tech20170630

Selling, general and administrative

188,462

^[1]

162,364

144,969

Gross margin

374,541

336,659

307,277

Operating expenses:

200,443

140,879

119,401

Research and development

53,514

45,187

40,853

Total operating expenses

253,957

186,066

160,254

Operating income

120,584

150,593

147,023

Other income (expense):

Interest expense

(7,361)

(1,748)

(1,544)

Interest income

304

249

634

Other non-operating income (expense), net

(1,566)

(1,613)

8,049

Total other income (expense)

(8,623)

(3,112)

7,139

Earnings before income taxes

111,961

147,481

154,162

Income taxes

35,875

43,005

46,427

Foreign currency translation adjustments

76,086

^[1]

104,476

107,735

Other comprehensive income (loss):

(3,061)

(19,888)

(36,513)

Unrealized gains (losses) on available-for-sale investments, net of tax of $(6,501), $3,794, and $(3,895), respectively

24,531

(19,924)

11,308

Other comprehensive income (loss)

21,470

(39,812)

(25,205)

Comprehensive income

$ 97,556

$ 64,664

$ 82,530

Earnings per share:

Basic (in dollars per share)

$ 2.04

^[1]

$ 2.81

$ 2.90

Diluted (in dollars per share)

2.03

^[1]

2.80

2.89

Cash dividends per common share: (in dollars per share)

$ 1.28

$ 1.27

Weighted average common shares outstanding:

Basic (in shares)

37,313

37,194

37,096

Diluted (in shares)

37,500

37,326

37,231

[1]

During the fourth quarter, management identified certain errors related to purchase accounting items for the ACD acquisition recorded during the first quarter of fiscal year 2017. These items impact the cost recognized upon the sale of acquired inventory, other acquisition related costs recorded within selling, general and administrative costs, and income taxes and resulted in a favorable impact to previously reported quarterly results as outlined in the table below.

XML 19 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
ASSETS
Cash and cash equivalents	$ 91,612	$ 64,237
Short-term available-for-sale investments	66,102	31,598
Accounts receivable, less allowance for doubtful accounts of $696 and $555, respectively	116,830	93,393
Inventories	60,151	57,102
Other current assets	13,330	7,561
Total current assets	348,025	253,891
Property and equipment, net	135,124	132,362
Goodwill	579,026	430,882
Intangible assets, net	452,042	310,524
Other assets	44,002	1,922
Total assets	1,558,219	1,129,581
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable	16,856	20,653
Salaries, wages and related accruals	26,602	14,868
Accrued expenses	18,518	8,371
Deferred revenue, current	5,968	4,717
Income taxes payable	2,478	1,779
Contingent consideration payable	65,100
Related party note payable, current		3,759
Total current liabilities	135,522	54,147
Deferred income taxes	120,596	62,837
Long-term debt obligations	343,771	91,500
Contingent consideration payable	3,300	38,500
Other long-term liabilities	5,403	3,317
Shareholders' equity:
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding	0	0
Common stock, par value $.01 a share; authorized 100,000,000 shares; issued and outstanding 37,356,041 and 37,253,771 shares, respectively	374	372
Additional paid-in capital	199,161	178,760
Retained earnings	799,027	770,553
Accumulated other comprehensive loss	(48,935)	(70,405)
Total shareholders' equity	949,627	879,280
Total liabilities and shareholders’ equity	$ 1,558,219	$ 1,129,581

XML 20 R4.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Accounts receivable, allowance for doubtful accounts	$ 696	$ 555
Undesignated capital stock, no par (in dollars per share)	$ 0	$ 0
Undesignated capital stock, shares authorized (in shares)	5,000,000	5,000,000
Undesignated capital stock, shares issued (in shares)	0	0
Undesignated capital stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	37,356,041	37,253,771
Common stock, shares outstanding (in shares)	37,356,041	37,253,771

XML 21 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Total

Balances (in shares) at Jun. 30, 2014

37,002,000

Beginning balance at Jun. 30, 2014

$ 370

$ 147,004

$ 653,279

$ (5,388)

$ 795,265

Surrender and retirement of stock to exercise options (in shares)

107,735

Other comprehensive loss

(25,205)

Surrender and retirement of stock to exercise options

(31)

$ (31)

Common stock issued for exercise of options (in shares)

141,000

Common stock issued for exercise of options

$ 1

9,761

$ 9,762

Common stock issued for restricted stock awards (in shares)

10,000

Common stock issued for restricted stock awards

(57)

(47,106)

Tax benefit from exercise of stock options

5,918

615

Employee stock purchase plan expense

Balances (in shares) at Jun. 30, 2015

37,153,000

Ending balance at Jun. 30, 2015

$ 371

163,306

713,851

(30,593)

846,935

Surrender and retirement of stock to exercise options (in shares)

104,476

Other comprehensive loss

(39,812)

Surrender and retirement of stock to exercise options

(31)

$ (31)

Common stock issued for exercise of options (in shares)

69,000

Common stock issued for exercise of options

$ 1

4,796

$ 4,797

Common stock issued for restricted stock awards (in shares)

23,000

Common stock issued for restricted stock awards

(167)

(47,607)

Tax benefit from exercise of stock options

9,287

566

Common stock issued to employee stock purchase plan (in shares)

9,000

Common stock issued to employee stock purchase plan

692

Employee stock purchase plan expense

144

$ 144

Balances (in shares) at Jun. 30, 2016

37,254,000

37,253,771

Ending balance at Jun. 30, 2016

$ 372

178,760

770,553

(70,405)

$ 879,280

Surrender and retirement of stock to exercise options (in shares)

76,086

^[1]

Other comprehensive loss

21,470

(3,000)

Surrender and retirement of stock to exercise options

(275)

$ (275)

Common stock issued for exercise of options (in shares)

63,000

Common stock issued for exercise of options

$ 2

4,509

$ 4,511

Common stock issued for restricted stock awards (in shares)

31,000

Common stock issued for restricted stock awards

(287)

(47,325)

(47,612)

Tax benefit from exercise of stock options

14,418

514

Common stock issued to employee stock purchase plan (in shares)

11,000

Common stock issued to employee stock purchase plan

1,022

Employee stock purchase plan expense

213

$ 213

Balances (in shares) at Jun. 30, 2017

37,356,000

37,356,041

Ending balance at Jun. 30, 2017

$ 374

$ 199,161

$ 799,027

$ (48,935)

$ 949,627

[1]

XML 22 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2015

Cash flows from operating activities:

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

$ 76,086

^[1]

$ 104,476

$ 107,735

Depreciation and amortization

60,036

42,764

37,226

Costs recognized on sale of acquired inventory

3,037

5,431

6,961

Deferred income taxes

(3,433)

(2,624)

1,304

Fair value adjustment to contingent consideration payable

14,631

9,430

5,957

Gain on sale of CyVek

(8,300)

18,400

Contingent consideration and ACD compensation, operating

(13,322)

Other operating activity

1,942

(566)

(157)

