Bio-Techne Corporation TECH has posted Q2 FY22 sales of $269.3 million, up 20% Y/Y, beating the consensus of $266.57 million.
- Organic growth was 17% compared to the prior year, with acquisitions contributing 3% to revenue growth and foreign currency exchange having an immaterial impact.
- Adjusted EPS increased 16% Y/Y to $1.88, surpassing the consensus of $1.79.
- The Protein Sciences segment clocked sales of $205.0 million, up 19% (organic growth of 19%).
- The Protein Sciences segment's operating margin was 45.5% compared to 46.7% a year ago, impacted by strategic investments to support future growth.
- The Diagnostics and Genomics segment's sales increased 23% to $64.5 million, +23% Y/Y (organic growth of 7%), with acquisitions contributing 16% to revenue growth.
- The segment's operating margin was 16.9% compared to 15.5%, favorably impacted by volume leverage and product mix.
- Overall adjusted operating income increased 18% (22% reported) to $102.8 million, resulting in an adjusted operating margin of 38.3%.
- Share Repurchase: Bio-Techne also approved a new share repurchase program of up to $400 million. The new share repurchase program begins February 2, 2022, and replaces the previous program.
- Dividend: The Company announced a quarterly dividend of $0.32 per share, payable on February 25, with a record date of February 11.
- Price Action: TECH shares closed at $376.41 on Monday.
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