[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents Bio-Techne Corporation's unaudited interim financial statements as of March 31, 2021, including earnings, balance sheets, cash flows, and notes on key accounting policies and acquisitions. [Condensed Consolidated Statements of Earnings and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings%20and%20Comprehensive%20Income) Net sales for Q3 2021 increased 25.1% to $243.6 million, with net earnings rising to $45.8 million, while nine-month net sales grew 19.4% to $672.0 million, with net earnings decreasing to $125.5 million. Condensed Consolidated Statements of Earnings (in thousands, except per share data) | | Quarter Ended March 31, | | Nine Months Ended March 31, | | :--- | :--- | :--- | :--- | :--- | | | **2021** | **2020** | **2021** | **2020** | | **Net sales** | $243,552 | $194,680 | $672,004 | $562,857 | | **Gross margin** | $168,274 | $130,063 | $456,906 | $369,880 | | **Operating income** | $68,626 | $47,791 | $168,714 | $118,109 | | **Net earnings attributable to Bio-Techne** | $45,782 | $36,432 | $125,450 | $170,451 | | **Diluted EPS** | $1.12 | $0.92 | $3.11 | $4.33 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $2.08 billion as of March 31, 2021, from $2.03 billion at June 30, 2020, driven by higher cash and receivables, while total shareholders' equity rose to $1.55 billion. Condensed Consolidated Balance Sheet Highlights (in thousands) | | **March 31, 2021** | **June 30, 2020** | | :--- | :--- | :--- | | **Total current assets** | $566,606 | $520,920 | | **Total assets** | $2,084,642 | $2,027,589 | | **Total current liabilities** | $137,640 | $106,668 | | **Long-term debt obligations** | $202,931 | $344,243 | | **Total shareholders' equity** | $1,547,942 | $1,381,192 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to $230.1 million for the nine months ended March 31, 2021, while net cash used in investing and financing activities also increased due to acquisitions, debt repayments, and share repurchases. Condensed Consolidated Statements of Cash Flows (in thousands) | | **Nine Months Ended March 31,** | | :--- | :--- | :--- | | | **2021** | **2020** | | **Net cash provided by operating activities** | $230,144 | $160,426 | | **Net cash provided by (used in) investing activities** | ($16,613) | $37,568 | | **Net cash provided by (used in) financing activities** | ($180,239) | ($139,082) | | **Net increase in cash and cash equivalents** | $39,511 | $55,330 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation, the acquisition of a 47.6% interest in Eminence Biotechnology for $9.8 million, and subsequent acquisitions of Asuragen and further Eminence investment. - The company operates under two segments: Protein Sciences and Diagnostics and Genomics[16](index=16&type=chunk). Revenue by Type (Nine Months Ended March 31, in thousands) | Revenue Type | 2021 | 2020 | | :--- | :--- | :--- | | Consumables | $542,909 | $462,660 | | Instruments | $70,849 | $53,381 | | Services | $45,142 | $32,917 | | Royalty revenues | $13,104 | $13,899 | | **Total revenues, net** | **$672,004** | **$562,857** | Revenue by Geography (Nine Months Ended March 31, in thousands) | Geography | 2021 | 2020 | | :--- | :--- | :--- | | United States | $359,586 | $311,815 | | EMEA | $177,221 | $140,612 | | Greater China | $63,685 | $49,655 | | APAC, excluding China | $52,744 | $46,982 | | Rest of World | $18,768 | $13,793 | | **Total revenues, net** | **$672,004** | **$562,857** | - On October 20, 2020, the Company acquired a **47.6%** controlling interest in Changzhou Eminence Biotechnology Co., Ltd. for approximately **$9.8 million**, net of cash acquired[36](index=36&type=chunk)[38](index=38&type=chunk). - Subsequent events include the acquisition of Asuragen, Inc. on April 6, 2021, for approximately **$215 million** plus up to **$105 million** in contingent consideration, and an additional **$6 million** investment in Eminence on April 2, 2021, increasing ownership to **57.42%**[81](index=81&type=chunk). [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2021 financial results, highlighting a 25% increase in consolidated net sales driven by organic growth and COVID-19 offerings, with improved gross margins and a strong liquidity position. Q3 FY2021 vs Q3 FY2020 Performance | Metric | Q3 FY2021 | Change vs Q3 FY2020 | | :--- | :--- | :--- | | **Consolidated Net Sales** | $243.6M | +25% | | **Organic Growth** | - | +22% | | **Foreign Currency Impact** | - | +3% | | **Acquisition Impact** | - | Immaterial | - The reopening of customer sites after initial COVID-19 shutdowns and a robust COVID-19 product offering (contributing approximately **3%** to growth) helped the company achieve record growth in Q3 2021[90](index=90&type=chunk). - On April 6, 2021, the company acquired Asuragen, Inc. for approximately **$215 