BIO-TECHNE RELEASES THIRD QUARTER FISCAL 2024 RESULTS

MINNEAPOLIS, May 1, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the third quarter ending March 31, 2024.

Third Quarter FY2024 Highlights

  • Third quarter organic revenue increased by 2% (3% reported) to $303.4 million.
  • GAAP earnings per share (EPS) was $0.31 versus $0.43 one year ago. Delivered adjusted EPS of $0.48 compared to $0.53 one year ago.
  • Strong commercial execution in Diagnostics & Genomics led to 10% organic segment growth (16% reported).
  • Continued uptake of our cell and gene therapy workflow solutions, including record sales for our GMP reagent portfolio.
  • Cash flow generated from operations increased to $223.5 million, a 31% 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.

"I am proud of the remarkable execution of our Bio-Techne team under challenging end market conditions, which drove solid top-line performance," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "As expected, we experienced subsiding headwinds from de-stocking but also delivered year-over-year growth in a depressed biopharma end market. This top-line performance, combined with the benefits of cost and efficiency initiatives, resulted in a 33.0% adjusted operating margin, representing a 290 basis-point sequential improvement."

Kelderman added, "Our differentiated portfolio of highly bioactive core reagents, proteomic analysis, cell & gene therapy, spatial biology and diagnostic solutions, remain extremely well positioned to catalyze advances in science and medicine, while creating long-term value for our shareholders."

Bio-Techne will host an earnings conference call today, May 1, 2024 at 8:00 a.m. CDT. To listen, please dial 1-877-407-9208 or 1-201-493-6784 (for international callers), and reference conference ID 13745802. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 13745802. The replay will be available from 11:00 a.m. CDT on Wednesday, May 1, 2024, until 11:00 p.m. CDT on Saturday, June 1, 2024.

Third Quarter Fiscal 2024

Revenue

Net sales for the third quarter increased 3% to $303.4 million. Organic revenue increased 2% compared to the prior year, with acquisitions contributing 1%. Foreign currency exchange and a business held-for-sale did not have a material impact.

GAAP Earnings Results

GAAP EPS was $0.31 per diluted share, versus $0.43 in the same quarter last year. GAAP operating income for the third quarter of fiscal 2024 decreased 16% to $67.0 million, compared to $80.2 million in the third quarter of fiscal 2023. GAAP operating margin was 22.1%, compared to 27.3% in the third quarter of fiscal 2023. Current year GAAP operating margin was impacted by restructuring and CEO transition costs, the acquisition of Lunaphore, and unfavorable volume leverage within Protein Sciences.

Non-GAAP Earnings Results

Adjusted EPS decreased to $0.48 per diluted share compared to $0.53 in the same quarter last year. Adjusted operating income for the third quarter of fiscal 2024 decreased 8% to $99.6 million compared to $108.7 million in the third quarter of fiscal 2023. Adjusted operating margin was 33.0%, compared to 37.0% in the third quarter of fiscal 2023. Adjusted operating margin was unfavorably impacted by the acquisition of Lunaphore and unfavorable volume leverage within Protein Sciences.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.

Protein Sciences Segment

The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biotechnology and academic research communities. Additionally, the segment provides an array of platforms useful in various areas of protein analysis. Protein Sciences segment's third quarter fiscal 2024 net sales were $214.6 million, a decrease of 2% from $218.9 million for the third quarter of fiscal 2023. As of December 31, 2023, a business within the Protein Sciences Segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's third quarter fiscal operating results. The exclusion of current period sales related to this held-for-sale business reduced sales by 1%. Organic revenue for the segment declined 1% and foreign currency exchange did not have a material impact. The Protein Sciences segment's operating margin was 44.2% in the third quarter of fiscal 2024 compared to 45.1% in the third quarter of fiscal 2023. The segment's operating margin decreased primarily due to unfavorable volume leverage and product mix.

Diagnostics and Genomics Segment

The Company's Diagnostics and Genomics segment develops and provides spatial biology products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Genomics segment also provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Genomics segment's third quarter fiscal 2024 net sales were $87.5 million, an increase of 16% from $75.7 million for the third quarter of fiscal 2023. Organic revenue growth was 10% for the third quarter of fiscal 2024, with acquisitions having a 6% impact and foreign exchange not having a material impact. The Diagnostics and Genomics segment's operating margin was 9.3% in the third quarter of fiscal 2024 compared to 15.2% in the third quarter of fiscal 2023. The segment's operating margin decreased primarily due to the Lunaphore acquisition.

