Bio-Techne Corporation (TECH) has reported a 29.39 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $21.39 million, or $0.57 a share in the quarter, compared with $30.29 million, or $0.81 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $36.45 million, or $0.97 a share compared with $37.59 million or $1.01 a share, a year ago. Revenue during the quarter grew 9.97 percent to $144.04 million from $130.97 million in the previous year period. Gross margin for the quarter contracted 332 basis points over the previous year period to 65.39 percent. Total expenses were 77.57 percent of quarterly revenues, up from 66.77 percent for the same period last year. That has resulted in a contraction of 1081 basis points in operating margin to 22.43 percent.
Operating income for the quarter was $32.30 million, compared with $43.53 million in the previous year period.
“My compliments to our global teams for a solid quarter with organic growth in the mid-single digits, led by Europe with organic growth in the upper-teens, a record for us,” said Chuck Kummeth, president and chief executive officer of Bio-Techne. “We have many highlights to discuss this quarter including a return to growth in Japan and strong 20% growth in Protein Platforms. ACD also continues to surprise us, with growth nearing 60%, well on its way to surpassing the milestones we gave the team for the final earn-out payment this December.”
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
