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Bio-Techne Corp

Bio-Techne Releases Fourth Quarter Fiscal 2025 Results

MINNEAPOLIS , Aug. 6, 2025 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the fourth quarter ending June 30, 2025.

Fourth Quarter FY2025 Highlights

  • Fourth quarter organic revenue increased by 3% (4% reported) to $317.0 million. Full year organic revenue increased 5% (5% reported) to $1.2 billion.
  • GAAP earnings per share (EPS) was $ (0.11) versus $0.25 one year ago. Delivered adjusted EPS of $0.53 compared to $0.49 one year ago. Full year GAAP EPS was $0.46 versus $1.05 one year ago. Full year adjusted EPS was $1.92 versus $1.77 one year ago.
  • Strong performance in our proteomic analytic and cell therapy growth pillars drove 4% organic growth (6% reported) in the Protein Sciences segment for the quarter, and 5% organic and reported growth for the full year.
  • Announced divestiture of the Exosome Diagnostics business including the ExoDx Prostate test (EPI) as the Company emphasizes investment and commercial priorities on non-CLIA based product lines in their growth pillars.

The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted diluted EPS, adjusted net earnings, adjusted gross margin, adjusted operating income, adjusted tax rate, organic revenue, adjusted operating margin, earnings before interest, taxes, depreciation, and amortization (EBITDA), and adjusted EBITDA are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of non-GAAP Adjusted Financial Measures." A reconciliation of GAAP to non-GAAP financial measures is included in this press release.

"Bio-Techne delivered a solid fourth quarter that was in-line with our expectations, despite ongoing market uncertainty," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "We achieved strong performance in our cell therapy and protein analysis instrumentation growth pillars, supported by a resilient pharma market. Our fiscal year 2025 results reflect the outstanding execution by our team and the meaningful impact our innovative solutions continue to deliver for customers, which include accelerating development timelines and driving scientific breakthroughs."

Kelderman added, "Last night, we announced the divestiture of our Exosome Diagnostics business. This strategic decision will immediately strengthen our profitability and allow us to increase our focus on high-growth areas, particularly tools for research and precision diagnostics."

Kelderman concluded, "While market uncertainties persist, I have full confidence in our team's ability to navigate the evolving landscape and continue delivering meaningful value to all our stakeholders."

Bio-Techne will host an earnings conference call today, August 6, 2025, at 8:00 a.m. CDT. To listen, please dial 1-800-274-8461 or 1-203-518-9814 (for international callers), and reference conference ID TECHQ4. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 11159590. The replay will be available from 11:00 a.m. CDT on Wednesday, August 6, 2025, until 11:00 p.m. CDT on Saturday, September 6, 2025.

Fourth Quarter Fiscal 2025

Revenue

Net sales for the fourth quarter increased 4% to $317.0 million. Organic revenue increased 3% compared to the prior year. Foreign currency exchange had a favorable impact of 2%, and non-recurring prior year revenue from a business held-for-sale had an unfavorable impact of 1%.

GAAP Earnings Results

GAAP EPS was ($0.11) per diluted share, versus $0.25 in the same quarter last year. GAAP operating income for the fourth quarter of fiscal 2025 decreased 152% to ($23.9) million, compared to $45.8 million in the fourth quarter of fiscal 2024. GAAP operating margin was (7.5)%, compared to 15.0% in the fourth quarter of fiscal 2024. Current quarter GAAP operating margin was unfavorably impacted by impairment of the Exosome Diagnostics business.

Non-GAAP Earnings Results

Adjusted EPS increased to $0.53 per diluted share compared to $0.49 in the same quarter last year. Adjusted operating income of $101.3 million in the fourth quarter of fiscal 2025 remained relatively consistent with fourth quarter of fiscal 2024 adjusted operating income of $101.8 million. Adjusted operating margin was 32.0% for the fourth quarter of fiscal 2025 compared to 33.5% in the fourth quarter of fiscal 2024. Adjusted operating margin was impacted by unfavorable product mix, especially within the Diagnostic Solutions segment.