Use of non-GAAP Adjusted Financial Measures:

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include:

  • Organic revenue
  • Adjusted diluted earnings per share
  • Adjusted net earnings
  • Adjusted tax rate
  • Adjusted gross margin
  • Adjusted operating income
  • Adjusted operating margin
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA)
  • Adjusted EBITDA

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measure of organic revenue represents revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, the impact of businesses held-for-sale, as well as the impact of partially-owned consolidated subsidiaries. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period. Revenues from businesses held-for-sale are excluded from our organic revenue calculation starting on the date they become held-for-sale as those revenues will not be comparative in future periods. Revenues from partially-owned subsidiaries consolidated in our financial statements are also excluded from our organic revenue calculation, as those revenues are not fully attributable to the Company. There was no revenue from partially-owned consolidated subsidiaries in fiscal year 2024 due to the sale of Changzhou Eminence Biotechnology Co., Ltd. (Eminence) in the first quarter of fiscal 2023. Revenue from partially-owned consolidated subsidiaries was $2.0 million for the year ended June 30, 2023.

Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, exclude stock-based compensation, which is inclusive of the employer portion of payroll taxes on those stock awards, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, restructuring and restructuring-related costs, and other non-recurring items including non-recurring costs, goodwill and long-lived asset impairments, and gains. Stock-based compensation is excluded from non-GAAP adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjection assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory and acquisition-related expenses inclusive of the changes in fair value contingent consideration, and other non-recurring items including gains or losses on legal settlements, goodwill and long-lived asset impairment charges, and one-time assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Costs related to restructuring and restructuring-related activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs.  Additionally, these amounts can vary significantly from period to period based on current activity. The Company also excludes revenue and expense attributable to partially-owned consolidated subsidiaries as well as revenue and expense attributable to businesses held-for-sale in the calculation of our non-GAAP financial measures.

The Company's non-GAAP adjusted operating margin and adjusted net earnings, in total and on a per share basis, also excludes acquisition related expenses inclusive of the changes in fair value of contingent consideration, gain and losses from investments, as they are not part of our day-to-day operating decisions (excluding our equity method investment in Wilson Wolf as it is certain to be acquired in the future), certain adjustments to income tax expense, and other non-recurring items including certain costs related to the transition to a new CEO. Additionally, gains and losses from investments that are either isolated or cannot be expected to occur again with any predictability are excluded. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.

Investors are encouraged to review the reconciliations of adjusted financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.

Forward Looking Statements:

Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition,  general economic conditions, customer site closures or supply chain issues resulting from the COVID-19 pandemic, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $1.1 billion in net sales in fiscal 2023 and has approximately 3,200 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio­techne.com.

Contact:

David Clair, Vice President, Investor Relations & Corporate Development


David.Clair@bio-techne.com 


612-656-4416

 

BIO-TECHNE CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)
















QUARTER


NINE MONTHS



ENDED


ENDED



3/31/2024


3/31/2023


3/31/2024


3/31/2023

Net Sales


$

303,428


$

294,146


$

852,961


$

835,382

Cost of sales



98,829



91,984



286,584



270,265

Gross margin



204,599



202,162



566,377



565,117

Operating Expenses:













Selling, general and administrative



111,840



99,238



332,839



291,624

Research and development



25,761



22,713



72,675



69,074

Total Operating Expenses



137,601



121,951



405,514



360,698

Operating income



66,998



80,211



160,863



204,419

Other income (expense)



(5,914)



(15)



(16,835)



45,924

Earnings before income taxes



61,084



80,196



144,028



250,343

Income taxes



12,025



9,978



16,511



40,385

Net earnings, including noncontrolling interest


$

49,059


$

70,218


$

127,517


$

209,958

Net earnings attributable to noncontrolling interest









179

Net earnings attributable to Bio-Techne


$

49,059


$

70,218


$

127,517


$

209,779

Earnings per share:













