BIO-TECHNE Corp 10-Q for FY2024 Q3

BIO-TECHNE Corp (TECH)

10-Q 2024-05-06 For: 2024-03-31

Added on April 09, 2026

About this 10-Q

BIO-TECHNE Corp filed this 10-Q on May 6, 2024, covering the quarter ended March 31, 2024 (FY2024 Q3).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $303.43M; up 3.2% from $294.15M a year earlier
Net income: $49.06M; down 30.1% from net income of $70.22M a year earlier
Diluted EPS: $0.31; down 27.9% from $0.43 a year earlier

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Minnesota	41-1427402
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

614 McKinley Place N.E. Minneapolis, MN 55413	(612) 379-8854
(Address of principal executive offices) (Zip Code)	(Registrant's telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	TECH	The NASDAQ Stock Market LLC


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	36

Item 4.	Controls and Procedures	37

PART II: OTHER INFORMATION

Item 1.	Legal Proceedings	37

Item 1A.	Risk Factors	37

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

	SIGNATURES	42


	Quarter Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023

Net sales	$	303,428	$	294,146	$	852,961	$	835,382
Cost of sales		98,829		91,984		286,584		270,265
Gross margin		204,599		202,162		566,377		565,117

Operating expenses:
Selling, general and administrative		111,840		99,238		332,839		291,624
Research and development		25,761		22,713		72,675		69,074
Total operating expenses		137,601		121,951		405,514		360,698
Operating income		66,998		80,211		160,863		204,419

Other income (expense)		(5,914)		(15)		(16,835)		45,924
Earnings before income taxes		61,084		80,196		144,028		250,343
Income taxes		12,025		9,978		16,511		40,385
Net earnings, including noncontrolling interest		49,059		70,218		127,517		209,958
Net earnings attributable to noncontrolling interest		—		—		—		179
Net earnings attributable to Bio-Techne	$	49,059	$	70,218	$	127,517	$	209,779
Other comprehensive income (loss):
Foreign currency translation income (loss)		(11,981)		3,282		(5,558)		(805)
Foreign currency translation reclassified to earnings with Eminence deconsolidation		—		—		—		119
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax amounts disclosed in Note 8		335		(1,708)		(3,685)		2,302
Other comprehensive income (loss)		(11,646)		1,574		(9,243)		1,616
Other comprehensive income (loss) attributable to noncontrolling interest		—		—		—		(33)
Other comprehensive income (loss) attributable to Bio-Techne		(11,646)		1,574		(9,243)		1,649
Comprehensive income attributable to Bio-Techne	$	37,413	$	71,792	$	118,274	$	211,428

Earnings per share attributable to Bio-Techne:
Basic	$	0.31	$	0.45	$	0.81	$	1.34
Diluted	$	0.31	$	0.43	$	0.79	$	1.30

Weighted average common shares outstanding:
Basic		157,309		157,311		157,655		157,071
Diluted		160,496		161,615		160,817		161,768


	March 31,
	2024		June 30,
	(unaudited)		2023
ASSETS
Current assets:
Cash and cash equivalents	$	139,915	$	180,571
Short-term available-for-sale investments		5,397		23,739
Accounts receivable, less allowance for doubtful accounts of $3,293 and $4,738, respectively		227,887		218,468
Inventories		179,496		171,638
Current assets held-for-sale		26,669		—
Other current assets		31,286		27,066
Total current assets		610,650		621,482

Property and equipment, net		243,728		226,200
Right-of-use assets		97,258		98,326
Goodwill		970,966		872,737
Intangible assets, net		526,428		534,645
Other assets		272,140		285,302
Total assets	$	2,721,170	$	2,638,692
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	28,895	$	25,679
Salaries, wages and related accruals		44,313		36,747
Accrued expenses		17,806		14,880
Contract liabilities		30,108		23,069
Income taxes payable		12,082		12,022
Operating lease liabilities - current		12,978		11,199
Contingent consideration payable		—		3,500
Current liabilities held-for-sale		689		—
Other current liabilities		2,949		1,413
Total current liabilities		149,820		128,509

