Bio-Techne · PDF fileTECH is Bio-Techne Corporation’s Nasdaq stock symbol, which is...

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Transcript of Bio-Techne · PDF fileTECH is Bio-Techne Corporation’s Nasdaq stock symbol, which is...

2 0 1 5 A N N U A L R E P O R T

Bio-Techne Corporation 614 McKinley Place NE Minneapolis, MN 55413-2610, USA (612) 379-8854

Bio-Techne Corporation

2015 AN

NUAL R

EPOR

T

Clin

ical

Con

trols

and

IVD

Core

Reagents

Low-cost proteinmanufacturing in China

*

Blood chemistry and urine controls

*

~225,000 additional Abs and digital platform

*

Proteins

Antibodies

Small Molecules

Products and Technology Expansion

Luminex

Instrume

ntation

Custom Products & Contracts Services

Cust

om P

rote

in &

Ant

ibod

y Ge

nera

tion

1400+ Employees

Protein Platfoms Global Footprint

TECH is Bio-Techne Corporations Nasdaq stock symbol, which is listed on the Nasdaq Global Select Market.

Annual Meeting The annual meeting of shareholders of Bio-Techne Corporation will be held at the corporate office, 614 McKinley Place NE, Minneapolis, Minnesota, on Thursday, October 29, 2015, at 3:30 p.m. (CDT).

Board of Directors

Robert V. Baumgartner Chairman of the Board and Director

Roger C. Lucas, Ph.D. Vice Chairman and Director

Charles Kummeth President, Chief Executive Officer and Director

Charles A. Dinarello, M.D. Director

John L. Higgins Director

Karen A. Holbrook, Ph.D. Director

Roeland Nusse, Ph.D. Director

Howard OConnell Director

Randolph C. Steer, M.D., Ph.D. Director

Harold J. Wiens Director

Executive Officers

Charles Kummeth President and Chief Executive Officer

James T. Hippel Chief Financial Officer

J. Fernando Bazan, Ph.D. Chief Technology Officer

David Eansor Senior VP, Biotechnology Division

Brenda Furlow Senior VP, General Counsel

Robert Gavin Senior VP, Protein Platforms Division

Marcel Veronneau Senior VP, Clinical Controls Division

Bio-Techne Corporation 614 McKinley Place NE Minneapolis, MN 55413-2610, USA (612) 379-8854

Research & Diagnostic Systems, Inc. 614 McKinley Place NE Minneapolis, MN 55413-2610, USA (612) 379-8854

BiosPacific, Inc. 5980 Horton Street, Suite 360 Emeryville, CA 94608, USA (510) 652-6155

Bionostics, Inc. 7 Jackson Road Devens, MA 01434, USA (978) 772-7070

Boston Biochem, Inc. 840 Memorial Drive Cambridge, MA 02139, USA (617) 576-2210

R&D Systems China Co., Ltd. 15K Hua Min Empire Plaza 726 West Yan An Road Shanghai, PRC 200050 86 (21) 52380373

Bio-Techne Hong Kong Limited Unit 208B, 2nd Floor Photonics Ctr. HKSTP Phase One Pak Shek Kok, Tai Po, NT. Hong Kong

Shanghai PrimeGene Bio-Tech Co., Ltd. (China) Shanghai, PRC (852) 29926006

ProteinSimple 3001 Orchard Parkway San Jose, CA 95134, USA (408) 510-5500

ProteinSimple Ltd. 27 Coronet Road Toronto, Ontario, Canada M8Z 2L8 (416) 231-1664

ProteinSimple Ltd. 115 Terence Matthews Crescent Ottawa, ON, Canada K2M 2B2 (613) 591-7715

ProteinSimple Bioscience & Technology (Shanghai) Co., Ltd. Room 1007, No. 1 Building, Sandhill Plaza Lane No. 2290, Zuchongzhi Road, Zhangjiang High-Tech Park Shanghai 201203 China +86-21-60276091

ProteinSimple Japan K.K. HULIC Nihonbashi Muromachi Building 9F 3-4-7 Nihonbashi Muromachi, Chuo-ku Tokyo 103-0022 Japan

CyVek, Inc. 2 Barnes Industrial Rd S, Wallingford, CT 06492, USA (203) 679-0395

Novus Biologicals, LLC 8100 Southpark Way, A-8 Littleton, CO 80120, USA (303) 730-1950

Novus Biologicals Canada ULC 461 North Service Road West Unit B37 Oakville, ON L6M 2V5, Canada (905) 827-6400

Cliniqa Corporation 288 Distribution St, San Marcos, CA 92078, USA (760) 744-1900

R&D Systems Europe Ltd. 19 Barton Lane Abingdon Science Park Abingdon, OX14 3NB, United Kingdom + 44 (0)1235 529449

