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MINNEAPOLIS - Bio-Techne Corporation (NASDAQ:TECH) reported better-than-expected third quarter earnings and provided upbeat guidance on Wednesday.
The company’s shares jumped 5.83% in premarket trading after the release.
The company posted adjusted earnings per share of $0.56, beating analyst estimates of $0.51. Revenue came in at $316.18 million, slightly below the consensus of $317.51 million but up 4% YoY.
Bio-Techne’s third quarter organic revenue increased 6% compared to the prior year period. The Protein Sciences segment saw 7% organic growth, driven by improved conditions in the pharma end market.
"Despite a dynamic macroenvironment, the Bio-Techne team once again executed at a high level and delivered strong third quarter results," said CEO Kim Kelderman. "Our pharma end market continued to improve, especially from our large pharma partners, which led to a solid performance in our cell therapy and protein analysis instrumentation businesses."
The company’s adjusted operating margin expanded to 34.9% from 33.0% last year, reflecting profitability initiatives and volume leverage.
Bio-Techne management expressed confidence in the company’s positioning and ability to navigate the current operating environment.
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