# EDGAR Filing Document

**Accession Number:** 0000842023
**File Stem:** 0001558370-25-010393
**Filing Date:** 2025-8
**Character Count:** 40971
**Document Hash:** 400ddfd664623dbb337dc8040692a0be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010393.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001558370-25-010393

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIO-TECHNE Corp
- **CENTRAL INDEX KEY:** 0000842023
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 411427402
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-17272
- **FILM NUMBER:** 251187306

**BUSINESS ADDRESS:**
- **STREET 1:** 614 MCKINLEY PL N E
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55413
- **BUSINESS PHONE:** 6123798854

**MAIL ADDRESS:**
- **STREET 1:** 614 MCKINLEY PLACE NE
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55413

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TECHNE CORP /MN/
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): August 6, 2025

**BIO-TECHNE CORPORATION**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Minnesota** | **0-17272** | **41-1427402** |
| (State or Other Jurisdiction of<br>Incorporation) | (Commission File Number) | (I.R.S. Employer Identification<br>Number) |

---

---

| |
|:---|
| **55413**<br>|
| **614 McKinley Place NE**<br>**Minneapolis, Minnesota 55413** |
| (Address of Principal Executive Offices) (Zip Code) |
| **(612) 379-8854** |
| (Registrant's Telephone Number, Including Area Code) |
| **Not Applicable** |
| (Former Name or Former Address, if Changed Since Last Report) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | TECH | NASDAQ |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

A copy of the press release issued by Bio-Techne Corporation on August 6, 2025, describing the results of operations for the quarter and year ended June 30, 2025, and its financial condition as of June 30, 2025 is attached hereto as Exhibit 99.1.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 8.01 Other Events**

A copy of the press release issued by Bio-Techne Corporation on August 6, 2025 announcing a cash dividend is attached hereto as Exhibit 99.2.

**Item 9.01 Financial Statements and Exhibits**

---

| | |
|:---|:---|
| (d) Exhibits | (d) Exhibits |
| 99.1 | [Press Release, dated August 6, 2025, announcing results of operations](tech-20250806xex99d1.htm) |
| 99.2 | [Press Release, dated August 6, 2025, announcing cash dividend](tech-20250806xex99d2.htm) |
| 104 - | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | BIO-TECHNE CORPORATION | BIO-TECHNE CORPORATION |
| Date: August 6, 2025 | By: | /s/ Shane V. Bohnen |
|  | Shane V. Bohnen | Shane V. Bohnen |
|  | Senior Vice President, General Counsel and Secretary | Senior Vice President, General Counsel and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

Bio-Techne Releases Fourth Quarter Fiscal 2025 Results

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

**Fourth Quarter FY2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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:

&nbsp;&nbsp;&nbsp;&nbsp;· Organic revenue

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted diluted earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted net earnings

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted tax rate

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted gross margin

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted operating income

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted operating margin

&nbsp;&nbsp;&nbsp;&nbsp;· Earnings before interest, taxes, depreciation, and amortization (EBITDA)

&nbsp;&nbsp;&nbsp;&nbsp;· 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

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BIO-TECHNE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | QUARTER | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Net sales | $316964 | $306098 | $1219635 | $1159060 |
| Cost of sales | 118152 | 102751 | 429363 | 389335 |
| Gross margin | 198812 | 203347 | 790272 | 769725 |
| Operating expenses:  |  |  |  |  |
| Selling, general and administrative  | 196640 | 133536 | 588521 | 466375 |
| Research and development | 26032 | 23989 | 99496 | 96664 |
| Total operating expenses | 222672 | 157525 | 688017 | 563039 |
| Operating income  | (23860) | 45822 | 102255 | 206686 |
| Other income (expense) | 1001 | (4162) | (3792) | (20997) |
| Earnings before income taxes | (22859) | 41660 | 98463 | 185689 |
| Income taxes | (5182) | 1073 | 25063 | 17584 |
| Net earnings | $(17677) | $40587 | $73400 | $168105 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $(0.11) | $0.26 | $0.47 | $1.07 |
| &nbsp;&nbsp;Diluted  | $(0.11) | $0.25 | $0.46 | $1.05 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 154913 | 157868 | 157521 | 157708 |
| &nbsp;&nbsp;Diluted | 155757 | 160651 | 159717 | 160774 |