Change in operating assets and liabilities, net of acquisitions:

Trade accounts and other receivables

(19,686)

(22,981)

(11,747)

Inventories

(732)

(6,626)

(4,714)

Prepaid expenses

(2,088)

(381)

(620)

Trade accounts payable and accrued expenses

5,695

8,924

2,154

Salaries, wages and related accruals

2,183

5,725

1,679

Income taxes payable

699

298

1,881

Net cash provided by operating activities

143,448

143,870

139,359

Cash flows from investing activities:

Purchase of available-for-sale investments

(3,069)

Proceeds from sale and maturities of available-for-sale investments

6,079

776

13,466

Additions to property and equipment

(15,179)

(16,898)

(19,905)

Acquisitions, net of cash acquired

(253,785)

(91,423)

(420,102)

Investment in unconsolidated entity

(40,000)

Other investing activities

(25)

Net cash used in investing activities

(305,954)

(107,570)

(426,492)

Cash flows from financing activities:

Proceeds from stock option exercises

(47,325)

(47,607)

(47,107)

5,257

5,458

9,731

Excess tax benefit from stock option exercises

514

566

615

Borrowings under line-of-credit agreement

368,500

77,000

163,000

Payments on line-of-credit

(116,500)

(58,500)

(94,964)

Contingent consideration and ACD compensation, financing

(21,060)

Net cash provided by (used in) financing activities

189,386

(23,083)

31,275

Effect of exchange rate changes on cash and cash equivalents

495

(3,512)

(8,178)

Net change in cash and cash equivalents

27,375

9,705

(264,036)

Cash and cash equivalents at beginning of year

64,237

54,532

318,568

Cash and cash equivalents at end of year

$ 91,612

$ 64,237

$ 54,532

[1]

XML 23 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2017

Business Description and Accounting Policies [Text Block]

Note

Description of Business and Summary of Significant Accounting Policies:

Description of business:

Bio-Techne Corporation and subsidiaries, collectively doing business as Bio-Techne (the Company), develop, manufacture and sell biotechnology and clinical diagnostic products worldwide. With its deep product portfolio and application expertise, Bio-Techne is a leader in providing specialized proteins, including cytokines and growth factors, and related immunoassays, small molecules and other reagents to the research and diagnostics markets.

Use of estimates:

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include the valuation of accounts receivable, available-for-sale investments, inventory, intangible assets, contingent consideration, stock based compensation and income taxes. Actual results could differ from these estimates.

Principles of consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Translation of foreign financial statements:

Assets and liabilities of the Company's foreign operations are translated at year-end rates of exchange and the resulting gains and losses arising from the translation of net assets located outside the U.S. are recorded as other comprehensive income (loss) on the consolidated statements of earnings and comprehensive income. The cumulative translation adjustment is a component of accumulated other comprehensive loss on the consolidated balance sheets. Foreign statements of earnings are translated at the average rate of exchange for the year. Foreign currency transaction gains and losses are included in other non-operating expense in the consolidated statements of earnings and comprehensive income.

Revenue recognition:

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Payment terms for shipments to end-users are generally net

days. Payment terms for distributor shipments

may

range from

days. Freight charges billed to end-users are included in net sales and freight costs are included in cost of sales. Freight charges on shipments to distributors are paid directly by the distributor. Any claims for credit or return of goods must be made within

days of receipt. Revenues are reduced to reflect estimated credits and returns. Sales, use, value-added and other excise taxes are

not

included in revenue.

Research and development:

Research and development expenditures are expensed as incurred. Development activities generally relate to creating new products, improving or creating variations of existing products, or modifying existing products to meet new applications.

Advertising costs:

Advertising expenses (including production and communication costs) were

$4.5

million

$5.2

million, and

$4.1

million for fiscal

2017,

2016,

and

2015

respectively. The Company expenses advertising expenses as incurred.

Income taxes:

The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized to record the income tax effect of temporary differences between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Tax positions taken or expected to be taken in a tax return are recognized in the financial statements when it is more likely than

not

that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than

fifty

percent likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.

See Note

for additional information regarding income taxes.

Comprehensive income:

Comprehensive income includes charges and credits to shareholders' equity that are

not

the result of transactions with shareholders. Our total comprehensive income consists of net income, unrealized gains and losses on available-for-sale marketable securities, and foreign currency translation adjustments. The items of comprehensive income, with the exception of net income, are included in accumulated other comprehensive loss in the consolidated balance sheets and statements of shareholders' equity.

Cash and cash equivalents:

Cash and cash equivalents include cash on hand and highly-liquid investments with original maturities of

three

months or less.

Available-for-sale investments:

Available-for-sale investments consist of debt instruments with original maturities of generally

three

months to

three

years and equity securities. Available-for-sale investments are recorded based on trade-date. The Company considers all of its marketable securities available-for-sale and reports them at fair value.

Unrealized gains and losses on available-for-sale securities are excluded from income, but are included, net of taxes, in other comprehensive income. If an "other-than-temporary" impairment is determined to exist, the difference between the value of the investment security recorded in the financial statements and the Company's current estimate of the fair value is recognized as a charge to earnings in the period in which the impairment is determined.

Trade accounts receivable:

Trade accounts receivable are initially recorded at the invoiced amount upon the sale of goods or services to customers, and they do

not

bear interest. They are stated net of allowances for doubtful accounts, which represent estimated losses resulting from the inability of customers to make the required payments. When determining the allowances for doubtful accounts, we take several factors into consideration, including the overall composition of accounts receivable aging, our prior history of accounts receivable write-offs, the type of customer and our day-to-day knowledge of specific customers. Changes in the allowances for doubtful accounts are included in selling, general and administrative (SG&A) expense in our consolidated statements of earnings and comprehensive income. The point at which uncollected accounts are written off varies by type of customer.

Inventories:

Inventories are stated at the lower of cost (

first

-in,

first

-out method) or market. The Company regularly reviews inventory on hand for slow-moving and obsolete inventory, inventory

not

meeting quality control standards and inventory subject to expiration. To meet strict customer quality standards, the Company has established a highly controlled manufacturing process for proteins, antibodies and its chemically-based products. These products require the initial manufacture of multiple batches to determine if quality standards can be consistently met. In addition, the Company will produce larger batches of established products than current sales requirements due to economies of scale. The manufacturing process for these products, therefore, has and will continue to produce quantities in excess of forecasted usage. The Company values its manufactured protein and antibody inventory based on a

two

-year forecast and its chemically-based products on a

five

-year forecast. Inventory quantities in excess of the forecast are

not

valued due to uncertainty over salability.

The company records a lower of cost or market adjustment to cost of sales for those quantities that are in excess of the manufactured protein and antibody

two

-year forecast and the chemically-based products

five

year forecast. For the years ended

June 30, 2017,

2016,

and

2015

the amount recognized in net sales of inventory sold that was

not

valued is

not

material

Property and equipment:

Property and equipment are recorded at cost. Equipment is depreciated using the straight-line method over an estimated useful life of

five

years. Buildings, building improvements and leasehold improvements are amortized over estimated useful lives of

years. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount

may

not

be recoverable. In the current year, the Company has identified

such events.