Deferred income taxes		63,666		88,982
Long-term debt obligations		389,000		350,000
Operating lease liabilities		92,752		93,766
Other long-term liabilities		11,557		10,919

Bio-Techne’s Shareholders’ equity:
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding		—		—
Common stock, par value $.01 per share; authorized 400,000,000; issued and outstanding 157,554,366 and 157,641,914 respectively		1,576		1,576
Additional paid-in capital		790,418		721,543
Retained earnings		1,297,688		1,309,461
Accumulated other comprehensive loss		(75,307)		(66,064)
Total Bio-Techne’s shareholders’ equity		2,014,375		1,966,516
Total liabilities and shareholders’ equity	$	2,721,170	$	2,638,692


	Three months ended March 31, 2024
		Employee		Asset-related		Impairment of
		severance		and other		assets held-for-sale		Total
Protein Sciences	$	28	$	914	$	—	$	942
Diagnostics and Genomics		265		90		—		355
Corporate		117		136		—		253
Total	$	410	$	1,140	$	—	$	1,550


	Nine months ended March 31, 2024
		Employee		Asset-related		Impairment of
		severance		and other		assets held-for-sale		Total
Protein Sciences	$	2,978	$	1,386	$	6,038	$	10,402
Diagnostics and Genomics		1,004		90		—		1,094
Corporate		1,310		168		—		1,478
Total	$	5,292	$	1,644	$	6,038	$	12,974


	Employee		Asset
	severance		impairment and other		Total
Selling, general and administrative	$	1,328	$	842	$	2,170


	Employee
	severance
Expense incurred in fiscal year 2023	$	1,677
Fiscal year 2023 cash payments		(762)
Fiscal year 2023 adjustments		(18)
Accrued restructuring actions balances as of June 30, 2023	$	897
Fiscal year 2024 cash payments		(1,006)
Fiscal year 2024 adjustments⁽¹⁾		221
Accrued restructuring actions balances as of March 31, 2024⁽²⁾	$	112



Beginning balance	$	534,645
Acquisitions		66,400
Other additions		619
Held-for-sale intangibles⁽¹⁾		(14,323)
Amortization expense		(60,056)
Currency translation		(857)
Ending balance	$	526,428


Remainder 2024	$	19,525
2025		75,156
2026		71,191
2027		61,027
2028		57,380
Thereafter		219,449
Total	$	503,728


			Diagnostics and
	Protein Sciences		Genomics		Total
June 30, 2023	$	427,027	$	445,710	$	872,737
Acquisitions		—		102,546		102,546
Held-for-sale goodwill⁽¹⁾		(1,400)		—		(1,400)
Currency translation		(1,526)		(1,391)		(2,917)
March 31, 2024	$	424,101	$	546,865	$	970,966



	Preliminary allocation at March 31, 2024
Current assets	$	12,155
Equipment and other long-term assets		1,470
Intangible assets:
Developed technologies		60,300
Tradenames		4,900
Customer relationships		1,200
Goodwill		102,546
Total assets acquired		182,571

Liabilities		7,096
Deferred income taxes, net		5,768
Net assets acquired	$	169,707

Cash paid		169,707
Net assets acquired	$	169,707


		Total
		carrying
		value as of		Fair Value Measurements Using
	Balance Sheet Location	March 31,		Inputs Considered as
		2024		Level 1		Level 2		Level 3

Assets
Certificates of deposit⁽¹⁾	Short-term available-for-sale investments	$	5,397	$	5,397	$	—	$	—
Derivatives designated as hedging instruments - cash flow hedges	Other assets		12,028		—		12,028		—
Total assets		$	17,425	$	5,397	$	12,028	$	—

Liabilities
Derivatives designated as hedging instruments - net investment hedge	Other long-term liabilities	$	680	$	—	$	680	$	—
Total liabilities		$	680	$	—	$	680	$	—


