BIO-TECHNE RELEASES FOURTH QUARTER FISCAL 2023 RESULTS
- Organic revenue growth of 5% in Q4 FY2023 shows positive performance.
- Acquisition of Lunaphore enhances the spatial biology franchise, indicating potential for future growth.
- Adjusted EPS increased to $0.55 in Q4 FY2023, showing improved profitability.
- Full year revenue increased 3% to $1.1 billion, demonstrating overall growth.
- The company's focus on operational efficiencies led to an adjusted operating margin of 37.1%.
- The acquisition of Namocell impacted adjusted operating margin in Q4 FY2023.
- None.
Fourth Quarter FY2023 Highlights
- Fourth quarter organic revenue increased by
5% (5% reported) to$301.3 million 5% (3% reported) to$1.1 billion - GAAP earnings per share1) (EPS) was
$0.47 $0.38 $0.55 $0.51 $1.76 $1.66 $1.99 $1.97 - Strong commercial execution in Diagnostics and Genomics led to
10% organic segment growth (10% reported) in the fourth quarter and8% 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% and58% and fiscal year 2023 revenue growth of92% and30% , 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.
The Company's financial statements are prepared in accordance with accounting principles generally accepted in
"We finished fiscal 2023 largely in-line with our expectations, as the Bio-Techne team continued to successfully grow on top of high year-over-year comparisons and navigate dynamic end market conditions that included a lower biotech funding environment and soft macro-economic conditions in
Kummeth continued, "We finalized the acquisition of Lunaphore, which closed on July 7, adding the fully automated, high throughput COMET™ instrument to our portfolio of spatial biology solutions. The combination of Lunaphore and Bio-Techne will enable the first fully automated spatial multiomic solution capable of same-slide detection of protein and RNA biomarkers. This novel solution positions Bio-Techne to further its leadership position in the nascent and high growth spatial biology market."
Kummeth concluded, "In fiscal 2023, we demonstrated the strength of our portfolio to grow in even the most challenging of times, which this year included very high comps from the prior year, lower biotech funding, customer de-stocking, and unprecedented
Fourth Quarter Fiscal 2023
Revenue
Net sales for the fourth quarter increased
GAAP Earnings Results
GAAP EPS was
Non-GAAP Earnings Results
Adjusted EPS increased to
Full Year Fiscal 2023
Revenue
Net sales for the full year fiscal 2023 increased
GAAP Earnings Results
GAAP EPS was
Non-GAAP Earnings Results
Adjusted EPS increased 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 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 fourth quarter fiscal 2023 net sales were
Protein Sciences segment's full year fiscal 2023 net sales were
Protein Sciences segment's operating margin was
Diagnostics and Genomics Segment
The Company's Diagnostics and Genomics segment 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 also develops and provides spatial biology products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Genomics segment's fourth quarter fiscal 2023 net sales were
The Diagnostics and Genomics segment's full year fiscal 2023 net sales were
Conference Call
Bio-Techne will host an earnings conference call today, August 8, 2023 at 8:00 a.m. CDT. To listen, please dial 1-877-300-8521 or 1-412-317-6026 for international callers, and reference conference ID 10180893. 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 10180893. The replay will be available from 11:00 a.m. CDT on Tuesday, August 8, 2023, until 11:00 p.m. CDT on Friday, September 8, 2023.
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 growth
- 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 growth represents revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, 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 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 for the quarter ended June 30, 2023 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
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, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, acquisition related expenses inclusive of the changes in fair value of contingent consideration, 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. 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 in the calculation of our non-GAAP financial measures as the revenues and expenses are not fully attributable to the Company.
The Company's non-GAAP adjusted operating margin and adjusted net earnings, in total and on a per share basis, also excludes stock-based compensation expense, which is inclusive of the employer portion of payroll taxes on those stock awards, restructuring, 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) and certain adjustments to income tax expense. Additionally, gains and losses from investments that are either isolated or cannot be expected to occur again with any predictability are excluded.
