MINNEAPOLIS, May 31, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today announced that Kim Kelderman, President and Chief Executive Officer will present at the following investor conferences: About Bio-Techne 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 spe ...

ST. PAUL, Minn., May 29, 2024 /PRNewswire/ -- ScaleReady, in collaboration with Wilson Wolf Manufacturing, Bio-Techne Corporation (NASDAQ: TECH) and CellReady, today announced the launch of the G-Rex® Grant Program, a $20 million initiative to propel the advancement of cell and gene therapies (CGT). The G-Rex® Grant Program will provide academic and commercial institutions engaged in IND enabling preclinical research, process development, and/or ongoing GMP manufacturing of cell and gene therapies with the ...

Company Overview - Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company that provides innovative tools and bioactive reagents for research and clinical diagnostics [2] - The company generated over $1.1 billion in net sales in fiscal 2023 and employs approximately 3,100 people worldwide [2] Upcoming Events - Kim Kelderman, President and CEO of Bio-Techne, will present at the 2024 Leerink Partners Healthcare Crossroads Conference on May 29, 2024, at 8:40 a.m. CDT [1]

MINNEAPOLIS, May 22, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) and Regulus Therapeutics Inc., a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs, today announced continued technical and clinical collaboration following release of Regulus' positive topline results from the second cohort of patients in its Phase 1b MAD (multiple ascending dose) study of RGLS8429 for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADP ...

Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (I.R.S. Employer Identification No.) 614 McKinley Place N.E. Minneapolis, MN 55413 (612) 379-8854 (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: | | | registered | | --- | --- | --- | | Title of ea ...

Financial Data and Key Metrics - Q3 revenue was $303.4 million, a 2% year-over-year increase on an organic basis and a 3% increase on a reported basis [30] - Adjusted EPS was $0.48 compared to $0.53 in the prior year quarter, with foreign exchange having a material impact on EPS [30] - Adjusted operating margin increased sequentially by 290 basis points to 33% [15] - Cash generated from operations in the quarter was $81 million, with net investment in capital expenditures at $16.4 million [34] Business Line Performance - Protein Sciences segment revenue declined 1% year-over-year on an organic basis, reflecting stabilization in biopharma and Chinese end markets [22] - Diagnostics and Genomics segment reported 10% organic growth, with spatial biology and molecular diagnostics leading the way [46][80] - GMP reagents business achieved a new quarterly record with over 40% growth [25] - ExoDx Prostate test volume grew over 25% in Q3 [48] Market Performance - North America improved sequentially with low single-digit year-over-year growth, driven by strong performance in cell and gene therapy [41] - Europe declined mid-single digits due to challenging comps from mid-teens growth in the prior year [41] - China saw mid-single-digit revenue decline, but stabilization was observed, with early signs of improvement [20][21] Strategic Direction and Industry Competition - The company is leveraging AI to create new patentable, hyperactive designer proteins and reagents [9] - The Ella platform received ISO 13485 Certification, opening up clinical diagnostic opportunities [24] - The company is investing in scaling up production capacity for the Comet platform to meet growing demand [47][105] Management Commentary on Operating Environment and Future Outlook - Management noted stabilization in biopharma and China markets, with early indications of improvement in the back half of the calendar year [29] - The company expects Q4 to look similar to Q3, with incremental sequential improvement in revenue and adjusted operating margins [36] - Long-term confidence in China as the fastest-growing major region for life science tools, though the path to accelerated growth may take longer than previous cycles [53] Other Important Information - The company received two awards from CiteAb, including the ELISA Kit Supplier of the Year and an Innovation Award for RNAscope HiPlex 12 [16][8] - The company is on track to launch RNAscope HiPlex Pro on the Comet platform by the end of the fiscal year [27] Q&A Session Summary Question: Outlook for high single-digit or 10%+ organic growth in FY2025 [59] - Management believes the company will outperform the market, potentially reaching high single-digit or double-digit growth when markets return to mid-single-digit growth rates [60][83] Question: Biopharma funding and cell and gene therapy growth [61] - Early-stage funding is expected to flow into consumables first, with a delay of about two quarters before impacting the business [61] - Cell and gene therapy growth is sustainable, with GMP reagents growing over 40% in Q3 [62] Question: Impact of the expanded Fisher agreement in Europe [68] - The agreement is expected to enhance customer reach and convenience, similar to the successful U.S. distribution agreement [70][97] Question: Production capacity for the Comet platform [77] - Production constraints are expected to be resolved by the first fiscal quarter of 2025, with demand outpacing initial projections [105] Question: Margin outlook for Q4 and FY2025 [93] - Management aims to achieve mid-30s operating margin by the end of FY2024, with incremental improvement expected in Q4 [94] Question: Academic end market outlook [137] - The academic market remains stable, with continued growth expected in spatial biology and proteomic tools [145] Question: Competitive wins for Lunaphore and spatial biology market [139] - The Comet platform is seeing competitive wins due to its automation and workflow advantages [140] Question: ProteinSimple business growth [148] - The Simple Western platform grew double digits in both instruments and consumables, with strong performance in cell and gene therapy applications [114] Question: GMP facility capacity [150] - Capacity for GMP proteins is no longer an issue, with sufficient capacity expected to last for a decade or more [150]

[Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) Bio-Techne reported a 2% organic revenue increase in Q3 FY2024, driven by strong Diagnostics & Genomics growth and improved adjusted operating margins due to efficiency initiatives [Q3 FY2024 Highlights](index=1&type=section&id=Third%20Quarter%20FY2024%20Highlights) Bio-Techne reported a 2% organic revenue increase to $303.4 million in Q3 FY2024, driven by 10% organic growth in the Diagnostics & Genomics segment. While GAAP EPS declined to $0.31 from $0.43 year-over-year, adjusted EPS was $0.48. The company also saw a 31% increase in cash flow from operations Q3 FY2024 Key Financial Metrics | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Organic Revenue Growth | 2% | - | - | | Reported Revenue | $303.4M | $294.1M | +3% | | GAAP EPS | $0.31 | $0.43 | -28% | | Adjusted EPS | $0.48 | $0.53 | -9% | | Cash Flow from Operations | $223.5M | - | +31% YoY | - Strong commercial execution in the Diagnostics & Genomics segment led to **10% organic growth** (**16% reported**)[6](index=6&type=chunk) - The company experienced continued uptake of its cell and gene therapy workflow solutions, achieving record sales for its GMP reagent portfolio[6](index=6&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Kim Kelderman highlighted the team's strong execution in challenging market conditions, noting subsiding de-stocking headwinds and growth despite a depressed biopharma market. He emphasized a **290 basis-point** sequential improvement in adjusted operating margin to **33.0%**, driven by cost and efficiency initiatives - Management noted solid top-line performance driven by strong execution despite challenging end market conditions, with subsiding headwinds from de-stocking[4](index=4&type=chunk) - Cost and efficiency initiatives contributed to a **33.0%** adjusted operating margin, representing a **290 basis-point** sequential improvement[4](index=4&type=chunk) - The company's portfolio of core reagents, proteomic analysis, cell & gene therapy, spatial biology, and diagnostic solutions is positioned to catalyze scientific advances and create long-term shareholder value[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) Bio-Techne's Q3 FY2024 net sales increased **3%** to **$303.4 million**, with varied segment performance and operating margin impacts from acquisitions and restructuring costs [Consolidated Financial Results (GAAP & Non-GAAP)](index=2&type=section&id=Consolidated%20Financial%20Results) In Q3 FY2024, total net sales increased **3%** to **$303.4 million**, with organic revenue up **2%**. GAAP EPS fell to **$0.31** from **$0.43** YoY, with GAAP operating margin contracting from **27.3%** to **22.1%** due to restructuring, CEO transition costs, and the Lunaphore acquisition. Adjusted EPS also decreased to **$0.48** from **$0.53**, with the adjusted operating margin declining to **33.0%** from **37.0%** YoY, primarily impacted by the Lunaphore acquisition and unfavorable volume leverage Q3 FY2024 Consolidated Results vs. Prior Year | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $303.4M | $294.1M | +3% | | Organic Revenue Growth | 2% | - | - | | GAAP Operating Margin | 22.1% | 27.3% | -520 bps | | Adjusted Operating Margin | 33.0% | 37.0% | -400 bps | | GAAP Diluted EPS | $0.31 | $0.43 | -28% | | Adjusted Diluted EPS | $0.48 | $0.53 | -9% | - The decline in GAAP operating margin was impacted by restructuring, CEO transition costs, the acquisition of Lunaphore, and unfavorable volume leverage in the Protein Sciences segment[8](index=8&type=chunk) - The decrease in adjusted operating margin was primarily due to the acquisition of Lunaphore and unfavorable volume leverage within the Protein Sciences segment[9](index=9&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Results) The Protein Sciences segment saw a **1%** organic revenue decline to **$214.6 million**, with its operating margin slightly decreasing to **44.2%** due to volume leverage and product mix. In contrast, the Diagnostics and Genomics segment achieved strong **10%** organic revenue growth (**16% reported**) to **$87.5 million**, though its operating margin fell significantly to **9.3%** from **15.2%**, primarily due to the Lunaphore acquisition Protein Sciences Segment - Q3 FY2024 | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $214.6M | $218.9M | -2% | | Organic Revenue Growth | -1% | - | - | | Operating Margin | 44.2% | 45.1% | -90 bps | Diagnostics and Genomics Segment - Q3 FY2024 | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $87.5M | $75.7M | +16% | | Organic Revenue Growth | 10% | - | - | | Operating Margin | 9.3% | 15.2% | -590 bps | - The operating margin decrease in the Diagnostics and Genomics segment was primarily attributed