million**, plus contingent consideration of up to **$105 million**[87](index=87&type=chunk). - The company expects capital expenditures for the remainder of fiscal 2021 to be approximately **$10.8 million**[115](index=115&type=chunk). [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 FY2021 net sales increased 25% to $243.6 million with 22% organic growth, driven by strong performance in both Protein Sciences and Diagnostics and Genomics segments, leading to improved gross and operating margins. Segment Performance (Q3 FY2021 vs Q3 FY2020) | Segment | Net Sales (Q3'21) | Reported Growth | Organic Growth | | :--- | :--- | :--- | :--- | | **Protein Sciences** | $185.6M | +28% | +24% | | **Diagnostics and Genomics** | $58.1M | +17% | +17% | Gross Margin Analysis | Margin Type | Q3 FY2021 | Q3 FY2020 | | :--- | :--- | :--- | | **Consolidated Gross Margin %** | 69.1% | 66.8% | | **Non-GAAP Adjusted Gross Margin %** | 72.9% | 71.5% | - Selling, general and administrative (SG&A) expenses increased **25%** for the quarter, primarily due to additional stock compensation expense and increased headcount to support sales growth[98](index=98&type=chunk). [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with **$186.1 million** in cash and **$230.1 million** in net cash from operations for the nine-month period, enabling significant dividend payments, share repurchases, and debt repayments. - Cash and cash equivalents stood at **$186.1 million** as of March 31, 2021[110](index=110&type=chunk). - For the nine months ended March 31, 2021, the company generated **$230.1 million** in cash from operating activities[113](index=113&type=chunk). - Key financing activities for the nine months ended March 31, 2021, included **$37.2 million** in dividend payments, **$43.2 million** in share repurchases, and **$141.4 million** in debt repayments[116](index=116&type=chunk)[118](index=118&type=chunk). [Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risk from its **$77.6 million** investment in CCXI common stock and foreign currency fluctuations, with a hypothetical 10% USD appreciation potentially decreasing annualized foreign earnings by **$4.4 million**. - The company holds an investment in CCXI common stock valued at **$77.6 million** as of March 31, 2021, where a **10%** decrease in its market value would result in a **$7.8 million** loss in fair value[130](index=130&type=chunk). - Approximately **31%** of consolidated net sales in Q3 2021 were in foreign currencies, and a hypothetical **10%** appreciation of the U.S. dollar would decrease the translation of net assets of foreign subsidiaries by an estimated **$54.2 million** and annualized earnings by **$4.4 million**[131](index=131&type=chunk)[132](index=132&type=chunk). [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2021, with ongoing evaluation of internal control changes related to the Eminence acquisition. - The Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2021, the company's disclosure controls and procedures were effective[135](index=135&type=chunk). - There were no material changes to internal controls over financial reporting during the third quarter of fiscal 2021, other than those related to the ongoing integration of the Eminence acquisition, which are still under evaluation[136](index=136&type=chunk)[137](index=137&type=chunk). [PART II: OTHER INFORMATION](index=39&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) As of May 7, 2021, the company is not involved in any legal proceedings expected to have a material adverse effect on its business or financial condition. - The Company is not a party to any legal proceedings that are reasonably expected to have a material adverse effect on its business[140](index=140&type=chunk). [Risk Factors](index=39&type=section&id=Item%201A.Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended June 30, 2020, were reported. - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended June 30, 2020, were reported[142](index=142&type=chunk). [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the nine months ended March 31, 2021, the company repurchased **120,000** shares for **$43.2 million**, with approximately **$67 million** remaining authorized under the share repurchase plan. - In the nine months ended March 31, 2021, the Company repurchased **120,000** shares for **$43.2 million**[143](index=143&type=chunk). - As of March 31, 2021, approximately **$67 million** remains authorized for share repurchases under the existing plan[143](index=143&type=chunk). [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and required CEO/CFO certifications. - The exhibit index lists various corporate documents, credit agreements, and required CEO/CFO certifications (Sections 302 and 906 of Sarbanes-Oxley Act)[152](index=152&type=chunk)[153](index=153&type=chunk).

