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Techne Slammed on Miss

TSC and IRIS Staff

Techne(TECH Quote) fell 7% after a fourth-quarter earnings miss.

The Minneapolis-based healthcare company earned $19.49 million, or 49 cents a share, in the quarter, compared with $18.57 million, or 47 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 50 cents a share in the most recent quarter.

Fourth-quarter revenue rose 9.5% to $52.07 million as against analysts' expectation of $54.21 million.

The company's shares were down $2.87, or 5.8%, at $46.60 Tuesday.