Full Year Fiscal 2025

Revenue

Net sales for the full year fiscal 2025 increased 5% to $1.2 billion. Organic revenue increased 5%. Foreign currency exchange and a business held-for-sale did not have a material impact.

GAAP Earnings Results

GAAP EPS was $0.46 per diluted share, compared to $1.05 last fiscal year. GAAP operating income for full year fiscal 2025 decreased 51% to $102.3 million, compared to $206.7 million in the full year fiscal 2024. GAAP operating margin was 8.4%, compared to 17.8% in the full year fiscal 2024. GAAP operating margin was unfavorably impacted by impairment of assets held-for-sale, restructuring and restructuring-related costs, and a non-recurring arbitration award.

Non-GAAP Earnings Results

Adjusted EPS increased to $1.92 per diluted share, compared to $1.77 last fiscal year. Adjusted operating income for fiscal 2025 increased 4% to $383.6 million, compared to $370.2 million for fiscal 2024. Adjusted operating margin for full year fiscal 2025 decreased to 31.6%, compared to 32.1% in full year fiscal 2024. Adjusted operating margin was impacted by reinstatement of incentive compensation accruals as well as unfavorable product mix.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.

Protein Sciences Segment

The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biopharma and academic research communities. Additionally, the segment provides multiple platforms useful in various areas of protein analysis. In fiscal year 2024, a business within the Protein Sciences Segment met the criteria of held-for-sale; the held-for-sale business has been excluded from the segment's operating results. Protein Sciences segment's fourth quarter fiscal 2025 net sales were $226.5 million, an increase of 6% from $214.0 million for the fourth quarter of fiscal 2024. Organic revenue growth was 4% for the fourth quarter of fiscal 2025, with foreign currency exchange having a favorable impact of 2%. The Protein Sciences segment's operating margin increased to 43.6% in the fourth quarter of fiscal 2025 compared to 43.0% in the fourth quarter of fiscal 2024. The segment's operating margin increased primarily due to favorable volume leverage and ongoing profitability initiatives.

Protein Sciences segment's full year fiscal 2025 net sales were $870.2 million, an increase of 5% from $830.9 million for full year fiscal 2024. Organic revenue for the segment increased 5% for the fiscal year, with foreign currency exchange and a business held-for-sale not having a material impact on revenue. Protein Sciences segment's operating margin was 42.6% in fiscal 2025 compared to 42.7% in fiscal 2024.

Diagnostics and Spatial Biology Segment

The Company's Diagnostics and Spatial Biology segment develops and provides spatial biology products, carrier screening and oncology kits, as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Spatial Biology segment also provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Exosome Diagnostics business met the held-for-sale criteria at June 30, 2025 and incurred an impairment loss of $83.1 million during the quarter. The Diagnostics and Spatial Biology segment's fourth quarter fiscal 2025 net sales were $89.7 million, a decrease of 1% from $90.7 million for the fourth quarter of fiscal 2024. Organic revenue decreased 1% for the fourth quarter of fiscal 2025, with foreign exchange not having a material impact. The Diagnostics and Spatial Biology segment's operating margin of 6.0% in the fourth quarter of fiscal 2025 compared to 12.5% in the fourth quarter of fiscal 2024. The segment's operating margin was impacted by unfavorable product mix.

The Diagnostics and Spatial Biology segment's full year fiscal 2025 net sales were $346.3 million, an increase of 6% from $326.4 million for full year fiscal 2024. Organic growth for the segment was 6% with foreign currency exchange not having a material impact on revenue growth. The Diagnostics and Spatial Biology segment's operating margin was 6.2% in fiscal 2025 compared to 7.5% in fiscal 2024. The segment's operating margin was impacted by the reinstatement of incentive compensation accruals as well as unfavorable product mix.

