Bio-Techne (NASDAQ: TECH) reported Q2 EPS of $1.06, $0.08 better than the analyst estimate of $0.98. Revenue for the quarter came in at $174.5 million versus the consensus estimate of $170.19 million.

• Second quarter organic revenue increased by 11% (13% reported) to $174.5 million.
• GAAP EPS was $0.45 vs. $1.29 one year ago. Current Year GAAP EPS saw a one-time benefit for tax reform of $0.02 compared to a prior year GAAP EPS benefit of $0.94. Delivered adjusted earnings per share (EPS) of $1.06, an increase of 4% over the prior year.
• Excellent commercial execution in all major regions, especially China, with organic growth over 30%.
• Protein Sciences Segment delivered 14% organic growth with broad double-digit growth in most consumable and instrument product categories.
• The National Comprehensive Cancer Network (NCCN) included EPI as a recommended test in their Clinical Practice Guidelines in Oncology (NCCN Guidelines) for Prostate Cancer Early Detection.

The company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted dilutive EPS, adjusted net earnings, adjusted gross margin, adjusted operating income, and adjusted operating margin are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of non-GAAP Adjusted Financial Measures." A reconciliation of GAAP to non-GAAP financial measures is included in this press release.

"A truly outstanding quarter with 11% organic growth, especially considering a comparable of 14% organic growth in the same quarter last year," said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. "The team really performed well this quarter in most product categories and all regions. We were particularly impressed with China, with two quarters in a row of over 30% organic growth, a first for Bio-Techne."

Kummeth added, "The rest of Asia also performed very well in Q2 as they have for many quarters. We are seeing some critical mass with our company platforms in Asia, and the need for both our reagent and instrument products continues to grow within these expansive emerging markets. Our brands continue to be the go-to choice for researchers in both academia and biopharma markets due to our consistent top quality, an ever expanding GMP menu, and our unique automated solutions for many labor intensive laboratory procedures."

Kummeth concluded, "For the first half of our fiscal year, we have achieved double-digit organic growth over a prior year which also experienced double-digit growth. It has taken us years to reach this point of executing on our strategy, and the team is excited about our ability to see it continue."

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