Intangibles assets:

Intangible assets are stated at historical cost less accumulated amortization. Amortization expense is generally determined on the straight-line basis over periods ranging from

year to

years. Each reporting period, we evaluate the remaining useful lives of our amortizable intangibles to determine whether events or circumstances warrant a revision to the remaining period of amortization. If our estimate of an asset's remaining useful life is revised, the remaining carrying amount of the asset is amortized prospectively over the revised remaining useful life. In the current year, the Company has identified

such events.

Impairment of long-lived assets and amortizable intangibles:

We evaluate the recoverability of property, plant, equipment and amortizable intangibles whenever events or changes in circumstances indicate that an asset's carrying amount

may

not

be recoverable. Such circumstances could include, but are

not

limited to, (

) a significant decrease in the market value of an asset, (

) a significant adverse change in the extent or manner in which an asset is used or in its physical condition, or (

) an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of an asset. We compare the carrying amount of the asset to the estimated undiscounted future cash flows associated with it. If the sum of the expected future net cash flows is less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds the fair value of the asset. As quoted market prices are

not

available for the majority of our assets, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows.

The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset

being evaluated. These assumptions require significant judgment and actual results

may

differ from assumed and estimated amounts.

triggering events were identified and

impairments were recorded for property, plant, and equipment or amortizable intangibles were recorded during fiscal year

2017.

Impairment of goodwill:

We evaluate the carrying value goodwill during the

fourth

quarter each year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. Such circumstances could include, but are

not

limited to, (

) a significant adverse change in legal factors or in business climate, (

) unanticipated competition, (

) an adverse action or assessment by a regulator, or (

) an adverse change in market conditions that are indicative of a decline in the fair value of the assets.

To analyze goodwill for impairment, we must assign our goodwill to individual reporting units. Identification of reporting units includes an analysis of the components that comprise each of our operating segments, which considers, among other things, the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form

one

reporting unit if the components have similar economic characteristics. We periodically review our reporting units to ensure that they continue to reflect the manner in which we operate our business.

2017

Goodwill Impairment Analysis

In completing our

2017

annual goodwill impairment analysis, we elected to perform a quantitative assessment for all of our reporting units. A quantitative assessment involves comparing the carrying value of the reporting unit, including goodwill, to its estimated fair value. Carrying value is based on the assets and liabilities associated with the operations of the reporting unit, which often requires the allocation of shared or corporate items among reporting units. In accordance with ASU

2017

04,

a goodwill impairment charge is recorded for the amount by which the carrying value of a reporting unit exceeds the fair value of the reporting unit. In determining the fair values of our reporting units, we utilized the income approach. The income approach is a valuation technique under which we estimated future cash flows using the reporting unit's financial forecast from the perspective of an unrelated market participant. Using historical trending and internal forecasting techniques, we projected revenue and applied our fixed and variable cost experience rates to the projected revenue to arrive at the future cash flows. A terminal value was then applied to the projected cash flow stream. Future estimated cash flows were discounted to their present value to calculate the estimated fair value. The discount rate used was the value-weighted average of our estimated cost of capital derived using both known and estimated customary market metrics. In determining the estimated fair value of a reporting unit, we were required to estimate a number of factors, including projected operating results, terminal growth rates, economic conditions, anticipated future cash flows, the discount rate and the allocation of shared or corporate items.

Because our

2017

quantitative analysis included all of our reporting units, the summation of our reporting units' fair values was compared to our consolidated fair value, as indicated by our market capitalization, to evaluate the reasonableness of our calculations.

The quantitative assessment completed as of

June 30, 2017

indicated that all of the reporting units had a substantial amount of headroom. This impairment assessment is sensitive to changes in forecasted cash flows, as well as our selected discount rate. Changes in the reporting unit's results, forecast assumptions and estimates could materially affect the estimation of the fair value of the reporting units.

2016

and

2015

Goodwill Impairment Analysis

The Company used a qualitative test for all reporting units during the

fourth

quarter for fiscal year

2016

and fiscal year

2015

with

one

exception. The company elected to utilize a quantitative test for the Protein Platforms reporting unit for fiscal year

2016

using the previously described income approach given that this is a newer reporting unit created primarily through acquisitions.

The qualitative analyses for our other reporting units completed during

2016

and

2015

evaluated factors including, but

not

limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. In completing these assessments, we noted

changes in events or circumstances which indicated that it was more likely than

not

that the fair value of any reporting unit was less than its carrying amount. Based on the testing performed for the Protein Platforms reporting unit, fair value exceeded carrying value by a substantial amount and

adjustment to the carrying value of goodwill was necessary.

There has been

impairment of goodwill since the adoption of Financial Accounting Standards Board (“FASB”) ASC

350

guidance for goodwill and other intangibles on

July 1, 2002.

Investments in unconsolidated entities:

The Company periodically invests in the equity of start-up and early development stage companies. The accounting treatment of each investment (cost method or equity method) is dependent upon a number of factors, including, but

not

limited to, the Company's share in the equity of the investee and the Company's ability to exercise significant influence over the operating and financial policies of the investee.

Other Significant Accounting Policies

The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number:

Policy	Note
Fair value measurements		4
Earnings per share		8
Share-based compensation		9
Reportable segments		11

Recently Adopted Accounting Pronouncements

April 2015,

the Financial Accounting Standards Board (“FASB”) issued ASU

No.

2015

05,

Customer's Accounting for Fees Paid in a Cloud Computing Arrangement

. The standard provides guidance to customers about whether a cloud computing arrangement includes a software license. If the arrangement does include a software license, the software license element of the arrangement should be accounted for in the same manner as the acquisition of other software licenses. We adopted this standard on

July 1, 2016,

applying it prospectively to all arrangements entered into or materially modified on or after

July 1, 2016.

Adoption of this standard did

not

have a significant impact on our results of operations or financial position.

September 2015,

the FASB issued ASU

No.

2015

16,

Simplifying the Accounting for Measurement-Period Adjustments.

When recording the purchase price allocation for a business combination in the financial statements, an acquirer

may

record preliminary amounts when measurements are incomplete as of the end of a reporting period. When the required information is received to finalize the purchase price allocation, the preliminary amounts are adjusted. These adjustments are referred to as measurement-period adjustments. This standard eliminates the requirement to restate prior period financial statements for measurement-period adjustments. Instead, it requires that the cumulative impact of a measurement-period adjustment be recognized in the reporting period in which the adjustment is identified. We adopted this standard on

July 1, 2016,

applying it prospectively. Application of this standard did

not

have a significant impact on our results of operations or financial position.

August 2016,

the FASB issued ASU

No.

2016

15,

Classification of Certain Cash Receipts and Cash Payments

. The standard is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. We elected to early adopt this standard as of

July 1, 2016.

As our consolidated statement of cash flows presentation was in compliance with the new guidance, adoption of this standard had

impact on our consolidated financial statements.

