Business
Bio-Techne Releases Fourth Quarter Fiscal 2020 Results
MINNEAPOLIS, Aug. 4, 2020 /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. 4, 2020 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ:TECH) today reported its financial results for the fourth quarter ended June 30, 2020.\nFourth Quarter FY2020 Snapshot\nFourth quarter organic revenue decreased 8% (-8% reported) to $175.8 million. Full year organic growth of 4% (4% reported) to $738.7 million. GAAP EPS was $1.48 vs. $0.42 one year ago. Delivered adjusted earnings per share (EPS) of $1.00 vs. $1.25 one year ago. Full year GAAP EPS was $5.82 vs $2.47 one year ago. Full year adjusted EPS was $4.55 vs $4.51 in the prior year. Maintained strong operating cash flows with an increase in fiscal 2020 operating cash flow of 13% when compared to the prior year. Finished the fiscal year with total leverage below 1.0x EBITDA. Partnered with Mount Sinai Health System's commercial affiliate, Kantaro Biosciences LLC, to scale the manufacturing and distribution capabilities of quantitative COVID-19 serology testing. The co-branded quantitative test will aid in determining immunity levels of patients exposed to the virus. Remained at the forefront of COVID-19 research and therapeutic development with the release of new SARS-CoV-2-related antibodies and viral proteins. Additionally, our multiplexing ELISA instrument, Ella, provided clinically relevant data regarding the immunologic response to the virus while our newly developed COVID-19 RNAscope™ probes allowed researchers to visualize and estimate the viral load in any infected tissue and cell. 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\"I am extremely proud of the way the global Bio-Techne team responded to a challenging quarter. Thanks to the dedication, innovation, discipline and resolve of our team, our Q4 performance exceeded our initial revenue and earnings expectations,\" said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. \"We finished fiscal 2020 with 4% or...