BIO-TECHNE RELEASES FOURTH QUARTER FISCAL 2024 RESULTS
Fourth Quarter FY2024 Highlights
- Fourth 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
"I am extremely proud of our team's dedication and execution in stabilizing, yet still challenging end-markets." said
Kelderman 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 outperformance while life science research end-markets return to historical growth rates."
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 11156560. The replay will be available from
Fourth Quarter Fiscal 2024
Revenue
Net sales for the fourth quarter increased 2% to
GAAP Earnings Results
GAAP EPS was
Non-GAAP Earnings Results
Adjusted EPS decreased to
Full Year Fiscal 2024
Revenue
Net sales for the full year fiscal 2024 increased 2% to
GAAP Earnings Results
GAAP EPS was
Non-GAAP Earnings Results
Adjusted EPS decreased to
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
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 fourth quarter fiscal 2024 net sales were
The Diagnostics and Genomics segment's full year fiscal 2024 net sales were
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
- 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
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 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. We also exclude certain litigation charges which are facts and circumstances specific including costs to resolve litigation and legal settlement (gains and losses). In some cases, these costs may be a result of litigation matters at acquired companies that were not probable, inestimable, or unresolved at the time of acquisition. 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
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, 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
Contact: |
David Clair, Vice President, Investor Relations & Corporate Development |
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612-656-4416 |
BIO-TECHNE CORPORATION |
||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||||||
(In thousands, except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
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QUARTER |
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YEAR |
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ENDED |
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ENDED |
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||||
|
|
$ |
306,098 |
|
$ |
301,320 |
|
$ |
1,159,060 |
|
$ |
1,136,702 |
Cost of sales |
|
|
102,751 |
|
|
96,623 |
|
|
389,335 |
|
|
366,887 |
Gross margin |
|
|
203,347 |
|
|
204,697 |
|
|
769,725 |
|
|
769,815 |
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
133,536 |
|
|
86,754 |
|
|
466,375 |
|
|
378,378 |
Research and development |
|
|
23,989 |
|
|
23,418 |
|
|
96,664 |
|
|
92,493 |
Total Operating Expenses |
|
|
157,525 |
|
|
110,172 |
|
|
563,039 |
|
|
470,871 |
Operating income |
|
|
45,822 |
|
|
94,525 |
|
|
206,686 |
|
|
298,944 |
Other income (expense) |
|
|
(4,162) |
|
|
(6,209) |
|
|
(20,997) |
|
|
39,715 |
Earnings before income taxes |
|
|
41,660 |
|
|
88,316 |
|
|
185,689 |
|
|
338,659 |
Income taxes |
|
|
1,073 |
|
|
12,832 |
|
|
17,584 |
|
|
53,217 |
Net earnings, including noncontrolling interest |
|
$ |
40,587 |
|
$ |
75,484 |
|
$ |
168,105 |
|
$ |
285,442 |
Net earnings attributable to noncontrolling interest |
|
|
— |
|
|
— |
|
|
— |
|
|
179 |
Net earnings attributable to |
|
$ |
40,587 |
|
$ |
75,484 |
|
$ |
168,105 |
|
$ |
285,263 |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
$ |