Basic


$

0.31


$

0.45


$

0.81


$

1.34

Diluted


$

0.31


$

0.43


$

0.79


$

1.30

Weighted average common shares outstanding













Basic



157,309



157,311



157,655



157,071

Diluted



160,496



161,615



160,817



161,768

 

BIO-TECHNE CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)










3/31/2024


6/30/2023

ASSETS







Cash and equivalents


$

139,915


$

180,571

Short-term available-for-sale investments



5,397



23,739

Accounts receivable, net



227,887



218,468

Inventories



179,496



171,638

Current assets held-for-sale



26,669



Other current assets



31,286



27,066

Total current assets



610,650



621,482








Property and equipment, net



243,728



226,200

Right of use asset



97,258



98,326

Goodwill and intangible assets, net



1,497,394



1,407,382

Other assets



272,140



285,302

Total assets


$

2,721,170


$

2,638,692








LIABILITIES AND STOCKHOLDERS' EQUITY







Accounts payable and accrued expenses


$

91,014


$

77,306

Contract liabilities



30,108



23,069

Income taxes payable



12,082



12,022

Contingent consideration payable





3,500

Operating lease liabilities - current



12,978



11,199

Current liabilities held-for-sale



689



Other current liabilities



2,949



1,413

Total current liabilities



149,820



128,509








Deferred income taxes



63,666



88,982

Long-term debt obligations



389,000



350,000

Operating lease liabilities



92,752



93,766

Other long-term liabilities



11,557



10,919

Stockholders' equity



2,014,375



1,966,516

Total liabilities and stockholders' equity


$

2,721,170


$

2,638,692

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE

(Unaudited)
















QUARTER


NINE MONTHS



ENDED


ENDED



3/31/2024


3/31/2023


3/31/2024


3/31/2023

Gross margin percentage - GAAP


67.4

%


68.7

%


66.4

%


67.6

%

Identified adjustments:













Costs recognized upon sale of acquired inventory


0.1

%


%


0.1

%


0.0

%

Amortization of intangibles


3.8

%


3.8

%


4.1

%


4.1

%

Stock compensation expense


0.0

%


0.1

%


0.1

%


0.1

%

Restructuring and restructuring-related costs


0.2

%


%


0.2

%


%

Impact of partially-owned consolidated subsidiaries1)


%


%


%


0.0

%

Impact of business held-for-sale2)


0.4

%


%


0.1

%


%

Gross margin percentage - Adjusted


71.9

%


72.6

%


71.0

%


71.8

%


1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE

(Unaudited)
















QUARTER


NINE MONTHS



ENDED


ENDED



3/31/2024


3/31/2023


3/31/2024


3/31/2023

Operating margin percentage - GAAP


22.1

%


27.3

%


18.9

%


24.5

%

Identified adjustments:













Costs recognized upon sale of acquired inventory


0.1

%


%


0.1

%


0.0

%

Amortization of intangibles


6.3

%


6.6

%


6.8

%


6.9

%

Acquisition related expenses and other


1.1

%


(0.5)

%


0.2

%


(1.1)

%

Stock-based compensation, inclusive of employer taxes


2.7

%


3.6

%


3.9

%


5.1

%

Restructuring and restructuring-related costs


0.5

%


0.0

%


0.8

%


0.4

%

Impairment of assets held-for-sale


%


%


0.7

%


%

Impact of partially-owned consolidated subsidiaries1)


%


%


%


0.0

%

Impact of business held-for-sale2)


0.2

%


%


0.1

%


%

Operating margin percentage - Adjusted


33.0

%


37.0

%


31.5

%


35.8

%


1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023. As disclosed in our use of Non-GAAP Adjusted Financial Measures, the adjusted operating margin percentages excludes partially-owned consolidated revenue and expense amounts. Due to the sale of this partially-owned consolidated subsidiary in the first fiscal quarter of 2023, there was no impact on operating margin for the quarter and nine months ended March 31, 2024 and the quarter ended March 31, 2023. The excluded revenue and excluded operating (income)/loss attributable to partially-owned consolidated subsidiaries had a 0.1% and (0.1%) impact, respectively, on the operating margin for the first nine months of fiscal 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

NON-GAAP ADJUSTED CONSOLIDATED NET EARNINGS and EARNINGS per SHARE

(In thousands, except per share data) (Unaudited)


















