Bio-Techne Releases Fourth Quarter Fiscal 2025 Results

, /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 [email protected] 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 SOURCE Bio-Techne Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Bio-Techne Releases Fourth Quarter Fiscal 2025 Results

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