---

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BIO-TECHNE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | 6/30/2025 | 6/30/2024 |
| <u>ASSETS</u> |  |  |
| Cash and equivalents | $162186 | $151791 |
| Short-term available-for-sale investments |  | 1072 |
| Accounts receivable, net | 206876 | 241394 |
| Inventories | 189446 | 179731 |
| Current assets held-for-sale | 12332 | 9773 |
| Other current assets | 37460 | 33658 |
| &nbsp;&nbsp;Total current assets | 608300 | 617419 |
| Property and equipment, net | 245719 | 251154 |
| Right of use assets | 73399 | 91285 |
| Goodwill and intangible assets, net | 1346534 | 1479744 |
| Deferred tax asset | 10307 |  |
| Other assets | 273609 | 264265 |
| &nbsp;&nbsp;Total assets | $2557868 | $2703867 |
| <u>LIABILITIES AND STOCKHOLDERS'</u> <u>EQUITY</u> |  |  |
| Accounts payable and accrued expenses | $116765 | $112672 |
| Contract liabilities | 32571 | 27930 |
| Income taxes payable | 10770 | 3706 |
| Operating lease liabilities - current | 14098 | 12920 |
| Other current liabilities | 1645 | 2151 |
| &nbsp;&nbsp;Total current liabilities | 175849 | 159379 |
| Deferred income taxes | 6169 | 55863 |
| Long-term debt obligations | 346000 | 319000 |
| Operating lease liabilities | 83960 | 87618 |
| Other long-term liabilities | 27082 | 13157 |
| Stockholders' equity | 1918808 | 2068850 |
| &nbsp;&nbsp;Total liabilities and stockholders' equity | $2557868 | $2703867 |

---

------

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE

(In thousands)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | QUARTER | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Total consolidated net sales | $316964 | $306098 | $1219635 | $1159060 |
| Business held-for-sale<sup>1)</sup> |  | 2060 | 4152 | 4153 |
| Revenue from recurring operations | $316964 | $304038 | $1215483 | $1154907 |
| Gross margin - GAAP | $198812 | $203347 | $790272 | $769725 |
| 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 | 10569 | 11590 | 44035 | 46609 |
| Stock-based compensation, inclusive of employer taxes | 288 | 230 | 1298 | 825 |
| Restructuring and restructuring-related costs | 12141 | 1527 | 20094 | 3348 |
| Impact of business held-for-sale<sup>1)</sup> |  | (671) | (147) | (943) |
| Adjusted gross margin | $222007 | $216202 | $856303 | $820293 |
| Adjusted gross margin percentage<sup>2)</sup> | 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 | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Total consolidated net sales | $316964 | $306098 | $1219635 | $1159060 |
| Business held-for-sale<sup>1)</sup> |  | 2060 | 4152 | 4153 |
| Revenue from recurring operations | $316964 | $304038 | $1215483 | $1154907 |
| Operating income - GAAP | $(23860) | $45822 | $102255 | $206686 |
| 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 | 18185 | 19411 | 75321 | 78318 |
| Acquisition related expenses and other | 3570 | 4809 | 12064 | 6980 |
| Certain litigation charges | 1220 | 3506 | 41827 | 3506 |
| Stock-based compensation, inclusive of employer taxes | 4653 | 7466 | 42158 | 40277 |
| Restructuring and restructuring-related costs | 13205 | 5087 | 28231 | 12245 |
| Impairment of assets held-for-sale | 84157 | 15926 | 80503 | 21963 |
| Impact of business held-for-sale<sup>1)</sup> |  | (447) | 479 | (525) |
| Adjusted operating income | $101327 | $101759 | $383589 | $370179 |
| Adjusted operating margin percentage<sup>2)</sup> | 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 | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Net earnings before taxes - GAAP | $(22859) | $41660 | $98463 | $185689 |
| Identified adjustments:  |  |  |  |  |
| &nbsp;&nbsp;Costs recognized upon sale of acquired inventory | 197 | 179 | 751 | 729 |
| &nbsp;&nbsp;Amortization of intangibles | 18185 | 19411 | 75321 | 78318 |
| &nbsp;&nbsp;Amortization of Wilson Wolf intangible assets and acquired inventory | 2490 | 3062 | 9959 | 15686 |
| &nbsp;&nbsp;Acquisition related expenses and other | 3813 | 4955 | 12738 | 7281 |
| &nbsp;&nbsp;Certain litigation charges | 1220 | 3506 | 41827 | 3506 |
| &nbsp;&nbsp;Stock-based compensation, inclusive of employer taxes | 4653 | 7466 | 42158 | 40277 |
| &nbsp;&nbsp;Restructuring and restructuring-related costs | 13205 | 5087 | 28231 | 12245 |
| &nbsp;&nbsp;Impairment of assets held-for-sale | 84157 | 15926 | 80503 | 21963 |
| &nbsp;&nbsp;Impact of business held-for-sale<sup>1)</sup> |  | (447) | 479 | (525) |
| &nbsp;&nbsp;Net earnings before taxes - Adjusted | $105061 | $100805 | $390430 | $365169 |
| Non-GAAP tax rate | 21.5% | 22.0% | 21.5% | 22.0% |
| Non-GAAP tax expense | $22589 | $22239 | $83973 | $80420 |
| Non-GAAP adjusted net earnings | $82472 | $78566 | $306457 | $284749 |
| 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 | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | 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% |

