Biotech firm Techne Corp. earned $33.1 million in the third quarter, up 4 percent, but missed Wall Street's earnings and revenue expectations.
The Minneapolis firm reported adjusted earnings of 88 cents a share; analysts expected 90 cents.
Techne's third-quarter revenue was $81 million, down 3.2 percent, missing the $84 million that Wall Street had been expecting.
Nearly all of the decline in sales was attributed to the company's own operations, before the effects of foreign currency exchange rates. The company said the quarter included one less shipping day than a year ago, and also included the Easter holiday, which was in the fourth quarter a year earlier.
In morning trading, the stock dropped 57 cents, or less than 1 percent, to $63.78.