January 2017,

the FASB issued ASU

No.

2017

04,

Simplifying the Test for Goodwill Impairment

. The standard removes Step

of the goodwill impairment test, which requires a company to perform procedures to determine the fair value of a reporting unit's assets and liabilities following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, a goodwill impairment charge will now be measured as the amount by which a reporting unit's carrying value exceeds its fair value,

not

to exceed the carrying amount of goodwill. We elected to early adopt this standard on

January 1, 2017.

As we have

not

been required to complete Step

of the goodwill impairment test, this standard did

not

have an impact on our consolidated financial statements.

Pronouncements Issued but

Not

Yet Adopted

May 2014,

the FASB issued ASU

No.

2014

09,

Revenue from Contracts with Customers

. The standard provides revenue recognition guidance for any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other accounting standards. The standard also expands the required financial statement disclosures regarding revenue recognition. The new guidance is effective for us on

July 1, 2018.

In addition, in

March 2016,

the FASB issued ASU

No.

2016

08,

Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

, in

April 2016,

the FASB issued ASU

No.

2016

10,

Identifying Performance Obligations and Licensing,

and in

May 2016,

the FASB issued ASU

No.

2016

12,

Narrow-Scope Improvements and Practical

Expedients

. These standards are intended to clarify aspects of ASU

No.

2014

and are effective for us upon adoption of ASU

No.

2014

09.

The Company’s approach to implementing the new standard includes performing a detailed review of key contracts representative of its different businesses, and comparing historical accounting policies and practices to the new standard. In addition to expanded disclosures associated with the new standard, the Company is continuing to assess the impact on the Company’s consolidated financial statements. The guidance permits

two

methods of adoption, retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method).

We currently anticipate that we will adopt the standards using cumulative catch-up transition method.

July 2015,

the FASB issued ASU

2015

11,

Simplifying the Measurement of Inventory

. This provision would require inventory that was previously recorded using

first

-in,

first

-out (“FIFO”) to be recorded at lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for fiscal years beginning after

December 15, 2016

and interim periods within those years, which for us will be

July 1, 2017.

The amendments in this guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual period. The Company does

not

expect the updated guidance to have a significant impact on future financial statements.

January 2016,

the FASB issued ASU

No.

2016

01,

Recognition and Measurement of Financial Assets and Financial Liabilities

. The standard is intended to improve the recognition, measurement, presentation and disclosure of financial instruments. This ASU is effective using the modified retrospective approach for annual periods and interim periods within those annual periods beginning after

December 15, 2017,

which for us is

July 1, 2018.

Early adoption is permitted. We do

not

expect the application of this standard to have a significant impact on our result of operations or financial position.

February, 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

), which amends the existing guidance to require lessees to recognize lease assets and lease liabilities from operating leases on the balance sheet. This ASU is effective using the modified retrospective approach for annual periods and interim periods within those annual periods beginning after

December 15, 2018,

which for us is

July 1, 2019.

Early adoption is permitted. We are currently evaluating the impact of the adoption of ASU

2016

on our consolidated financial statements.

March 2016,

the FASB issued ASU

2016

09,

Improvements to Employee Share-Based Payment Accounting

. This update includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2016,

which for us is

July 1, 2017.

Early adoption is permitted. Upon adoption, among other impacts, the Company expects its reported provision for income taxes to become more volatile, dependent upon market prices and volume of share-based compensation exercises and vesting of options.

June 2016,

the FASB issued ASU

2016

13,

Financial Instruments - Credit Losses (Topic

326

), Measurement of Credit Losses on Financial Instruments

. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. This ASU is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2019,

which for us is

July 1, 2020.

Entities

may

early adopt beginning after

December 15, 2018.

We are currently evaluating the impact of the adoption of ASU

2016

on our consolidated financial statements.

January 2017,

the FASB issued ASU

No.

2017

01,

Clarifying the Definition of a Business

. The standard revises the definition of a business, which affects many areas of accounting such as business combinations and disposals and goodwill impairment. The revised definition of a business will likely result in more acquisitions being accounted for as asset acquisitions, as opposed to business combinations. This ASU is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2018,

which for us is

July 1, 2019

required to be applied prospectively to transactions occurring on or after the effective date.

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Note 2 - Acquisitions

12 Months Ended

Jun. 30, 2017

Business Combination Disclosure [Text Block]

Note

Acquisitions:

2017

Acquisitions

Advanced Cell Diagnostics (ACD)

August 1, 2016,

the Company acquired ACD for approximately

$258

million, net of cash acquired, plus contingent consideration of up to

$75.0

million as follows:

●	$25.0 million if calendar year 2016 revenues equal or exceed $30.0 million.

●	an additional $50.0 million if calendar year 2017 revenues equal or exceed $45.0 million.

The Company paid approximately

$247.0

million, net of cash acquired and the working capital adjustments, as of the acquisition date. The remaining

$11.0

million will be paid to current employees who held ACD unvested stock as of the acquisition date. In order to receive payment for unvested shares, the individuals must remain employees of ACD over the

-month vesting period which extends from the acquisition date through

March 31, 2018.

Any amounts that would have been owed to individuals who leave the company during the vesting period, will be pooled together and distributed amongst the other former ACD shareholders at the end of the vesting period. Management determined that

$3.6

million of the

$11.0

million represents purchase price consideration paid for pre-acquisition services. However, the remaining

$7.4

million represents compensation expense as the amount the individual employees receives is tied to future service. This current value of this liability recorded on the Consolidated Balance Sheets under the caption “Salaries, wages and related accruals”.

During the

third

quarter of fiscal

2017,

management determined that the calendar year

2016

revenue milestone was met. Refer to Note

for discussion of this item as well as discussion of the changes to the fair value estimate for the calendar year

2017

revenue milestone as of

June 30, 2017.

The goodwill recorded as a result of the ACD acquisition represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is

not

deductible for income tax purposes. The business became part of the Company’s Biotechnology reportable segment in the

first

quarter of

2017.

Purchase accounting was finalized during the

fourth

quarter of

2017.

The following table (in thousands) summarizes the value of ACD assets acquired and liabilities assumed as of the acquisition date.

	Preliminary Allocation at Acquisition Date		Adjustments to F air Value			Updated Opening Balance Sheet Allocation at June 30, 2017
Current assets, net of cash	$	25,196	$	(9,372	)	$	15,824
Equipment		2,757					2,757
Other long-term assets		3,812					3,812
Intangible assets:
Developed technology		107,000		43,000			150,000
Trade name		17,000		4,900			21,900
Customer relationships		77,000		(70,700	)		6,300
Non-compete agreement		200		(200	)		-
Goodwill		133,780		10,187			143,967
Total assets acquired		366,745		(22,185	)		344,560
Liabilities		3,591		588			4,179
Deferred income taxes, net		78,761		(26,018	)		52,743
Net assets acquired	$	284,393		3,245		$	287,638

Cash paid, net of cash acquired	$	246,193		845		$	247,038
Consideration payable		-		3,600			3,600
Fair value contingent consideration		38,200		(1,200	)		37,000
Net purchase price	$	284,393		3,245		$	287,638

As summarized in the table, there have been adjustments totaling

$10.2

million to goodwill during the measurement period. These adjustments primarily relate to the finalization of acquired intangible asset cash flow models, and finalization of opening balance sheet deferred tax assets and liabilities. However, the adjustments also include a

$9.4

million decrease in the fair value of the inventory required related to an error in the preliminary valuation identified by management during the

fourth

quarter. See Note

for additional information regarding the impact of this error to the first, second, and

third

quarter fiscal year

2017

financial statements.