	Nine Months Ended
	March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings, including noncontrolling interest	$	127,517	$	209,958
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		83,654		80,315
Costs recognized on sale of acquired inventory		550		400
Deferred income taxes		(29,896)		(22,651)
Stock-based compensation expense		30,979		41,315
Fair value adjustment to contingent consideration payable		(3,500)		(10,350)
Gain on sale of CCXI investment		—		(37,176)
Fair value adjustment on available-for-sale investments		(283)		(1,153)
(Gain) loss on equity method investment		6,042		—
Gain on sale of Eminence		—		(11,682)
Leases, net		1,832		1,434
Impairment of assets held-for-sale		6,038		—
Other operating activity		422		296
Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables, net		(2,611)		(20,775)
Inventories		(9,599)		(28,816)
Prepaid expenses		(1,983)		(5,557)
Trade accounts payable, accrued expenses, contract liabilities, and other		7,160		(5,647)
Salaries, wages and related accruals		7,163		(22,759)
Income taxes payable		0		3,848
Net cash provided by (used in) operating activities		223,485		171,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of available-for-sale investments		23,759		29,161
Purchases of available-for-sale investments		(5,526)		(20,500)
Proceeds from sale of CCXI investment		—		73,219
Additions to property and equipment		(44,897)		(27,413)
Acquisitions, net of cash acquired		(169,707)		(101,184)
Distributions from (Investments in) Wilson Wolf		2,149		(232,000)
Proceeds from sale of Eminence		—		17,824
Net cash provided by (used in) investing activities		(194,222)		(260,893)

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends		(37,792)		(37,688)


	Quarter Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Consumables	$	246,732	$	240,659	$	682,405	$	674,419
Instruments		26,493		25,449		81,178		84,208
Services		25,501		23,312		71,084		60,609
Total product and services revenue, net	$	298,726	$	289,420	$	834,667	$	819,236
Royalty revenues		4,702		4,726		18,294		16,146
Total revenues, net	$	303,428	$	294,146	$	852,961	$	835,382


	Quarter Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023

United States	$	173,315	$	163,197	$	480,213	$	467,633
EMEA, excluding United Kingdom		60,533		59,702		177,866		160,246
United Kingdom		15,122		13,811		38,249		36,385
APAC, excluding Greater China		18,253		20,159		54,645		55,592
Greater China		25,598		26,256		75,542		88,103
Rest of World		10,607		11,021		26,446		27,423
Net sales	$	303,428	$	294,146	$	852,961	$	835,382


	March 31,		June 30,
	2024		2023

Raw materials	$	80,524	$	84,551
Finished goods⁽¹⁾		104,376		92,474
Inventories, net	$	184,900	$	177,025


	(Gain) Loss Recognized in Accumulated Other Comprehensive Loss
	Quarter Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Cash flow hedges
Forward starting swaps	$	1,626	$	3,105	$	9,582	$	(431)
Net investment hedges
Cross-currency swap		(4,914)		—		2,329		—
Total	$	(3,288)	$	3,105	$	11,911	$	(431)


	(Gain) Loss Reclassified into Income
	Quarter Ended				Nine Months Ended
	March 31,				March 31,				Location of (Gain) Loss
	2024		2023		2024		2023		in Income Statement
Cash flow hedges
Forward starting swaps	$	(2,570)	$	(1,826)	$	(7,729)	$	(2,445)	Interest expense
Net investment hedges
Cross-currency swap		(837)		—		(2,372)		—	Interest expense
Total	$	(3,407)	$	(1,826)	$	(10,101)	$	(2,445)


			As of
			March 31,
	Balance Sheet Classification		2024
Operating leases:
Operating lease right-of-use assets		Right-of-use asset	$	97,258

Current operating lease liabilities		Operating lease liabilities - current	$	12,978
Noncurrent operating lease liabilities		Operating lease liabilities		92,752
Total operating lease liabilities			$	105,730

Weighted average remaining lease term (in years):				8.66

Weighted average discount rate (%):				4.20


	March 31, 2024
	Operating
	Leases
Remainder 2024	$	4,160
2025		16,532
2026		16,646
2027		13,780
2028		13,673
Thereafter		62,951
Total	$	127,742
Less: Amounts representing interest		22,012
Total lease obligations	$	105,730


