Bio-Techne (TECH) Tops Q3 EPS by 24c, Revenues Beat

Bio-Techne (NASDAQ: TECH) reported Q3 EPS of $1.39, $0.24 better than the analyst estimate of $1.15. Revenue for the quarter came in at $194.7 million versus the consensus estimate of $185.43 million.

Third Quarter FY2020 Snapshot

• Third quarter organic revenue increased by 6% (5% reported) to $194.7 million and 8% (8% reported) in the first three quarters of fiscal 2020 to $562.9 million.
• GAAP EPS was $0.92 versus $1.15 one year ago. Delivered adjusted earnings per share (EPS) of $1.39 versus $1.21 one year ago.
• Adjusted Operating Margin increased to 36.4% in the third quarter of fiscal 2020 compared to 35.2% in the third quarter of fiscal 2019.
• Maintained strong operating cash flows with an increase of over 27% in year-to-date operating cash flow from the prior fiscal year.
• Bio-Techne is utilizing our deep product portfolio and expertise as a trusted partner in the fight against COVID-19. Our automated immunoassay platform EllaTM, is providing front-line support through real-time monitoring of an individual\'s immune responses to COVID-19 while we deploy our other market-leading technologies to provide critical support for researchers further advancing the development of potential therapeutics and vaccinations worldwide.
• Continued execution of long-term Exosome strategy with coverage expansion through a 10-year agreement with General Services covering approximately 9 million lives, product enhancements with an ExoDx at-home specimen collection kit, and certification of the ExoDx CLIA lab for virology testing expanding our CLIA lab capabilities.

"Our Q3 performance is indicative of the resolve and energy our teams around the world have to succeed in these trying times. I want to thank all of our employees for their commitment and hard work," said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. "A finish of 6% organic growth is a great accomplishment for the company, given the unprecedented challenges we all faced with the COVID-19 virus pandemic during the second half of the quarter."

Kummeth added, "Going forward, we have all the necessary processes in place to service our customers remotely as their labs come back online. In addition, we have pivoted a significant part of the company to innovate for COVID-19 solutions. We are currently working on many COVID-19 related projects, and I am extremely excited about how our company can participate on a global level to help eradicate this horrible virus. As a premier Proteins, Antibody, Assay and Diagnostics producer, we are in a unique position to provide reagents for all aspects of COVID-19 research and diagnostics. Our mission thrives on helping solve these types of problems."

For earnings history and earnings-related data on Bio-Techne (TECH) click here.

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