Tangible assets acquired, net of liabilities assumed, were stated at fair value at the date of acquisitions based on management's assessment. The purchase price allocated to developed technology, trade names, and customer relationships was based on management's forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statements of Earnings and Comprehensive Income. Amortization expense related to trade names, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statements of Earnings and Comprehensive Income. The amortization periods for intangible assets acquired in fiscal

2017

are estimated to be

years for developed technology,

years for trade names,

years for customer relationships. The deferred income tax liability represents the net amount of the estimated future impact of adjustments for costs to be recognized upon the sale of acquired inventory that was written up to fair value and intangible asset amortization, both of which are

not

deductible for income tax purposes.

As previously disclosed, ACD was acquired on

August 1, 2016.

The unaudited pro forma financial information below summarizes the combined results of operations for Bio-Techne and ACD as though the companies were combined as of the beginning fiscal

2016.

The pro forma financial information for all periods presented includes the purchase accounting effects resulting from these acquisitions except for the increase in inventory to fair value and the fair value adjustments to contingent consideration as these are

not

expected to have a continuing impact on cost of goods sold or selling, general and administrative expense, respectively. The pro forma financial information as presented below is for informational purposes only and is

not

indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal

2016.

	Year Ended
	June 30,
	2017		2016
Net sales	$	564,220	$	523,840
Net income		99,380		110,536

Space Import-Export, Srl

July 1, 2016,

the Company acquired Space Import-Export, Srl (Space) of Milan, Italy for approximately

$9.0

million.

$6.7

million was paid on the acquisition date and the remaining

$2.3

million will be paid during the

first

quarter of fiscal year

2018.

Space was a long-time distribution partner of the Company in the Italian market. The acquisition resulted in goodwill as we expect strategic benefits of revenue growth from increased market penetration. The goodwill is

not

deductible for income tax purposes. The business became part of the Company’s Biotechnology reportable segment in the

first

quarter of

2017.

Purchase accounting was finalized during the

fourth

quarter. There were

material changes from the preliminary opening balance sheet. The final fair values of the assets acquired and liabilities assumed in each acquisition, are as follows (in thousands):

	Final Opening Balance Sheet Allocation
Current assets, net of cash	$	2,128
Equipment		159
Intangible assets:
Customer relationships		6,769
Goodwill		3,517
Total assets acquired		12,573
Liabilities		1,444
Deferred income taxes, net		2,125
Net assets acquired	$	9,003

Cash paid, net of cash acquired	$	6,747
Consideration payable		2,256
Net purchase price	$	9,003

2016

Acquisitions

Zephyrus Biosciences, Inc.

March 14, 2016,

the Company acquired Zephyrus Biosciences, Inc. (Zephyrus) for

$8.0

million in cash and up to

$7.0

million in contingent consideration. Zephyrus provides research tools to enable protein analysis at the single cell level. Addressing the burgeoning single cell analysis market, Zephyrus's

first

product, Milo™, enables western blotting on individual cells for the

first

time. The acquisition was funded with cash on hand. The purchase price of Zephyrus exceeded the preliminary estimated fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill, substantially all of which is

not

tax deductible. Zephryus is included in the Company's Protein Platforms segment.

In connection with the Zephyrus acquisition, the Company recorded

$7.4

million of in process research and development which is

not

amortized until it is converted to developed technology which occurs once a sale of its product is completed. In the

first

quarter of fiscal

2017,

the Company transferred the balance of in process research and development to developed technology and began amortizing the intangible asset after Zephyrus made its

first

sale. The intangible asset amortization for the developed technology is

not

deductible for income tax purposes.

The Company will pay Zephyrus former shareholders an additional

$3.5

million if and when

instruments are sold prior to the

-year anniversary of the closing date (

March 14, 2019).

In addition, the Company will pay Zephyrus former shareholders an additional

$3.5

million if and when

$3.0

million in cumulative sales are generated within

4.5

years of the closing date (

September 14, 2020).

The Company made a

$3.5

million payment in the

third

quarter of fiscal

2017

after Zephyrus sold its

tenth

instrument. We estimate the remaining fair value of these contingent consideration payments to be

$3.3

million. Refer to Note

for further discussion of this item.

The goodwill recorded as a result of the Zephyrus acquisition represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is

not

deductible for income tax purposes.

We made certain purchase accounting adjustments for the acquisition of Zephyrus, which was acquired in

March 2016

prior to the finalization of purchase accounting during the

third

quarter of fiscal year

2017.

The adjustments recorded during

nine

months ended

March 31, 2017

included a

$3.0

million increase to the contingent consideration liability resulting from the finalization of the valuation model, a

$0.9

million increase to intangible assets resulting from valuation model adjustments, and a

$0.3

million increase to net deferred tax assets. A corresponding

$1.8

million increase was recorded to goodwill from the preliminary amount recorded as of

June 30, 2016.

Cliniqa Corporation

July 8, 2015,

the Company acquired Cliniqa Corporation (Cliniqa) for approximately

$82.9

million. Cliniqa specializes in the manufacturing and commercialization of blood chemistry quality controls and calibrators as well as bulk reagents used for the clinical diagnostic market to further expand and complement our Diagnostics solutions. The acquisition was funded with cash on hand and funds obtained from our revolving credit facility. The purchase price of Cliniqa exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill. Cliniqa is included in the Company's Diagnostics segment.

In connection with the Cliniqa acquisition, the Company recorded

$18.0

million of developed technology intangible assets that have an estimated useful life of

years,

$27.0

million of customer relationship intangible assets that have an estimated useful life of

years, and

$1.1

million related to trade mark and trade names with a useful life of

years. The intangible asset amortization is

not

deductible for income tax purposes.

The goodwill recorded as a result of the Cliniqa acquisition represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is

not

deductible for income tax purposes.

2015

Acquisitions

CyVek Inc

November 3, 2014,

the Company acquired CyVek, Inc. (CyVek) through a merger. CyVek has developed a transformative immunoassay technology which integrates an innovatively designed microfluidic cartridge with a state-of-the-art analyzer to deliver the most advanced and efficient bench top immunoassay system. In fiscal

2014,

the Company entered into an Agreement of Investment and Merger (the Agreement) with CyVek. Pursuant to the terms of the Agreement, the Company invested

$10.0

million in CyVek and received shares of Common Stock representing approximately

19.9%

of the outstanding voting stock of CyVek. Between the time of the Company's initial investment and

November 3, 2014,

CyVek met certain commercial milestones related to the sale of its products, which obligated the Company to acquire CyVek through a merger, with CyVek surviving as a wholly-owned subsidiary of the Company.

