BIO-TECHNE Corp 10-Q for FY2024 Q2

BIO-TECHNE Corp (TECH)

10-Q 2024-02-07 For: 2023-12-31

Added on April 09, 2026

About this 10-Q

BIO-TECHNE Corp filed this 10-Q on February 7, 2024, covering the quarter ended December 31, 2023 (FY2024 Q2).

Headline figures

Quarter ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $272.6M; up 0.4% from $271.58M a year earlier
Net income: $27.47M; down 45.1% from net income of $50.01M a year earlier
Diluted EPS: $0.17; down 45.2% from $0.31 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	25

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32

Item 4.	Controls and Procedures	32

PART II: OTHER INFORMATION

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3.	Defaults Upon Senior Securities	33

Item 4.	Mine Safety Disclosures	33

Item 5.	Other Information	33

Item 6.	Exhibits	34

	SIGNATURES	37


	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022

Net sales	$	272,598	$	271,581	$	549,533	$	541,236
Cost of sales		96,011		88,221		187,755		178,280
Gross margin		176,587		183,360		361,778		362,956

Operating expenses:
Selling, general and administrative		115,667		93,010		220,998		192,386
Research and development		22,916		22,459		46,914		46,362
Total operating expenses		138,583		115,469		267,912		238,748
Operating income		38,004		67,891		93,866		124,208

Other income (expense)		(4,617)		(1,462)		(10,921)		45,938
Earnings before income taxes		33,387		66,429		82,945		170,146
Income taxes (benefit)		5,922		16,424		4,486		30,407
Net earnings, including noncontrolling interest		27,465		50,005		78,459		139,739
Net earnings attributable to noncontrolling interest		—		—		—		179
Net earnings attributable to Bio-Techne	$	27,465	$	50,005	$	78,459	$	139,560
Other comprehensive income (loss):
Foreign currency translation income (loss)		18,025		17,370		6,423		(4,087)
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		(3,670)		(685)		(4,020)		4,010
Other comprehensive income (loss)		14,355		16,685		2,403		42
Other comprehensive income (loss) attributable to noncontrolling interest		—		—		—		(33)
Other comprehensive income (loss) attributable to Bio-Techne		14,355		16,685		2,403		75
Comprehensive income attributable to Bio-Techne	$	41,820	$	66,690	$	80,862	$	139,635

Earnings per share attributable to Bio-Techne:
Basic	$	0.17	$	0.32	$	0.50	$	0.89
Diluted	$	0.17	$	0.31	$	0.49	$	0.86

Weighted average common shares outstanding:
Basic		157,533		157,011		157,826		156,887
Diluted		160,060		161,750		161,001		161,766


	December 31,
	2023		June 30,
	(unaudited)		2023
ASSETS
Current assets:
Cash and cash equivalents	$	130,132	$	180,571
Short-term available-for-sale investments		5,520		23,739
Accounts receivable, less allowance for doubtful accounts of $3,502 and $4,738, respectively		207,451		218,468
Inventories		180,839		171,638
Current assets held-for-sale		26,647		—
Other current assets		40,051		27,066
Total current assets		590,640		621,482

Property and equipment, net		234,204		226,200
Right-of-use assets		100,863		98,326
Goodwill		980,082		872,737
Intangible assets, net		550,605		534,645
Other assets		274,359		285,302
Total assets	$	2,730,753	$	2,638,692
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	31,514	$	25,679
Salaries, wages and related accruals		32,995		36,747
Accrued expenses		17,159		14,880
Contract liabilities		28,427		23,069
Income taxes payable		6,646		12,022
Operating lease liabilities - current		12,672		11,199
Contingent consideration payable		—		3,500
Current liabilities held-for-sale		1,593		—
Other current liabilities		4,225		1,413
Total current liabilities		135,231		128,509

