Bio-Techne beats third-quarter estimates on improving demand for...
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May 1(Reuters) - Bio-Techne on Wednesday beat third-quarter profit and revenue estimates, helped by better-than-expected demand for its cell and gene therapy products and testing and diagnostic devices.On an adjusted basis, the company posted a profit of 48 cents per share, beating analysts' estimates of 45 cents per share, according to LSEG data.
"As expected, we experienced subsiding headwinds from de-stocking but also delivered year-over-year growth in a depressed biopharma end market," said CEO Kim Kelderman.
The company said in a conference call in February that the soft funding environment continued to impact China, which contributed to 10% of the company's total revenues in the fiscal year 2023, according to latest regulatory filings.
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