filings.toolsBio-Techne 10-Q 2021-12-31
Filed 2022-02-07. 1 sections, 130K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended December 31, 2021**, or**
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission file number 0-17272
BIO-TECHNE CORPORATION
(Exact name of registrant as specified in its charter)
| Minnesota | 41-1427402 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 614 McKinley Place N.E. Minneapolis, MN 55413 | (612) 379-8854 |
| (Address of principal executive offices) (Zip Code) | (Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | TECH | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b- 2). ☐ Yes ☒ No
At February 3, 2022, 39,288,254 shares of the Company's Common Stock (par value $0.01) were outstanding.
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
AND COMPREHENSIVE INCOME
Bio-Techne Corporation and Subsidiaries
(in thousands, except per share data)
(unaudited)
| Quarter Ended December 31, | Six Months Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net sales | $ | 269,276 | $ | 224,253 | $ | 526,995 | $ | 428,452 | ||||||||
| Cost of sales | 85,585 | 73,353 | 172,307 | 139,821 | ||||||||||||
| Gross margin | 183,691 | 150,900 | 354,688 | 288,631 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 100,693 | 83,116 | 186,868 | 155,714 | ||||||||||||
| Research and development | 20,650 | 16,789 | 42,250 | 32,830 | ||||||||||||
| Total operating expenses | 121,343 | 99,905 | 229,118 | 188,544 | ||||||||||||
| Operating income | 62,348 | 50,995 | 125,570 | 100,087 | ||||||||||||
| Other income (expense) | 23,831 | 5,373 | 27,992 | (4,381 | ) | |||||||||||
| Earnings before income taxes | 86,179 | 56,368 | 153,562 | 95,706 | ||||||||||||
| Income taxes (benefit) | 14,120 | 10,224 | 12,522 | 16,168 | ||||||||||||
| Net earnings, including noncontrolling interest | 72,059 | 46,144 | 141,040 | 79,538 | ||||||||||||
| Net earnings (loss) attributable to noncontrolling interest | (8,114 | ) | (130 | ) | (8,748 | ) | (130 | ) | ||||||||
| Net earnings attributable to Bio-Techne | $ | 80,173 | $ | 46,274 | $ | 149,788 | $ | 79,668 | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Foreign currency translation adjustments | 1,924 | 16,928 | (6,722 | ) | 28,842 | |||||||||||
| Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax amounts disclosed in Note 8 | 2,884 | 2,059 | 4,566 | 4,202 | ||||||||||||
| Other comprehensive income (loss) | 4,808 | 18,987 | (2,156 | ) | 33,044 | |||||||||||
| Other comprehensive income (loss) attributable to noncontrolling interest | 66 | 83 | 27 | 83 | ||||||||||||
| Other comprehensive income (loss) attributable to Bio-Techne | 4,742 | 18,904 | (2,183 | ) | 32,961 | |||||||||||
| Comprehensive income attributable to Bio-Techne | $ | 84,915 | $ | 65,178 | $ | 147,605 | $ | 112,629 | ||||||||
| Earnings per share attributable to Bio-Techne: | ||||||||||||||||
| Basic | $ | 2.04 | $ | 1.20 | $ | 3.82 | $ | 2.06 | ||||||||
| Diluted | $ | 1.94 | $ | 1.15 | $ | 3.64 | $ | 1.98 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 39,310 | 38,691 | 39,202 | 38,614 | ||||||||||||
| Diluted | 41,207 | 40,257 | 41,159 | 40,135 |
See Notes to Condensed Consolidated Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
Bio-Techne Corporation and Subsidiaries
_(in t
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