0.48 |
|
$ |
1.07 |
|
$ |
1.81 |
Diluted |
|
$ |
0.25 |
|
$ |
0.47 |
|
$ |
1.05 |
|
$ |
1.76 |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
157,868 |
|
|
157,504 |
|
|
157,708 |
|
|
157,179 |
Diluted |
|
|
160,651 |
|
|
161,920 |
|
|
160,774 |
|
|
161,855 |
BIO-TECHNE CORPORATION |
||||||
CONSOLIDATED CONDENSED BALANCE SHEETS |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
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||||||
|
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|
|
|
||
ASSETS |
|
|
|
|
|
|
Cash and equivalents |
|
$ |
151,791 |
|
$ |
180,571 |
Short-term available-for-sale investments |
|
|
1,072 |
|
|
23,739 |
Accounts receivable, net |
|
|
241,394 |
|
|
218,468 |
Inventories |
|
|
179,731 |
|
|
171,638 |
Current assets held-for-sale |
|
|
9,773 |
|
|
— |
Other current assets |
|
|
33,658 |
|
|
27,066 |
Total current assets |
|
|
617,419 |
|
|
621,482 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
251,154 |
|
|
226,200 |
Right of use assets |
|
|
91,285 |
|
|
98,326 |
|
|
|
1,479,744 |
|
|
1,407,382 |
Other assets |
|
|
264,265 |
|
|
285,302 |
Total assets |
|
$ |
2,703,867 |
|
$ |
2,638,692 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
112,672 |
|
$ |
77,306 |
Contract liabilities |
|
|
27,930 |
|
|
23,069 |
Income taxes payable |
|
|
3,706 |
|
|
12,022 |
Contingent consideration payable |
|
|
— |
|
|
3,500 |
Operating lease liabilities - current |
|
|
12,920 |
|
|
11,199 |
Other current liabilities |
|
|
2,151 |
|
|
1,413 |
Total current liabilities |
|
|
159,379 |
|
|
128,509 |
|
|
|
|
|
|
|
Deferred income taxes |
|
|
55,863 |
|
|
88,982 |
Long-term debt obligations |
|
|
319,000 |
|
|
350,000 |
Operating lease liabilities |
|
|
87,618 |
|
|
93,766 |
Other long-term liabilities |
|
|
13,157 |
|
|
10,919 |
Stockholders' equity |
|
|
2,068,850 |
|
|
1,966,516 |
Total liabilities and stockholders' equity |
|
$ |
2,703,867 |
|
$ |
2,638,692 |
BIO-TECHNE CORPORATION |
||||||||||||
RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE |
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(Unaudited) |
||||||||||||
|
||||||||||||
|
|
QUARTER |
|
YEAR |
||||||||
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ENDED |
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ENDED |
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||||
Gross margin percentage - GAAP |
|
66.4 |
% |
|
67.9 |
% |
|
66.4 |
% |
|
67.7 |
% |
Identified adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs recognized upon sale of acquired inventory |
|
0.1 |
% |
|
— |
% |
|
0.1 |
% |
|
0.0 |
% |
Amortization of intangibles |
|
3.9 |
% |
|
3.7 |
% |
|
4.0 |
% |
|
4.0 |
% |
Stock compensation expense - COGS |
|
0.1 |
% |
|
0.0 |
% |
|
0.1 |
% |
|
0.1 |
% |
Restructuring and restructuring-related costs |
|
0.5 |
% |
|
— |
% |
|
0.3 |
% |
|
— |
% |
Impact of partially-owned consolidated subsidiaries1) |
|
— |
% |
|
— |
% |
|
— |
% |
|
(0.1) |
% |
Impact of business held-for-sale2) |
|
0.1 |
% |
|
— |
% |
|
0.1 |
% |
|
— |
% |
Gross margin percentage - Adjusted |
|
71.1 |
% |
|
71.6 |
% |
|
71.0 |
% |
|
71.7 |
% |
|
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) Since |
BIO-TECHNE CORPORATION |
||||||||||||
RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
QUARTER |
|
YEAR |
||||||||
|
|
ENDED |
|
ENDED |
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|
|
|
|
|
|
|
|
||||
Operating margin percentage - GAAP |
|
15.0 |
% |
|
31.4 |
% |
|
17.8 |
% |
|
26.3 |
% |
Identified adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs recognized upon sale of acquired inventory |
