BIO-TECHNE Corp 10-Q for FY2025 Q2

BIO-TECHNE Corp (TECH)

10-Q 2025-02-06 For: 2024-12-31

Added on April 09, 2026

About this 10-Q

BIO-TECHNE Corp filed this 10-Q on February 6, 2025, covering the quarter ended December 31, 2024 (FY2025 Q2).

Headline figures

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

Revenue: $297.03M; up 9.0% from $272.6M a year earlier
Net income: $34.89M; up 27.0% from net income of $27.47M a year earlier
Diluted EPS: $0.22; up 29.4% from $0.17 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				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023

Net sales	$	297,031	$	272,598	$	586,489	$	549,533
Cost of sales		103,145		96,011		209,586		187,755
Gross margin		193,886		176,587		376,903		361,778

Operating expenses:
Selling, general and administrative		121,451		115,667		240,612		220,998
Research and development		25,016		22,916		48,885		46,914
Total operating expenses		146,467		138,583		289,497		267,912
Operating income		47,419		38,004		87,406		93,866

Other income (expense)		(4,543)		(4,617)		(4,359)		(10,921)
Earnings before income taxes		42,876		33,387		83,047		82,945
Income taxes		7,986		5,922		14,557		4,486
Net earnings	$	34,890	$	27,465	$	68,490	$	78,459
Other comprehensive income (loss):
Foreign currency translation income (loss)		(25,518)		18,025		(4,262)		6,423
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax amounts disclosed in Note 8		(45)		(3,670)		(3,072)		(4,020)
Other comprehensive income (loss)		(25,563)		14,355		(7,334)		2,403
Comprehensive income	$	9,327	$	41,820	$	61,156	$	80,862

Earnings per share:
Basic	$	0.22	$	0.17	$	0.43	$	0.50
Diluted	$	0.22	$	0.17	$	0.42	$	0.49

Weighted average common shares outstanding:
Basic		158,431		157,533		158,481		157,826
Diluted		160,626		160,060		161,353		161,001


	December 31,
	2024		June 30,
	(unaudited)		2024
ASSETS
Current assets:
Cash and cash equivalents	$	177,549	$	151,791
Short-term available-for-sale investments		—		1,072
Accounts receivable, less allowance for doubtful accounts of $5,632 and $4,386, respectively		217,940		241,394
Inventories		188,373		179,731
Current assets held-for-sale		1,047		9,773
Other current assets		49,731		33,658
Total current assets		634,640		617,419

Property and equipment, net		249,753		251,154
Right-of-use assets		85,383		91,285
Goodwill		964,607		972,663
Intangible assets, net		461,051		507,081
Other assets		274,990		264,265
Total assets	$	2,670,424	$	2,703,867
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	33,120	$	37,968
Salaries, wages and related accruals		53,594		49,818
Accrued expenses		27,543		24,886
Contract liabilities		27,715		27,930
Income taxes payable		3,141		3,706
Operating lease liabilities - current		13,511		12,920
Other current liabilities		2,632		2,151
Total current liabilities		161,256		159,379

Deferred income taxes		37,723		55,863
Long-term debt obligations		300,000		319,000
Operating lease liabilities		81,616		87,618
Other long-term liabilities		11,337		13,157

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 157,915,999 and 158,216,258 respectively		1,579		1,582
Additional paid-in capital		875,864		820,337
Retained earnings		1,286,699		1,325,247
Accumulated other comprehensive loss		(85,650)		(78,316)
Total Bio-Techne’s shareholders’ equity		2,078,492		2,068,850
Total liabilities and shareholders’ equity	$	2,670,424	$	2,703,867


	Three months ended December 31, 2024
		Employee		Asset-related
		severance		and other		Total
Protein Sciences	$	39	$	2,755	$	2,794
Diagnostics and Spatial Biology		(19)		—		(19)
Corporate		185		4		189
Total	$	205	$	2,759	$	2,964


	Six months ended December 31, 2024
		Employee		Asset-related
		severance		and other		Total
Protein Sciences	$	2,313	$	10,172	$	12,485
Diagnostics and Spatial Biology		425		—		425
Corporate		319		4		323
Total	$	3,057	$	10,176	$	13,233


