Core Insights - Cyber Enviro-Tech Inc. (CETI) has established a Turkish subsidiary, Cyber International Ltd (C-INT), to enhance its sludge pond and soil remediation capabilities in Turkey [1] - C-INT has formed a strategic alliance with Delta World Environmental Solutions (DELTA) to facilitate project management and execution in the region [2] - The partnership with DELTA is expected to leverage extensive relationships across Turkey, Africa, and the Middle East, positioning CETI for potential contracts with various overseas companies and government entities [2][3] Company Overview - CETI specializes in eco-conscious remediation of oil, sludge, water, and soil, utilizing bio-remedial materials and proprietary technologies [3] - The company focuses on cleaning contaminated sites, including oil/sludge ponds, storage tanks, and industrial wastewater [3] - CETI employs advanced technologies from the 4th Industrial Revolution, such as machine learning and artificial intelligence, in its remediation processes [3]

Core Insights - The article discusses the challenges faced by Bio-Techne (NASDAQ: TECH) since the peak of life sciences and bioprocessing R&D and capital expenditures [1] Company Analysis - Bio-Techne has experienced a downturn in its performance, reflecting broader trends in the life sciences sector [1] Industry Overview - The life sciences and bioprocessing industry has seen a decline in R&D and capital expenditures since their peak, impacting companies like Bio-Techne [1]

Core Insights - Bio-Techne Corp. has launched an expanded menu of RNAscope in situ hybridization probes to enhance spatial biology research and the development of next-generation therapeutics and diagnostics [1][2] - The new RNAscope probe portfolio includes over 70,000 unique probes across more than 450 species, aimed at providing spatial precision with advanced sensitivity and specificity [1][5] Company Developments - The latest development is expected to significantly enhance Bio-Techne's Diagnostics and Spatial Biology segment [2] - Since the announcement on February 20, Bio-Techne shares have dipped by 0.9%, closing at $64.92, but the company is focused on advancing translational research and precision medicine [3] - Bio-Techne has a market capitalization of $10.26 billion and an earnings yield of 2.9%, which is favorable compared to the industry's -30.1% yield [4] Product and Technology Insights - RNAscope technology is the most referenced in the spatial biology industry, providing a single-cell view of disease pathology and therapeutic response [5] - The expanded RNAscope probe portfolio is designed to accelerate the validation of new RNA biomarkers from single-cell genomics and spatial discovery programs [5][6] - The probes are available for purchase on Bio-Techne's website and can be used with R&D Systems antibodies to illuminate changes in cell phenotypes [6] Industry Prospects - The global spatial genomics and transcriptomics market was valued at $232.5 million in 2022 and is projected to grow at a compound annual growth rate of 12.2% through 2030 [8] - Demand for spatial genomics and transcriptomics is increasing, particularly in drug discovery and development for neurodegenerative disorders and cancer [10] Recent Updates - Bio-Techne has also released the GMP Transposase mRNA for the TcBuster non-viral genome engineering system, supporting the development of immune cell and stem cell-based therapies [11]

Core Insights - Bio-Techne has launched an expanded menu of RNAscope™ in situ hybridization probes, enhancing spatial biology research and the development of next-generation therapeutics and diagnostics [1][3] - The RNAscope technology is recognized as the most referenced in the spatial biology industry, providing detailed insights into disease pathology and therapeutic responses [2] - The expanded RNAscope probe portfolio now includes over 70,000 unique probes across more than 450 species, facilitating the validation of new RNA biomarkers [1][3] Company Overview - Bio-Techne Corporation is a global leader in life sciences, generating approximately $1.2 billion in net sales in fiscal 2024 and employing around 3,100 people worldwide [4] - The company focuses on providing innovative tools and bioactive reagents for research and clinical diagnostics, aiding in drug discovery and accurate clinical testing [4] - The RNAscope probe portfolio has over 12,000 citations in clinical and translational research, underscoring its significance in advancing biomarker validation [4]

Core Insights - Bio-Techne Corporation has officially released GMP Transposase mRNA for the TcBuster™ non-viral genome engineering system, aimed at supporting the development of immune cell- and stem cell-based therapies [1][2] Product Overview - The TcBuster System is designed for introducing large genetic modifications in various cell types, facilitating gene-edited cell therapies such as CAR-T or TCR generation [2][4] - The new GMP transposase enhances the TcBuster system, allowing for the simultaneous delivery of multiple genes while maintaining high editing efficiency and a safer insertional profile [3][4] Competitive Advantages - The non-viral TcBuster system offers significant benefits over traditional lentivirus-based methods, including reduced time to market and lower costs due to the elimination of viral clearance processes [3][4] - Bio-Techne has established a reliable supply chain for both RUO and GMP grade reagents, supporting scalable manufacturing from research to clinical and commercial stages [3] Market Applications - The TcBuster system is compatible with various cell types, including immune and stem cells, and can be utilized for applications such as autologous CAR-T or TCR manufacturing, allogeneic NK therapies, and engineering bioprocessing cell lines for therapeutic biologics production [4] Company Background - Bio-Techne Corporation is a global life sciences company that generated approximately $1.2 billion in net sales in fiscal 2024 and employs around 3,100 people worldwide [6]