QUARTER


NINE MONTHS




ENDED


ENDED




3/31/2024


3/31/2023



3/31/2024


3/31/2023


Net earnings before taxes - GAAP


$

61,084


$

80,196



$

144,028


$

250,343


Identified adjustments attributable to Bio-Techne:















Costs recognized upon sale of acquired inventory



186






550



400


Amortization of intangibles



19,287



19,286




58,908



57,694


Amortization of Wilson Wolf intangible assets and acquired inventory



4,208






12,623




Acquisition related expenses and other



3,432



(1,187)




2,609



(8,670)


Gain on sale of partially-owned consolidated subsidiaries










(11,682)


Stock-based compensation, inclusive of employer taxes



8,358



10,543




32,810



42,879


Restructuring and restructuring-related costs



1,550






7,157



2,950


Investment (gain) loss and other non-operating





(314)




(283)



(38,328)


Impairment of assets held-for-sale








6,038




Impact of partially-owned consolidated subsidiaries1)










(420)


Impact of business held-for-sale(2)



(78)






(78)




Net earnings before taxes - Adjusted1,2)


$

98,027


$

108,524



$

264,362


$

295,166


Non-GAAP tax rate



22.0

%


21.0

%



22.0

%


21.0

%

Non-GAAP tax expense


$

21,602


$

22,790



$

58,181


$

61,985


Non-GAAP adjusted net earnings attributable to Bio-Techne1,2)


$

76,425


$

85,734



$

206,181


$

233,181


Earnings per share - diluted - Adjusted1,2)


$

0.48


$

0.53



$

1.28


$

1.44



1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

NON-GAAP adjusted tax rate (In percentages)

(Unaudited)
















QUARTER


NINE MONTHS



ENDED


ENDED



3/31/2024


3/31/2023


3/31/2024


3/31/2023

GAAP effective tax rate


19.7

%


12.4

%


11.5

%


16.1

%

Discrete items


2.9



7.1



11.5



3.5


Impact of non-taxable net gain








1.0


Annual forecast update


0.4



1.1






Long-term GAAP tax rate


23.0

%


20.6

%


23.0

%


20.6

%

Rate impact items













Stock based compensation


(2.0)

%


(1.5)

%


2.2

%


(2.0)

%

Other


1.0



1.9



(3.2)



2.4


Total rate impact items


(1.0)

%


0.4

%


(1.0)

%


0.4

%

Non-GAAP adjusted tax rate


22.0

%


21.0

%


22.0

%


21.0

%

 

BIO-TECHNE CORPORATION

SEGMENT REVENUE

(In thousands)

(Unaudited)
















QUARTER


NINE MONTHS



ENDED


ENDED



3/31/2024


3/31/2023


3/31/2024


3/31/2023

Protein Sciences segment revenue


$

214,589


$

218,903


$

616,914


$

622,739

Diagnostics and Genomics segment revenue



87,511



75,669



235,715



213,577

Other revenue1)



2,093





2,093



lntersegment revenue



(765)



(426)



(1,761)



(934)

Consolidated revenue


$

303,428


$

294,146


$

852,961


$

835,382


1) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

SEGMENT OPERATING INCOME

(In thousands)

(Unaudited)
















QUARTER


NINE MONTHS



ENDED


ENDED



3/31/2024


3/31/2023


3/31/2024


3/31/2023

Protein Sciences segment operating income


$

94,829


$

98,756


$

262,777


$

274,035

Diagnostics and Genomics segment operating income



8,104



11,464



13,189



28,399

Segment operating income



102,933



110,220



275,966



302,434

Corporate general, selling, and administrative



(3,346)



(1,513)



(7,545)



(4,082)

Adjusted operating income



99,587



108,707



268,421



298,352

Cost recognized upon sale of acquired inventory



(186)





(550)



(400)

Amortization of intangibles



(19,287)



(19,286)



(58,908)



(57,694)

Acquisition related expenses and other



(3,286)



1,333



(2,173)



9,343

Impact of partially-owned consolidated subsidiaries1)









647

Stock-based compensation, inclusive of employer taxes



(8,358)



(10,543)



(32,810)



(42,879)

Restructuring and restructuring-related costs



(1,550)





(7,157)