R&D Systems GmbH Borsigstrasse 7a 65205 Wiesbaden-Nordenstadt, Germany 6122 90980

Tocris Cookson Limited Tocris House, IO Centre Moorend Farm Avenue Bristol, BS11 0QL United Kingdom + 44 (0)117 916-3333

Assays

Arrays

Making proteinanalysis simple

*

FISCAL 2015

Immunoassay automation and multiplexing

*

Our fiscal year was a year of i portant progress on our strategic plan, a year of i proved growth and certainly a year of integration

uch of our strategic plan is driven by ac uisitions and integration of those ac uisitions, and fiscal year

was a busy one for ac uisitions e ac uired ovus Biologicals and Protein i ple e also

co pleted the ac uisition of Cy e last ove ber n uly , we ac uired Clini a Corporation

fter each ac uisition co es the i portant tas of integrating those businesses into Bio-Techne a happy to report that we have fully integrated Pri e ene, the China-based co pany with

protein anufacturing capabilities we ac uired in fiscal year e have helped Pri e ene build out a catalog of over proteins in a strategy of China for China the business is now growing organically nearly

ovus Biologicals has been another integration success story ith the addition of over , antibodies sold by ovus Biologicals, we substantially increased our antibody product offering to custo ers The addition of ovus gave us ore than ust an antibody portfolio, however The executive tea at

ovus Biologicals has beco e instru ental in the ar eting and operations of Bio-Techne Our T

depart ent has doubled in si e and proficiency The launching of a new D yste s website that is opti i ed for search engines has i proved custo er experience and increased our web traffic and orders by in the first onth of i ple entation

ovus Biologicals led this endeavor e built a new business seg ent with the ac uisition of Protein i ple in early fiscal Cy e was later ac uired and integrated into that new Protein Platfor s division Clini a is our latest co pany ac uisition and will co ple ent our Clinical Controls division The co pany has FD regulatory filings and is a recogni ed leader in upstrea anufacturing co petencies for diagnostics co panies

1

Charles Kummeth President and Chief Executive Officer

What a year for Bio-Techne!

To Our Shareholders

Much of our strategic plan is driven by acquisitions and integration

2

Beyond our ac uisition activities, we also grew organically in other areas of our business e had another standout year of growth in China even with the govern ent s anti-corruption auditing activities China revenues grew organically by ith the addition of Pri e ene, our nu ber of e ployees in China increased fro to nearly Our sales in China now represent nearly of global sales with the addition of Clini a Our global headcount has increased to nearly and our site count has risen fro to ll this growth has allowed us to create ore critical ass and synergies in our regional businesses which have accelerated organic growth Once again, we have attracted strong talent to the co pany ost recently, we brought on a new leader of u an esources who has global experience in change anage ent, a new ice President for sia who has lived in the region for years and the leader of Clini a who has years of experience in the diagnostics industry

e are co ing to the close of the second year of our five-year strategic plan we launched in anuary of The plan re ains the sa e and we are executing well against the goals we have set

Our strategic directions re ain

Expand regionally with s aller tuc -in ac uisitions

Expand our antibody portfolio, giving researchers ore choice

c uire novel instru ent technologies that can leverage our reagents, offering researchers full solutions

c uire new talent to help the co pany with its next phase of accelerated growth

nspire innovation in the co pany through scientific collaboration and support, expanding our intellectual property and product portfolios

ADJUSTED NET EARNINGS

NET SALES

CASH FLOW FROM OPERATIONS

F 2013 F 2014 F 2015

To Our Shareholders

n thousands, except per share data

ear Ended une ,

2015

et ales $ 452,246 , ,

d usted net earnings $ 126,758 , ,

d usted diluted earnings per share $ 3.40

Cash ow fro operations $ 139,359 , ,

3

Financial Performance in Fiscal 2015

The co pany achieved organic growth of this fiscal year This is a nice i prove ent over the previous year given the continued headwinds in acade ic sector spending and the latest challenge, currency uctuations

s we loo forward, we expect these obstacles to subside as a result of i proving federal govern ent funding in the nited tates, continued strong growth in China and odest i prove ent in apan s and Europe s econo ic cli ates

ighlights of our fiscal year perfor ance include the following

d usted earnings were approxi ately illion an increase of over the prior fiscal year , and ad usted

diluted earnings per share were

et sales increased to illion Organic revenue growth was over the prior year, with currency translation having a negative i pact of and ac uisitions contributing

to the revenue growth

d usted operating argins for the full year were Excluding the i pact of ac uisitions, foreign exchange rate uctuations and higher non-cash stoc -based co pensation,

operating argins were essentially at