Business
Bio-Techne Releases Fourth Quarter Fiscal 2019 Results
MINNEAPOLIS, Aug. 6, 2019 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ:TECH) today reported its financial results for the fourth quarter ended June 30,
About this update from Bio-techne Corp
[{"type":"text","content":"MINNEAPOLIS, Aug. 6, 2019 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ:TECH) today reported its financial results for the fourth quarter ended June 30, 2019.\nFourth Quarter FY2019 Snapshot\nFourth quarter organic growth of 7% (6% reported) to $191.7 million. Full year organic growth of 10% (11% reported) to $714.0 million. GAAP EPS was $0.42 vs. $1.08 one year ago. Delivered adjusted earnings per share (EPS) of $1.25 vs. $1.34 one year ago. Full year GAAP EPS was $2.47 vs $3.31 one year ago. Full year adjusted EPS was $4.51 vs $4.54 in the prior year despite foreign currency exchange headwinds negatively impacting fiscal year results by $0.14 or 3%. Protein Sciences Segment delivered 9% organic growth in FY19 Q4. The segment achieved full year organic growth of 13%. The U.S. Food and Drug Administration granted breakthrough device designation to ExoDx Prostate IntelliScore (EPI) making it the first exosome-based liquid biopsy test to receive a breathrough device designation. Acquired B-MoGen Biotechnologies Inc. with technology specializing in solving the most complex gene editing problems with proprietary, cutting edge non-viral gene editing and delivery tools. 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.\n\"We are pleased to deliver strong results in the fourth quarter and finish a phenomenal fiscal year 2019 with 10% organic growth,\" said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. \"Our teams executed well all year on both the top and bottom-line, exceeding market growth in our portfolio of research reagents and instruments.\" \nKummeth added, \"While our Diagnostics tools division was adversely impacted this quarter by the timing of OEM order flow, our Genomics division continues to be in full recovery from earlier in the year and again, topped 20% organic growth in Q4. We also received exciting news that our EPI liquid-biopsy tes...