Costs related to restructuring activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs. 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
Contact: | David Clair, Vice President, Investor Relations |
David.Clair@bio-techne.com | |
612-656-4416 |
BIO-TECHNE CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) | |||||||||||
QUARTER | YEAR | ||||||||||
ENDED | ENDED | ||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||
Net Sales | $ | 301,320 | $ | 288,229 | $ | 1,136,702 | $ | 1,105,599 | |||
Cost of sales | 96,623 | 87,878 | 366,887 | 349,103 | |||||||
Gross margin | 204,697 | 200,351 | 769,815 | 756,496 | |||||||
Operating Expenses: | |||||||||||
Selling, general and administrative | 86,754 | 96,630 | 378,378 | 372,766 | |||||||
Research and development | 23,418 | 23,148 | 92,493 | 87,140 | |||||||
Total Operating Expenses | 110,172 | 119,778 | 470,871 | 459,906 | |||||||
Operating income | 94,525 | 80,573 | 298,944 | 296,590 | |||||||
Other income (expense) | (6,209) | (1,520) | 39,715 | 4,796 | |||||||
Earnings before income taxes | 88,316 | 79,053 | 338,659 | 301,386 | |||||||
Income taxes | 12,832 | 17,137 | 53,217 | 38,287 | |||||||
Net earnings, including noncontrolling interest | $ | 75,484 | $ | 61,916 | $ | 285,442 | $ | 263,099 | |||
Net earnings (loss) attributable to noncontrolling interest | - | 392 | 179 | (8,952) | |||||||
Net earnings attributable to Bio-Techne | $ | 75,484 | $ | 61,524 | $ | 285,263 | $ | 272,051 | |||
Earnings per share1): | |||||||||||
Basic | $ | 0.48 | $ | 0.39 | $ | 1.81 | $ | 1.73 | |||
Diluted | $ | 0.47 | $ | 0.38 | $ | 1.76 | $ | 1.66 | |||
Weighted average common shares outstanding1) | |||||||||||
Basic | 157,504 | 156,797 | 157,179 | 156,874 | |||||||
Diluted | 161,920 | 162,815 | 161,855 | 164,114 | |||||||
1)Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one stock split effected in the form of a stock dividend in November 2022. |
BIO-TECHNE CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands) (Unaudited) | ||||||
6/30/2023 | 6/30/2022 | |||||
ASSETS | ||||||
Cash and equivalents | $ | 180,571 | $ | 172,567 | ||
Short-term available-for-sale investments | 23,739 | 74,462 | ||||
Accounts receivable, net | 218,468 | 194,548 | ||||
Inventories | 171,638 | 141,123 | ||||
Other current assets | 27,066 | 22,856 | ||||
Total current assets | 621,482 | 605,556 | ||||
Property and equipment, net | 226,200 | 223,242 | ||||
Right of use asset | 98,326 | 65,556 | ||||
Goodwill and intangible assets, net | 1,407,382 | 1,353,623 | ||||
Other assets | 285,302 | 46,828 | ||||
Total assets | $ | 2,638,692 | $ | 2,294,805 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable and accrued expenses | $ | 77,306 | $ | 113,704 | ||
Contract liabilities | 23,069 | 23,406 | ||||
Income taxes payable | 12,022 | 13,237 | ||||
Contingent consideration payable | 3,500 | — | ||||
Operating lease liabilities - current | 11,199 | 11,928 | ||||
Current portion of long-term debt obligations | — | 12,500 | ||||
Other current liabilities | 1,413 | 1,243 | ||||
Total current liabilities | 128,509 | 176,018 | ||||
Deferred income taxes | 88,982 | 98,994 | ||||
Long-term debt obligations | 350,000 | 243,410 | ||||
Operating lease liabilities | 93,766 | 58,133 | ||||
Long-term contingent consideration payable | - | 5,000 | ||||
Other long-term liabilities | 10,919 | 12,239 | ||||
Stockholders' equity | 1,966,516 | 1,701,011 | ||||
Total liabilities and stockholders' equity | $ | 2,638,692 | $ | 2,294,805 | ||
BIO-TECHNE CORPORATION RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE (Unaudited) | ||||||||||||