	Employee		Asset
	severance⁽¹⁾		impairment and other⁽²⁾		Total
Expense incurred in the first quarter of 2025	$	2,852	$	7,417	$	10,269
Cash payments		(189)		—		(189)
Non-cash adjustments		—		(7,417)		(7,417)
Accrued restructuring actions balance as of September 30, 2024	$	2,663	$	—	$	2,663
Expense incurred in the second quarter of 2025		205		2,759		2,964
Cash payments		(1,211)		(335)		(1,546)
Non-cash adjustments		—		(2,424)		(2,424)
Accrued restructuring actions balance as of December 31, 2024	$	1,657	$	—	$	1,657


	Three months ended December 31,
	2024								2023
		Employee		Asset-related		Impairment of				Employee		Asset-related		Impairment of
		severance		and other		assets held-for-sale		Total		severance		and other		assets held-for-sale		Total
Protein Sciences	$	(33)	$	10	$	—	$	(23)	$	2,950	$	472	$	6,038	$	9,460
Diagnostics and Spatial Biology		—		—		—		—		739		—		—		739
Corporate		—		346		—		346		1,193		32		—		1,225
Total	$	(33)	$	356	$	—	$	323	$	4,882	$	504	$	6,038	$	11,424


	Six months ended December 31,
	2024								2023
		Employee		Asset-related		Impairment of				Employee		Asset-related		Impairment of
		severance		and other		assets held-for-sale		Total		severance		and other		assets held-for-sale		Total
Protein Sciences	$	(19)	$	50	$	—	$	31	$	2,950	$	472	$	6,038	$	9,460
Diagnostics and Spatial Biology		—		—		—		—		739		—		—		739
Corporate		(3)		1,048		—		1,045		1,193		32		—		1,225
Total	$	(22)	$	1,098	$	—	$	1,076	$	4,882	$	504	$	6,038	$	11,424


	December 31,
	2024

Beginning balance	$	507,081
Other additions		249
Amortization expense		(38,911)
Restructuring impairment		(7,050)
Currency translation		(318)
Ending balance	$	461,051


Remainder 2025	$	37,819
2026		72,318
2027		62,182
2028		58,478
2029		45,912
Thereafter		184,342
Total	$	461,051


			Diagnostics and
	Protein Sciences		Spatial Biology		Total
June 30, 2024	$	423,449	$	549,214	$	972,663
Currency translation		(3,642)		(4,414)		(8,056)
December 31, 2024	$	419,807	$	544,800	$	964,607


	December 31,		June 30,
	2024		2024

Equity method investment in Wilson Wolf	$	241,354	$	242,337
Derivative instruments		3,227		9,813
Long-term inventory		5,740		5,718
Investment in Spear Bio		15,000		—
Other		9,669		6,397
Other assets	$	274,990	$	264,265


	Six Months Ended
	December 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	68,490	$	78,459
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		55,221		56,343
Costs recognized on sale of acquired inventory		373		364
Deferred income taxes		(13,417)		(22,314)
Stock-based compensation expense		24,892		22,846
Fair value adjustment to contingent consideration payable		—		(3,500)
Fair value adjustment on available-for-sale investments		—		(283)
(Gain) Loss on equity method investment		(420)		4,295
Asset impairment restructuring		9,841		—
Leases, net		492		1,196
Impairment of assets held-for-sale		—		6,038
Other operating activity		305		256
Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables, net		20,940		20,333
Inventories		(11,713)		(9,577)
Prepaid expenses		(405)		(3,149)
Trade accounts payable, accrued expenses, contract liabilities, and other		(29)		5,382
Salaries, wages and related accruals		3,882		(4,305)
Income taxes payable		(10,217)		(9,885)
Net cash provided by (used in) operating activities		148,235		142,499

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of available-for-sale investments		1,085		23,759
Purchases of available-for-sale investments		—		(5,526)
Additions to property and equipment		(15,993)		(28,456)
Acquisitions, net of cash acquired		—		(169,707)
Distributions from (Investments in) Wilson Wolf		1,403		2,149
Investment in Spear Bio		(15,000)		—
Proceeds from sale of assets held-for-sale		1,789		—
Net cash provided by (used in) investing activities		(26,716)		(177,781)

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends		(25,424)		(25,213)
Proceeds from stock option exercises		30,641		19,670


	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
Consumables	$	230,715	$	211,126	$	461,560	$	435,673
Instruments		30,868		29,825		57,074		54,685
Services		27,350		24,129		54,707		45,583
Total product and services revenue, net	$	288,933	$	265,080	$	573,341	$	535,941
Royalty revenues		8,098		7,518		13,148		13,592
Total revenues, net	$	297,031	$	272,598	$	586,489	$	549,533