Use of non-GAAP Adjusted Financial Measures:

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. These non-GAAP measures include:

  • Organic revenue
  • Adjusted diluted earnings per share
  • Adjusted net earnings
  • Adjusted tax rate
  • Adjusted gross margin
  • Adjusted operating income
  • Adjusted operating margin
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA)
  • Adjusted EBITDA

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measure of organic revenue represents revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, the impact of businesses held-for-sale, as well as the impact of partially-owned consolidated subsidiaries. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period. Revenues from businesses held-for-sale are excluded from our organic revenue calculation starting on the date they become held-for-sale as those revenues will not be comparative in future periods. Revenues from partially-owned subsidiaries consolidated in our financial statements are also excluded from our organic revenue calculation, as those revenues are not fully attributable to the Company. There was no revenue from partially-owned consolidated subsidiaries in the fiscal years 2025 and 2024.

Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, exclude stock-based compensation, which is inclusive of the employer portion of payroll taxes on those stock awards, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, restructuring and restructuring-related costs. Stock-based compensation is excluded from non-GAAP adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjective assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory, and other non-recurring items including gains or losses on goodwill and long-lived asset impairment charges, and one-time assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Costs related to restructuring and restructuring-related activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs.  Additionally, these amounts can vary significantly from period to period based on current activity. The Company also excludes revenue and expense attributable to partially-owned consolidated subsidiaries as well as revenue and expense attributable to businesses held-for-sale in the calculation of our non-GAAP financial measures.

The Company's non-GAAP adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, also excludes acquisition related expenses inclusive of the changes in fair value of contingent consideration, and other non-recurring items including certain costs related to the transition to a new CEO, goodwill and long-lived asset impairments, and gains. We also exclude certain litigation charges which are facts and circumstances specific including costs to resolve litigation and legal settlement (gains and losses). In some cases, these costs may be a result of litigation matters at acquired companies that were not probable, inestimable, or unresolved at the time of acquisition.

The Company's non-GAAP adjusted EBITDA and adjusted net earnings, in total and on a per share basis, also excludes gain and losses from investments, as they are not part of our day-to-day operating decisions (excluding our equity method investment in Wilson Wolf as it is certain to be acquired in the future) and certain adjustments to income tax expense. Additionally, gains and losses from investments that are either isolated or cannot be expected to occur again with any predictability are excluded. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.

Investors are encouraged to review the reconciliations of adjusted financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.

Forward Looking Statements:

Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $1.2 billion in net sales in fiscal 2025 and has approximately 3,100 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio­techne.com.

Contact:       

David Clair, Vice President, Investor Relations & Corporate Development


David.Clair@bio-techne.com


612-656-4416

 

BIO-TECHNE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)
















QUARTER


YEAR



ENDED


ENDED



6/30/2025


6/30/2024


6/30/2025


6/30/2024

Net sales


$

316,964


$

306,098


$

1,219,635


$

1,159,060

Cost of sales



118,152



102,751



429,363



389,335

Gross margin



198,812



203,347



790,272



769,725

Operating expenses:













Selling, general and administrative



196,640



133,536



588,521



466,375

Research and development



26,032



23,989



99,496



96,664

Total operating expenses



222,672



157,525



688,017



563,039

Operating income



(23,860)



45,822



102,255



206,686

Other income (expense)



1,001



(4,162)



(3,792)



(20,997)

Earnings before income taxes



(22,859)



41,660



98,463



185,689

Income taxes



(5,182)



1,073



25,063



17,584

Net earnings


$

(17,677)


$

40,587


$

73,400


$

168,105

Earnings per share:













Basic


$

(0.11)


$

0.26


$

0.47


$

1.07

Diluted


$

(0.11)


$

0.25


$

0.46


$

1.05

Weighted average common shares outstanding:













Basic



154,913



157,868



157,521



157,708

Diluted



155,757



160,651



159,717



160,774

 

BIO-TECHNE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)










