Bio-Techne Corporation stock research
FY2024 Q3
Bio-Techne (TECH) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and gross profit both increased from the prior quarter, with gross profit rising more than proportionally, leading to an improved gross margin. Compared to the same quarter a year ago, revenue was higher but cost of revenue increased at a faster pace, resulting in a slightly weaker gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q3
Revenue and gross profit both increased from the prior quarter, with gross profit rising more than proportionally, leading to an improved gross margin. Compared to the same quarter a year ago, revenue was higher but cost of revenue increased at a faster pace, resulting in a slightly weaker gross margin.
- The sequential improvement in gross margin was driven by revenue growth outpacing cost growth. Year-over-year, cost growth exceeded revenue growth, compressing margin.
- Sequentially, gross margin improved from the prior quarter. Year-over-year, gross margin weakened compared to the same quarter last year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
67.4%
Gross profit
$204.6M
Revenue
$303.4M
Cost of revenue
$98.8M
Quarter-over-quarter change
+2.6 pts
Year-over-year change
-1.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $301.3M | $204.7M | $96.6M | 67.9% |
| Sep 30, 2023 | $276.9M | $185.2M | $91.7M | 66.9% |
| Dec 31, 2023 | $272.6M | $176.6M | $96.0M | 64.8% |
| Mar 31, 2024 | $303.4M | $204.6M | $98.8M | 67.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
+2.6 pts
Year-over-year change
Mar 31, 2023
-1.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential improvement in gross margin was driven by revenue growth outpacing cost growth. Year-over-year, cost growth exceeded revenue growth, compressing margin.
Sequentially, gross margin improved from the prior quarter. Year-over-year, gross margin weakened compared to the same quarter last year.
Monitor the relative growth rates of revenue and cost of revenue, as any divergence could affect gross margin stability.