Core Insights - Bio-Techne's GMP reagents, including proteins and small molecules, are essential for its cell therapy offerings, with acquisitions playing a significant role in expanding its portfolio and entering adjacent markets [1] - The company is pursuing clinical diagnostic opportunities with its Ella platform, despite facing macroeconomic challenges that may impact operations [1][10] Financial Performance - Over the past year, Bio-Techne's shares have declined by 38.1%, underperforming the industry’s 15.3% decline, while the S&P 500 composite grew by 13.1% [2] - The company has a market capitalization of $7.63 billion, with earnings surpassing estimates in three of the last four quarters, averaging a surprise of 6.7% [2] Growth Drivers - The Cell and Gene Therapy segment is a major growth area, with the GMP reagents business experiencing high single-digit revenue growth in Q3 of fiscal 2025 and over 500 customers engaged in cell therapy development [3] - The GMP reagents business grew by just over 13% on a trailing 12-month basis, influenced by large, infrequent orders from late-stage clinical trials [3] - In China, the cell and gene therapy solutions are resilient despite funding challenges, with increasing adoption of organoid solutions expected to drive demand for GMP reagents [4] Strategic Initiatives - Bio-Techne has made several strategic acquisitions, including Lunaphore in fiscal 2024 and a 19.9% investment in Wilson Wolf, with plans to acquire the remaining ownership by the end of 2027 [5] - The launch of ProPak GMP Cytokines optimized for the Wilson WolfG-Rex bioreactor and an investment in Spear Bio for ultra-sensitive immunoassays highlight the company's focus on innovation [6] Market Opportunities - The Ella platform has received ISO 13485 certification and is being positioned for clinical diagnostics, with a partnership with Novomol-Dx to launch the BMP kit in India [7][9] - Ella is gaining traction among cell and gene therapy customers for viral titer and release testing, as well as among CROs for its high sensitivity and reproducibility [9] Challenges - The macroeconomic environment is causing increased raw material and labor costs, with a 2.8% rise in cost of sales and a 35.2% increase in selling, general, and administrative expenses year over year [10] - Funding challenges, particularly in China, are leading to extended sales cycles and production-related hazards, compounded by potential NIH funding cuts [11] Earnings Estimates - The Zacks Consensus Estimate for fiscal 2025 earnings has decreased by a cent to $1.88, while revenue estimates are pegged at $1.22 billion, indicating a 5.2% increase from the previous year [12]

Core Insights - ScaleReady, in collaboration with Wilson Wolf Manufacturing, Bio-Techne Corporation, and CellReady, has awarded three G-Rex Grants totaling $1,025,000 to faculty members at USC and CHLA to support cell and gene therapy initiatives [1][8] Grant Details - Dr. Mohamed Abou-el-Enein received a $300,000 G-Rex Grant to develop a non-viral manufacturing platform for CAR-T cell therapies, building on initial funding from the CIRM [2] - Dr. Saul Priceman was awarded a $275,000 G-Rex Grant to advance a CAR-T cell therapy for metastatic solid cancers into Phase 1/2 clinical trials, addressing manufacturing bottlenecks [4] - Dr. Shahab Asgharzadeh received a $250,000 G-Rex Grant for preclinical development of a CAR-T cell therapy targeting recurrent solid tumors in children and young adults [5] - Dr. Preet Chaudhary was granted $200,000 for the development