6/30/2025


6/30/2024

ASSETS







Cash and equivalents


$

162,186


$

151,791

Short-term available-for-sale investments



—



1,072

Accounts receivable, net



206,876



241,394

Inventories



189,446



179,731

Current assets held-for-sale



12,332



9,773

Other current assets



37,460



33,658

Total current assets



608,300



617,419








Property and equipment, net



245,719



251,154

Right of use assets



73,399



91,285

Goodwill and intangible assets, net



1,346,534



1,479,744

Deferred tax asset



10,307



—

Other assets



273,609



264,265

Total assets


$

2,557,868


$

2,703,867








LIABILITIES AND STOCKHOLDERS' EQUITY







Accounts payable and accrued expenses


$

116,765


$

112,672

Contract liabilities



32,571



27,930

Income taxes payable



10,770



3,706

Operating lease liabilities - current



14,098



12,920

Other current liabilities



1,645



2,151

Total current liabilities



175,849



159,379








Deferred income taxes



6,169



55,863

Long-term debt obligations



346,000



319,000

Operating lease liabilities



83,960



87,618

Other long-term liabilities



27,082



13,157

Stockholders' equity



1,918,808



2,068,850

Total liabilities and stockholders' equity


$

2,557,868


$

2,703,867

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE

(In thousands)

(Unaudited)

















QUARTER


YEAR




ENDED


ENDED




6/30/2025


6/30/2024


6/30/2025


6/30/2024


Total consolidated net sales


$

316,964


$

306,098


$

1,219,635


$

1,159,060


Business held-for-sale1)



—



2,060



4,152



4,153


Revenue from recurring operations


$

316,964


$

304,038


$

1,215,483


$

1,154,907
















Gross margin - GAAP


$

198,812


$

203,347


$

790,272


$

769,725


Gross margin percentage - GAAP



62.7

%


66.4

%


64.8

%


66.4

%















Identified adjustments:














Costs recognized upon sale of acquired inventory


$

197


$

179


$

751


$

729


Amortization of intangibles



10,569



11,590



44,035



46,609


Stock-based compensation, inclusive of employer
taxes



288



230



1,298



825


Restructuring and restructuring-related costs



12,141



1,527



20,094



3,348


Impact of business held-for-sale1)



—



(671)



(147)



(943)


Adjusted gross margin


$

222,007


$

216,202


$

856,303


$

820,293


Adjusted gross margin percentage2)



70.0

%


71.1

%


70.4

%


71.0

%















1)

From business that has been held-for-sale since December 31, 2023.

2)

Adjusted gross margin percentage excludes the revenue and the gross margin of the business held-for-sale.

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE

(In thousands)

(Unaudited)

















QUARTER


YEAR




ENDED


ENDED




6/30/2025


6/30/2024


6/30/2025


6/30/2024


Total consolidated net sales


$

316,964


$

306,098


$

1,219,635


$

1,159,060


Business held-for-sale1)



—



2,060



4,152



4,153


Revenue from recurring operations


$

316,964


$

304,038


$

1,215,483


$

1,154,907
















Operating income - GAAP


$

(23,860)


$

45,822


$

102,255


$

206,686


Operating income percentage - GAAP



(7.5)

%


15.0

%


8.4

%


17.8

%















Identified adjustments:














Costs recognized upon sale of acquired inventory


$

197


$

179


$

751


$

729


Amortization of intangibles



18,185



19,411



75,321



78,318


Acquisition related expenses and other



3,570



4,809



12,064



6,980


Certain litigation charges



1,220



3,506



41,827



3,506


Stock-based compensation, inclusive of employer taxes



4,653



7,466



42,158



40,277


Restructuring and restructuring-related costs



13,205



5,087



28,231



12,245


Impairment of assets held-for-sale



84,157



15,926



80,503



21,963


Impact of business held-for-sale1)



—



(447)



479



(525)


Adjusted operating income


$

101,327


$

101,759


$

383,589


$

370,179


Adjusted operating margin percentage2)



32.0

%


33.5

%


31.6

%


32.1

%



1)

From business that has been held-for-sale since December 31, 2023.

2)

Adjusted operating margin percentage excludes the revenue and the operating income of the business held-for-sale.