Financial Performance - Consolidated net sales increased by 9% to $297.0 million for the quarter ended December 31, 2024, and by 7% to $586.5 million for the six months ended December 31, 2024 compared to the same prior year periods [110]. - Organic revenue for the quarter ended December 31, 2024 increased by 9%, driven by strong performance in the Diagnostics and Spatial Biology portfolio and improving biopharma end market conditions [112]. - Consolidated net earnings for the quarter ended December 31, 2024 rose to $34.9 million, up from $27.5 million in the prior year, while net earnings for the six months decreased to $68.5 million from $78.5 million due to restructuring costs [111]. - Non-GAAP adjusted net earnings for the quarter ended December 31, 2024, were $68.1 million, compared to $63.7 million for the same quarter in 2023, representing a growth of 6.5% [127]. - The diluted earnings per share - adjusted for the quarter ended December 31, 2024, was $0.42, compared to $0.40 for the same quarter in 2023, reflecting a 5% increase [127]. Expenses and Margins - Gross margins for the quarter and six months ended December 31, 2024 were 65.3% and 64.3%, respectively, compared to 64.8% and 65.8% for the same prior year periods [113]. - Selling, general and administrative expenses increased by 5% to $121.5 million for the quarter and by 9% to $240.6 million for the six months ended December 31, 2024, primarily due to restructuring charges [117]. - Research and development expenses rose by 9% to $25.0 million for the quarter and by 4% to $48.9 million for the six months ended December 31, 2024, attributed to strategic growth investments [118]. Segment Performance - Protein Sciences segment net sales increased by 7% to $211.6 million for the quarter and by 3% to $416.1 million for the six months ended December 31, 2024 [120]. - Diagnostics and Spatial Biology segment net sales grew by 12% to $84.1 million for the quarter and by 13% to $167.3 million for the six months ended December 31, 2024 [122]. Taxation - The effective income tax rate was 18.6% for the quarter and 17.5% for the six months ended December 31, 2024, compared to 17.7% and 5.4% for the same prior year periods [124]. - The forecasted consolidated income tax rate for the remainder of fiscal 2025 is expected to range from 23% to 27% [125]. - The non-GAAP adjusted tax rate for the quarter ended December 31, 2024, was 21.5%, compared to 22.0% for the same quarter in 2023 [129]. Cash Flow and Investments - The company generated cash of $148.2 million from operating activities in the six months ended December 31, 2024, an increase from $142.5 million in the same period of 2023, primarily due to favorable timing of payments [135]. - Capital expenditures for fixed assets for the six months ended December 31, 2024, were $16.0 million, down from $28.5 million in the same period of 2023, with expectations of approximately $20 million for the remainder of fiscal 2025 [137]. - The company had cash and cash equivalents of $177.5 million as of December 31, 2024, up from $152.9 million as of June 30, 2024 [131]. - The company paid cash dividends of $25.4 million during the six months ended December 31, 2024, slightly up from $25.2 million in the same period of 2023 [143]. - The company invested $15.0 million into Spear Bio during the six months ended December 31, 2024, with no comparable activity in fiscal 2024 [138]. - The company has $700 million available on its line-of-credit as of December 31, 2024, under a Credit Agreement maturing on August 31, 2027 [132]. - The second part of the forward contract for acquiring Wilson Wolf, estimated at approximately $1 billion, is forecasted to occur between fiscal 2026 and fiscal 2028 [133]. Compliance and Controls - As of December 31, 2024, the Company's disclosure controls and procedures were deemed effective by the CEO and CFO [161]. - There were no changes in internal controls over financial reporting during Q2 of fiscal 2025 that materially affected the Company's reporting [162]. - The Company has not materially changed its exposure to market risk from interest rates and currency exchange rates since the last Annual Report [158]. Legal Matters - As of February 6, 2025, the Company is not involved in any legal proceedings that could materially impact its business or financial condition [164]. Non-GAAP Measures - The Company is reassessing non-GAAP adjustments to ensure they remain relevant and meaningful for performance evaluation [154]. - The Company encourages readers to review reconciliations of adjusted financial measures to GAAP measures in the consolidated financial statements [155].

