Bio-Techne Releases First Quarter Fiscal 2022 Results

About this update from Bio-techne Corp

[{"type":"text","content":"MINNEAPOLIS, Nov. 2, 2021 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ:TECH) today reported its financial results for the first quarter ended September 30, 2021.\nFirst Quarter FY2022 Snapshot\nFirst quarter organic revenue increased by 21% (26% reported) to $257.7 million. GAAP EPS was $1.69 versus $0.83 one year ago. Delivered adjusted earnings per share (EPS) of $1.83 versus $1.43 a year ago. Protein Sciences achieved 26% organic growth, its third consecutive quarter of organic growth above 20%. Adjusted operating income increased 25% (29% reported) when compared to the prior year. Excellent commercial execution in all major geographic regions, with North America and Europe organic growth of at least 20%, and China increasing over 50%. The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted diluted EPS, adjusted earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic growth, 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.\n\"The Bio-Techne team executed at a high level during the first quarter and our fiscal 2022 is off to a strong start,\" said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. \"We experienced broad strength across our portfolio of proteomic research reagents and analytical tools, which led to organic growth of 21% in the quarter, as our diverse offering continued to deliver solutions to enable life sciences discoveries.\" \nKummeth added, \"Additionally, our Cell and Gene Therapy initiatives made significant progress in the quarter, as our portfolio of reagents and workflow solutions increased over 60% in the quarter, including growth of over 165% in our GMP protein business. This momentum is having a broader impact throughout the Company, driving adoption of our media, assays, instrumentation, antibodies and other offerings in our portfolio. I am extremely excited about the potential of these emerging therapies and the role Bio-Techne is playing to advance the industry.\" \nFirst Quarter Fiscal 2022\nRevenue\nNet sales for the first quarter incre...

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