Washington, DC 20549 FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended December 31, 2020, or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-17272 BIO-TECHNE CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1427402 (State or other ju ...

Bio-Techne Corporation (NASDAQ:TECH) Q2 2021 Earnings Conference Call February 2, 2021 9:00 AM ET Company Participants David Clair - Senior Director, IR and Corporate Development Charles Kummeth - President and CEO Jim Hippel - CFO Conference Call Participants Puneet Souda - SVB Leerink Catherine Schulte - Robert W. Baird Alex Nowak - Craig-Hallum Capital Dan Arias - Stifel Jacob Johnson - Stephens Inc Patrick Donnelly - Citigroup Operator Good morning and welcome to the Bio-Techne Earnings Conference Call ...

PART I. FINANCIAL INFORMATION [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)](index=3&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(Unaudited)) Unaudited condensed consolidated financial statements for Q3 2020, covering earnings, balance sheets, cash flows, and notes [Condensed Consolidated Statements of Earnings and Comprehensive Income](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20EARNINGS%20AND%20COMPREHENSIVE%20INCOME) | Metric | Q3 2020 (in thousands) | Q3 2019 (in thousands) | YoY Change | | :----- | :--------------------- | :--------------------- | :--------- | | Net sales | $204,199 | $183,243 | +11.4% | | Gross margin | $137,731 | $118,414 | +16.3% | | Operating income | $49,092 | $33,327 | +47.3% | | Net earnings | $33,395 | $14,398 | +131.9% | | Basic EPS | $0.87 | $0.38 | +128.9% | | Diluted EPS | $0.83 | $0.37 | +124.3% | [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) | Metric | Sep 30, 2020 (in thousands) | Jun 30, 2020 (in thousands) | Change | | :----- | :-------------------------- | :-------------------------- | :----- | | Total current assets | $541,893 | $520,920 | +$20,973 | | Total assets | $2,053,096 | $2,027,589 | +$25,507 | | Total current liabilities | $105,424 | $106,668 | -$1,244 | | Total shareholders' equity | $1,439,285 | $1,381,192 | +$58,093 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) | Cash Flow Activity | Q3 2020 (in thousands) | Q3 2019 (in thousands) | YoY Change | | :----------------- | :--------------------- | :--------------------- | :--------- | | Net cash provided by operating activities | $66,009 | $40,539 | +62.8% | | Net cash used in investing activities | $(8,138) | $(15,085) | -46.0% | | Net cash provided by (used in) financing activities | $(34,933) | $(24,269) | +44.0% | | Cash and cash equivalents at end of period | $169,404 | $99,891 | +69.6% | [NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=6&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Detailed disclosures and explanations for condensed consolidated financial statements, covering accounting policies, balance sheet items, and segment performance [Note 1. Basis of Presentation and Summary of Significant Accounting Policies](index=6&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) - The interim financial statements are unaudited and prepared in accordance with GAAP and Form 10-Q instructions, reflecting normal recurring adjustments[18](index=18&type=chunk) - The Company adopted ASU 2016-13 (Credit Losses) on July 1, 2020, with a **$0.3 million** cumulative impact to retained earnings, which was not material due to high collection rates on trade receivables[21](index=21&type=chunk) - The Company adopted ASU 2018-15 (Cloud Computing Arrangement Costs) on July 1, 2020, prospectively capitalizing eligible implementation costs[22](index=22&type=chunk) [Note 2. Revenue Recognition](index=7&type=section&id=Note%202.%20Revenue%20Recognition) - Revenue from consumables and instruments is recognized at a point in time upon transfer of control (generally shipment); service revenues are recognized over time or at a point in time for laboratory services[24](index=24&type=chunk) - As of July 1, 2020, the Company began estimating variable consideration for Medicare-reimbursed laboratory services due to sufficient historical data, recognizing approximately **$0.5 million** in Q1 FY2021 for prior services[24](index=24&type=chunk) | Revenue Type | Q3 2020 (in thousands) | Q3 2019 (in thousands) | YoY Change | | :----------- | :--------------------- | :--------------------- | :--------- | | Consumables | $166,627 | $151,445 | +10.0% | | Instruments | $19,572 | $16,993 | +15.2% | | Services | $15,464 | $10,623 | +45.6% | | Royalty revenues | $2,536 | $4,182 | -39.4% | | Total revenues, net | $204,199 | $183,243 | +11.4% | [Note 3. Selected Balance Sheet Data](index=8&type=section&id=Note%203.