Core Insights - Bio-Techne reported second-quarter fiscal 2025 adjusted earnings per share (EPS) of 42 cents, exceeding the Zacks Consensus Estimate by 10.5% and improving from 40 cents in the prior year [1][10] - The company's net sales reached $297.0 million, reflecting a 9% year-over-year increase and surpassing the Zacks Consensus Estimate by 4.1% [3][10] - The operating margin expanded significantly by 202 basis points to 16% during the reported quarter [6][10] Financial Performance - Adjusted EPS for the quarter was 42 cents, while GAAP EPS was reported at 22 cents, compared to 17 cents in the same quarter last year [2][10] - Gross profit increased by 9.8% to $193.9 million, with a gross margin of 65.3%, up 50 basis points despite a 7.4% rise in cost of sales [6][10] - Selling, general and administrative expenses rose by 5% to $121.4 million, while research and development expenses totaled $25 million, up 9.2% year over year [6][10] Segment Performance - In the Protein Sciences segment, revenues were $211.6 million, a 7% increase year over year, with an 8% organic growth [4][10] - The Diagnostics and Genomics segment saw sales improve by 12% to $84.1 million, maintaining a 12% organic growth [5][10] Capital Structure - At the end of the second quarter, Bio-Techne had cash and equivalents of $177.5 million, up from $152.9 million at the end of the first quarter [7] - Long-term debt obligations decreased to $300 million from $319 million at the end of the previous quarter [7] Operational Insights - Cumulative net cash provided by operating activities was $148.2 million, compared to $142.5 million a year ago [8] - Management indicated that the start of fiscal 2025 aligned with expectations, highlighting improvements in the biopharma end-market and strong results in the cell and gene therapy business [11][10]

Financial Data and Key Metrics Changes - Adjusted EPS for Q2 was $0.42, compared to $0.40 in the prior year, with GAAP EPS at $0.22 versus $0.17 last year [42] - Q2 revenue reached $297 million, marking a 9% year-over-year increase on both reported and organic bases [43] - Adjusted gross margin was 70.5%, up from 69.7% last year, driven by favorable product mix and productivity initiatives [47] - Adjusted operating margin for Q2 was 30.1%, up 110 basis points sequentially and flat compared to the prior year [47] Business Line Data and Key Metrics Changes - Biopharma sales increased mid-teens, with notable strength in bulk GMP and reagent orders [12] - Academic end markets delivered mid-single-digit revenue growth, despite a challenging comparison from the prior year [14] - Protein sciences segment reported sales of $211.6 million, with organic revenue increasing 8% [52] - Diagnostics and spatial biology segment sales were $84.1 million, with both reported and organic growth increasing 12% [54] Market Data and Key Metrics Changes - Sales in the Americas grew low double digits, driven by strong demand from cell therapy customers [15] - EMEA region also grew low double digits, with the automated protein analysis portfolio growing over 20% [15] - Sales in China declined low single digits due to a challenging economic environment, but expectations for modest positive growth in Q3 remain [17][18] Company Strategy and Development Direction - Company focuses on three major challenges: enabling discovery of novel biological insights, supporting development of advanced therapeutics, and enabling precision diagnostics [11] - Continued emphasis on M&A as a priority for capital allocation, particularly in areas related to analytical platforms and advanced therapeutics [51][83] - The company is optimistic about the long-term modernization of healthcare in China and aims to play a key role in this evolution [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing recovery in biopharma markets, particularly from large pharma customers [58] - Anticipated organic growth for Q3 is in the upper range of mid-single digits, with expectations for a return to growth in China [61] - Management noted that the recent strength in large pharma spending is a positive sign for broader R&D funding in 2025 [58] Other Important Information - The company launched four new designer proteins