 

BIO-TECHNE CORPORATION

NON-GAAP ADJUSTED CONSOLIDATED NET EARNINGS and EARNINGS per SHARE

(In thousands, except per share data)

(Unaudited)


















QUARTER


YEAR




ENDED


ENDED




6/30/2025


6/30/2024



6/30/2025


6/30/2024


Net earnings before taxes - GAAP


$

(22,859)


$

41,660



$

98,463


$

185,689


Identified adjustments:















Costs recognized upon sale of acquired inventory



197



179




751



729


Amortization of intangibles



18,185



19,411




75,321



78,318


Amortization of Wilson Wolf intangible assets and acquired
inventory



2,490



3,062




9,959



15,686


Acquisition related expenses and other



3,813



4,955




12,738



7,281


Certain litigation charges



1,220



3,506




41,827



3,506


Stock-based compensation, inclusive of employer taxes



4,653



7,466




42,158



40,277


Restructuring and restructuring-related costs



13,205



5,087




28,231



12,245


Impairment of assets held-for-sale



84,157



15,926




80,503



21,963


Impact of business held-for-sale1)



—



(447)




479



(525)


Net earnings before taxes - Adjusted


$

105,061


$

100,805



$

390,430


$

365,169


Non-GAAP tax rate



21.5

%


22.0

%



21.5

%


22.0

%

Non-GAAP tax expense


$

22,589


$

22,239



$

83,973


$

80,420


Non-GAAP adjusted net earnings


$

82,472


$

78,566



$

306,457


$

284,749


Earnings per share - diluted - Adjusted


$

0.53


$

0.49



$

1.92


$

1.77




1)

From business that has been held-for-sale since December 31, 2023.

 

BIO-TECHNE CORPORATION

NON-GAAP ADJUSTED TAX RATE

(In percentages)

(Unaudited)
















QUARTER


YEAR



ENDED


ENDED



6/30/2025


6/30/2024


6/30/2025


6/30/2024

GAAP effective tax rate


22.7

%


2.6

%


25.5

%


9.5

%

Discrete items


13.9



20.0



0.8



14.0


Annual forecast update


(10.3)



0.9



—



—


Long-term GAAP tax rate


26.3

%


23.5

%


26.3

%


23.5

%

Rate impact items













Stock based compensation


(0.9)

%


(2.8)

%


(3.1)

%


(2.5)

%

Other


(3.9)



1.3



(1.7)



1.0


Total rate impact items


(4.8)

%


(1.5)

%


(4.8)

%


(1.5)

%

Non-GAAP adjusted tax rate


21.5

%


22.0

%


21.5

%


22.0

%

 

BIO-TECHNE CORPORATION

SEGMENT REVENUE

(In thousands)

(Unaudited)
















QUARTER


YEAR



ENDED


ENDED



6/30/2025


6/30/2024


6/30/2025


6/30/2024

Protein Sciences segment revenue


$

226,472


$

213,988


$

870,245


$

830,902

Diagnostics and Spatial Biology segment revenue



89,705



90,678



346,263



326,392

Other revenue1)



—



2,060



4,152



4,153

lntersegment revenue2)



787



(628)



(1,025)



(2,387)

Consolidated revenue


$

316,964


$

306,098


$

1,219,635


$

1,159,060



1)

From business that has been held-for-sale since December 31, 2023.

2)

Q4 includes a $930k YTD adjustment of DSS Intersegment revenue to align to structural and financial mapping changes made in the segment.

 

BIO-TECHNE CORPORATION

SEGMENT OPERATING INCOME

(In thousands)

(Unaudited)
















QUARTER


YEAR



ENDED


ENDED



6/30/2025


6/30/2024


6/30/2025


6/30/2024

Protein Sciences segment operating income


$

98,790


$

91,999


$

370,353


$

354,775

Diagnostics and Spatial Biology segment operating income



5,384



11,357



21,324



24,546

Segment operating income



104,174



103,356



391,677



379,321

Corporate general, selling, and administrative



(2,847)



(1,597)



(8,088)



(9,142)

Adjusted operating income



101,327



101,759



383,589



370,179

Cost recognized upon sale of acquired inventory



(197)



(179)



(751)



(729)

Amortization of intangibles



(18,185)



(19,411)



(75,321)



(78,318)

