Bio-Techne Corporation (TECH) Q3 2023 Earnings Call Transcript

Bio-Techne Corporation (NASDAQ:TECH) Q3 2023 Earnings Conference Call May 3, 2023 9:00 AM ET

Company Participants

David Clair – Vice President-Investor Relations

Chuck Kummeth – Chief Executive Officer

Jim Hippel – Chief Financial Officer

Conference Call Participants

Puneet Souda – SVB Securities

Jacob Johnson – Stephens

Dan Arias – Stifel

Dan Leonard – Credit Suisse

Patrick Donnelly – Citi

Catherine Schulte – Baird

Justin Bowers – Deutsche Bank

Alex Nowak – Craig-Hallum

Operator

Good day, and welcome to the Bio-Techne Corp Third Quarter Fiscal 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] Please note today’s event is being recorded.

I would now like to turn the conference over to David Clair. Please go ahead.

David Clair

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

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 as well as the potential impact of the COVID-19 pandemic on our operations and financial results.

The company’s 10-K for fiscal year 2022 identify 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 will be participating in the BofA, RBC Capital Markets, Benchmark, Craig-Hallum and Jefferies Healthcare Conferences in May and June. We look forward to connecting with many of you at these upcoming conferences.

I will now turn the call over to Chuck.

Chuck Kummeth

Thank you for joining us for our third quarter conference call. As we expected, message in last quarter’s call, our Q3 top-line year-on-year revenue growth was similar to the growth we reported in Q2. While the year-on-year growth rate and tough comps from last year were similar in both quarters, the underlying performance of the business improved quarter-on-quarter when considering the large ExoTRU kidney milestone payment received from Thermo Fisher last year in Q3. The team did a great job this quarter, furthering several of our key growth drivers as physician uptake and utilization of our ExoDx Prostate test accelerated demand for our cell therapy workflow solutions, including GMP proteins remains strong, and our spatial biology business returned to double-digit growth.