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Bio-Techne Corp (TECH-0.70%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $297.0 million, an increase of 9% compared to the same quarter the previous year. Organic revenue growth was also 9%, with no material impact from foreign currency exchange or businesses held-for-sale.
Net earnings for the quarter were $34.9 million, up from $27.5 million in the previous year. This increase is attributed to favorable volume leverage and the absence of a non-recurring prior year impairment.
Gross margins for the quarter were 65.3%, slightly higher than the 64.8% reported in the same quarter last year. Adjusted gross margins, excluding certain costs, were 70.5%, compared to 69.7% in the previous year.
Selling, general, and administrative expenses rose 5% to $121.5 million, primarily due to restructuring and related charges and the re-instatement of incentive compensation accruals.
Research and development expenses increased 9% to $25.0 million, driven by strategic growth investments.
Protein Sciences segment reported net sales of $211.6 million, a 7% increase from the previous year, with an operating margin of 41.2%.
Diagnostics and Spatial Biology segment reported net sales of $84.1 million, a 12% increase from the previous year, with an operating margin of 3.9%.
The effective income tax rate for the quarter was 18.6%, compared to 17.7% in the previous year, influenced by discrete tax items.
Cash and cash equivalents as of December 31, 2024, were $177.5 million, up from $152.9 million as of June 30, 2024. The company expects to meet its cash and working capital requirements through available resources and credit facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bio-Techne Corp quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.