to the Lunaphore acquisition[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Bio-Techne's Q3 FY2024 financial statements show increased net sales but decreased operating income and net earnings, alongside growth in total assets and operating cash flow [Consolidated Statements of Earnings](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20EARNINGS) For the third quarter ended March 31, 2024, Bio-Techne reported net sales of **$303.4 million**, up from **$294.1 million** in the prior year. However, operating income decreased to **$67.0 million** from **$80.2 million**, and net earnings attributable to Bio-Techne fell to **$49.1 million** from **$70.2 million** year-over-year. Diluted EPS was **$0.31**, compared to **$0.43** in the same period last year Q3 FY2024 Income Statement Highlights (in thousands) | Account | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net Sales | $303,428 | $294,146 | | Gross Margin | $204,599 | $202,162 | | Operating Income | $66,998 | $80,211 | | Net Earnings | $49,059 | $70,218 | | Diluted EPS | $0.31 | $0.43 | [Consolidated Condensed Balance Sheets](index=6&type=section&id=CONSOLIDATED%20CONDENSED%20BALANCE%20SHEETS) As of March 31, 2024, Bio-Techne's total assets increased to **$2.72 billion** from **$2.64 billion** at June 30, 2023. Key changes include a decrease in cash and equivalents to **$139.9 million** and an increase in goodwill and intangible assets to **$1.50 billion**. Total liabilities rose, while stockholders' equity also increased to **$2.01 billion** Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Cash and equivalents | $139,915 | $180,571 | | Total current assets | $610,650 | $621,482 | | Goodwill and intangible assets, net | $1,497,394 | $1,407,382 | | Total assets | $2,721,170 | $2,638,692 | | Long-term debt obligations | $389,000 | $350,000 | | Stockholders' equity | $2,014,375 | $1,966,516 | [Condensed Cash Flow Statement](index=11&type=section&id=CONDENSED%20CASH%20FLOW) For the nine months ended March 31, 2024, net cash from operating activities increased to **$223.5 million** from **$171.0 million** in the prior year. Net cash used in investing activities was **$194.2 million**, primarily for acquisitions. Net cash used in financing activities was **$62.3 million**, driven by stock repurchases and dividends. The company ended the period with **$139.9 million** in cash and equivalents Nine Months Ended Cash Flow (in thousands) | Category | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $223,485 | $171,000 | | Net cash used in investing activities | ($194,222) | ($260,893) | | Net cash used in financing activities | ($62,303) | $46,838 | | Net decrease in cash | ($40,656) | ($45,285) | | Cash at end of period | $139,915 | $127,282 | [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Bio-Techne provides reconciliations for key non-GAAP metrics, including adjusted gross margin, operating margin, net earnings, EPS, EBITDA, and tax rate, to offer a clearer view of core financial performance [Adjusted Gross Margin Reconciliation](index=7&type=section&id=RECONCILIATION%20OF%20ADJUSTED%20GROSS%20MARGIN%20PERCENTAGE) The company's adjusted gross margin for Q3 FY2024 was **71.9%**, a decrease from **72.6%** in the prior-year quarter. The adjustment from the GAAP gross margin of **67.4%** primarily accounted for the amortization of intangibles (**3.8%**) and the impact of a business held-for-sale (**0.4%**) Q3 Gross Margin Reconciliation | Margin Type | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | GAAP Gross Margin | 67.4% | 68.7% | | Adjustments | +4.5% | +3.9% | | Adjusted Gross Margin | 71.9% | 72.6% | [Adjusted Operating Margin Reconciliation](index=7&type=section&id=RECONCILIATION%20OF%20ADJUSTED%20OPERATING%20MARGIN%20PERCENTAGE) Adjusted operating margin for Q3 FY2024 was **33.0%**, down from **37.0%** year-over-year. The reconciliation from the **22.1%** GAAP operating margin included significant adjustments for amortization of intangibles (**6.3%**) and stock-based compensation (**2.7%**) Q3 Operating Margin Reconciliation | Margin Type | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | GAAP Operating Margin | 22.1% | 27.3% | | Adjustments | +10.9% | +9.7% | | Adjusted Operating Margin | 33.0% | 37.0% | [Adjusted Net Earnings and EPS Reconciliation](index=8&type=section&id=NON-GAAP%20ADJUSTED%20CONSOLIDATED%20NET%20EARNINGS%20and%20EARNINGS%20per%20SHARE) For Q3 FY2024, non-GAAP adjusted net earnings were **$76.4 million**, resulting in an adjusted diluted EPS of **$0.48**. This compares to adjusted net earnings of **$85.7 million** and an adjusted EPS of **$0.53** in the prior year. Major adjustments to GAAP net earnings before taxes included amortization of intangibles (**$19.3 million**) and