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BIO-TECHNE RELEASES FOURTH QUARTER FISCAL 2024 RESULTS
MINNEAPOLIS, Aug. 7, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the fourth quarter ending June 30,
About this update from Bio-techne Corp
[{"type":"text","content":"MINNEAPOLIS, Aug. 7, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the fourth quarter ending June 30, 2024.\nFourth Quarter FY2024 Highlights\nFourth quarter organic revenue increased by 1% (2% reported) to $306.1 million. Full year organic revenue increased 1% (2% reported) to $1.2 billion.GAAP earnings per share (EPS) was $0.25 versus $0.47 one year ago. Delivered adjusted EPS of $0.49 compared to $0.55 one year ago. Full year GAAP EPS was $1.05 versus $1.76 one year ago. Full year adjusted EPS was $1.77 versus $1.99 one year ago.Strong commercial execution in Diagnostics & Genomics led to 9% organic segment growth (15% reported) in the fourth quarter and 6% organic segment growth (12% reported) for fiscal year 2024.Fiscal year 2024 cash flow generated from operations increased to $299.0 million, an 18% increase from the prior year.The 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 revenue, 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\"I am extremely proud of our team's dedication and execution in stabilizing, yet still challenging end-markets.\" said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. \"We achieved another quarter of solid financial results while experiencing continued stabilization in both our biopharma and China end-markets, and strong performance in our diagnostic product businesses. We delivered this top-line result with a continued focus on profitability, which resulted in a 33.5% adjusted operating margin, representing a 50 basis-point sequential improvement.\"\nKelderman added, \"Our differentiated financial performance throughout fiscal 2024 showcases the value our growth pillars, as well as our core portfolio, bring to our customers, even when budgets are constrained. This gives us confidence in continued outper...