	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023

United States	$	159,906	$	147,793	$	324,921	$	306,898
EMEA, excluding United Kingdom		70,392		62,538		129,455		117,334
United Kingdom		13,243		10,675		27,187		23,126
APAC, excluding Greater China		19,010		19,042		37,131		36,392
Greater China		24,754		24,459		49,074		49,944
Rest of World		9,726		8,091		18,721		15,839
Net sales	$	297,031	$	272,598	$	586,489	$	549,533


	December 31,		June 30,
	2024		2024

Raw materials	$	83,960	$	79,377
Finished goods⁽¹⁾		110,153		106,072
Inventories, net	$	194,113	$	185,449



	Final allocation at June 30, 2024
Current assets	$	12,155
Equipment and other long-term assets		1,470
Goodwill		104,650
Intangible assets:
Developed technologies		60,300
Tradenames		4,900
Customer relationships		1,200
Total assets acquired		184,675

Liabilities		7,096
Deferred income taxes, net		7,872
Net assets acquired	$	169,707

Cash paid		169,707


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

Assets
Derivatives designated as hedging instruments - cash flow hedges	Other current assets	$	6,063	$	—	$	6,063	$	—
Derivatives designated as hedging instruments - cash flow hedges	Other assets		528		—		528		—
Derivatives designated as hedging instruments - net investment hedge	Other assets		2,699		—		2,699		—
Total assets		$	9,290	$	—	$	9,290	$	—


	(Gain) Loss Recognized in Accumulated Other Comprehensive Loss
	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
Cash flow hedges
Forward starting swaps	$	1,689	$	5,669	$	6,699	$	7,956
Net investment hedges
Cross-currency swap		(7,690)		7,545		(2,525)		7,243
Total	$	(6,001)	$	13,214	$	4,174	$	15,199


	(Gain) Loss Reclassified into Income
	Quarter Ended				Six Months Ended
	December 31,				December 31,				Location of (Gain) Loss
	2024		2023		2024		2023		in Income Statement
Cash flow hedges
Forward starting swaps	$	(2,155)	$	(2,620)	$	(4,754)	$	(5,159)	Interest expense
Net investment hedges
Cross-currency swap		(660)		(837)		(1,442)		(1,535)	Interest expense
Total	$	(2,815)	$	(3,457)	$	(6,196)	$	(6,694)


			As of
			December 31,
	Balance Sheet Classification		2024
Operating leases:
Operating lease right-of-use assets		Right-of-use asset	$	85,383

Current operating lease liabilities		Operating lease liabilities - current	$	13,511
Noncurrent operating lease liabilities		Operating lease liabilities		81,616
Total operating lease liabilities			$	95,127

Weighted average remaining lease term (in years):				8.09

Weighted average discount rate (%):				4.26


	Bio-Techne Shareholders
								Accumulated
				Additional				Other
	Common Stock			Paid-in		Retained		Comprehensive
	Shares	Amount		Capital		Earnings		Income(Loss)		Total
Balances at June 30, 2024	158,216	$	1,582	$	820,337	$	1,325,247	$	(78,316)	$	2,068,850
Net earnings							33,600				33,600
Other comprehensive income (loss)									18,229		18,229
Common stock issued for exercise of options	577		6		23,224		(2,338)				20,892
Common stock issued for restricted stock awards	50		1		1		(2,646)				(2,644)
Cash dividends							(12,688)				(12,688)
Stock-based compensation expense					10,146						10,146
Common stock issued to employee stock purchase plan	35		0		2,227						2,227
Employee stock purchase plan expense					38						38
Balances at September 30, 2024	158,878	$	1,589	$	855,973	$	1,341,175	$	(60,087)	$	2,138,650
Net earnings							34,890				34,890
Other comprehensive income (loss)									(25,563)		(25,563)
Share repurchases	(1,118)		(11)				(75,617)				(75,628)
Common stock issued for exercise of options	132		1		5,183		(20)				5,164
Common stock issued for restricted stock awards	24		0		0		(993)				(993)
Cash dividends							(12,736)				(12,736)
Stock-based compensation expense					14,335						14,335
Employee stock purchase plan expense					373						373
Balances at December 31, 2024	157,916	$	1,579	$	875,864	$	1,286,699	$	(85,650)	$	2,078,492