and IND submission of a novel Synthetic Immune Receptor engineered T cell therapy for solid tumors [6] G-Rex Platform Significance - The G-Rex system is recognized for its efficiency, scalability, and cost-effectiveness in CAR-T manufacturing, enabling high-yield cell expansion and robust scale-up [3] - The G-Rex Grant Program has awarded nearly 200 grants and is extending with millions in additional funding, providing recipients access to a consortium of partners for support in CGT development [8][10] Industry Impact - The G-Rex manufacturing platform is utilized by over 800 organizations and is involved in approximately 50% of CGT clinical trials, contributing to the commercialization of CGT drugs [10] - ScaleReady aims to enhance CGT drug product development and manufacturing, saving time and costs for entities in the CGT field [10]

Summary of Bio-Techne (TECH) 2025 Conference Call Company Overview - **Company**: Bio-Techne (TECH) - **Date**: May 13, 2025 - **Key Speakers**: Kim Kelderman (CEO), Jim Hipple (CFO) Key Highlights Financial Performance - **Fiscal 3Q Results**: Reported a solid 6% growth despite macroeconomic headwinds [3][4] - **Protein Sciences Segment**: Achieved 7% growth, driven by core reagents and instrumentation for protein detection [4] - **Diagnostics and Special Segment**: Growth was muted at 2%, influenced by timing of orders rather than market conditions [5][6] - **EBITDA Margins**: Maintained strong margins at 34.9%, reflecting operational efficiencies [6] Market Exposure and Headwinds - **U.S. Academic Exposure**: 21% of revenues from academic business, with 12% from U.S. academic institutions [7] - **NIH Funding Impact**: Approximately 50% of academic revenue is exposed to NIH funding, which has created uncertainty [8] - **Consumables vs. Equipment**: Consumables (80% of business) remained steady, while equipment sales were more volatile due to budget uncertainties [10] Regulatory and Policy Environment - **Tariff Exposure**: Estimated exposure of $20 million from tariffs, but proactive measures have mitigated this risk [24][25] - **Biopharma Sector**: Comprises 50% of revenues, with large pharma showing double-digit growth while biotech remained flat due to funding challenges [35][38] Strategic Focus - **Cell and Gene Therapy**: Significant focus on GMP reagents, with a strong pipeline of customers in clinical studies [46][48] - **Spatial Business**: Competitive instruments showing double-digit growth, leveraging a large reagent portfolio [52][53] - **M&A Strategy**: Continued focus on acquisitions that align with high-margin reagent sales, with a disciplined approach to valuation [56][57] Future Outlook - **Q4 Expectations**: Anticipated continued uncertainty, with large pharma expected to drive growth while biotech remains challenged [60][61] - **Fiscal Year 2026 Guidance**: Uncertainty prevails, with hopes for stabilization in the coming months to provide clearer guidance [62][63] Additional Insights - **Market Dynamics**: The consolidation in the research reagents market has changed competitive dynamics, but the company remains well-positioned due to its strong portfolio and technical sales force [42][44] - **Regulatory Discussions**: Positive sentiment around cell and gene therapies, with a focus on maintaining high regulatory standards to avoid negative industry impacts [49][50] This summary encapsulates the key points discussed during the Bio-Techne conference call, highlighting the company's performance, market challenges, strategic initiatives, and future outlook.