The Company made an initial payment of approximately

$62.0

million to the other stockholders of CyVek on

November 3, 2014.

Such purchase price was adjusted after closing based on the final levels of cash, indebtedness and transaction expenses of CyVek as of the closing. The Company will also pay CyVek's previous stockholders up to

$35.0

million based on the revenue generated by CyVek's products before

December 31, 2017.

The Company will also pay CyVek's previous stockholders

50%

of the amount, if any, by which the revenue from CyVek's products and related products exceeds

$100

million in calendar year

2020.

The Company has recorded the present value of these contingent payments as liabilities of

35.0

million at

June 30, 2017

and

2016,

respectively. In addition, at

November 3, 2014,

the Company re-measured its previous investment in CyVek to acquisition-date fair value, resulting in a gain on the investment of

$8.3

million which is included in other income on the Condensed Consolidated Statements of Earnings and Comprehensive Income. The purchase price of CyVek exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill, substantially all of which is

not

tax deductible. CyVek is included in the Company's Protein Platforms segment.

In connection with the CyVek acquisition, the Company recorded

$20.2

million of developed technology intangible assets that have an estimated useful life of

years,

$0.1

million of trade name intangible assets that have an estimated useful life of

1.5

years, and

$0.6

million related to customer relationships that have an estimated useful life of

years. The intangible asset amortization is

not

deductible for income tax purposes.

The goodwill recorded as a result of the CyVek acquisition represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is

not

deductible for income tax purposes.

ProteinSimple

July 31, 2014,

the Company acquired ProteinSimple. ProteinSimple expanded the Company's solutions that it can offer its customers by developing and commercializing proprietary systems and consumables for protein analysis. The Company opened a line-of-credit to partially fund the acquisition. The purchase price of ProteinSimple exceeded the fair value of the identifiable net assets and, accordingly, the difference was allocated to goodwill. ProteinSimple is included in the Company's Protein Platform segment.

In connection with the ProteinSimple acquisition, the Company recorded

$39.2

million of developed technology intangible assets that have an estimated useful lives of

years,

$36.1

million of trade name intangible assets that have an estimated useful lives of

years,

$101.6

million related to customer relationships that have estimated useful lives of

years, and

$0.2

million related to non-compete agreements that have an estimated useful life of

years. The intangible asset amortization is

not

deductible for income tax purposes.

The goodwill recorded as a result of the ProteinSimple acquisition represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is

not

deductible for income tax purposes.

Novus Holdings LLC

July 2, 2014,

the Company acquired all of the issued and outstanding equity interests of Novus Holdings LLC (Novus). Novus broadened the Company's antibody offerings by being a supplier of a large portfolio of both outsourced and in-house developed antibodies and other reagents for life science research. Novus is included in the Company's Biotechnology segment.

In connection with the Novus acquisition, the Company recorded

$5.0

million of developed technology intangible assets that have estimated useful lives of

years,

$5.3

million of trade name intangible assets that have an estimated useful life of

years, and

$14.4

million related to customer relationships that have an estimated useful life of

years. The majority of the intangible asset amortization is

not

deductible for income tax purposes.

The goodwill recorded as a result of the Novus acquisition represents the strategic benefits of growing the Company's product portfolio and the expected revenue growth from increased market penetration from future products and customers. The majority of the goodwill is

not

deductible for income tax purposes.

The aggregate purchase price of the acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as a result of the fiscal year

2016

and

2015

acquisitions (in thousands):

	Zephyrus		Cliniqa		CyVek			Protein Simple		Novus

Current assets	$	56	$	11,926	$	1,206		$	19,660	$	10,739
Equipment		32		1,436		971			1,983		1,266
Other long-term assets		-		58		19			554		40
Intangible Assets:
Developed technology		8,300		18,000		20,200			39,200		5,010
Trade name		-		1,100		100			36,100		5,300
Customer relationships		-		27,000		600			101,600		14,400
Non-compete agreements		-		-		-			200		-
Goodwill		8,686		42,669		91,658			134,074		28,408
Total assets acquired		17,074		102,189		114,754			333,371		65,163

Liabilities		54		1,508		1,965			11,644		2,166
Deferred income taxes, net		2,521		17,793		(438	)		21,674		2,875
Net assets		14,500		82,888		113,227			300,053		60,122
Less fair-value of previous investment		-		-		18,300			-		-
Net assets acquired	$	14,500	$	82,888	$	94,927		$	300,053	$	60,122

Cash paid, net of cash acquired	$	8,000	$	82,888	$	59,927		$	300,053	$	60,122
Note Payable		-		-		-			-		-
Contingent consideration payable		6,500		-		35,000			-		-
Net purchase price	$	14,500	$	82,888	$	94,927		$	300,053	$	60,122

Tangible assets acquired, net of liabilities assumed, were stated at fair value at the date of acquisition based on management's assessment. The purchase price allocated to developed technology, trade names, non-compete agreements and customer relationships was based on management's forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Consolidated Statements of Earnings and Comprehensive Income. Amortization expense related to trade names, the non-compete agreement and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statements of Earnings and Comprehensive Income. The deferred income tax liability represents the estimated future impact of adjustments for the cost to be recognized upon the sale of acquired inventory that was written up to fair value and intangible asset amortization, both of which are

not

deductible for income tax purposes, and the future tax benefit of net operating loss and tax credit carryforwards which will be deductible by the Company in future periods.

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Note 3 - Supplemental Balance Sheet and Cash Flow Information

12 Months Ended

Jun. 30, 2017

Supplemental Balance Sheet Disclosures [Text Block]

Note

Supplemental Balance Sheet and Cash Flow Information:

Available-For-Sale Investments:

The fair value of the Company's available-for-sale investments as of

June 30, 2017

and

June 30, 2016

were

$66.1

million and

$31.6

million, respectively. The increase was caused by the addition of

$2.1

million in corporate bond securities held by Advanced Cell Diagnostics (ACD), and the investment of

$1.4

million of available cash in China into certificates of deposit. The remaining increase is due to a

$31

million change in the fair value of the Company's investment in ChemoCentryx, Inc. (CCXI). The amortized cost basis of the Company's investment in CCXI as of

June 30, 2017

and

June 30, 2016

was

29.5

million.

The unrealized gain (loss) on available-for-sale investments for fiscal

2017

includes a

$30.1

million unrealized gain related to our investment in CCXI. As of

June 30, 2017,

the stock price of CCXI was

$9.36

per share compared to our cost basis of

$4.73

per share.

