Bio-Techne (TECH) FY2019 results: revenue $714 million, up 11.0% on the year
Bio-Techne Corp. (TECH) reported revenue of $714 million for fiscal 2019, the year ended 30 June 2019, up 11.0% on the year before. Net income was $96 million, down 23.8%, and diluted earnings per share $0.62. The figures are the company's own, from the 10-K it filed with the SEC on 28 August 2019.
Revenue
$714 million
+11.0% on the year
FY2012FY2019
Operating margin
20.5%
21.2% a year earlier
FY2012FY2019
Net income
$96 million
-23.8% on the year
FY2012FY2019
Diluted EPS
$0.62
-25.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
714
643
563
+11.0%
Cost of revenue
241
211
188
+14.1%
Gross profit
473
432
375
+9.6%
Gross margin
66.3%
67.2%
66.5%
Research and development
62.4
55.3
53.5
+12.8%
Selling, general and administrative
264
241
200
+9.9%
Operating income
147
136
121
+7.7%
Operating margin
20.5%
21.2%
21.4%
Interest expense
21.7
10.2
7.4
+113.0%
Pre-tax income
112
126
112
-11.1%
Income tax
15.9
-0.2
35.9
Effective tax rate
14.2%
-0.2%
32.0%
Net income
96.1
126
76.1
-23.8%
Net margin
13.5%
19.6%
13.5%
Diluted EPS
$0.62
$0.83
$0.51
-25.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
182
170
144
+6.6%
Capital expenditure
25.4
20.9
15.2
+21.4%
Free cash flow
156
149
129
+4.5%
Free cash flow margin
21.9%
23.2%
22.8%
Cash from investing
-337
-38.7
-306
Cash from financing
134
-99.2
189
Depreciation and amortisation
78.2
64.5
60.0
+21.3%
Share-based compensation
32.3
28.2
14.6
+14.3%
Buybacks
15.4
0.0
n/a
Dividends paid
48.4
48.0
47.3
+0.8%
Dividend per share
$0.32
$0.32
$0.32
0.0%
Diluted shares, weighted
156m
152m
150m
+2.2%
Shares outstanding at period end
152m
150m
149m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,166
1,079
950
+8.0%
Debt
505
339
344
+49.0%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
214
175
265
+22.0%
Total liabilities and equity
1,884
1,593
1,558
+18.3%
Fixed assets
154
145
135
+6.0%
Goodwill
733
598
579
+22.5%
Intangible assets
579
446
452
+29.8%
Investments
65.1
59.8
66.1
+9.0%
Cash and equivalents
101
122
91.6
-17.3%
Receivables
137
120
117
+14.3%
Inventory
91.0
85.6
60.2
+6.3%
Other assets
23.7
15.9
57.3
+48.9%
Total assets
1,884
1,593
1,558
+18.3%
10-K for the year ended 30 June 2019, filed 28 August 2019: the filing.