during Q2, bringing the total to six, with expectations for a steady cadence of new launches [33] - The spatial biology business continues to progress with the launch of the comet system, which is expected to have high consumable pull-through [35][36] Q&A Session Summary Question: Can you elaborate on the pull forward seen in cell and gene therapy GMP products? - Management noted that large orders were pulled into Q2 from Q3, indicating strong traction in cell and gene therapy [71] Question: What are the growth expectations for GMP reagents next quarter? - Management indicated that while growth may not match the previous quarter's surge, underlying growth remains strong [150] Question: How did Wilson Wolf perform in the quarter? - Management reported consistent growth in Wilson Wolf's core business, with expectations for solid double-digit growth in 2025 [165] Question: What is the outlook for the academic market given NIH concerns? - Management stated that NIH exposure is minimal, with academic growth rates improving despite external noise [95][82]

Techne (TECH) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.40 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.53%. A quarter ago, it was expected that this maker of medical testing and diagnostic products would post earnings of $0.38 per share when it actually produced earnings of $0.42, delivering a surprise of 10.53%.Over the ...

BIO-TECHNE RELEASES SECOND QUARTER FISCAL 2025 RESULTS [Second Quarter FY2025 Highlights](index=1&type=section&id=Second%20Quarter%20FY2025%20Highlights) Bio-Techne reported strong Q2 FY2025 results with significant organic revenue growth and improved GAAP and adjusted EPS. Key Financial Highlights | Metric | Q2 FY2025 | Q2 FY2024 | Change (YoY) | | :-------------------------------- | :-------- | :-------- | :----------- | | Organic Revenue Growth | 9% | - | +9% | | Reported Revenue | $297.0M | - | +9% | | GAAP EPS | $0.22 | $0.17 | +29.4% | | Adjusted EPS | $0.42 | $0.40 | +5.0% | | Protein Sciences Organic Growth | 8% | - | +8% | | Diagnostics & Spatial Biology Organic Growth | 12% | - | +12% | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Kim Kelderman highlighted strong Q2 execution, noting biopharma market improvements and improved adjusted operating margin. - Early signs of improvement observed in the biopharma end-market, specifically in cell and gene therapy and protein analysis instrumentation businesses[5](index=5&type=chunk) - Achieved a **30.1% adjusted operating margin**, representing an increase of **110 basis points** sequentially[5](index=5&type=chunk) - Bio-Techne's portfolio empowers discovery of novel biological insights, development and manufacturing of advanced therapeutics, and enables precision diagnostics, playing a key role in healthy aging[5](index=5&type=chunk) [Conference Call Information](index=1&type=section&id=Conference%20Call%20Information) Bio-Techne hosted an earnings conference call on February 5, 2025, with a rebroadcast available for a month. - Earnings conference call held on February 5, 2025, at 8:00 a.m. CST[5](index=5&type=chunk) - A recorded rebroadcast is available from February 5, 2025, until March 5, 2025[6](index=6&type=chunk) [Second Quarter Fiscal 2025 Financial Performance](index=2&type=section&id=Second%20Quarter%20Fiscal%202025%20Financial%20Performance) Bio-Techne demonstrated strong Q2 FY2025 financial performance with increases in GAAP and non-GAAP metrics. [Revenue](index=2&type=section&id=Revenue) Net sales and organic revenue showed robust growth in Q2 FY2025. Net Sales and Organic Revenue Growth | Metric | Q2 FY2025 | Q2 FY2024 | Change (YoY) | | :--------- | :-------- | :-------- | :----------- | | Net Sales | $297.0M | $272.6M | +9% | | Organic Revenue | +9% | - | +9% | [GAAP Earnings Results](index=2&type=section&id=GAAP%20Earnings%20Results) GAAP EPS and operating income significantly improved in Q2 FY2025, favorably impacting operating margin. GAAP Earnings Performance | Metric | Q2 FY2025 | Q2 FY2024 | Change (YoY) | | :---------------- | :-------- | :-------- | :----------- | | GAAP EPS | $0.22 | $0.17 | +29.4% | | GAAP Operating Income | $47.4M | $38.0M | +25% | | GAAP Operating Margin | 16.0% | 13.9% | +2.1 pp | - GAAP operating margin was favorably impacted by volume leverage and a non-recurring prior year impairment of a business held-for-sale[9](index=9&type=chunk) [Non-GAAP Earnings Results](index=2&type=section&id=Non-GAAP%20Earnings%20Results) Adjusted EPS increased, while adjusted operating margin remained flat due to incentive compensation accruals. Non-GAAP Earnings Performance | Metric | Q2 FY2025 | Q2 FY2024 | Change (YoY) | | :------------------- | :-------- | :-------- | :----------- | | Adjusted EPS | $0.42 | $0.40 | +5.0% | | Adjusted Operating Income | $88.7M | $81.9M | +8% | | Adjusted Operating Margin | 30.1% | 30.1% | 0.0 pp | - Adjusted operating margin remained flat, impacted by favorable volume leverage offset by re-instatement of incentive compensation accruals[10](index=10&type=chunk) [Segment Results](index=2&type=section&id=Segment%20Results) Bio-Techne's segments showed varied performance, with Protein Sciences growing and Diagnostics & Spatial Biology sales increasing. [Protein Sciences Segment](index=2&type=section&id=Protein%20Sciences%20Segment) The Protein Sciences segment reported solid growth in net sales and organic revenue, improving its operating margin. - Leading supplier of specialized proteins, immunoassays, antibodies, and reagents to biopharma and academic research[12](index=12&type=chunk) Protein Sciences Segment Performance | Metric | Q2 FY2025 | Q2 FY2024 | Change (YoY) | | :---------------- | :-------- | :-------- | :----------- | | Net Sales | $211.6M | $197.7M | +7% | | Organic Revenue Growth | 8% | - | +8% | | Operating Margin | 41.2% | 40.3% | +0.9 pp | - Operating margin increased primarily due to volume leverage, offset by re-instatement of incentive compensation accruals[12](index=12&type=chunk) [Diagnostics and Spatial Biology Segment](index=2&type=section&id=Diagnostics%20and%20Spatial%20Biology%20Segment) The Diagnostics and Spatial Biology segment achieved strong sales growth but experienced a decreased operating margin. - Develops spatial biology products, carrier screening and oncology kits, exosome-based diagnostics, and various reagents for the in vitro diagnostic market[13](index=13&type=chunk) Diagnostics and Spatial Biology Segment Performance | Metric | Q2 FY2025 | Q2 FY2024 | Change (YoY) | | :---------------- | :-------- | :-------- | :----------- | | Net Sales | $84.1M | $75.4M | +12% | | Organic Revenue Growth | 12% | - | +12% | | Operating Margin | 3.9% | 6.0% | -2.1 pp | - Operating margin decreased primarily due to re-instatement of incentive compensation accruals, partially offset by favorable volume leverage[13](index=13&type=chunk) [Use of non-GAAP Adjusted Financial Measures](index=3&type=section&id=Use%20of%20non-GAAP%20Adjusted%20Financial%20Measures) Bio-Techne uses non-GAAP measures for additional operating insights and internal performance evaluation. - Non-GAAP measures are provided as additional information for operating results, internal performance evaluation, financial and operational decisions, and incentive compensation[14](index=14&type=chunk) - Organic revenue excludes revenue from acquisitions within the preceding 12 months, foreign currency impact, businesses held-for-sale, and partially-owned consolidated subsidiaries[15](index=15&type=chunk) - Adjusted gross margin, operating margin, EBITDA, and net earnings exclude stock-based compensation, costs from acquired inventory sales, amortization of acquisition intangibles, restructuring costs, acquisition-related expenses, certain litigation charges, investment gains/losses, and specific income tax adjustments[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - Key non-GAAP measures include Organic revenue, Adjusted diluted EPS, Adjusted net earnings, Adjusted tax rate, Adjusted gross margin, Adjusted operating income, Adjusted operating margin, EBITDA, and Adjusted EBITDA[19](index=19&type=chunk) [Forward Looking Statements](index=4&type=section&id=Forward%20Looking%20Statements) This press release contains forward-looking statements subject to risks and uncertainties impacting actual results. - Forward-looking statements involve risks and uncertainties that may affect the actual results of operations[21](index=21&type=chunk) - Important