Summary : Bio-Techne Corp. topped $1 billion in full-year sales for the first time, its latest results showed Thursday, and the Minneapolis-based life science firm said it is beginning a two-year leadership transition.
Bio-Techne makes proteins and reagents such as antibodies that can be used by research and clinical diagnostic markets. Bio-Techne’s products can be used by drug developers in a wide range of medical research categories including cancer, cell and gene therapy, cardiovascular biology and immunology.
Kummer told investors Bio-Techne had an “incredible” year and was positioned to continue its momentum.
Bio-Techne Corp. topped $1 billion in full-year sales for the first time, its latest results showed Thursday, and the Minneapolis-based life science firm said it is beginning a two-year leadership transition.Chuck Kummeth, who as CEO since 2013 more than tripled the size of Bio-Techne, will leave the company in the summer of 2024.”During the last nine years, Chuck has done an extraordinary job accelerating growth, building a strong leadership team and positioning Bio-Techne for the future,” Robert Baumgartner, Bio-Techne’s board chair, said in a statement.Bio-Techne makes proteins and reagents such as antibodies that can be used by research and clinical diagnostic markets. Bio-Techne’s products can be used by drug developers in a wide range of medical research categories including cancer, cell and gene therapy, cardiovascular biology and immunology.Kummeth became Bio-Techne’s leader in April 2013 and steered the firm through 17 acquisitions. Since then Bio-Techne’s revenue has grown from approximately $311 million to $1.1 billion. Its employee base grew from 800 to 3,000.In fiscal fourth quarter ended June 30, Bio-Techne said its profit nearly quadrupled to $61.5 million, or $1.51 a diluted share. The bottom line was helped by a one-time accounting gain and a comparison against a quarter when it had a one-time charge.
Adjusted for one-time items, it earned $2.05 a share, slightly below analysts’ consensus estimate of $2.08, but up from $1.88 a year ago.
Revenue rose 11.3% to $288.2 million and helped Bio-Techne climb to $1.1 billion for its full fiscal year. That was up nearly 19% from the previous fiscal year.
The company’s stock was down about a half percent in late afternoon trading Thursday.
Kummer told investors Bio-Techne had an “incredible” year and was positioned to continue its momentum. Demand was robust for proteomic reagents and analytical tools.Its protein sciences business, which accounted for about three-fourths of its revenue, experienced a 16% jump in sales in the April-through-June period. The unit’s operating margin narrowed somewhat to about 45% from 47% a year earlier.Sales in its blood chemistry and diagnostics business, its second-biggest operation, rose about 7%. The business also experienced a slightly narrow opearting margin.