Acquisition related expenses and other



(3,570)



(4,809)



(12,064)



(6,980)

Certain litigation charges



(1,220)



(3,506)



(41,827)



(3,506)

Stock-based compensation, inclusive of employer taxes



(4,653)



(7,466)



(42,158)



(40,277)

Restructuring and restructuring-related costs



(13,205)



(5,087)



(28,231)



(12,245)

Impairment of assets held-for-sale



(84,157)



(15,926)



(80,503)



(21,963)

Impact of business held-for-sale1)



—



447



(479)



525

Operating income


$

(23,860)


$

45,822


$

102,255


$

206,686



1)

From business that has been held-for-sale since December 31, 2023.

 

BIO-TECHNE CORPORATTON

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)














QUARTER


YEAR


ENDED


ENDED


6/30/2025


6/30/2024


6/30/2025


6/30/2024

Net earnings

$

(17,677)


$

40,587


$

73,400


$

168,105

Net interest expense (income)


1,593



1,605



4,623



12,413

Depreciation and amortization


27,111



28,057



109,903



111,711

Income taxes


(5,182)



1,073



25,063



17,584

EBITDA


5,845



71,322



212,989



309,813

Costs recognized upon sale of acquired inventory


197



179



751



729

Amortization of Wilson Wolf intangible assets and acquired inventory


2,490



3,062



9,959



15,686

Acquisition related expenses and other


3,813



4,955



12,738



7,281

Certain litigation charges


1,220



3,506



41,827



3,506

Stock-based compensation, inclusive of employer taxes


4,653



7,466



42,158



40,277

Restructuring and restructuring-related costs


13,205



5,087



28,231



12,245

Impairment of assets held-for-sale


84,157



15,926



80,503



21,963

Impact of business held-for-sale1)


—



(447)



479



(525)

Adjusted EBITDA

$

115,580


$

111,056


$

429,635


$

410,975



1)

From business that has been held-for-sale since December 31, 2023.

     

BIO-TECHNE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)










YEAR



ENDED



6/30/2025


6/30/2024

CASH FLOWS FROM OPERATING ACTIVITIES







Net earnings


$

73,400


$

168,105

Adjustments to reconcile net earnings to net cash provided by operating activities







Depreciation and amortization



109,903



111,711

Costs recognized on sale of acquired inventory



751



729

Deferred income taxes



(51,107)



(39,447)

Stock-based compensation expense



40,833



38,042

(Gain) Loss on equity method investment



(938)



6,841

Asset impairment restructuring



21,312



2,634

Fair value adjustment to contingent consideration payable



—



(3,500)

Impairment of assets held-for-sale



80,503



21,963

Other operating activities



12,899



(8,097)

Net cash provided by (used in) operating activities



287,556



298,981

CASH FLOWS FROM INVESTING ACTIVITIES







Proceeds from sale of available-for-sale investments



1,085



28,083

Purchases of available-for-sale investments



—



(5,526)

Additions to property and equipment



(31,006)



(62,877)

Acquisitions, net of cash acquired



—



(169,707)

Distributions from (Investments in) Wilson Wolf



7,291



6,997

Investment in Spear Bio



(15,000)



—

Proceeds from sale of assets held-for-sale



2,447



—

Net cash provided by (used in) investing activities



(35,183)



(203,030)

CASH FLOWS FROM FINANCING ACTIVITIES







Cash dividends



(50,391)



(50,419)

Proceeds from stock option exercises



51,739



60,935

Long-term debt activity, net



27,000



(31,000)

Re-purchases of common stock



(275,731)



(80,042)

Taxes paid on RSUs and net share settlements



(6,522)



(21,872)

Net cash provided by (used in) financing activities



(253,905)



(122,398)

Effect of exchange rate changes on cash and cash equivalents



11,927



(2,333)

Net increase (decrease) in cash and cash equivalents



10,395



(28,780)

Cash and cash equivalents at beginning of period



151,791



180,571

Cash and cash equivalents at end of period


$

162,186


$

151,791

 

 

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SOURCE Bio-Techne Corporation