|
0.1 |
% |
|
— |
% |
|
0.1 |
% |
|
0.0 |
% |
Amortization of intangibles |
|
6.3 |
% |
|
6.2 |
% |
|
6.8 |
% |
|
6.7 |
% |
Acquisition related expenses and other |
|
1.5 |
% |
|
(0.2) |
% |
|
0.6 |
% |
|
(0.8) |
% |
Certain litigation charges |
|
1.2 |
% |
|
— |
% |
|
0.3 |
% |
|
— |
% |
Stock-based compensation, inclusive of employer taxes |
|
2.4 |
% |
|
(0.6) |
% |
|
3.5 |
% |
|
3.6 |
% |
Restructuring and restructuring-related costs |
|
1.7 |
% |
|
0.3 |
% |
|
1.1 |
% |
|
0.3 |
% |
Impairment of assets held-for-sale |
|
5.2 |
% |
|
— |
% |
|
1.9 |
% |
|
— |
% |
Impact of partially-owned consolidated subsidiaries1) |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.0 |
% |
Impact of business held-for-sale2) |
|
0.1 |
% |
|
— |
% |
|
0.0 |
% |
|
— |
% |
Operating margin percentage - Adjusted |
|
33.5 |
% |
|
37.1 |
% |
|
32.1 |
% |
|
36.1 |
% |
|
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 year ended |
2) Since |
BIO-TECHNE CORPORATION |
||||||||||||||
NON-GAAP ADJUSTED CONSOLIDATED NET EARNINGS and EARNINGS per SHARE |
||||||||||||||
(In thousands, except per share data) (Unaudited) |
||||||||||||||
|
||||||||||||||
|
|
QUARTER |
|
YEAR |
|
|||||||||
|
|
ENDED |
|
ENDED |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings before taxes - GAAP |
|
$ |
41,660 |
|
$ |
88,316 |
|
|
$ |
185,689 |
|
$ |
338,659 |
|
Identified adjustments attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs recognized upon sale of acquired inventory |
|
|
179 |
|
|
— |
|
|
|
729 |
|
|
400 |
|
Amortization of intangibles |
|
|
19,411 |
|
|
18,719 |
|
|
|
78,318 |
|
|
76,413 |
|
Amortization of |
|
|
3,062 |
|
|
2,805 |
|
|
|
15,686 |
|
|
2,805 |
|
Acquisition related expenses and other |
|
|
4,955 |
|
|
(477) |
|
|
|
7,564 |
|
|
(9,147) |
|
Certain litigation charges |
|
|
3,506 |
|
|
— |
|
|
|
3,506 |
|
|
— |
|
Gain on sale of partially-owned consolidated subsidiaries |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(11,682) |
|
Stock-based compensation, inclusive of employer taxes |
|
|
7,466 |
|
|
(1,662) |
|
|
|
40,277 |
|
|
41,217 |
|
Restructuring and restructuring-related costs |
|
|
5,087 |
|
|
879 |
|
|
|
12,245 |
|
|
3,829 |
|
Investment (gain) loss and other non-operating |
|
|
0 |
|
|
682 |
|
|
|
(283) |
|
|
(37,646) |
|
Impairment of assets held-for-sale |
|
|
15,926 |
|
|
— |
|
|
|
21,963 |
|
|
— |
|
Impact of partially-owned consolidated subsidiaries1) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(420) |
|
Impact of business held-for-sale(2) |
|
|
(447) |
|
|
— |
|
|
|
(525) |
|
|
— |
|
Net earnings before taxes - Adjusted1,2) |
|
$ |
100,805 |
|
$ |
109,262 |
|
|
$ |
365,169 |
|
$ |
404,428 |
|
Non-GAAP tax rate |
|
|
22.0 |
% |
|
19.2 |
% |
|
|
22.0 |
% |
|
20.5 |
% |
Non-GAAP tax expense |
|
$ |
22,239 |
|
$ |
20,962 |
|
|
$ |
80,420 |
|
$ |
82,948 |
|
Non-GAAP adjusted net earnings attributable to |
|
$ |
78,566 |
|
$ |
88,300 |
|
|
$ |
284,749 |
|
$ |
321,480 |
|
Earnings per share - diluted - Adjusted1,2) |
|
$ |
0.49 |
|
$ |
0.55 |
|
|
$ |
1.77 |
|
$ |
1.99 |
|
|
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) Since |
BIO-TECHNE CORPORATION |
||||||||||||
NON-GAAP adjusted tax rate (In percentages) |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
QUARTER |
|
YEAR |
||||||||
|
|
ENDED |
|
ENDED |
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|
|
|
|
|
|
|
|
|
||||
GAAP effective tax rate |
|
2.6 |
% |
|
14.5 |
% |
|
9.5 |
% |
|
15.7 |
% |
Discrete items |
|
20.0 |
|
|
3.0 |
|
|
14.0 |
|
|
3.4 |
|
Impact of non-taxable net gain |
