experienced a GAAP loss before income taxes of $1,415,598, compared to a loss of $2,295,203 in the previous quarter[34] - The company reported a GAAP benefit from income taxes of $322,309, compared to $513,633 in the previous quarter[34] - GAAP net loss for the period was $2,165,486, representing a decline of 339.2% compared to the previous period[35] - Non-GAAP net income was $88,516, reflecting a 13.9% increase year-over-year[35] Cash Flow and Assets - Cash provided by operating activities for Q2 2024 was $167,438, a decrease from $196,185 in Q2 2023[28] - Cash and cash equivalents at the end of Q2 2024 were $407,715, up from $390,481 at the end of Q2 2023[28] - Total current assets increased to $3,056,254 as of June 30, 2024, compared to $3,048,330 at the end of 2023[26] - Total liabilities decreased to $2,909,659 as of June 30, 2024, down from $3,557,937 at the end of 2023[26] Shareholder Actions - Bio-Rad's board authorized an increase of $500 million to the 2023 Share Repurchase Program, bringing the total available for repurchases to approximately $578 million[8] Other Financial Metrics - Adjusted EBITDA reached $138,208, showing a growth of 21.6% compared to the prior year[35] - The diluted loss per share under GAAP was $(76.26), while the non-GAAP diluted income per share was $3.11[35] - The company experienced a foreign currency exchange loss of $1,699 during the reporting period[35] - The weighted average shares used in the non-GAAP net income per share calculation were 28,395[35] - The company does not provide a reconciliation of non-GAAP financial expectations to GAAP measures due to the unpredictability of future charges[37]