Core Insights - Bio-Techne Corporation will showcase its latest spatial biology and cell and gene therapy workflow solutions at the ASGCT 2025 meeting in New Orleans from May 13th to 17th [1] - The company will highlight advancements in cell and gene therapy development, including the RNAscope™ protease-free workflow and ProPak™ GMP cytokines [2][4] - Bio-Techne generated approximately $1.2 billion in net sales in fiscal 2024 and employs around 3,100 people globally [5] Product Highlights - The RNAscope™ protease-free workflow allows visualization of biodistribution of AAV vectors, transgene mRNA, and small RNAs [2] - ProPak™ GMP cytokines are designed for closed-system cell therapy manufacturing, featuring dose-optimized, single-use bags [2] - The Simple Western Leo™ System enables simultaneous processing of up to 100 samples in a single 3-hour run [2] Symposium and Presentations - ACD's symposium will feature innovations with RNAscope technology, including NextGen RNAscope™ Multiomics Solutions [3] - A talk on protein quantitation applications to advance gene therapy development will be presented by guest speakers from Sangamo Therapeutics and Nervosave Therapeutics [3][6] - Additional presentations will cover AI-designed AAV capsids and RNA gene writer activity in therapeutic contexts [6]

Core Insights - CMB.TECH's diversified business model spans multiple sectors, including dry bulk, tankers, containers, and offshore wind, with over 250 vessels post-merger with Golden Ocean, aiming for long-term growth and sustainability [3][8] - The company emphasizes the importance of stability and a long-term vision in an industry often focused on short-term gains, with leadership prioritizing sustainable growth over immediate profits [5][6] - CMB.TECH is addressing the valuation gap between net asset values (NAV) and market valuations by focusing on earnings potential and strategic positioning rather than just liquidation value [6][7] Business Strategy - The merger with Golden Ocean is expected to increase CMB.TECH's free float from 8% to 38%, enhancing liquidity and attractiveness to institutional investors [7][8] - Post-merger, CMB.TECH will have a fleet of 253 vessels with an average age of 6.1 years, a contract backlog of $3 billion, and capex commitments of $2.2 billion, targeting a leverage of 50% [8] - The company plans to invest in ammonia and hydrogen as future fuels, aligning with emissions targets and focusing on sustainable growth [9][10] Newbuilding Program - CMB.TECH is overseeing an ambitious newbuilding program with 46 vessels on order, including ammonia-capable ships scheduled for delivery starting in 2026 [11] - All newbuilds will be equipped to operate on alternative fuels, except where engine technology is not commercially available, ensuring cost-effectiveness [11] Infrastructure and Regulatory Strategy - The company acknowledges challenges in developing bunkering networks for ammonia but believes existing infrastructure for industrial ammonia can support initial phases of adoption [12] - CMB.TECH's strategy does not rely solely on regulatory support, emphasizing the need for a self-sustaining business model that can thrive without subsidies [13] Market Outlook - Mr. Saverys expresses a bullish outlook on Africa, highlighting its potential due to population growth, technology adoption, and emerging trade routes [14][15] - The company believes that success in shipping will require a strategic focus on Africa, leveraging its unique economic models and sustainable practices [15]

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Bio-Techne Corporation's unaudited condensed consolidated financial statements, including earnings, balance sheets, and cash flows, with detailed notes on accounting policies and segment information [Condensed Consolidated Statements of Earnings and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings%20and%20Comprehensive%20Income) Net sales increased, but net earnings and diluted EPS significantly decreased due to higher operating expenses and a litigation charge Condensed Consolidated Statements of Earnings (in thousands, except per share data) | Financial Metric | Quarter Ended Mar 31, 2025 | Quarter Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | **$316,181** | **$303,428** | **$902,671** | **$852,961** | | Gross margin | $214,556 | $204,599 | $591,460 | $566,377 | | Operating income | $38,708 | $66,998 | $126,115 | $160,863 | | **Net earnings** | **$22,588** | **$49,059** | **$91,078** | **$127,517** | | Diluted EPS | $0.14 | $0.31 | $0.57 | $0.79 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased, while total liabilities increased due to long-term debt, resulting in a