|
— |
|
|
— |
|
|
— |
|
|
0.7 |
|
Annual forecast update |
|
0.9 |
|
|
2.3 |
|
|
— |
|
|
— |
|
Long-term GAAP tax rate |
|
23.5 |
% |
|
19.8 |
% |
|
23.5 |
% |
|
19.8 |
% |
Rate impact items |
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
(2.8) |
% |
|
0.5 |
% |
|
(2.5) |
% |
|
(1.4) |
% |
Other |
|
1.3 |
|
|
(1.1) |
|
|
1.0 |
|
|
2.1 |
|
Total rate impact items |
|
(1.5) |
% |
|
(0.6) |
% |
|
(1.5) |
% |
|
0.7 |
% |
Non-GAAP adjusted tax rate |
|
22.0 |
% |
|
19.2 |
% |
|
22.0 |
% |
|
20.5 |
% |
BIO-TECHNE CORPORATION |
||||||||||||
SEGMENT REVENUE |
||||||||||||
(In thousands) |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
QUARTER |
|
YEAR |
||||||||
|
|
ENDED |
|
ENDED |
||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
213,988 |
|
$ |
223,008 |
|
$ |
830,902 |
|
$ |
845,747 |
Diagnostics and Genomics segment revenue |
|
|
90,678 |
|
|
79,025 |
|
|
326,392 |
|
|
292,602 |
Other revenue1) |
|
|
2,060 |
|
|
— |
|
|
4,153 |
|
|
— |
lntersegment revenue |
|
|
(628) |
|
|
(713) |
|
|
(2,387) |
|
|
(1,647) |
Consolidated revenue |
|
$ |
306,098 |
|
$ |
301,320 |
|
$ |
1,159,060 |
|
$ |
1,136,702 |
|
1) Since |
BIO-TECHNE CORPORATION |
||||||||||||
SEGMENT OPERATING INCOME |
||||||||||||
(In thousands) |
||||||||||||
(Unaudited) |
||||||||||||
|
||||||||||||
|
|
QUARTER |
|
YEAR |
||||||||
|
|
ENDED |
|
ENDED |
||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
91,999 |
|
$ |
99,649 |
|
$ |
354,775 |
|
$ |
373,684 |
Diagnostics and Genomics segment operating income |
|
|
11,357 |
|
|
14,638 |
|
|
24,546 |
|
|
43,037 |
Segment operating income |
|
|
103,356 |
|
|
114,287 |
|
|
379,321 |
|
|
416,721 |
Corporate general, selling, and administrative |
|
|
(1,597) |
|
|
(2,449) |
|
|
(9,142) |
|
|
(6,530) |
Adjusted operating income |
|
|
101,759 |
|
|
111,838 |
|
|
370,179 |
|
|
410,191 |
Cost recognized upon sale of acquired inventory |
|
|
(179) |
|
|
— |
|
|
(729) |
|
|
(400) |
Amortization of intangibles |
|
|
(19,411) |
|
|
(18,719) |
|
|
(78,318) |
|
|
(76,413) |
Acquisition related expenses and other |
|
|
(4,809) |
|
|
623 |
|
|
(6,980) |
|
|
9,965 |
Certain litigation charges |
|
|
(3,506) |
|
|
— |
|
|
(3,506) |
|
|
— |
Impact of partially-owned consolidated subsidiaries1) |
|
|
— |
|
|
— |
|
|
— |
|
|
647 |
Stock-based compensation, inclusive of employer taxes |
|
|
(7,466) |
|
|
1,662 |
|
|
(40,277) |
|
|
(41,217) |
Restructuring and restructuring-related costs |
|
|
(5,087) |
|
|
(879) |
|
|
(12,245) |
|
|
(3,829) |
Impairment of assets held-for-sale |
|
|
(15,926) |
|
|
— |
|
|
(21,963) |
|
|
— |
Impact of business held-for-sale2) |
|
|
447 |
|
|
— |
|
|
525 |
|
|
— |
Operating income |
|
$ |
45,822 |
|
$ |
94,525 |
|
$ |
206,686 |
|
$ |
298,944 |
|
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) Since |
BIO-TECHNE CORPORATION |
|||||||||||
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
|||||||||||
|
QUARTER |
|
YEAR |
||||||||
|
ENDED |
|
ENDED |
||||||||
|
|
|
|
|
|
|
|
||||
Net earnings attributable to |
$ |
40,587 |
|
$ |
75,484 |
|
$ |
168,105 |
|
$ |
285,263 |
Net interest expense (income) |
|
1,605 |
|
|
2,668 |
|
|
12,413 |
|
|
7,805 |
Depreciation and amortization |
|
28,057 |
|
|
26,923 |
|
|
111,711 |
|
|
107,238 |
Income taxes |
|
1,073 |
|
|
12,832 |
|
|
17,584 |
|
|
53,217 |
EBITDA attributable to |
|
71,322 |
|
|
117,907 |
|
|
309,813 |
|
|
453,523 |
Costs recognized upon sale of acquired inventory |
|
179 |
|
|
— |
|
|
729 |
|
|
400 |
Acquisition related expenses and other |
|
4,955 |
|
|
(477) |
|
|
7,564 |
|
|
(9,147) |
