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Jun 30, 2020
Bio-Techne Q4 2020 Earnings Report
Bio-Techne's Q4 2020 financial performance was released, revealing a decrease in organic revenue but exceeding initial expectations due to team dedication and innovation.
Key Takeaways
Bio-Techne reported a decrease in fourth-quarter organic revenue by 8% to $175.8 million. GAAP EPS was $1.48, while adjusted EPS was $1.00. The company finished the fiscal year with 4% organic growth despite market disruptions.
Fourth quarter organic revenue decreased 8% to $175.8 million.
GAAP EPS was $1.48, compared to $0.42 in the same quarter last year.
Adjusted EPS was $1.00, compared to $1.25 in the same quarter last year.
The company partnered with Kantaro Biosciences LLC to scale manufacturing and distribution of COVID-19 serology testing.
Bio-Techne
Bio-Techne
Bio-Techne Revenue by Segment
Revenue by Segment
Protein Sciences Revenue
CapyFin.comDiagnostics & Spatial Bio Revenue
CapyFin.com Forward Guidance
The company anticipates a positive long-term outlook for sales growth resulting from expected future funding increases within life-science research in response to the current pandemic. Customer site shutdowns will continue to have a negative impact on sales while they remain in effect, but we did experience an increase in the number of customer sites that were open at the end of the fourth quarter.
Positive Outlook
- Anticipating a positive long-term outlook for sales growth resulting from expected future funding increases within life-science research in response to the current pandemic.
- Leveraging our deep product portfolio and scientific expertise to develop a robust COVID-19 product and service offerings providing critical support for both clinical care and therapeutic development.
- Ongoing efforts to utilize our portfolio of products and services to enable solutions for this evolving pandemic may partially offset the impact of our customer site closures.
- The Company remains in a strong financial position with sufficient available cash as well as access to additional funding if necessary, through our long-term debt agreement.
- The Company remains fully operational as we abide by local COVID-19 safety regulations across the world.
Challenges Ahead
- COVID-19 negatively impacted fourth quarter and full year fiscal year 2020 sales growth due to the numerous customer site shutdowns in our academia and bio-pharma end-markets
- Customer site shutdowns will continue to have a negative impact on sales while they remain in effect.
- We are unable to forecast the impact of customer site closures given the uncertainty that some customer sites may reclose due to increases in COVID-19 cases occurring in their region and over the duration of the COVID-19 pandemic.
- Adjusted EPS was negatively impacted by COVID-19 primarily due to the sales impacts described above.
- We anticipate the short- and long-term impacts of COVID-19 on adjusted EPS to be similar to that of sales growth.