QUARTER | YEAR | |||||||||||
ENDED | ENDED | |||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||
Gross margin percentage - GAAP | 67.9 | % | 69.5 | % | 67.7 | % | 68.4 | % | ||||
Identified adjustments: | ||||||||||||
Costs recognized upon sale of acquired inventory | — | % | — | % | 0.0 | % | 0.1 | % | ||||
Amortization of intangibles | 3.7 | % | 3.5 | % | 4.0 | % | 3.7 | % | ||||
Stock compensation expense - COGS | 0.0 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||
Impact of partially-owned consolidated subsidiaries1) | — | % | 0.1 | % | (0.1) | % | 0.2 | % | ||||
Gross margin percentage - Adjusted | 71.6 | % | 73.2 | % | 71.7 | % | 72.5 | % | ||||
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. |
BIO-TECHNE CORPORATION RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE (Unaudited) | ||||||||||||
QUARTER | YEAR | |||||||||||
ENDED | ENDED | |||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||
Operating margin percentage - GAAP | 31.4 | % | 28.0 | % | 26.3 | % | 26.8 | % | ||||
Identified adjustments: | ||||||||||||
Costs recognized upon sale of acquired inventory | — | % | — | % | 0.0 | % | 0.1 | % | ||||
Amortization of intangibles | 6.2 | % | 6.3 | % | 6.7 | % | 6.5 | % | ||||
Acquisition related expenses and other | (0.2) | % | 0.1 | % | (0.8) | % | (1.6) | % | ||||
Eminence Impairment | — | % | — | % | — | % | 1.8 | % | ||||
Stock-based compensation, inclusive of employer taxes | (0.6) | % | 3.0 | % | 3.6 | % | 4.3 | % | ||||
Restructuring costs | 0.3 | % | 0.0 | % | 0.3 | % | 0.1 | % | ||||
Impact of partially-owned consolidated subsidiaries1) | — | % | 0.0 | % | 0.0 | % | 0.3 | % | ||||
Operating margin percentage - Adjusted | 37.1 | % | 37.4 | % | 36.1 | % | 38.3 | % | ||||
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. The excluded revenue attributable to partially-owned consolidated subsidiaries had no impact on the operating margin for the fourth quarter of fiscal 2023, and a |
BIO-TECHNE CORPORATION NON-GAAP ADJUSTED CONSOLIDATED NET EARNINGS and EARNINGS per SHARE (In thousands, except per share data) (Unaudited) | ||||||||||||||
QUARTER | YEAR | |||||||||||||
ENDED | ENDED | |||||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||||
Net earnings before taxes - GAAP | $ | 88,316 | $ | 79,053 | $ | 338,659 | $ | 301,386 | ||||||
Identified adjustments attributable to Bio-Techne: | ||||||||||||||
Costs recognized upon sale of acquired inventory | — | — | 400 | 1,596 | ||||||||||
Amortization of intangibles | 18,719 | 18,112 | 76,413 | 73,054 | ||||||||||
Amortization of Wilson Wolf intangible assets and acquired inventory | 2,805 | — | 2,805 | — | ||||||||||
Acquisition related expenses and other | (477) | 354 | (9,147) | (18,694) | ||||||||||
Eminence impairment | — | — | — | 18,715 | ||||||||||
Gain on sale of partially-owned consolidated subsidiaries | — | — | (11,682) | — | ||||||||||
Stock-based compensation, inclusive of employer taxes | (1,662) | 8,671 | 41,217 | 46,401 | ||||||||||
Restructuring costs | 879 | — | 3,829 | 1,640 | ||||||||||
Investment (gain) loss and other non-operating | 682 | 359 | (37,646) | (16,171) | ||||||||||
Impact of partially-owned consolidated subsidiaries1) | — | (919) | (420) | 2,675 | ||||||||||
Net earnings before taxes - Adjusted1) | $ | 109,262 | $ | 105,630 | $ | 404,428 | $ | 410,602 | ||||||
Non-GAAP tax rate | 19.2 | % | 21.2 | % | 20.5 | % | 21.2 | % | ||||||
Non-GAAP tax expense | $ | 20,962 | $ | 22,358 | $ | 82,948 | $ | 87,090 | ||||||
Non-GAAP adjusted net earnings attributable to Bio-Techne1) | $ | 88,300 | $ | 83,272 | $ | 321,480 | $ | 323,512 | ||||||