Inventories:

Inventories consist of (in thousands):

	June 30,
	2017		2016

Raw materials	$	22,074	$	18,685
Finished goods		38,077		38,417
Inventories, net	$	60,151	$	57,102

Property and Equipment:

Property and equipment consist of (in thousands):

	June 30,
	2017			2016
Cost:
Land	$	6,270		$	6,270
Buildings and improvements		158,495			157,963
Machinery, equipment and other		98,596			82,018
Property and equipment		263,361			246,251
Accumulated depreciation and amortization		(128,237	)		(113,889	)
Property and equipment, net	$	135,124		$	132,362

Intangibles assets were comprised of the following (in thousands):

					June 30,
	Useful Life (years)				2017			2016

Developed technology		9	-	15	$	276,959		$	120,611
Trade names		5	-	20		87,092			63,706
Customer relationships		9	-	16		204,243			191,118
Non-compete agreement		3	-	5		3,264			3,284
Patents			10			633			-
Intangible assets						572,191			378,719
Accumulated amortization						(120,149	)		(75,595	)
Amortizable intangible assets, net					$	452,042		$	303,124
In process research and development						-			7,400
Intangible assets, net					$	452,042		$	310,524

Changes to the carrying amount of net intangible assets consist of (in thousands):

	June 30,
	2017			2016

Beginning balance	$	310,524		$	292,839
Acquisitions		185,869			53,500
Other additions		976			-
Amortization expense		(44,393	)		(29,395	)
Currency translation		(934	)		(6,420	)
Ending balance	$	452,042		$	310,524

Amortization expense related to technologies included in cost of sales was

$23.1

million

$11.1

million, and

$9.5

million in fiscal

2017,

2016,

and

2015,

respectively. Amortization expense related to trade names, customer relationships, non-compete agreements, and patents included in selling, general and administrative expense was

$21.3

million,

$18.3

million, and

$16.7

million, in fiscal

2017,

2016,

and

2015

respectively.

The estimated future amortization expense for intangible assets as of

June 30, 2017

is as follows (in thousands):

2018	$	44,825
2019		44,171
2020		43,538
2021		43,180
2022		41,491
Thereafter		234,837
Total	$	452,042

Changes in goodwill by reportable segment and in total consist of (in thousands):

	Biotechnology			Diagnostics		Protein Platforms			Total
June 30, 2015	$	115,198		$	60,601	$	214,839		$	390,638
Acquisitions (Note 2)		-			42,669		6,878			49,547
Prior year acquisitions (Note 2)		-			-		-			-
Currency translation		(6,475	)		-		(2,828	)		(9,303	)
June 30, 2016	$	108,723		$	103,270	$	218,889		$	430,882
Acquisitions (Note 2)		147,484								147,484
Prior year acquisitions (Note 2)		-			-		1,809			1,809
Currency translation		(1,277	)		-		128			(1,149	)
June 30, 2017	$	254,930		$	103,270	$	220,826		$	579,026

Other Assets:

Other assets consist of (in thousands):

	June 30,
	2017		2016

Investments	$	40,385	$	385
Other		3,617		1,537
	$	44,002	$	1,922

As of

June 30, 2017,

the Company had

$44.0

million of other assets compared to

$1.9

million as of

June 30, 2016.

The increase from

June 30

is due to a

$40.0

million investment in Astute Medical, Inc. during the

second

quarter of fiscal

2017.

This investment is accounted for under the cost-method as we own less than

20%

of the outstanding stock and we concluded that we do

not

have significant influence. Under the cost-method, the fair value is

not

estimated if there are

identified events or changes in circumstances that

may

have a significant adverse effect on the fair value of the investment.

such events or changes in circumstances were identified during fiscal

2017.

Supplemental

ash

low

nformation

Supplemental cash flow information was as follows (in thousands):

	Year Ended June 30,
	2017		2016		2015
Income taxes paid	$	42,900	$	44,900	$	42,600
Interest paid		7,452		1,661		1,544
Non-cash activities:
Acquisition-related liabilities (1)		32,856		42,259		43,048

(

) Consists of holdback payments due at future dates and liabilities for contingent consideration. Further information regarding liabilities for contingent consideration can be found in Note

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Note 4 - Fair Value Measurements

12 Months Ended

Jun. 30, 2017

Fair Value, Measurement Inputs, Disclosure [Text Block]

Note

Fair Value Measurements:

The Company’s financial instruments include cash and cash equivalents, available-for-sale investments, accounts receivable, accounts payable, contingent consideration obligations, and long-term debt.

Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. This standard also establishes a hierarchy for inputs used in measuring fair value. This standard maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.

The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into

three

levels. Level

inputs are quoted prices in active markets for identical assets or liabilities. Level

inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are

not

active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level

inputs are unobservable for the asset or liability and their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least

one

significant model assumption or input is unobservable. Level

may

also include certain investment securities for which there is limited market activity or a decrease in the observability of market pricing for the investments, such that the determination of fair value requires significant judgment or estimation.

The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	Total carrying value a s of		Fair Value Measurements Using Inputs Considered as
	June 30, 2017		Level 1		Level 2		Level 3
Assets
Equity securities (1)	$	59,616	$	59,616	$	-	$	-
Corporate bond securities (1)		2,057		-		2,057		-
Total Assets	$	61,673	$	59,616	$	2,057	$	-

Liabilities
Contingent Consideration	$	68,400	$	-	$	-	$	68,400

	Total carrying value a s of		Fair Value Measurements Using Inputs Considered as
	June 30, 2016		Level 1		Level 2		Level 3
Assets
Equity securities (1)	$	28,582	$	28,582	$	-	$	-
Corporate bond securities (1)		-		-		-		-
Total Assets	$	28,582	$	28,582	$	-	$	-

Liabilities
Contingent Consideration	$	38,500	$	-	$	-	$	38,500

(

)

Included in available for sale securities on the balance sheet

Our available for sale securities are measured at fair value using quoted market prices in active markets for identical assets and are therefore classified as Level

assets. We value our Level

assets using inputs that are based on market indices of similar assets within an active market. All of our Level

assets have maturity dates of less than

one

year. There were

transfers into or out of our Level

financial assets during fiscal

2017.

The use of different assumptions, applying different judgment to matters that inherently are subjective and changes in future market conditions could result in different estimates of fair value of our securities or contingent consideration, currently and in the future. If market conditions deteriorate, we

may

incur impairment charges for securities in our investment portfolio. We

may

also incur changes to our contingent consideration liability as discussed below.

In connection with the Advanced Cell Diagnostics (ACD) acquisition discussed in Note

as well as with the Zephyrus and CyVek acquisitions which occurred in prior years, we are required to make contingent payments, subject to the entities achieving certain sales and revenue thresholds. The contingent consideration payments are up to

$35.0

million,

$7.0

million and

$75.0

million related to the CyVek, Zephyrus, and ACD acquisitions, respectively.

The fair value of the liabilities for the contingent payments recognized upon each acquisition as part of the purchase accounting opening balance sheet totaled

$78.5

million (

$35.0

million for CyVek,

$6.5

million for Zephyrus, and

$37.0

million for ACD) and was estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in these calculation units sold, expected revenue, discount rate and various probability factors. The ultimate settlement of contingent consideration could deviate from current estimates based on the actual results of these financial measures. This liability is considered to be a Level

financial liability that is re-measured each reporting period. The change in fair value of contingent consideration for these acquisitions is included in general and administrative expense.