decrease in total shareholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | June 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,644,259** | **$2,703,867** | | Cash and cash equivalents | $140,670 | $151,791 | | Goodwill | $968,612 | $972,663 | | Intangible assets, net | $443,699 | $507,081 | | **Total Liabilities** | **$626,234** | **$635,017** | | Long-term debt obligations | $330,000 | $319,000 | | **Total Shareholders' Equity** | **$2,018,025** | **$2,068,850** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased due to lower earnings, while investing cash outflow reduced, and financing cash outflow increased from share repurchases Condensed Consolidated Cash Flow Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $189,355 | $223,485 | | Net cash used in investing activities | ($35,589) | ($194,222) | | Net cash used in financing activities | ($163,453) | ($62,303) | | **Net change in cash and cash equivalents** | **($11,121)** | **($40,656)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment changes, strategic investments, ongoing restructuring charges, and the resolution of a significant legal dispute - The company changed the name of its 'Diagnostics and Genomics' segment to '**Diagnostics and Spatial Biology**' to better reflect its offerings[15](index=15&type=chunk) - In July 2024, the Company invested **$15.0 million** in Spear Bio, accounted for under the cost-method[16](index=16&type=chunk) - The Company initiated enterprise-wide restructuring in fiscal 2025 to improve operating margins, incurring total charges of **$13.7 million** for the nine months ended March 31, 2025[21](index=21&type=chunk)[22](index=22&type=chunk) - A legal dispute with the former CEO regarding stock options was resolved through arbitration, resulting in a payment of **$37.2 million**, which was recognized as a litigation charge in the quarter[35](index=35&type=chunk)[36](index=36&type=chunk) Revenue by Type (in thousands) | Revenue Type | Quarter Ended Mar 31, 2025 | Quarter Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Consumables | $257,785 | $246,732 | $719,345 | $682,405 | | Instruments | $26,111 | $26,493 | $83,185 | $81,178 | | Services | $27,246 | $25,501 | $81,953 | $71,084 | | **Total revenues, net** | **$316,181** | **$303,428** | **$902,671** | **$852,961** | Segment Revenue and Operating Income (in thousands) | Segment | Quarter Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2025 | | :--- | :--- | :--- | | **Protein Sciences** | | | | Net Sales | $227,687 | $643,774 | | Operating Income | $103,910 | $271,564 | | **Diagnostics and Spatial Biology** | | | | Net Sales | $89,231 | $256,558 | | Operating Income | $8,423 | $15,940 | - On April 30, 2025, the Board approved a new share repurchase plan authorizing the purchase of up to **$500 million** of the Company's stock[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased net sales driven by organic growth, offset by decreased net earnings due to a non-recurring arbitration award and restructuring costs [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Consolidated net sales increased due to organic growth, but SG&A expenses rose significantly from an arbitration award, impacting net earnings and the effective tax rate - Consolidated net sales for Q3 FY25 increased **4% YoY** to **$316.2 million**[109](index=109&type=chunk)[111](index=111&type=chunk) - Organic revenue grew **6%**, while foreign currency and a business held-for-sale each had an unfavorable impact of **1%**[111](index=111&type=chunk) - Net earnings for Q3 FY25 decreased to **$22.6 million** from **$49.1 million YoY**, primarily due to a non-recurring arbitration award[110](index=110&type=chunk) Adjusted Gross Margin Reconciliation (Q3 FY25) | Metric | Amount (in thousands) | Percentage | | :--- | :--- | :--- | | Gross margin - GAAP | $214,556 | 67.9% | | Adjustments | $11,980 | - | | **Adjusted gross margin** | **$226,536** | **71.6%** | Segment Performance (Q3 FY25 vs Q3 FY24) | Segment | Net Sales (Q3'25) | YoY Growth | Organic Growth | Operating Margin (Q3'25) | | :--- | :--- | :--- | :--- | :--- | | Protein Sciences | $227.7M | 6% | 7% | 45.6% | | Diagnostics and Spatial Biology | $89.2M | 2% | 2% | 9.4% | Adjusted Diluted EPS Reconciliation (Q3 FY25 vs Q3 FY24) | Metric | Q3 FY25 | Q3 FY24 | | :--- | :--- | :--- | | Net earnings before taxes - GAAP | $38,274 | $61,084 | | Total Adjustments | $74,234 | $36,943 | | Net earnings before taxes - Adjusted | $112,508 | $98,027 | | **Non-GAAP adjusted net earnings** | **$88,318** | **$76,425** | | **Earnings per share - diluted - Adjusted** | **$0.56** | **$0.48** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and credit availability, expecting