	Bio-Techne Shareholders
								Accumulated
				Additional				Other
	Common Stock			Paid-in		Retained		Comprehensive
	Shares	Amount		Capital		Earnings		Income(Loss)		Total
Balances at June 30, 2023	157,642	$	1,576	$	721,543	$	1,309,461	$	(66,064)	$	1,966,516
Net earnings							50,993				50,993
Other comprehensive income (loss)									(11,952)		(11,952)
Common stock issued for exercise of options	633		6		12,877		(15,460)				(2,577)
Common stock issued for restricted stock awards	47		1		0		(4,768)				(4,767)
Cash dividends							(12,654)				(12,654)
Stock-based compensation expense					9,981						9,981
Common stock issued to employee stock purchase plan	33		1		2,093						2,094
Employee stock purchase plan expense					112						112
Balances at September 30, 2023	158,355	$	1,584	$	746,606	$	1,327,572	$	(78,016)	$	1,997,746
Net earnings							27,465				27,465
Other comprehensive income (loss)									14,355		14,355
Share repurchases	(1,397)		(14)				(80,028)				(80,042)
Common stock issued for exercise of options	157		1		4,914		(1,074)				3,841
Common stock issued for restricted stock awards	27		0		0						0
Cash dividends							(12,559)				(12,559)
Stock-based compensation expense					12,413						12,413
Employee stock purchase plan expense					340						340
Balances at December 31, 2023	157,142	$	1,571	$	764,273	$	1,261,376	$	(63,661)	$	1,963,559
Net earnings							49,059				49,059
Other comprehensive income (loss)									(11,646)		(11,646)
Common stock issued for exercise of options	372		4		15,761						15,765
Common stock issued for restricted stock awards	4		0		0		(168)				(168)
Cash dividends							(12,579)				(12,579)
Stock-based compensation expense					8,053						8,053
Common stock issued to employee stock purchase plan	36		1		2,251						2,252
Employee stock purchase plan expense					80						80
Balances at March 31, 2024	157,554	$	1,576	$	790,418	$	1,297,688	$	(75,307)	$	2,014,375


Three months ended March 31, 2024 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of December 31, 2023, net of tax:	$	8,842	$	(72,503)	$	(63,661)
Other comprehensive income (loss), before tax:
Amounts before reclassifications		(1,626)		(12,620)		(14,246)
Amounts reclassified out		2,570		837		3,407
Total other comprehensive income (loss), before tax		944		(11,783)		(10,839)
Tax (expense)/benefit		(609)		(198)		(807)
Total other comprehensive income (loss), net of tax		335		(11,981)		(11,646)
Balance as of March 31, 2024, net of tax	$	9,177	$	(84,484)	$	(75,307)


Three months ended March 31, 2023 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of December 31, 2022, attributable to Bio-Techne, net of tax:	$	12,079	$	(87,204)	$	(75,125)
Other comprehensive income (loss), before tax:
Amounts before reclassifications, attributable to Bio-Techne		(3,105)		3,282		177
Amounts reclassified out		1,826		—		1,826
Total other comprehensive income (loss), before tax		(1,279)		3,282		2,003
Tax (expense)/benefit		(429)		—		(429)
Total other comprehensive income (loss), net of tax		(1,708)		3,282		1,574
Balance as of March 31, 2023, net of tax	$	10,371	$	(83,922)	$	(73,551)


Nine months ended March 31, 2024 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of June 30, 2023, net of tax:	$	12,862	$	(78,926)	$	(66,064)
Other comprehensive income (loss), before tax:
Amounts before reclassifications		(9,582)		(7,368)		(16,950)
Amounts reclassified out		7,729		2,372		10,101
Total other comprehensive income (loss), before tax		(1,853)		(4,996)		(6,849)
Tax (expense)/benefit		(1,832)		(562)		(2,394)
Total other comprehensive income (loss), net of tax		(3,685)		(5,558)		(9,243)
Balance as of March 31, 2024, net of tax⁽¹⁾	$	9,177	$	(84,484)	$	(75,307)