%20Selected%20Balance%20Sheet%20Data) | Inventory Component | Sep 30, 2020 (in thousands) | Jun 30, 2020 (in thousands) | Change | | :------------------ | :-------------------------- | :-------------------------- | :----- | | Raw materials | $52,808 | $51,530 | +$1,278 | | Finished goods | $57,887 | $56,268 | +$1,619 | | Inventories, net | $110,695 | $107,798 | +$2,897 | | Intangible Asset | Sep 30, 2020 (in thousands) | Jun 30, 2020 (in thousands) | Change | | :--------------- | :-------------------------- | :-------------------------- | :----- | | Developed technology | $435,761 | $434,653 | +$1,108 | | Trade names | $143,926 | $146,713 | -$2,787 | | Customer relationships | $213,769 | $211,750 | +$2,019 | | Patents and other intangibles | $8,138 | $2,475 | +$5,663 | | Intangible assets, net | $507,591 | $516,545 | -$8,954 | - Goodwill increased by **$3.3 million** to **$731.6 million** as of September 30, 2020, primarily due to currency translation, with no impairment indicators identified[39](index=39&type=chunk)[40](index=40&type=chunk) [Note 4. Fair Value Measurements](index=11&type=section&id=Note%204.%20Fair%20Value%20Measurements) - The Company measures financial instruments at fair value using a three-level hierarchy, maximizing observable inputs[42](index=42&type=chunk)[43](index=43&type=chunk) | Financial Instrument | Sep 30, 2020 (in thousands) | Jun 30, 2020 (in thousands) | Level | | :------------------- | :-------------------------- | :-------------------------- | :---- | | Equity securities | $83,491 | $87,842 | Level 1/2 | | Certificates of deposit | $34,495 | $36,426 | Level 1 | | Contingent consideration | $5,987 | $6,137 | Level 3 | | Derivative instruments - cash flow hedges | $14,523 | $17,331 | Level 2 | - Contingent consideration liabilities, related to Quad and B-MoGen acquisitions, are Level 3 liabilities, re-measured each period, with a fair value of **$5.987 million** as of September 30, 2020[51](index=51&type=chunk)[52](index=52&type=chunk) [Note 5. Debt and Other Financing Arrangements](index=14&type=section&id=Note%205.%20Debt%20and%20Other%20Financing%20Arrangements) - The Company has a **$600.0 million** revolving credit facility and a **$250.0 million** term loan, maturing August 1, 2023[55](index=55&type=chunk) - As of September 30, 2020, the outstanding balance under the Credit Agreement was **$323.9 million**[56](index=56&type=chunk) [Note 6. Leases](index=15&type=section&id=Note%206.%20Leases) - The Company adopted ASC 842 (Leases) on July 1, 2019, recognizing operating lease right-of-use assets and liabilities based on the present value of lease payments[57](index=57&type=chunk)[58](index=58&type=chunk) | Lease Metric | Sep 30, 2020 (in thousands) | | :----------- | :-------------------------- | | Operating lease right of use assets | $70,018 | | Current operating lease liabilities | $9,695 | | Noncurrent operating lease liabilities | $65,694 | | Total operating lease liabilities

Bio-Techne Corporation (NASDAQ:TECH) Q1 2021 Results Earnings Conference Call November 5, 2020 2:00 AM ET Company Participants David Clair - Senior Director, Investor Relations and Corporate Development Chuck Kummeth - Chief Executive Officer Jim Hippel - Chief Financial Officer Conference Call Participants Puneet Souda - SVB Leerink Dan Arias - Stifel Patrick Donnelly - Citigroup Alex Nowak - Craig-Hallum Capital Dan Leonard - Wells Fargo Operator Good morning, and welcome to the Bio-Techne Earnings Confer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-17272 BIO-TECHNE CORPORATION (Exact name of registrant as specified in its charter) Washington, DC 20549 FORM 10-K Minnesota 41-1427402 (State or other jurisdiction ...

