RE: Bio-Techne Earnings below expectations1 Feb 2024 14:48
Ok
Cash flow generated from operations increased to $142.5 million, an 18% increase from the prior year.
Protein Sciences Segment
The Company’s Protein Sciences segment is one of the world’s leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biotechnology and academic research communities. Additionally, the segment provides an array of platforms useful in various areas of protein analysis. Protein Sciences segment’s second quarter fiscal 2024 net sales were $197.7 million, a decrease of 3% from $203.9 million for the second quarter of fiscal 2023. Organic revenue for the segment declined 4%, with foreign currency exchange having a 1% favorable impact. Protein Sciences segment’s operating margin was 40.3% in the second quarter of fiscal 2024 compared to 43.8% in the second quarter of fiscal 2023. The segment’s operating margin decreased primarily due to unfavorable volume and product mix.
Diagnostics and Genomics Segment
The Company’s Diagnostics and Genomics segment provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Genomics segment also develops and provides spatial biology products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Genomics segment’s second quarter fiscal 2024 net sales were $75.4 million, an increase of 11% from $68.0 million for the second quarter of fiscal 2023. Organic revenue growth was 5% for the second quarter of fiscal 2024, with acquisitions having a 5% impact and foreign exchange having a favorable impact of 1%. The Diagnostics and Genomics segment’s operating margin was 6.0% in the second quarter of fiscal 2024 compared to 12.2% in the second quarter of fiscal 2023. The segment’s operating margin decreased primarily due to the Lunaphore acquisition.