Nine months ended March 31, 2023 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of June 30, 2022, attributable to Bio-Techne, net of tax:	$	8,069	$	(83,269)	$	(75,200)
Other comprehensive income (loss), before tax:
Amounts before reclassifications, attributable to Bio-Techne		431		(805)		(374)
Amounts reclassified out		2,445		152		2,597
Total other comprehensive income (loss), before tax		2,876		(653)		2,223
Tax (expense)/benefit		(574)		—		(574)
Total other comprehensive income (loss), net of tax		2,302		(653)		1,649
Balance as of March 31, 2023, net of tax⁽¹⁾	$	10,371	$	(83,922)	$	(73,551)


Decrease in translation of earnings of foreign subsidiaries (annualized)	$	3,894
Decrease in translation of net assets of foreign subsidiaries		60,565
Additional transaction losses		4,527


Period	Total Number of Shares Purchased		Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Dollar Amount of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 - July 31, 2023	—	$	—	—	$	260,780,968
August 1 - August 31, 2023	—		—	—		260,780,968
September 1 - September 30, 2023	—		—	—		260,780,968
July 1 - September 30, 2023	—		—	—
October 1 - 31, 2023	—		—	—		260,780,968
November 1 - 30, 2023	1,397,471		57.28	1,397,471		180,739,094
December 1 - 31, 2023	—		—	—		180,739,094
October 1 - December 31, 2023	1,397,471		57.28	1,397,471
January 1 - 31, 2024	—		—	—		180,739,094
February 1 - 29, 2024	—		—	—		180,739,094
March 1 - 31, 2024	—		—	—		180,739,094
January 1 - March 31, 2024	—		—	—
July 1, 2023 - March 31, 2024	1,397,471		57.28	1,397,471


Exhibit Number		Description

3.1		Amended and Restated Articles of Incorporation of the Company--incorporated by reference to Exhibit 3.1 of the Company's 8-K dated November 1, 2022*

3.2		Fourth Amended and Restated Bylaws of the Company--incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K dated April 27, 2022*

4.1		Description of Capital Stock -- incorporated by reference to Exhibit 4.1 of the Company's Form 10-K dated August 23, 2023*

10.1**		Management Incentive Plan--incorporated by reference to Exhibit 10.13 of the Company's Form 10-K for the year ended June 30, 2013*

10.2**		Second Amended and Restated 2010 Equity Incentive Plan--incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K dated October 26, 2017*

10.3**		Form of Time Vesting Restricted Stock Award Agreement - incorporated by reference to Exhibit 10.3 of the Company's Form 10-K dated August 25, 2021*

10.4**		Form of Performance Vesting Restricted Stock Award Agreement - incorporated by reference to Exhibit 10.4 of the Company's Form 10-K dated August 25, 2021*

10.5**		Form of Time Vesting Restricted Stock Unit Award Agreement - incorporated by reference to Exhibit 10.5 of the Company's Form 10-K dated August 25, 2021*

10.6**		Form of Performance Vesting Restricted Stock Unit Award Agreement - incorporated by reference to Exhibit 10.6 of the Company's Form 10-K dated August 25, 2021*

10.7**		Form of the Time Vesting Performance Unit Award Agreement - incorporated by reference to Exhibit 10.7 of the Company's Form 10-K dated August 25, 2021*

10.8**		Form of Performance Vesting Performance Unit Award Agreement - incorporated by reference to Exhibit 10.8 of the Company's Form 10-K dated August 25, 2021*

10.9**		Form of Time Vesting Incentive Stock Option Agreement - incorporated by reference to Exhibit 10.9 of the Company's Form 10-K dated August 25, 2021*

10.10**		Form of Performance Vesting Incentive Stock Option Agreement - incorporated by reference to Exhibit 10.10 of the Company's Form 10-K dated August 25, 2021*

Exhibit Number		Description

10.11**		Form of Employee Non-Qualified Stock Option Agreement - incorporated by reference to Exhibit 10.11 of the Company's Form 10-K dated August 25, 2021*