Three months ended December 31, 2024 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of September 30, 2024, net of tax	$	5,075	$	(65,162)	$	(60,087)
Other comprehensive income (loss), before tax:
Amounts before reclassifications		(1,689)		(26,021)		(27,710)
Amounts reclassified out		2,155		660		2,815
Total other comprehensive income (loss), before tax		466		(25,361)		(24,895)
Tax (expense)/benefit		(511)		(157)		(668)
Total other comprehensive income (loss), net of tax		(45)		(25,518)		(25,563)
Balance as of December 31, 2024, net of tax	$	5,030	$	(90,680)	$	(85,650)


Three months ended December 31, 2023 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of September 30, 2023 net of tax:	$	12,512	$	(90,528)	$	(78,016)
Other comprehensive income (loss), before tax:
Amounts before reclassifications		(5,669)		17,387		11,718
Amounts reclassified out		2,620		837		3,457
Total other comprehensive income (loss), before tax		(3,049)		18,224		15,175
Tax (expense)/benefit		(621)		(199)		(820)
Total other comprehensive income (loss), net of tax		(3,670)		18,025		14,355
Balance as of December 31, 2023, net of tax	$	8,842	$	(72,503)	$	(63,661)


Six months ended December 31, 2024 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of June 30, 2024, net of tax:	$	8,102	$	(86,418)	$	(78,316)
Other comprehensive income (loss), before tax:
Amounts before reclassifications		(6,699)		(5,362)		(12,061)
Amounts reclassified out		4,754		1,442		6,196
Total other comprehensive income (loss), before tax		(1,945)		(3,920)		(5,865)
Tax (expense)/benefit		(1,127)		(342)		(1,469)
Total other comprehensive income (loss), net of tax		(3,072)		(4,262)		(7,334)
Balance as of December 31, 2024, net of tax⁽¹⁾	$	5,030	$	(90,680)	$	(85,650)


Six months ended December 31, 2023 (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		(7,956)		5,252		(2,704)
Amounts reclassified out		5,159		1,535		6,694
Total other comprehensive income (loss), before tax		(2,797)		6,787		3,990
Tax (expense)/benefit		(1,223)		(364)		(1,587)
Total other comprehensive income (loss), net of tax		(4,020)		6,423		2,403
Balance as of December 31, 2023, net of tax⁽¹⁾	$	8,842	$	(72,503)	$	(63,661)


	QUARTER						SIX MONTHS
	ENDED						ENDED
	12/31/2024			12/31/2023			12/31/2024			12/31/2023
Total consolidated net sales	$	297,031		$	272,598		$	586,489		$	549,533
Business held-for-sale¹⁾		1,849			—			4,152			—
Revenue from recurring operations	$	295,182		$	272,598		$	582,337		$	549,533

Gross margin - GAAP	$	193,886		$	176,587		$	376,903		$	361,778
Gross margin percentage - GAAP		65.3	%		64.8	%		64.3	%		65.8	%

Identified adjustments:
Costs recognized upon sale of acquired inventory	$	185		$	183		$	373		$	364
Amortization of intangibles		10,630			11,790			22,410			23,656
Stock-based compensation, inclusive of employer taxes		395			256			667			470
Restructuring and restructuring-related costs		2,691			1,174			7,589			1,174
Impact of business held-for-sale¹⁾		376			—			(182)			—
Adjusted gross margin	$	208,163		$	189,990		$	407,760		$	387,442
Adjusted gross margin percentage²⁾		70.5	%		69.7	%		70.0	%		70.5	%


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, 2024	—	$	—	—	$	180,739,094
August 1 - August 31, 2024	—		—	—		180,739,094
September 1 - September 30, 2024	—		—	—		180,739,094
July 1 - September 30, 2024	—		—	—
October 1 - 31, 2024	—		—	—		180,739,094
November 1 - 30, 2024	1,118,492		67.62	1,118,492		105,110,738
December 1 - 31, 2024	—		—	—		105,110,738
October 1 - December 31, 2024	1,118,492		67.62	1,118,492


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 22, 2024*

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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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 for Second Amended and Restated 2010 Equity Incentive Plan - 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**		Form of Executive 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 22, 2024*

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 six months ended December 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: February 6, 2025		/s/ Kim Kelderman
		Kim Kelderman
		President and Chief Executive Officer

Date: February 6, 2025		/s/ James Hippel
		James Hippel
		Executive Vice President, Chief Financial Officer


	/s/ Kim Kelderman
	Kim Kelderman
	President and Chief Executive Officer February 6, 2025