(2,950)

Impairment of assets held-for-sale







(6,038)



Impact of business held-for-sale2)



78





78



Operating income


$

66,998


$

80,211


$

160,863


$

204,419


1) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)














QUARTER


NINE MONTHS


ENDED


ENDED


3/31/2024


3/31/2023


3/31/2024


3/31/2023

Net earnings attributable to Bio-Techne

$

49,059


$

70,218


$

127,517


$

209,779

Net interest expense (income)


3,293



393



10,808



5,138

Depreciation and amortization


27,310



26,971



83,654



80,315

Income taxes


12,025



9,978



16,511



40,385

EBITDA attributable to Bio-Techne


91,687



107,560



238,490



335,617

Costs recognized upon sale of acquired inventory


186





550



400

Acquisition related expenses and other


3,432



(1,187)



2,609



(8,670)

Amortization of Wilson Wolf intangible assets and acquired inventory


4,208





12,623



Gain on sale of partially-owned consolidated subsidiaries








(11,682)

Stock-based compensation, inclusive of employer taxes


8,358



10,543



32,810



42,879

Restructuring and restructuring-related costs


1,550





7,157



2,950

Investment (gain) loss and other non-operating




(314)



(283)



(38,328)

Impairment of assets held-for-sale






6,038



Impact of business held-for-sale2)


(78)





(78)



Impact of partially-owned consolidated subsidiaries1)








(241)

Adjusted EBITDA

$

109,343


$

116,602


$

299,916


$

322,925


1) Net earnings attributable to Bio-Techne excludes non-controlling interest of approximately 43% of the GAAP net earnings or loss for Eminence. To prevent double-counting the non-controlling interest component within our Adjusted EBITDA calculation, the amount accounts for both the non-controlling interest within the GAAP metric and the impact of partially-owned consolidated subsidiaries within our Non-GAAP adjusted consolidated net earnings table.

2) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

 

BIO-TECHNE CORPORATION

CONDENSED CASH FLOW

(In thousands)

(Unaudited)










NINE MONTHS



ENDED



3/31/2024


3/31/2023

CASH FLOWS FROM OPERATING ACTIVITIES







Net earnings


$

127,517


$

209,958

Adjustments to reconcile net earnings to net cash provided by operating activities







Depreciation and amortization



83,654



80,315

Costs recognized on sale of acquired inventory



550



400

Deferred income taxes



(29,896)



(22,651)

Stock-based compensation expense



30,979



41,315

Gain on sale of CCXI investment





(37,176)

Fair value adjustment to available-for-sale investments



(283)



(1,153)

(Gain) loss on equity method investment



6,042



Fair value adjustment to contingent consideration payable



(3,500)



(10,350)

Gain on sale of Eminence





(11,682)

Impairment of assets held-for-sale



6,038



Other operating activities



2,384



(77,976)

Net cash provided by (used in) operating activities



223,485



171,000

CASH FLOWS FROM INVESTING ACTIVITIES







Proceeds from sale of available-for-sale investments



23,759



29,161

Purchases of available-for-sale investments



(5,526)



(20,500)

Proceeds from sale of CCXI investment





73,219

Additions to property and equipment



(44,897)



(27,413)

Acquisitions, net of cash acquired



(169,707)



(101,184)

Distributions from (Investments in) Wilson Wolf



2,149



(232,000)

Proceeds from sale of Eminence





17,824

Net cash provided by (used in) investing activities



(194,222)



(260,893)

CASH FLOWS FROM FINANCING ACTIVITIES







Cash dividends



(37,792)



(37,688)

Proceeds from stock option exercises



38,001



21,399

Long-term debt activity, net



39,000



114,000

Re-purchases of common stock



(80,042)



(19,562)

Taxes paid on RSUs and net share settlements



(21,470)



(28,854)

Other financing activity





(2,457)

Net cash provided by (used in) financing activities



(62,303)



46,838

Effect of exchange rate changes on cash and cash equivalents



(7,616)



(2,230)

Net increase (decrease) in cash and cash equivalents



(40,656)



(45,285)

Cash and cash equivalents at beginning of period



180,571



172,567

Cash and cash equivalents at end of period


$

139,915


$

127,282

 

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SOURCE Bio-Techne Corporation