Earnings per share - diluted - Adjusted1,2) | $ | 0.55 | $ | 0.51 | $ | 1.99 | $ | 1.97 | ||||||
1) Includes the 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) Prior period share and per share amounts have been retroactively adjusted to reflect the four-for-one stock split effected in the form of a stock dividend in November 2022. |
BIO-TECHNE CORPORATION NON-GAAP adjusted tax rate (In percentages) (Unaudited) | ||||||||||||
QUARTER | YEAR | |||||||||||
ENDED | ENDED | |||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||
GAAP effective tax rate | 14.5 | % | 21.7 | % | 15.7 | % | 12.7 | % | ||||
Discrete items | 3.0 | 2.6 | 3.4 | 11.3 | ||||||||
Impact of non-taxable net gain | — | — | 0.7 | — | ||||||||
Annual forecast update | 2.3 | (0.3) | — | — | ||||||||
Long-term GAAP tax rate | 19.8 | % | 24.0 | % | 19.8 | % | 24.0 | % | ||||
Rate impact items | ||||||||||||
Stock based compensation | 0.5 | % | (2.1) | % | (1.4) | % | (1.9) | % | ||||
Other | (1.1) | (0.7) | 2.1 | (0.9) | ||||||||
Total rate impact items | (0.6) | % | (2.8) | % | 0.7 | % | (2.8) | % | ||||
Non-GAAP adjusted tax rate | 19.2 | % | 21.2 | % | 20.5 | % | 21.2 | % | ||||
BIO-TECHNE CORPORATION SEGMENT REVENUE (In thousands) (Unaudited) | ||||||||||||
QUARTER | YEAR | |||||||||||
ENDED | ENDED | |||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||
Protein Sciences segment revenue | $ | 223,008 | $ | 216,979 | $ | 845,747 | $ | 832,311 | ||||
Diagnostics and Genomics segment revenue | 79,025 | 71,652 | 292,602 | 274,843 | ||||||||
lntersegment revenue | (713) | (402) | (1,647) | (1,555) | ||||||||
Consolidated revenue | $ | 301,320 | $ | 288,229 | $ | 1,136,702 | $ | 1,105,599 | ||||
BIO-TECHNE CORPORATION SEGMENT OPERATING INCOME (In thousands) (Unaudited) | ||||||||||||
QUARTER | YEAR | |||||||||||
ENDED | ENDED | |||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||
Protein Sciences segment operating income | $ | 99,649 | $ | 97,492 | $ | 373,684 | $ | 377,623 | ||||
Diagnostics and Genomics segment operating income | 14,638 | 11,228 | 43,037 | 48,977 | ||||||||
Segment operating income | 114,287 | 108,720 | 416,721 | 426,600 | ||||||||
Corporate general, selling, and administrative | (2,449) | (2,157) | (6,530) | (5,281) | ||||||||
Adjusted operating income | 111,838 | 106,563 | 410,191 | 421,319 | ||||||||
Cost recognized upon sale of acquired inventory | — | — | (400) | (1,596) | ||||||||
Amortization of intangibles | (18,719) | (18,112) | (76,413) | (73,054) | ||||||||
Acquisition related expenses and other | 623 | (260) | 9,965 | 19,070 | ||||||||
Eminence Impairment | — | — | — | (18,715) | ||||||||
Impact of partially-owned consolidated subsidiaries1) | — | 1,053 | 647 | (2,393) | ||||||||
Stock-based compensation, inclusive of employer taxes | 1,662 | (8,671) | (41,217) | (46,401) | ||||||||
Restructuring costs | (879) | — | (3,829) | (1,640) | ||||||||
Operating income | $ | 94,525 | $ | 80,573 | $ | 298,944 | $ | 296,590 | ||||
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. |
BIO-TECHNE CORPORATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited) | |||||||||||
QUARTER | YEAR | ||||||||||
ENDED | ENDED | ||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||
Net earnings attributable to Bio-Techne | $ | 75,484 | $ | 61,524 | $ | 285,263 | $ | 272,051 | |||
Net interest expense (income) | 2,668 | 2,317 | 7,805 | 10,515 | |||||||
Depreciation and amortization | 26,923 | 25,866 | 107,238 | 101,069 | |||||||
Income taxes (benefit) | 12,832 | 17,137 | 53,217 | 38,287 | |||||||
