Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?


Techne Buying Bionostics from $104 Million

By  +Follow June 18, 2013 1:06PM
Tickers Mentioned:

Techne Corporation (TECH) said Tuesday morning that it has agreed to spend $104 million in cash to acquire Bionostics Holdings Limited and its operating subsidiary Bionostics, Inc., in a move to strengthen its hematology division. Minneapolis, Minnesota-based Techne is a developer and manufacturer of biotechnology products and hematology calibrators and controls, operating through its two subsidiaries, R&D Systems and R&D Systems Europe.

Devans, Massachusetts-based Bionostics is focused on developing, manufacturing and distributing quality control products for in vitro diagnostic, or IVD, devices mostly used in point of care blood glucose and blood gas testing. The company was founded in 1981.

Bionostics recorded about $29.3 million in revenue for its fiscal year ended August 31, 2012 with EBIDTA of approximately $9.4 million.

Bionostics recently launched coagulation device control products and is in the process of developing controls for cholesterol and hemoglobin A1c point-of-care-testing devices. HbA1c testing in regarded as the gold standard in measuring glycemic control in diabetes patients. The company is looking to capitalize in an ongoing shift of testing being done less frequently in the laboratory setting and more often in operating rooms, bedsides, clinics, homes, etc., known as point-of-care testing.

Techne expects the acquisition to be slightly accretive in fiscal 2014 earnings.

"This business is how Techne R&D Systems was founded some 30 years ago and remains thriving today. The addition of Bionostics adds capabilities in exciting new areas like coagulation and expands our controls portfolio, giving us the critical mass we need to remain competitive and offer our customers continued value and options to serve their needs,” said Charles R. Kummeth, president and chief executive of Techne.

Subsequent to the closing of the transaction, expected in the first quarter of fiscal 2014, Bionostics and Techne’s hematology division will join forces in a new Clinical Controls Division of R&D Systems. Michael Thomas, the current CEO of Bionostics, will serve as a consultant to Techne “for a period” after the closing, according to Techne.

Shares of TECH, a relatively thinly traded stock, are ahead by 1.7 percent in Tuesday trading at $68.23 on light volume of 26,300 shares changing hands. So fare in 2013, shares are essentially flat, but have climbed from a 52-week low of $62.26 late on April 30.

For the third quarter of fiscal 2013, ended March 31, Techne reported earnings of $33.1 million, or 90 cents per share, on revenue of $80.99 million (down from sales of $83.62 million in the year prior quarter). Adjusted earnings were $32.46 million, or 88 cents per share, compared to $33.53, or 91 cents per share, in the same quarter of fiscal 2012.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

Signup for our daily newsletter and get our best articles emailed right to you!

