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BIO-TECHNE RELEASES FOURTH QUARTER FISCAL 2023 RESULTS
MINNEAPOLIS, Aug. 8, 2023 /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. 8, 2023 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the fourth quarter ended June 30, 2023.\nFourth Quarter FY2023 Highlights\nFourth quarter organic revenue increased by 5% (5% reported) to $301.3 million. Full year organic revenue increased 5% (3% reported) to $1.1 billion.GAAP earnings per share1) (EPS) was $0.47 versus $0.38 one year ago. Delivered adjusted EPS1) of $0.55 compared to $0.51 one year ago. Full year GAAP EPS was $1.76 versus $1.66 one year ago. Full year adjusted EPS was $1.99 versus $1.97 one year ago.Strong commercial execution in Diagnostics and Genomics led to 10% organic segment growth (10% reported) in the fourth quarter and 8% organic segment growth (6% reported) for fiscal year 2023.Our ExoDx prostate test and GMP proteins strategic growth platforms continued to deliver record performance with fourth quarter revenue growth of 68% and 58% and fiscal year 2023 revenue growth of 92% and 30%, respectively.Enhanced Bio-Techne's leading spatial biology franchise with the acquisition of Lunaphore whose fully automated, high-throughput COMET™ instrument enables the identification of spatial biomarkers in tumors and other tissues at single-cell and subcellular resolution.1)On November 29, 2022, the company executed a four-for-one split of Bio-Techne's common stock in the form of a stock dividend to all shareholders of record on November 14, 2022. All references made to share or per share amounts in this press release have been retroactively adjusted to reflect the effects of the stock split.\nThe Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted diluted EPS, adjusted net earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic growth, adjusted operating margin, earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA 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 finished fiscal 2023 largely in-line with our expectations, as the Bio-Techne team continued to successfully grow on top of high...