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Bio-Techne Fiscal Q1 Revenues Rise 26 Percent

NEW YORK – Bio-Techne on Tuesday said its fiscal year 2022 first quarter revenues rose 26 percent year over year.

For the three months ended Sept. 30, the firm reported revenues of $257.7 million compared to $204.2 million in Q1 2021, beating analysts' average estimate of $252.4 million. 

Minneapolis-based Bio-Techne said its Q1 Diagnostics and Genomics segment revenues rose 22 percent to $61.0 million from $50.1 million in the prior-year quarter.

Its Q1 Protein Sciences segment revenues rose 28 percent to $197.2 million from $154.4 million a year earlier.

The firm reported Q1 intersegment revenue of minus $452,000 compared to minus $372,000 in the prior-year quarter.

"We experienced broad strength across our portfolio of proteomic research reagents and analytical tools, which led to organic growth of 21 percent in the quarter, as our diverse offering continued to deliver solutions to enable life sciences discoveries," Bio-Techne CEO Chuck Kummeth said in a statement.

Bio-Techne reported a net income of $69.6 million, or $1.69 per share, for the quarter compared to $33.4 million, or $.83 per share, in the prior-year quarter. The company reported adjusted EPS of $1.83 per share, beating analysts' average estimate of $1.72 per share.

The firm's Q1 R&D expenses rose 35 percent year over year to $21.6 million from $16.0 million, while its SG&A expenses rose 19 percent to $86.2 million from $72.6 million.

Bio-Techne finished the quarter with $196.3 million in cash and cash equivalents and $38.7 million in short-term investments.

The firm announced a fiscal Q1 dividend of $.32 per share, payable Nov. 26 to common shareholders of record on Nov. 12.

In early Tuesday morning trading on the Nasdaq, Bio-Techne shares were down more than 4 percent to $501.38.