Bio-Techne Corporation (NASDAQ:TECH) Q4 2020 Earnings Conference Call August 4, 2020 9:00 AM ET Company Participants David Clair – Senior Director, Investor Relations and Corporate Development Chuck Kummeth – Chief Executive Officer Jim Hippel – Chief Financial Officer Conference Call Participants Puneet Souda – SVB Leerink Catherine Schulte – Baird Dan Arias – Stifel Patrick Donnelly – Citi Jacob Johnson – Stephens Alex Nowak – Craig-Hallum Capital Group Operator Good morning, and welcome to the Bio-Techne ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | WHERE SCIENCE INTERSECTS INNOVATION | | | | | | | | | Corporate Presentation May 2020 | | | | | | | | | | | | | | | | | | | | | | | | | © 2020 Bio-Techne®. All rights reserved. | --- | --- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-17272 BIO-TECHNE CORPORATION (Exact name of registrant as specified in its charter) Minnesota 41-1427402 (State or other jur ...

Financial Data and Key Metrics Changes - Adjusted EPS for Q3 was $1.39, up from $1.21 year-over-year, with foreign exchange positively impacting EPS by $0.07 [36] - GAAP EPS decreased to $0.92 from $1.15 in the prior year, primarily due to a significant drop in realized and unrealized gains from investments [36] - Q3 revenue was $194.7 million, a 5% increase year-over-year, with organic revenue growth of 6% [36][37] - Adjusted operating margin for Q3 was 36.5%, an increase of 130 basis points from the prior year [39] Performance by Business Line - Protein Sciences segment reported sales of $145.5 million, with organic growth of 6% driven by strong demand for protein reagents [43] - Diagnostics and Genomics segment sales were $49.4 million, also a 5% increase, with solid double-digit growth in the Genomics division [44][45] Performance by Market - North America experienced low double-digit organic growth, with biopharma growth over 20% and academia increasing mid-single digits [10] - Europe saw a revenue decline of 7%, primarily due to COVID-19 impacts on academic labs [13] - Asia had a surprisingly strong Q3, with mid-single digit growth in China and mid-teens growth in the rest of Asia [14][15] Company Strategy and Industry Competition - The company is focusing on digital marketing efforts to enhance online engagement and drive growth, especially during the pandemic [12] - Strategic growth initiatives include ramping up production of proteins and antibodies for COVID-19 research and developing a new GMP protein factory [21][22] - The company is well-positioned to capture increased demand in life sciences research post-pandemic, with a strong product portfolio [33] Management's Comments on Operating Environment and Future Outlook - Management noted that while COVID-19 negatively impacted business, they ended Q3 with 6% organic growth, which could have been closer to 9% without the pandemic [9] - The company anticipates a gradual recovery in academic and biopharma segments as labs reopen [60] - Management expressed optimism about increased funding for life sciences research post-pandemic, which could lead to stronger demand for their products [62] Other Important Information - The company has a strong cash position with over $250 million in cash and short-term investments and a leverage ratio of 1.4 times [52] - The company is actively involved in various COVID-19 initiatives, including developing tests and reagents for research [20] Q&A Session Summary Question: Recovery expectations for academic and biopharma segments - Management indicated that biopharma remains resilient, with expectations for a V-shaped recovery as labs reopen [56][60] Question: Impact of COVID-19 funding on the portfolio - Management believes all parts of the portfolio will benefit from increased interest in infectious diseases and COVID-19 related research [64][66] Question: Performance in China and sustainability of growth - Management reported that China never experienced negative growth during the quarter and expects continued strong performance as labs remain operational [76][78]