Techne Profits Rise 11%

Techne(TECH Quote) reported a 10.6% rise in second quarter earnings, helped by acquisitions.

The Minneapolis-based healthcare company earned $16.5 million, or 42 cents a share, compared with $14.9 million, or 36 cents, in the year ago quarter. Adjusted for charges on stock options, foreign exchange losses and acquisition gains, earnings were 41 cents in the most recent quarter, in line with the Thomson First Call consensus estimates.

Second quarter revenue rose 13.7% from a year ago to $48.0 million, marginally higher than the analysts' estimates of $47.82 million. The gross margin fell 114 basis points from the year ago quarter to 77.7%.

The company said the foreign exchange loss was partially offset by a gain on the acquisitions of Fortron Bio Science and BiosPacific.