Results for tech
Penny Stock Secret
23 Oct 14 14:28:54
The Hottest Way to Make Millions From Stock Market.Click HERE http://t.co/AJZWTGD3tb .. $TECH $ETRM $OPLK
Marco Opdam
22 Oct 14 23:36:19
$Tech ] Google’s security key through USB takes 2-factor authentication to a whole new level: Go... http://t.co/Votr7trW0t #news #nieuws
Chuck Finley
22 Oct 14 18:26:31
RT @AltcoinPromo: Still staking $TECH TXNV7mdHXVrDj76P9EFhPxWreDf6zoatji ;)
Altcoin Lady
22 Oct 14 17:50:53
Still staking $TECH TXNV7mdHXVrDj76P9EFhPxWreDf6zoatji ;)
22 Oct 14 09:05:10
The Top Tweets Relevant to $TECH (Techne Corp symbol TECH) on 10/22/2014 http://t.co/nBZsizEvUe
Marco Opdam
22 Oct 14 07:58:13
$Tech ] All Windows versions except Windows 2003 vulnerable to a new Sandworm exploit: CVE-2014-... http://t.co/hIBrHYvP2k #news #nieuws
Marco Opdam
22 Oct 14 01:53:22
$Tech ] Koler worm, the new variant is a Android devices Ransomware: Koler worm’ latest variant ... http://t.co/WCKw8z2QcM #news #nieuws
21 Oct 14 15:49:24
RT @BAMM_Coins: Someone's buying some $TECH
Chuck Finley
21 Oct 14 15:43:18
Someone's buying some $TECH
Marco Opdam
21 Oct 14 01:27:15
$Tech ] Virginia Police Have Been Secretively Stockpiling Private Phone Records: Virginia Police... http://t.co/DN5bnt3Ndv #news #nieuws
Marco Opdam
20 Oct 14 09:41:27
$Tech ] Hackers as the new good guys of Scorpion, the all new TV series from CBS: Hackers as the... http://t.co/0SnM2SAHDS #news #nieuws
Marco Opdam
19 Oct 14 05:26:54
$Tech ] TheFappening dead and buried, no iCloud Hacks leaks this weekend: iCloud Hacks or TheFap... http://t.co/qp7UTVDAFi #news #nieuws
Testing Crypto
18 Oct 14 13:28:35
RT @TechcoinGroup: #Stake2Win Session 2 has been released. Buy $Tech Stake $Tech Support $Tech WIN http://t.co/SbRrKgtO8p to enter http:/…
José Luiz
18 Oct 14 07:37:44
RT @TechcoinGroup: #Stake2Win Session 2 has been released. Buy $Tech Stake $Tech Support $Tech WIN http://t.co/SbRrKgtO8p to enter http:/…
Altcoin Lady
18 Oct 14 07:33:19
RT @TechcoinGroup: #Stake2Win Session 2 has been released. Buy $Tech Stake $Tech Support $Tech WIN http://t.co/SbRrKgtO8p to enter http:/…
Chuck Finley
18 Oct 14 07:30:11
RT @TechcoinGroup: #Stake2Win Session 2 has been released. Buy $Tech Stake $Tech Support $Tech WIN http://t.co/SbRrKgtO8p to enter http:/…
Techcoin Community
18 Oct 14 07:30:00
#Stake2Win Session 2 has been released. Buy $Tech Stake $Tech Support $Tech WIN http://t.co/SbRrKgtO8p to enter http://t.co/qoBEftmKzJ
Marco Opdam
18 Oct 14 06:42:08
$Tech ] Hacker Sentenced For Emailing Bomb Threat To Shopping Mall: Hacker sentenced for 18 mont... http://t.co/usLJjXtgIX #news #nieuws
Marco Opdam
18 Oct 14 00:07:56
$Tech ] Microsoft at it again; withdraws yet another buggy update KB 2949927: Microsoft seems to... http://t.co/7cBluICdtm #news #nieuws
17 Oct 14 15:11:19
@cryptotho #Bittrex: $TECH / BTC Alert price: >= 0.00012 Current price: 0.00012001 http://t.co/kCIAc5H46A
Marco Opdam
17 Oct 14 06:34:27
$Tech ] http://t.co/MnVFIXNk76 hacked for taking the site down, owner doxed: TheSnappening.or... http://t.co/VwqUlXI2ZR #news #nieuws
Marco Opdam
16 Oct 14 21:55:06
$Tech ] Mobile Device Encryption Hinders National security, we might have to force Apple & Googl... http://t.co/WzP8nxEo8r #news #nieuws
Jimmy Gartman
16 Oct 14 18:12:28
$PEI, $JAZZ, $AIRM, $N, $MEI, $AYI, $EEQ, $TECH, $FGP, $TCP, $RLD, $RAIL Nice bottom for options
16 Oct 14 13:25:05
TECHNE : MN/ Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits (form 8-... http://t.co/nuxG7vE0XQ $TECH
16 Oct 14 13:22:42
$TECH - Amended Current Report Filing (8-k/a) http://t.co/B7dagUcnqw
Marco Opdam
16 Oct 14 07:24:38
$Tech ] Pirate bay and Deildu blocked in Iceland: The Pirate Bay and and Deildu, Iceland’s large... http://t.co/mQL8X5Ur3B #news #nieuws
محمد الشريف
16 Oct 14 01:00:42
Should I Contribute to Crowdfunding Campaigns؟ http://t.co/YUv50YkT70 $tech #crowdfunding #التمويل_الجماعي http://t.co/G8uRJ609hg
16 Oct 14 00:26:06
@cryptotho #Bittrex: $TECH / BTC Alert price: >= 0.00010000 Current price: 0.0001 http://t.co/kCIAc5H46A
By  +Follow June 18, 2013 1:06PM



blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.