Deferred income taxes		71,575		88,982
Long-term debt obligations		447,000		350,000
Operating lease liabilities		96,027		93,766
Other long-term liabilities		17,361		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 157,142,004 and 157,641,914 respectively		1,571		1,576
Additional paid-in capital		764,273		721,543
Retained earnings		1,261,376		1,309,461
Accumulated other comprehensive loss		(63,661)		(66,064)
Total Bio-Techne’s shareholders’ equity		1,963,559		1,966,516
Total liabilities and shareholders’ equity	$	2,730,753	$	2,638,692


		Employee		Asset-related		Impairment of
		severance		and other		assets held-for-sale		Total
Protein Sciences	$	2,950	$	472	$	6,038	$	9,460
Diagnostics and Genomics		739		—		—		739
Corporate		1,193		32		—		1,225
Total	$	4,882	$	504	$	6,038	$	11,424


	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		(923)
Fiscal year 2024 adjustments⁽¹⁾		221
Accrued restructuring actions balances as of December 31, 2023⁽²⁾	$	195



Beginning balance	$	534,645
Acquisitions		66,400
Other additions		556
Held-for-sale intangibles⁽¹⁾		(14,323)
Amortization expense		(40,383)
Currency translation		3,710
Ending balance	$	550,605


Remainder 2024	$	39,332
2025		75,553
2026		71,575
2027		61,394
2028		57,733
Thereafter		222,318
Total	$	527,905


			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		318		5,881		6,199
December 31, 2023	$	425,945	$	554,137	$	980,082



	Preliminary allocation at December 31, 2023
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	December 31,		Inputs Considered as
		2023		Level 1		Level 2		Level 3

Assets
Certificates of deposit⁽¹⁾	Short-term available-for-sale investments	$	5,520	$	5,520	$	—	$	—
Derivatives designated as hedging instruments - cash flow hedges	Other assets		11,589		—		11,589		—
Total assets		$	17,109	$	5,520	$	11,589	$	—

Liabilities
Derivatives designated as hedging instruments - net investment hedge	Other long-term liabilities	$	7,958	$	—	$	7,958	$	—
Total liabilities		$	7,958	$	—	$	7,958	$	—


		December 31,		June 30,
Instruments	Designation	2023		2023
Forward starting swaps⁽¹⁾	Cash flow hedge	$	300	$	300
Cross-currency swap⁽²⁾	Net investment hedge		150		—


	Six Months Ended
	December 31,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings, including noncontrolling interest	$	78,459	$	139,739
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		56,343		53,344
Costs recognized on sale of acquired inventory		364		400
Deferred income taxes		(22,314)		(6,365)
Stock-based compensation expense		22,846		31,205
Fair value adjustment to contingent consideration payable		(3,500)		(8,600)
Gain on sale of CCXI investment		—		(37,176)
Fair value adjustment on available-for-sale investments		(283)		(839)
(Gain) loss on equity method investment		4,295		—
Gain on sale of Eminence		—		(11,682)
Leases, net		1,196		640
Impairment of assets held-for-sale		6,038		—
Other operating activity		256		112
Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables, net		20,333		11,425
Inventories		(9,577)		(18,362)
Prepaid expenses		(3,149)		(2,005)
Trade accounts payable, accrued expenses, contract liabilities, and other		5,382		(11,541)
Salaries, wages and related accruals		(4,305)		(33,265)
Income taxes payable		(9,885)		13,435
Net cash provided by (used in) operating activities		142,499		120,465

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of available-for-sale investments		23,759		26,509
Purchases of available-for-sale investments		(5,526)		(20,500)
Proceeds from sale of CCXI investment		—		73,219
Additions to property and equipment		(28,456)		(15,665)
Acquisitions, net of cash acquired		(169,707)		(101,184)
Distributions from (Investments in) Wilson Wolf		2,149		—
Proceeds from sale of Eminence		—		17,824
Net cash provided by (used in) investing activities		(177,781)		(19,797)

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends		(25,213)		(25,106)


	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Consumables	$	211,126	$	217,330	$	435,673	$	433,760
Instruments		29,825		32,301		54,685		58,759
Services		24,129		15,852		45,583		37,297
Total product and services revenue, net	$	265,080	$	265,483	$	535,941	$	529,816
Royalty revenues		7,518		6,098		13,592		11,420
Total revenues, net	$	272,598	$	271,581	$	549,533	$	541,236