to meet future cash requirements despite significant share repurchases - As of March 31, 2025, the Company had **$140.7 million** in cash and cash equivalents and **$670 million** available on its line-of-credit[128](index=128&type=chunk)[129](index=129&type=chunk) - The Company has a future commitment to acquire the remaining **80.1%** of Wilson Wolf, with a potential payment of up to **$1 billion** plus contingent consideration, forecasted to occur between fiscal 2026 and 2028[130](index=130&type=chunk) - For the nine months ended March 31, 2025, cash from operations was **$189.4 million**, capital expenditures were **$26.1 million**, dividends paid were **$38.0 million**, and share repurchases were **$175.7 million**[132](index=132&type=chunk)[134](index=134&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its market risk exposure from interest rates and currency exchange rates since the last annual report - There have been no material changes in the Company's exposure to market risk from interest rates and currency exchange rates since the last annual report[152](index=152&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[155](index=155&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the third quarter of fiscal 2025[156](index=156&type=chunk) PART II: OTHER INFORMATION [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings, with a significant dispute involving the former CEO resolved during the quarter - The Company is not a party to any legal proceedings expected to have a material adverse effect on its business[158](index=158&type=chunk) - A dispute with the former CEO was resolved through a binding arbitration award during the quarter ended March 31, 2025, for which the Company paid **$37.2 million** inclusive of interest and legal fees[35](index=35&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors, except for an expanded discussion on global market conditions, including the adverse effects of tariffs and trade actions - A key risk factor highlighted is the changing conditions and uncertainty in global markets, including the adverse effects of tariffs, sanctions, and other trade actions[161](index=161&type=chunk) - These actions, such as those between the U.S. and China, could increase costs, disrupt supply chains, and negatively impact margins and profitability[161](index=161&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases under its publicly announced plan, with a remaining balance available for future repurchases Share Repurchase Activity (Fiscal Year 2025 to March 31, 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Dollar Amount Remaining Under Plan | | :--- | :--- | :--- | :--- | | Nov 1 - 30, 2024 | 1,118,492 | $67.62 | $105,110,738 | | Feb 1 - 29, 2025 | 1,488,563 | $67.21 | $5,066,126 | | **Total YTD** | **2,607,055** | **$67.38** | **$5,066,126** | - The share repurchase plan, approved on February 2, 2022, authorized the purchase of up to **$400 million** in stock[162](index=162&type=chunk) [Item 3. Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[165](index=165&type=chunk) [Item 4. Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[167](index=167&type=chunk) [Item 5. Other Information](index=48&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - No director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the third quarter of fiscal 2025[169](index=169&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including corporate governance documents, compensation plans, and required certifications - The report includes certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[174](index=174&type=chunk) - Financial statements are provided in Inline Extensible Business Reporting Language (iXBRL) format[174](index=174&type=chunk)

Core Insights - Kytopen Corp. and Bio-Techne Corporation have announced a partnership to enhance gene delivery solutions for advanced cell therapies, focusing on the integration of their respective technologies [1][5] - The collaboration aims to streamline workflows for genome engineering of immune cell therapies, expediting their clinical advancement and manufacturing [1][5] Company Overview - Kytopen is a leader in non-viral, continuous flow cellular engineering technologies, headquartered in Cambridge, Massachusetts, and is known for maximizing yields and delivering hundreds of billions of engineered cells rapidly [6] - Bio-Techne is a global life sciences company that provides innovative tools and bioactive reagents for research and clinical diagnostics, generating approximately $1.2 billion in net sales in fiscal 2024 [7] Technology Highlights - The TcBuster™ system allows for the simultaneous delivery of multiple genes with high editing