Bio-Techne (TECH) FY2021 results: revenue $931 million, up 26.0% on the year
Bio-Techne Corp. (TECH) reported revenue of $931 million for fiscal 2021, the year ended 30 June 2021, up 26.0% on the year before. Net income was $140 million, down 38.8%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 25 August 2021.
Revenue
$931 million
+26.0% on the year
FY2014FY2021
Operating margin
25.5%
21.3% a year earlier
FY2014FY2021
Net income
$140 million
-38.8% on the year
FY2014FY2021
Diluted EPS
$0.87
-40.4% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
931
739
714
+26.0%
Cost of revenue
298
255
241
+16.7%
Gross profit
633
483
473
+31.0%
Gross margin
68.0%
65.4%
66.3%
Research and development
70.6
65.2
62.4
+8.3%
Selling, general and administrative
325
261
264
+24.7%
Operating income
237
157
147
+50.7%
Operating margin
25.5%
21.3%
20.5%
Interest expense
14.0
19.2
21.7
-27.3%
Pre-tax income
148
276
112
-46.4%
Income tax
8.6
47.2
15.9
-81.8%
Effective tax rate
5.8%
17.1%
14.2%
Net income
140
229
96.1
-38.8%
Net margin
15.1%
31.0%
13.5%
Diluted EPS
$0.87
$1.46
$0.62
-40.4%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
352
205
182
+71.6%
Capital expenditure
44.3
51.7
25.4
-14.4%
Free cash flow
308
153
156
+100.6%
Free cash flow margin
33.1%
20.8%
21.9%
Cash from investing
-244
27.1
-337
Cash from financing
-62.6
-184
134
Depreciation and amortisation
87.7
82.7
78.2
+6.1%
Share-based compensation
49.0
32.4
32.3
+51.3%
Buybacks
43.2
50.1
15.4
-13.8%
Dividends paid
49.6
48.9
48.4
+1.5%
Dividend per share
$0.32
$0.32
$0.32
0.0%
Diluted shares, weighted
162m
158m
156m
+2.7%
Shares outstanding at period end
156m
154m
152m
+1.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
1,563
1,381
1,166
+13.2%
Non-controlling interest
8.3
0.0
n/a
Debt
341
357
505
-4.3%
Operating lease liabilities
67.6
67.2
0.0
+0.6%
Other liabilities
283
222
214
+27.1%
Total liabilities and equity
2,263
2,028
1,884
+11.6%
Fixed assets
208
177
154
+17.6%
Goodwill
843
728
733
+15.8%
Intangible assets
616
517
579
+19.2%
Investments
32.5
124
65.1
-73.9%
Cash and equivalents
199
147
101
+35.8%
Receivables
145
123
137
+18.6%
Inventory
117
103
91.0
+13.2%
Other assets
102
109
23.7
-6.4%
Total assets
2,263
2,028
1,884
+11.6%
10-K for the year ended 30 June 2021, filed 25 August 2021: the filing.