(Reuters) -Bio-Techne reported better-than-expected fourth-quarter revenue and profit on Wednesday, helped by steady demand for its proteins, antibodies and other products for research.
The Minneapolis, Minnesota-based company develops and makes products used in medical research, drug development and diagnostics.
Larger peers Thermo Fisher and Danaher last month flagged robust demand across regions for their drug development products such as instruments and analytical tools after two years of weak biotech funding.
Despite ongoing market uncertainty, Bio-Techne reported strong performance in its cell therapy and protein analysis instrumentation units, supported by a resilient pharma market, CEO Kim Kelderman said in a statement.
On an adjusted basis, the company posted a profit of 53 cents per share, beating analysts’ average estimate of 50 cents, according to data compiled by LSEG data.
Revenue was up 3.6% at $316.96 million, ahead of estimates of $315.60 million, driven by its protein sciences unit. The company’s largest segment develops and manufactures biological compounds used for research and diagnostics.
Late on Tuesday, Bio-Techne said Belgium-based diagnostics firm Mdxhealth SA will buy its Exosome Diagnostics business in an all-stock deal valued at $5 million.
The deal will allow the company to increase its focus on high-growth areas, particularly tools for research and precision diagnostics, Kelderman said.
The transaction is expected to close in the next quarter.
(Reporting by Siddhi Mahatole in Bengaluru)
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