---

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BIO-TECHNE CORPORATION

SEGMENT REVENUE

(In thousands)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | QUARTER | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Protein Sciences segment revenue | $226472 | $213988 | $870245 | $830902 |
| Diagnostics and Spatial Biology segment revenue | 89705 | 90678 | 346263 | 326392 |
| Other revenue<sup>1)</sup> |  | 2060 | 4152 | 4153 |
| lntersegment revenue<sup>2)</sup> | 787 | (628) | (1025) | (2387) |
| &nbsp;&nbsp;Consolidated revenue | $316964 | $306098 | $1219635 | $1159060 |

---

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 | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Protein Sciences segment operating income | $98790 | $91999 | $370353 | $354775 |
| Diagnostics and Spatial Biology segment operating income | 5384 | 11357 | 21324 | 24546 |
| &nbsp;&nbsp;Segment operating income | 104174 | 103356 | 391677 | 379321 |
| Corporate general, selling, and administrative | (2847) | (1597) | (8088) | (9142) |
| Adjusted operating income | 101327 | 101759 | 383589 | 370179 |
| &nbsp;&nbsp;Cost recognized upon sale of acquired inventory | (197) | (179) | (751) | (729) |
| &nbsp;&nbsp;Amortization of intangibles | (18185) | (19411) | (75321) | (78318) |
| &nbsp;&nbsp;Acquisition related expenses and other | (3570) | (4809) | (12064) | (6980) |
| &nbsp;&nbsp;Certain litigation charges | (1220) | (3506) | (41827) | (3506) |
| &nbsp;&nbsp;Stock-based compensation, inclusive of employer taxes | (4653) | (7466) | (42158) | (40277) |
| &nbsp;&nbsp;Restructuring and restructuring-related costs | (13205) | (5087) | (28231) | (12245) |
| &nbsp;&nbsp;Impairment of assets held-for-sale | (84157) | (15926) | (80503) | (21963) |
| &nbsp;&nbsp;Impact of business held-for-sale<sup>1)</sup> |  | 447 | (479) | 525 |
| Operating income | $(23860) | $45822 | $102255 | $206686 |