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	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022

United States	$	147,793	$	149,005	$	306,898	$	304,436
EMEA, excluding United Kingdom		62,538		54,523		117,334		100,544
United Kingdom		10,675		10,872		23,126		22,574
APAC, excluding Greater China		19,042		17,968		36,392		35,433
Greater China		24,459		30,326		49,944		61,847
Rest of World		8,091		8,887		15,839		16,402
Net Sales	$	272,598	$	271,581	$	549,533	$	541,236


	December 31,		June 30,
	2023		2023

Raw materials	$	83,247	$	84,551
Finished goods⁽¹⁾		102,907		92,474
Inventories, net	$	186,154	$	177,025


	(Gain) Loss Recognized in Accumulated Other Comprehensive Loss
	Quarter Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Cash flow hedges
Forward starting swaps	$	5,669	$	1,477	$	7,956	$	(3,536)
Net investment hedges
Cross-currency swap		7,545		—		7,243		—
Total	$	13,214	$	1,477	$	15,199	$	(3,536)


	(Gain) Loss Reclassified into Income
	Quarter Ended				Six Months Ended
	December 31,				December 31,				Location of (Gain) Loss
	2023		2022		2023		2022		in Income Statement
Cash flow hedges
Forward starting swaps	$	(2,620)	$	(1,036)	$	(5,159)	$	(619)	Interest expense
Net investment hedges
Cross-currency swap		(837)		—		(1,535)		—	Interest expense
Total	$	(3,457)	$	(1,036)	$	(6,694)	$	(619)


			As of
			December 31,
	Balance Sheet Classification		2023
Operating leases:
Operating lease right-of-use assets		Right-of-use asset	$	100,863

Current operating lease liabilities		Operating lease liabilities - current	$	12,672
Noncurrent operating lease liabilities		Operating lease liabilities		96,027
Total operating lease liabilities			$	108,699

Weighted average remaining lease term (in years):				8.85

Weighted average discount rate (%):				4.19


	December 31, 2023
	Operating
	Leases
Remainder 2024	$	8,358
2025		16,413
2026		16,530
2027		13,766
2028		13,694
Thereafter		63,213
Total	$	131,974
Less: Amounts representing interest		23,275
Total lease obligations	$	108,699


	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


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)


Three months ended December 31, 2022 (in thousands):	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of September 30, 2022, attributable to Bio-Techne, net of tax:	$	12,764	$	(104,574)	$	(91,810)
Other comprehensive income (loss), before tax:
Amounts before reclassifications, attributable to Bio-Techne		(1,477)		17,370		15,893
Amounts reclassified out		1,036		—		1,036
Total other comprehensive income (loss), before tax		(441)		17,370		16,929
Tax (expense)/benefit		(244)		—		(244)
Total other comprehensive income (loss), net of tax		(685)		17,370		16,685
Balance as of December 31, 2022, net of tax	$	12,079	$	(87,204)	$	(75,125)


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)


Six months ended December 31, 2022 (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		3,536		(4,087)		(551)
Amounts reclassified out		619		152		771
Total other comprehensive income (loss), before tax		4,155		(3,935)		220
Tax (expense)/benefit		(145)		—		(145)
Total other comprehensive income (loss), net of tax		4,010		(3,935)		75
Balance as of December 31, 2022, net of tax⁽¹⁾	$	12,079	$	(87,204)	$	(75,125)


Decrease in translation of earnings of foreign subsidiaries (annualized)	$	5,783
Decrease in translation of net assets of foreign subsidiaries		87,036
Additional transaction losses		5,433


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
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


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-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*


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– 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 six months ended December 31, 2023, 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 7, 2024		/s/ Kim Kelderman
		Kim Kelderman
		President and Chief Executive Officer

Date: February 7, 2024		/s/ James Hippel
		James Hippel
		Executive Vice President, Chief Financial Officer


	/s/ Kim Kelderman
	Kim Kelderman
	President and Chief Executive Officer February 7, 2024