efficiency, offering advantages over traditional lentivirus-based methods [2][5] - Flowfect® technology combines mechanical, electrical, and chemical forces to enhance transfection efficiency and cell health, enabling the processing of billions of cells in minutes [2][5] Collaboration Details - The partnership will leverage the TcBuster™ GMP non-viral genome engineering system and the Flowfect Tx™ GMP cellular engineering platform to create a non-viral gene-editing workflow suitable for various immune cell types [1][3] - Data from the collaboration will be presented at the International Society of Cell & Gene Therapy (ISCT) Annual Meeting, showcasing the advancements made through this partnership [3][5]

Company Overview - Bio-Techne Corporation is a global life sciences company that provides innovative tools and bioactive reagents for research and clinical diagnostics [2] - The company generated approximately $1.2 billion in net sales in fiscal 2024 and employs over 3,100 people worldwide [2] Upcoming Events - Kim Kelderman, President and CEO of Bio-Techne, will present at the BofA Securities 2025 Health Care Conference on May 13, 2025, at 10:40 a.m. PDT [1]

Core Insights - Bio-Techne (TECH) reported third-quarter fiscal 2025 adjusted earnings per share (EPS) of 56 cents, exceeding the Zacks Consensus Estimate by 9.8% and improving from 48 cents year-over-year [1] - The company's net sales reached $316.2 million, reflecting a 4.2% year-over-year increase on a reported basis and a 6% increase on an organic basis, surpassing the Zacks Consensus Estimate by 0.3% [3] - Despite the positive revenue growth, the operating margin contracted significantly by 984 basis points to 12.2% due to rising operating expenses [5][10] Financial Performance - Adjusted EPS for the quarter was 56 cents, while GAAP EPS was reported at 14 cents, down from 31 cents in the prior-year quarter [2] - Gross profit increased by 4.9% to $214.6 million, with a gross margin expansion of 43 basis points to 67.9% despite a 2.8% rise in cost of sales [5] - Selling, general and administrative expenses surged by 35.2% to $151.3 million, while research and development expenses decreased by 4.6% to $24.6 million [5] Segment Performance - In the Protein Sciences segment, revenues were $227.7 million, up 6% year-over-year (7% organically) [4] - The Diagnostics and Genomics segment saw sales improve by 2% to $89.2 million, with organic growth also at 2% [4] - Both segments demonstrated year-over-year improvement in organic sales, indicating a positive trend in the company's core business areas [9] Capital Structure - At the end of the fiscal third quarter, Bio-Techne had cash and equivalents of $140.7 million, down from $177.5 million at the end of the previous quarter [6] - Long-term debt obligations increased to $330 million from $319 million in the prior quarter [6] - Cumulative net cash provided by operating activities was $189.3 million, a decrease from $223.5 million a year ago [7] Market Reaction - Following the earnings announcement, shares of Bio-Techne rose by 5.8% in pre-market trading [2] - The management indicated that the start of fiscal 2025 was largely consistent with expectations, driven by improvements in the biopharma end-market and strong results in cell therapy and protein analysis instrumentation [10]

Core Insights - Techne (TECH) reported revenue of $316.18 million for the quarter ended March 2025, reflecting a year-over-year increase of 4.2% and surpassing the Zacks Consensus Estimate by 0.30% [1] - The company's EPS was $0.56, up from $0.48 in the same quarter last year, resulting in an EPS surprise of 9.80% compared to the consensus estimate of $0.51 [1] Financial Performance - Organic Growth was reported at 6%, exceeding the average estimate of 5.2% from three analysts [4] - Organic Growth in Diagnostics and Genomics was 2%, below the two-analyst average estimate of 6.2% [4] - Organic Growth in Protein Sciences was 7%, significantly higher than the average estimate of 2.8% from two analysts [4] - Net Sales from intersegment revenue was -$0.74 million, worse than the average estimate of -$0.55 million, representing a year-over-year decline of 3.7% [4] - Net Sales in Protein Sciences reached $227.69 million, surpassing the average estimate of $224.75 million, with a year-over-year increase of 6.1% [4] - Net Sales in Diagnostics and Genomics were $89.23 million, slightly below the average estimate of $92.50 million, showing a year-over-year growth of 2% [4] Market Performance - Techne's shares have returned -2.2% over the past month, contrasting with the Zacks S&P 500 composite's increase of 10.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]