---

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 | QUARTER | YEAR | YEAR |
|  | ENDED | ENDED | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 |
| Net earnings  | $(17677) | $40587 | $73400 | $168105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest expense (income) | 1593 | 1605 | 4623 | 12413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 27111 | 28057 | 109903 | 111711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (5182) | 1073 | 25063 | 17584 |
| EBITDA | 5845 | 71322 | 212989 | 309813 |
| &nbsp;&nbsp;Costs recognized upon sale of acquired inventory | 197 | 179 | 751 | 729 |
| &nbsp;&nbsp;Amortization of Wilson Wolf intangible assets and acquired inventory | 2490 | 3062 | 9959 | 15686 |
| &nbsp;&nbsp;Acquisition related expenses and other | 3813 | 4955 | 12738 | 7281 |
| &nbsp;&nbsp;Certain litigation charges | 1220 | 3506 | 41827 | 3506 |
| &nbsp;&nbsp;Stock-based compensation, inclusive of employer taxes | 4653 | 7466 | 42158 | 40277 |
| &nbsp;&nbsp;Restructuring and restructuring-related costs | 13205 | 5087 | 28231 | 12245 |
| &nbsp;&nbsp;Impairment of assets held-for-sale | 84157 | 15926 | 80503 | 21963 |
| &nbsp;&nbsp;Impact of business held-for-sale<sup>1)</sup> |  | (447) | 479 | (525) |
| Adjusted EBITDA | $115580 | $111056 | $429635 | $410975 |

---

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

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BIO-TECHNE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | YEAR | YEAR |
|  | ENDED | ENDED |
|  | 6/30/2025 | 6/30/2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Net earnings | $73400 | $168105 |
| Adjustments to reconcile net earnings to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 109903 | 111711 |
| &nbsp;&nbsp;Costs recognized on sale of acquired inventory | 751 | 729 |
| &nbsp;&nbsp;Deferred income taxes | (51107) | (39447) |
| &nbsp;&nbsp;Stock-based compensation expense | 40833 | 38042 |
| (Gain) Loss on equity method investment | (938) | 6841 |
| &nbsp;&nbsp;Asset impairment restructuring | 21312 | 2634 |
| &nbsp;&nbsp;Fair value adjustment to contingent consideration payable |  | (3500) |
| &nbsp;&nbsp;Impairment of assets held-for-sale | 80503 | 21963 |
| &nbsp;&nbsp;Other operating activities | 12899 | (8097) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 287556 | 298981 |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;Proceeds from sale of available-for-sale investments | 1085 | 28083 |
| &nbsp;&nbsp;Purchases of available-for-sale investments |  | (5526) |
| &nbsp;&nbsp;Additions to property and equipment | (31006) | (62877) |
| &nbsp;&nbsp;Acquisitions, net of cash acquired |  | (169707) |
| &nbsp;&nbsp;Distributions from (Investments in) Wilson Wolf | 7291 | 6997 |
| &nbsp;&nbsp;Investment in Spear Bio | (15000) |  |
| &nbsp;&nbsp;Proceeds from sale of assets held-for-sale | 2447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (35183) | (203030) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;Cash dividends | (50391) | (50419) |
| &nbsp;&nbsp;Proceeds from stock option exercises | 51739 | 60935 |
| &nbsp;&nbsp;Long-term debt activity, net | 27000 | (31000) |
| &nbsp;&nbsp;Re-purchases of common stock | (275731) | (80042) |
| &nbsp;&nbsp;Taxes paid on RSUs and net share settlements | (6522) | (21872) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (253905) | (122398) |
| Effect of exchange rate changes on cash and cash equivalents | 11927 | (2333) |
| Net increase (decrease) in cash and cash equivalents | 10395 | (28780) |
| Cash and cash equivalents at beginning of period | 151791 | 180571 |
| Cash and cash equivalents at end of period | $162186 | $151791 |

---

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## Exhibit 99.2

#### Exhibit 99.2

#### BIO-TECHNE DECLARES DIVIDEND
MINNEAPOLIS, August 6, 2025/PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced that its Board of Directors has decided to pay a dividend of $0.08 per share for the quarter ended June 30, 2025. The quarterly dividend will be payable August 29, 2025, to all common shareholders of record on August 18, 2025. Future cash dividends will be considered by the Board of Directors on a quarterly basis.

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.bio techne.com](#).

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. Forward looking statements in this press release include statements regarding potential future repurchase of Bio-Techne common stock. The following important factors, among others, have affected and, in the future, could affect the Company's actual results and future share price: 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, customer site closures or supply chain issues, 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.

Contact: David Clair, Vice President, Investor Relations & Corporate Development

David.Clair@bio-techne.com

612-656-4416

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