Bio-Techne Corporation (NASDAQ: TECH) has emerged as a focal point of interest within the US stock market today. Latest reports indicate a notable surge of 16.12% in Bio-Techne stock, currently valued at $73.40, during the ongoing market session. This upswing in TECH stock valuation follows the unveiling of its financial performance.
For the third quarter ending March 31, 2024, Bio-Techne (TECH) disclosed its financial outcomes. Noteworthy highlights include a 2% increase in organic revenue, amounting to $303.4 million, alongside an earnings per share (EPS) standing at $0.31. The company’s Diagnostics & Genomics division experienced a robust 10% organic segment growth, attributed to adept commercial execution.
Moreover, Bio-Techne witnessed heightened adoption of its cell and gene therapy workflow solutions, resulting in record-breaking sales for its GMP reagent portfolio. Operational cash flow surged to $223.5 million, marking a substantial 31% escalation. Despite encountering challenging market conditions, Bio-Techne showcased commendable top-line performance.
The company navigated through receding headwinds stemming from de-stocking while concurrently achieving year-over-year growth in a downturned biopharma market. This stellar top-line display, complemented by cost-effective initiatives, translated into an impressive 33.0% adjusted operating margin, showcasing a sequential uptick of 290 basis points.
Furthermore, effective immediately, Bio-Techne embarked on a strategic distribution venture with Thermo Fisher Scientific, a renowned purveyor of laboratory goods and services, within the European domain. This collaboration marks a significant synergy between two eminent entities in scientific research, diagnostics, and biotechnology.
Under this alliance, Thermo Fisher, through its Fisher Scientific Channel in Europe, will disseminate Bio-Techne’s extensive array of innovative offerings, spanning antibodies, proteins, immunoassay kits, as well as reagents and enzymes, to laboratories and research establishments across the European continent.
The partnership with Thermo Fisher is poised to facilitate Bio-Techne in extending the reach of its products and services across Europe. By leveraging the extensive European distribution network and industry acumen of the Fisher Scientific Channel, Bio-Techne anticipates bolstering support for researchers and expediting scientific breakthroughs aimed at addressing pivotal healthcare challenges.