EBITDA attributable to Bio-Techne | 117,907 | 106,844 | 453,523 | 421,922 | |||||||
Costs recognized upon sale of acquired inventory | - | - | 400 | 1,596 | |||||||
Acquisition related expenses and other | (477) | 354 | (9,147) | (18,694) | |||||||
Amortization of Wilson Wolf intangible assets and acquired inventory | 2,805 | — | 2,805 | — | |||||||
Eminence impairment | — | — | — | 18,715 | |||||||
Gain on sale of partially-owned consolidated subsidiaries | — | — | (11,682) | — | |||||||
Stock-based compensation, inclusive of employer taxes | (1,662) | 8,671 | 41,217 | 46,401 | |||||||
Restructuring costs | 879 | - | 3,829 | 1,640 | |||||||
Investment (gain) loss and other | 682 | 359 | (37,646) | (16,171) | |||||||
Impact of partially-owned consolidated subsidiaries1) | — | (527) | (241) | (6,277) | |||||||
Adjusted EBITDA | $ | 120,134 | $ | 115,701 | $ | 443,058 | $ | 449,132 | |||
1) | Net earnings attributable to Bio-Techne excludes non-controlling interest of approximately |
BIO-TECHNE CORPORATION CONDENSED CASH FLOW (In thousands) (Unaudited) | ||||||
YEAR | ||||||
ENDED | ||||||
6/30/2023 | 6/30/2022 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net earnings | $ | 285,442 | $ | 263,099 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||
Depreciation and amortization | 107,238 | 101,069 | ||||
Costs recognized on sale of acquired inventory | 400 | 1,596 | ||||
Deferred income taxes | (29,567) | 6,816 | ||||
Stock-based compensation expense | 39,230 | 42,183 | ||||
Gain on sale of CCXI investment | (37,176) | — | ||||
Fair value adjustment to available-for-sale investments | (472) | (15,002) | ||||
(Gain) loss on equity method investment | 1,143 | — | ||||
Contingent consideration payments - operating | — | (3,300) | ||||
Fair value adjustment to contingent consideration payable | (12,100) | (20,400) | ||||
Asset impairment restructuring | — | 546 | ||||
Eminence impairment | — | 18,715 | ||||
Gain on sale of Eminence | (11,682) | — | ||||
Other operating activities | (88,063) | (70,050) | ||||
Net cash provided by (used in) operating activities | 254,393 | 325,272 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Additions to property and equipment | (38,244) | (44,908) | ||||
Acquisitions, net of cash acquired | (101,184) | — | ||||
Investment of forward purchase contract | — | (25,000) | ||||
Investment in Wilson Wolf | (232,000) | — | ||||
Proceeds from sale of Eminence | 17,824 | — | ||||
Proceeds from sale of CCXI investment | 73,219 | — | ||||
Other investing activities | 14,736 | (26,943) | ||||
Net cash provided by (used in) investing activities | (265,649) | (96,851) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Cash dividends | (50,285) | (50,185) | ||||
Proceeds from stock option exercises | 29,813 | 77,155 | ||||
Long-term debt activity, net | 94,000 | (85,500) | ||||
Contingent consideration payments - financing | — | (700) | ||||
Share repurchases | (19,562) | (160,950) | ||||
Taxes paid on RSUs and net share settlements | (28,893) | (23,461) | ||||
Other financing activity | (2,457) | 788 | ||||
Net cash provided by (used in) financing activities | 22,616 | (242,853) | ||||
Effect of exchange rate changes on cash and cash equivalents | (3,356) | (12,092) | ||||
Net increase (decrease) in cash and cash equivalents | 8,004 | (26,524) | ||||
Cash and cash equivalents at beginning of period | 172,567 | 199,091 | ||||
Cash and cash equivalents at end of period | $ | 180,571 | $ | 172,567 | ||
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SOURCE Bio-Techne Corporation
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