Bio-Techne Sees Double-Digit Sales Growth
Minneapolis-based Bio-Techne Corp. reported a healthy boost in sales for the first quarter of its 2018 fiscal year.
The life sciences and diagnostics company reported revenue of $144.6 million for the quarter that ended June 30, a 10.7 percent increase since last year. The company’s net income of $15.9 million reflected a 15.8 percent decline compared to a year ago.
“It's wonderful to be off to a fast start to the new fiscal year,” said Chuck Kummeth, Bio-Techne’s president and CEO, in a statement. “Even with some slowness in the U.S due to hurricanes and continued biopharma [industry] caution, our teams excelled in virtually every region and business. It was nice to see Japan at double digit growth and our European commercial teams continued to execute splendidly.”
Bio-Techne’s core business is making and developing proteins which are sold to biomedical researchers and clinical research labs.
Although it’s based in northeast Minneapolis, Bio-Techne has a global business. For its most recent fiscal year, nearly 45 percent of its sales came from outside the U.S.
For its 2017 fiscal year, which ended June 30, Bio-Techne reported sales of $563 million, a 12.8 percent increase from the previous year.
The company has been posting strong growth in recent years. The company’s annual revenue is up 81 percent since fiscal 2013, when it had sales of $310.6 million.
As of the end of June, the company had 1,800 fulltime and part-time employees.
Much of the company’s growth has been driven by acquiring other businesses. Since fiscal 2012, Bio-Techne has acquired 10 other companies.
Last December, Twin Cities Business reported on Bio-Techne’s “strategic” investment in Acute Medical, a San Diego-based company which had developed a test to determine if critically ill patients have or are risk for an acute kidney injury.