factors include new branding, business integration, product acceptance, customer research funding, competition, economic conditions, currency fluctuations, and R&D efforts[21](index=21&type=chunk) - Investors are advised to review 'Risk Factors' in the Company's Form 10-K and 10-Q reports and are cautioned not to place undue emphasis on these statements, as the company undertakes no obligation to update them[22](index=22&type=chunk) [Company Overview](index=4&type=section&id=Company%20Overview) Bio-Techne is a global life sciences company providing innovative tools and reagents for research and diagnostics. - Bio-Techne is a global life sciences company providing innovative tools and bioactive reagents for research and clinical diagnostic communities[23](index=23&type=chunk) - Products assist in scientific investigations into biological processes and the nature and progress of specific diseases, aiding in drug discovery and providing means for accurate clinical tests and diagnoses[23](index=23&type=chunk) Company Key Statistics | Metric | Value | | :---------------- | :------------ | | FY2024 Net Sales | ~$1.2 billion | | Employees Worldwide | ~3,100 | [Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Bio-Techne's unaudited consolidated financial statements, detailing earnings, balance sheets, and cash flow. [Consolidated Statements of Earnings](index=5&type=section&id=Consolidated%20Statements%20of%20Earnings) This table details the company's consolidated statements of earnings for Q2 and six months of FY2025 and FY2024. Consolidated Statements of Earnings (Unaudited) | Metric (in thousands) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :---------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Net Sales | $297,031 | $272,598 | $586,489 | $549,533 | | Cost of sales | $103,145 | $96,011 | $209,586 | $187,755 | | Gross margin | $193,886 | $176,587 | $376,903 | $361,778 | | Total Operating Expenses | $146,467 | $138,583 | $289,497 | $267,912 | | Operating income | $47,419 | $38,004 | $87,406 | $93,866 | | Net earnings | $34,890 | $27,465 | $68,490 | $78,459 | | Diluted EPS | $0.22 | $0.17 | $0.42 | $0.49 | [Consolidated Condensed Balance Sheets](index=6&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) This table presents the company's consolidated condensed balance sheets as of December 31, 2024, and June 30, 2024. Consolidated Condensed Balance Sheets (Unaudited) | Metric (in thousands) | 12/31/2024 | 6/30/2024 | | :---------------------- | :--------- | :-------- | | Total current assets | $634,640 | $617,419 | | Total assets | $2,670,424 | $2,703,867| | Total current liabilities | $161,256 | $159,379 | | Long-term debt obligations | $300,000 | $319,000 | | Stockholders' equity | $2,078,492 | $2,068,850| | Total liabilities and stockholders' equity | $2,670,424 | $2,703,867| [Condensed Cash Flow](index=11&type=section&id=Condensed%20Cash%20Flow) This table outlines the company's condensed cash flow for the six months ended December 31, 2024, and 2023. Condensed Cash Flow (Unaudited) | Metric (in thousands) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :------------------------------------ | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $148,235 | $142,499 | | Net cash used in investing activities | $(26,716) | $(177,781) | | Net cash used in financing activities | $(95,408) | $(9,887) | | Net increase (decrease) in cash and cash equivalents | $25,758 | $(50,439) | | Cash and cash equivalents at end of period | $177,549 | $130,132 | [Reconciliation of Non-GAAP Financial Measures (Unaudited)](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20(Unaudited)) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, enhancing investor transparency. [Reconciliation of Adjusted Gross Margin Percentage](index=7&type=section&id=Reconciliation%20of%20Adjusted%20Gross%20Margin%20Percentage) This table reconciles GAAP gross margin to adjusted gross margin percentage for Q2 and six months of FY2025 and FY2024. Reconciliation of Adjusted Gross Margin Percentage | Metric (in thousands) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :---------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Gross margin - GAAP | $193,886 | $176,587 | $376,903 | $361,778 | | Gross margin percentage - GAAP | 65.3% | 64.8% | 64.3% | 65.8% | | Adjusted gross margin | $208,163 | $189,990 | $407,760 | $387,442 | | Adjusted gross margin percentage | 70.5% | 69.7% | 70.0% | 70.5% | [Reconciliation of Adjusted Operating Margin Percentage](index=7&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Margin%20Percentage) This table reconciles GAAP operating income to adjusted operating margin percentage for Q2 and six months of FY2025 and FY2024. Reconciliation of Adjusted Operating Margin Percentage | Metric (in thousands) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :---------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Operating income - GAAP | $47,419 | $38,004 | $87,406 | $93,866 | | Operating income percentage - GAAP | 16.0% | 13.9% | 14.9% | 17.1% | | Adjusted operating income | $88,711 | $81,945 | $171,943 | $168,834 | | Adjusted operating margin percentage | 30.1% | 30.1% | 29.5% | 30.7% | [Non-GAAP Adjusted Consolidated Net Earnings and Earnings per Share](index=8&type=section&id=Non-GAAP%20Adjusted%20Consolidated%20Net%20Earnings%20and%20Earnings%20per%20Share) This table reconciles GAAP net earnings to non-GAAP adjusted net earnings and EPS for Q2 and six months of FY2025 and FY2024. Non-GAAP Adjusted Consolidated Net Earnings and EPS | Metric (in thousands, except per share) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :-------------------------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Net earnings before taxes - GAAP | $42,876 | $33,387 | $83,047 | $82,945 | | Non-GAAP adjusted net earnings | $68,127 | $63,716 | $135,658 | $129,759 | | Earnings per share - diluted - Adjusted | $0.42 | $0.40 | $0.84 | $0.81 | [Non-GAAP Adjusted Tax Rate](index=8&type=section&id=Non-GAAP%20Adjusted%20Tax%20Rate) This table compares GAAP effective tax rate with non-GAAP adjusted tax rate for Q2 and six months of FY2025 and FY2024. Non-GAAP Adjusted Tax Rate | Metric | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :-------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | GAAP effective tax rate | 18.6% | 17.7% | 17.5% | 5.4% | | Non-GAAP adjusted tax rate | 21.5% | 22.0% | 21.5% | 22.0% | [Segment Revenue](index=9&type=section&id=Segment%20Revenue) This table presents revenue breakdown by Protein Sciences and Diagnostics and Spatial Biology segments for Q2 and six months of FY2025 and FY2024. Segment Revenue (Unaudited) | Segment (in thousands) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :----------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Protein Sciences segment revenue | $211,551 | $197,670 | $416,086 | $402,325 | | Diagnostics and Spatial Biology segment revenue | $84,135 | $75,408 | $167,327 | $148,204 | | Consolidated revenue | $297,031 | $272,598 | $586,489 | $549,533 | [Segment Operating Income](index=9&type=section&id=Segment%20Operating%20Income) This table details operating income for Protein Sciences and Diagnostics and Spatial Biology segments for Q2 and six months of FY2025 and FY2024. Segment Operating Income (Unaudited) | Segment (in thousands) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :----------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Protein Sciences segment operating income | $87,112 | $79,586 | $167,653 | $167,947 | | Diagnostics and Spatial Biology segment operating income | $3,240 | $4,556 | $7,517 | $5,082 | | Adjusted operating income | $88,711 | $81,945 | $171,943 | $168,834 | | Operating income | $47,419 | $38,004 | $87,406 | $93,866 | [Reconciliation of GAAP Net Income to Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA) This table reconciles GAAP net earnings to EBITDA and adjusted EBITDA for Q2 and six months of FY2025 and FY2024. Reconciliation of GAAP Net Income to Adjusted EBITDA | Metric (in thousands) | Q2 FY2025 (12/31/2024) | Q2 FY2024 (12/31/2023) | 6 Months FY2025 (12/31/2024) | 6 Months FY2024 (12/31/2023) | | :---------------------- | :--------------------- | :--------------------- | :--------------------------- | :--------------------------- | | Net earnings | $34,890 | $27,465 | $68,490 | $78,459 | | EBITDA | $70,760 | $64,704 | $140,318 | $146,804 | | Adjusted EBITDA | $96,111 | $93,228 | $191,824 | $190,577 |