By Angela Palumbo
Bio-Techne stock was surging Wednesday after the biotechnology company reported better fiscal third-quarter financial results than Wall Street expected.
Shares of Bio-Techne were up 17% to $74.18, in position for their biggest daily percentage increase since May 1, 2003, according to Dow Jones Market Data. The stock, which has dropped 3.9% this year, was the best performer in the S&P 500. The index declined 0.3%.
The company reported adjusted earnings for its third quarter, ended March 31, of 48 cents a share from revenue of $303.4 million. Analysts surveyed by FactSet were expecting adjusted earnings of 45 cents a share on revenue of $292.4 million.
"I am proud of the remarkable execution of our Bio-Techne team under challenging end market conditions, which drove solid top-line performance," Chief Executive Kim Kelderman wrote in the earnings release.
Bio-Techne said on its earnings call in February that it was experiencing a "very soft biotech funding environment," as well as a "broad economic challenge in China, which happens to be historically our high-growth geography."
But on a call to discuss the results, Chief Financial Officer James Hippel said that it seems "the worst of the China slowdown is behind us at this point, and over the long term we remain confident that China will still be the fastest growing major region in the world for life science tools."
Write to Angela Palumbo at angela.palumbo@dowjones.com
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(END) Dow Jones Newswires
May 01, 2024 13:52 ET (17:52 GMT)
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