stock-based compensation (**$8.4 million**) Q3 Net Earnings and EPS Reconciliation (in thousands, except per share) | Metric | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | GAAP Net Earnings | $49,059 | $70,218 | | Adjusted Net Earnings | $76,425 | $85,734 | | GAAP Diluted EPS | $0.31 | $0.43 | | Adjusted Diluted EPS | $0.48 | $0.53 | [Adjusted EBITDA Reconciliation](index=10&type=section&id=RECONCILIATION%20OF%20GAAP%20NET%20INCOME%20TO%20ADJUSTED%20EBITDA) Adjusted EBITDA for Q3 FY2024 was **$109.3 million**, a decrease from **$116.6 million** in the same quarter of the previous year. The calculation starts with GAAP net earnings of **$49.1 million** and adds back interest, taxes, D&A, as well as non-GAAP adjustments like stock-based compensation and acquisition-related expenses Q3 EBITDA Reconciliation (in thousands) | Metric | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | Net Earnings | $49,059 | $70,218 | | EBITDA | $91,687 | $107,560 | | Adjusted EBITDA | $109,343 | $116,602 | [Adjusted Tax Rate Reconciliation](index=8&type=section&id=NON-GAAP%20adjusted%20tax%20rate) The non-GAAP adjusted tax rate for Q3 FY2024 was **22.0%**, compared to a GAAP effective tax rate of **19.7%**. The prior year's non-GAAP rate was **21.0%**. The adjustments account for the tax effects of items like stock-based compensation and other discrete items to provide a more comparable rate Q3 Tax Rate Reconciliation | Rate Type | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | GAAP Effective Tax Rate | 19.7% | 12.4% | | Non-GAAP Adjusted Tax Rate | 22.0% | 21.0% | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) Bio-Techne utilizes non-GAAP financial measures to enhance performance evaluation and provides forward-looking statements subject to inherent risks and uncertainties [Use of Non-GAAP Financial Measures](index=3&type=section&id=Use%20of%20non-GAAP%20Adjusted%20Financial%20Measures) Bio-Techne explains that it uses non-GAAP financial measures like organic revenue, adjusted EPS, and adjusted operating margin to evaluate performance and facilitate period-to-period comparisons. These measures exclude items such as acquisition impacts, foreign currency effects, stock-based compensation, amortization of intangibles, and other non-recurring costs to provide investors with greater transparency into the company's core operating results - The company uses non-GAAP measures internally to evaluate performance, make financial and operational decisions, and for incentive compensation[13](index=13&type=chunk) - Organic revenue is a key non-GAAP metric that excludes revenue from recent acquisitions, foreign currency impacts, and businesses held-for-sale to improve period-to-period comparability[14](index=14&type=chunk) - Adjusted earnings measures exclude items such as stock-based compensation, amortization of acquisition intangibles, restructuring costs, and other non-recurring items that are not considered reflective of ongoing core operations[15](index=15&type=chunk)[16](index=16&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward%20Looking%20Statements) This section contains a standard safe harbor statement, warning that the press release includes forward-looking statements subject to risks and uncertainties. It advises investors not to place undue reliance on these statements and refers them to the company's SEC filings (Form 10-K and 10-Q) for a detailed discussion of risk factors - The press release contains forward-looking statements that involve risks and uncertainties which may affect actual results[19](index=19&type=chunk) - Key risk factors include integration of new businesses, acceptance of new products, price competition, general economic conditions, and currency exchange rate fluctuations[19](index=19&type=chunk) - Investors are directed to the "Risk Factors" section in the company's Form 10-K and 10-Q filings for more detailed information[20](index=20&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-17272 BIO-TECHNE CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1427402 (State or other ...

Bio-Techne Corporation (NASDAQ:TECH) Q2 2024 Earnings Conference Call February 1, 2024 9:00 AM ET Company Participants David Clair - Vice President, Investor Relations Charles Kummeth - Former Chief Executive Officer and Current Senior Advisor Kim Kelderman - Chief Executive Officer James Hippel - Chief Financial Officer Conference Call Participants Puneet Souda - Leerink Partners Jacob Johnson - Stephens Inc. Dan Arias - Stifel Financial Corp Patrick Donnelly - Citi Dan Leonard - UBS Matthew Larew - Willia ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-17272 BIO-TECHNE CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1427402 (State or other ...