Bio-Techne Corporation (TECH) has reported 75.58 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $6.31 million, or $0.17 a share in the quarter, compared with $25.85 million, or $0.69 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $30.41 million, or $0.81 a share compared with $32.83 million or $0.88 a share, a year ago. Revenue during the quarter grew 9.02 percent to $131.81 million from $120.91 million in the previous year period. Gross margin for the quarter contracted 293 basis points over the previous year period to 64.55 percent. Total expenses were 87.75 percent of quarterly revenues, up from 70.20 percent for the same period last year. That has resulted in a contraction of 1755 basis points in operating margin to 12.25 percent.
Operating income for the quarter was $16.15 million, compared with $36.02 million in the previous year period.
"Our teams delivered a solid quarter especially in light of softness in our Diagnostics Division due to order timing", said Chuck Kummeth, president and chief executive officer of Bio-Techne. “The businesses that will drive our growth over the long-term continued to outperform in Q2, with 50% growth in our ACD business unit and double-digit growth in our Protein Platforms Division. Antibodies and our Luminex Assays also performed well."
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