Certain litigation charges |
|
3,506 |
|
|
— |
|
|
3,506 |
|
|
— |
Amortization of |
|
3,062 |
|
|
2,805 |
|
|
15,686 |
|
|
2,805 |
Gain on sale of partially-owned consolidated subsidiaries |
|
— |
|
|
— |
|
|
— |
|
|
(11,682) |
Stock-based compensation, inclusive of employer taxes |
|
7,466 |
|
|
(1,662) |
|
|
40,277 |
|
|
41,217 |
Restructuring and restructuring-related costs |
|
5,087 |
|
|
879 |
|
|
12,245 |
|
|
3,829 |
Investment (gain) loss and other non-operating |
|
0 |
|
|
682 |
|
|
(283) |
|
|
(37,646) |
Impairment of assets held-for-sale |
|
15,926 |
|
|
— |
|
|
21,963 |
|
|
— |
Impact of business held-for-sale2) |
|
(447) |
|
|
— |
|
|
(525) |
|
|
— |
Impact of partially-owned consolidated subsidiaries1) |
|
— |
|
|
— |
|
|
— |
|
|
(241) |
Adjusted EBITDA |
$ |
111,056 |
|
$ |
120,134 |
|
$ |
410,975 |
|
$ |
443,058 |
|
1) Net earnings attributable to |
2) Since |
BIO-TECHNE CORPORATION |
||||||
CONDENSED CASH FLOW |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
|
||||||
|
|
YEAR |
||||
|
|
ENDED |
||||
|
|
|
|
|
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
Net earnings |
|
$ |
168,105 |
|
$ |
285,442 |
Adjustments to reconcile net earnings to net cash provided by operating activities |
|
|
|
|
|
|
Depreciation and amortization |
|
|
111,711 |
|
|
107,238 |
Costs recognized on sale of acquired inventory |
|
|
729 |
|
|
400 |
Deferred income taxes |
|
|
(39,447) |
|
|
(29,567) |
Stock-based compensation expense |
|
|
38,042 |
|
|
39,230 |
Gain on sale of CCXI investment |
|
|
— |
|
|
(37,176) |
Fair value adjustment to available-for-sale investments |
|
|
(283) |
|
|
(472) |
Loss on equity method investment |
|
|
6,841 |
|
|
1,143 |
Asset impairment restructuring |
|
|
2,634 |
|
|
— |
Fair value adjustment to contingent consideration payable |
|
|
(3,500) |
|
|
(12,100) |
Gain on sale of Eminence |
|
|
— |
|
|
(11,682) |
Impairment of assets held-for-sale |
|
|
21,963 |
|
|
— |
Other operating activities |
|
|
(7,814) |
|
|
(88,063) |
Net cash provided by (used in) operating activities |
|
|
298,981 |
|
|
254,393 |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
Proceeds from sale of available-for-sale investments |
|
|
28,083 |
|
|
35,236 |
Purchases of available-for-sale investments |
|
|
(5,526) |
|
|
(20,500) |
Proceeds from sale of CCXI investment |
|
|
— |
|
|
73,219 |
Additions to property and equipment |
|
|
(62,877) |
|
|
(38,244) |
Acquisitions, net of cash acquired |
|
|
(169,707) |
|
|
(101,184) |
Distributions from (Investments in) |
|
|
6,997 |
|
|
(232,000) |
Proceeds from sale of Eminence |
|
|
— |
|
|
17,824 |
Net cash provided by (used in) investing activities |
|
|
(203,030) |
|
|
(265,649) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
Cash dividends |
|
|
(50,419) |
|
|
(50,285) |
Proceeds from stock option exercises |
|
|
60,935 |
|
|
29,813 |
Long-term debt activity, net |
|
|
(31,000) |
|
|
94,000 |
Re-purchases of common stock |
|
|
(80,042) |
|
|
(19,562) |
Taxes paid on RSUs and net share settlements |
|
|
(21,872) |
|
|
(28,893) |
Other financing activity |
|
|
— |
|
|
(2,457) |
Net cash provided by (used in) financing activities |
|
|
(122,398) |
|
|
22,616 |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(2,333) |
|
|
(3,356) |
Net increase (decrease) in cash and cash equivalents |
|
|
(28,780) |
|
|
8,004 |
Cash and cash equivalents at beginning of period |
|
|
180,571 |
|
|
172,567 |
Cash and cash equivalents at end of period |
|
$ |
151,791 |
|
$ |
180,571 |
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SOURCE