Bio-Techne Corporation (NASDAQ:TECH) Q1 2024 Earnings Conference Call October 31, 2023 9:00 AM ET

Company Participants

David Clair - Vice President-Investor Relations

Charles Kummeth - Chief Executive Officer

James Hippel - Chief Financial Officer

Kim Kelderman - Chief Operating Officer.

Conference Call Participants

Puneet Souda - SVB Securities

Patrick Donnelly - Citi

Catherine Schulte - Baird

Matthew Larew - William Blair

Alex Nowak - Craig-Hallum

Paul Knight - KeyBanc

Justin Bowers - Deutsche Bank

Operator

Good morning, and welcome to the Bio-Techne Earnings Conference Call for the First Quarter of Fiscal Year 2024. [Operator Instructions]

I would now like to turn the call over to David Clair, Bio-Techne's Vice President, Investor Relations.

David Clair

Good morning, and thank you for joining us. On the call with me this morning are Chuck Kummeth, Bio-Techne's Chief Executive Officer; Jim Hippel, Chief Financial Officer; and Kim Kelderman, Chief Operating Officer.

Before we begin, let me briefly cover our safe harbor statement. Some of the comments made during this conference call may be considered forward-looking statements, including beliefs and expectations about the company's future results. The company's 10-K for fiscal year 2023 identifies certain factors that could cause the company's actual results to differ materially from those projected in the forward-looking statements made during this call. The company does not undertake to update any forward-looking statements because of any new information or future events or developments. The 10-K as well as the company's other SEC filings, are available on the company's website within its Investor Relations section.

During the call, non-GAAP financial measures may be used to provide information pertinent to ongoing business performance. Tables reconciling these measures to most comparable GAAP measures are available in the company's press release issued earlier this morning on the Bio-Techne Corporation website at www.bio-techne.com. Separately, we'll be participating in the Stifel, Stephens, Evercore and JPMorgan health care conferences in the coming months. We look forward to connecting with many of you at these upcoming events.

I will now turn the call over to Chuck.

Charles Kummeth

Thanks, Dave, and good morning, everyone. Thank you for joining us for our first quarter conference call. The Bio-Techne team continues to execute in a challenging environment as we delivered 2% organic growth for the first quarter of fiscal 2024 despite several headwinds that are impacting the broader industry as well as Bio-Techne.

The sources of these headwinds have remained relatively consistent during recent quarters, including a soft biotech funding environment, inventory destocking from a handful of our OEM customers, as well as broad economic challenges in one of our historically highest growing geographies, China.