10.12**		Form of Director Non-Qualified Stock Option Agreement for Second Amendment and Restated 2010 Equity Incentive Plan - incorporated by reference to Exhibit 10.2 of the Company's Form 8-K dated October 26, 2017*

10.13**		Employment Agreement by and between the Company and Charles Kummeth - incorporated by reference to Exhibit 10.11 of the Company's Form 10-K dated September 7, 2017*

10.14**		Form of Employment Agreement by and between the Company and Executive Officers of the Company other than the CEO --incorporated by reference to Exhibit 10.12 of the Company's Form 10-K dated September 7, 2017*

10.15**		Form of Amendment No. 1 to Executive Employment Agreement – incorporated by reference to Exhibit 10.15 of the Company’s Form 10-Q dated May 11, 2020*

10.16		Amended and Restated Credit Agreement by and among the Company, the Guarantors party thereto, the Lenders party thereto, and BMO Harris Bank N.A., as Administrative Agent, dated August 31, 2022--incorporated by reference to Exhibit 10.1 of the Company's Form 8-K dated September 7, 2022*

10.17**		Form of Indemnification Agreement entered into with each director and executive officer of the Company - incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q dated February 8, 2018*

10.18**		Bio-Techne 2020 Equity Incentive Plan – incorporated by reference to Exhibit 10.1 of the Company’s Form 8-k dated November 3, 2020*

10.20		Form of Director Non-Qualified Stock Option Agreement – incorporated by reference to Exhibit 10.2 of the Company’s Form 8-k dated November 3, 2020*

10.21**		Form of Employee Non-Qualified Stock Option Agreement (Global) – incorporated by reference to Exhibit 10.3 of the Company’s Form 8-k dated November 3, 2020*

10.22**		Form of Performance Vesting Cash Unit Agreement– incorporated by reference to Exhibit 10.4 of the Company’s Form 8-k dated November 3, 2020*

10.23**		Form of Performance Vesting Incentive Stock Option Agreement– incorporated by reference to Exhibit 10.5 of the Company’s Form 8-k dated November 3, 2020*

10.24**		Form of Performance Vesting Restricted Stock Agreement– incorporated by reference to Exhibit 10.6 of the Company’s Form 8-k dated November 3, 2020*

10.25**		Form of Performance Vesting Restricted Stock Unit Agreement– incorporated by reference to Exhibit 10.7 of the Company’s Form 8-k dated November 3, 2020*

10.26**		Form of Time Vesting Incentive Stock Option Agreement– incorporated by reference to Exhibit 10.8 of the Company’s Form 8-k dated November 3, 2020*

10.27**		Form of Time Vesting Cash Unit Agreement– incorporated by reference to Exhibit 10.9 of the Company’s Form 8-k dated November 3, 2020*


Exhibit Number		Description

10.28**		Form of Time Vesting Restricted Stock Agreement– incorporated by reference to Exhibit 10.10 of the Company’s Form 8-k dated November 3, 2020*

10.29**		Form of Time Vesting Restricted Stock Unit Agreement (Global) – incorporated by reference to Exhibit 10.11 of the Company’s Form 8-k dated November 3, 2020*
10.30**		Employment Agreement by and between the Company and Kim Kelderman – incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K dated October 19, 2023*
21		Subsidiaries of the Company – incorporated by reference to Exhibit 21 of the Company’s Form 10-K dated August 23, 2023*

31.1		Certificate of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101		The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter and nine months ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Earnings and Comprehensive Income, (iii) the Condensed Consolidated Statements of Cash Flows, and (iv) Notes to the Condensed Consolidated Financial Statements.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		BIO-TECHNE CORPORATION
		(Company)

Date: May 6, 2024		/s/ Kim Kelderman
		Kim Kelderman
		President and Chief Executive Officer

Date: May 6, 2024		/s/ James Hippel
		James Hippel
		Executive Vice President, Chief Financial Officer


	/s/ Kim Kelderman
	Kim Kelderman
	President and Chief Executive Officer May 6, 2024