In fiscal

2017,

the Company determined that certain sales and revenue thresholds were met for CyVek, Zephyrus and ACD. Cash payments totaling

$28.5

million (

$3.5

million for Zephyrus and

$25.0

million for ACD) were made during the

third

and

fourth

quarters of fiscal

2017.

Of the

$28.5

million in total payments,

$16

million is classified as financing on the statement of cash flows. The financing component represents the portion of the total liability that was recognized at the acquisition date. The remaining

$11.8

million is recorded within operating cash flows as it represents the

consideration liability that exceed the amount of the contingent consideration liability recognized at the acquisition date.

The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level

) (in thousands):

	June 30,
	2017
Fair value at the beginning of period		38,500
Purchase price contingent consideration (Note 2)		40,000
Payments		(28,500	)
Change in fair value of contingent consideration		18,400
Contingent consideration payable	$	68,400

Fair value measurements of other financial instruments

– The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value.

Cash and cash equivalents, certificates of deposit, accounts receivable, and accounts payable – The carrying amounts reported in the consolidated balance sheets approximate fair value because of the short-term nature of these items.

Long-term debt – The carrying amounts reported in the consolidated balance sheets for the amount drawn on our line-of-credit facility approximates fair value because our interest rate is variable and reflects current market rates.

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Note 5 - Debt and Other Financing Arrangements	12 Months Ended
Note 5 - Debt and Other Financing Arrangements	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Debt and Other Financing Arrangements: The Company entered modified our revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement) on July 28, 2016. The Credit Agreement provides for a revolving credit facility of $400 million, which can be increased by an additional $200 million subject to certain conditions. Borrowings under the Credit Agreement may be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement for base rate loans bear interest at a variable rate equal to the greater of (i) the prime commercial rate, (ii) the per annum federal funds rate plus 0.5%, or (iii) LIBOR + 1.00% - 1.75% depending on the existing total leverage ratio of Debt to Earnings Before Interest, Taxes, Depreciation and Amortization (as defined in the Credit Agreement). The annualized fee for any unused portion of the credit facility is currently 25 basis points. The Credit Agreement matures on July 28, 2021 and contains customary restrictive and financial covenants and customary events of default. As of June 30, 2017, the outstanding balance under the Credit Agreement was $343.5 million.

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Note 6 - Commitments and Contingencies

12 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Text Block]

Note

Commitments and Contingencies:

The Company leases office and warehouse space, vehicles and various office equipment under operating leases. At

June 30, 2017,

aggregate net minimum rental commitments under non-cancelable leases having an initial or remaining term of more than

one

year are payable as follows (in thousands):

2018	$	9,123
2019		8,431
2020		8,377
2021		8,371
2022		7,625
Thereafter		26,729
Total	$	68,656

Total rent expense was approximately

$9.8

million,

$8.1

million, and

$4.9

million for the years ended

June 30, 2017,

2016,

and

2015,

respectively.

The Company is routinely subject to claims and involved in legal actions which are incidental to the business of the Company. Although it is difficult to predict the ultimate outcome of these matters, management believes that any ultimate liability will

not

materially affect the consolidated financial position or results of operations of the Company.

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Note 7 - Accumulated Other Comprehensive Income

12 Months Ended

Jun. 30, 2017

Comprehensive Income (Loss) Note [Text Block]

Note

Accumulated Other Comprehensive Income:

Changes in accumulated other comprehensive income (loss), net of tax, for the year ended

June 30, 2017

consists of (in thousands):

	Unrealized Gains (Losses) on Available- for-Sale Investments			Foreign Currency Translation Adjustments			Total

Beginning balance	$	(5,542	)		(64,863	)	$	(70,405	)
Other comprehensive income (loss)		24,531			(3,061	)		21,470
Ending balance	$	18,989			(67,924	)	$	(48,935	)

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Note 8 - Earnings Per Share

12 Months Ended

Jun. 30, 2017

Earnings Per Share [Text Block]

Note

Earnings Per Share:

Basic net income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares of our stock result from dilutive common stock options and restricted stock units. We use the treasury stock method to calculate the weighted-average shares used in the diluted earnings per share computation. Under the treasury stock method, the proceeds from exercise of an option, the amount of compensation cost, if any, for future service that we have

not

yet recognized, and the amount of estimated tax benefits that would be recorded in paid-in capital, if any, when the option is exercised are assumed to be used to repurchase shares in the current period.

The number of shares used to calculate earnings per share are as follows (in thousands, except per share data):

	Year Ended June 30,
	2017		2016		2015

Net earnings used for basic and diluted earnings per share	$	76,086	$	104,476	$	107,735

Weighted average shares used in basic computation		37,313		37,194		37,096
Dilutive stock options		187		132		135
Weighted average shares used in diluted computation		37,500		37,326		37,231

Basic EPS	$	2.04	$	2.81	$	2.90
Diluted EPS	$	2.03	$	2.80	$	2.89

The dilutive effect of stock options in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was

million,

1.2

million, and

516,000

June 30, 2017,

2016

and

2015,

respectively.

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Note 9 - Share-based Compensation and Other Benefit Plans

12 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

Share-based Compensation and Other Benefit Plans:

The cost of employee services received in exchange for the award of equity instruments is based on the fair value of the award at the date of grant. Compensation cost is recognized using a straight-line method over the vesting period and is net of estimated forfeitures. Stock option exercises and stock awards are satisfied through the issuance of new shares.

Equity incentive plan:

The Company's Amended and Restated

2010

Equity Incentive Plan (the A&R

2010

Plan) provides for the granting of incentive and nonqualified stock options, restricted stock, restricted stock units, performance shares, performance units and stock appreciation rights. There are

3.8

million shares of common stock authorized for grant under the A&R

2010

Plan. At

June 30, 2017,

there were

620,000

shares of common stock available for grant under the A&R

2010

Plan. The maximum term of incentive options granted under the A&R

2010

Plan is

ten

years. The A&R

2010

amends and restates the Company's

2010

Equity Incentive Plan (the

2010

Plan). The A&R

2010

Plan replaced the Company's

1998

Nonqualified Stock Option Plan (the

1998

Plan). The A&R

2010

Plan and the

1998

Plan (collectively, the Plans) are administered by the Board of Directors and its Executive Compensation Committee, which determine the persons who are to receive awards under the Plans, the number of shares subject to each award and the term and exercise price of each award. The number of shares of common stock subject to outstanding awards as of

June 30, 2017

under the A&R

2010

Plan and the

1998

Plan were

2.8

million and

50,000,

respectively

Stock option activity under the Plans for the

three

years ended

June 30, 2017,

consists of the following (shares in thousands):

	Shares			Weighted Average Exercise Price		Weighted Avg. Contractual Life (Yrs.)		Aggregate Intrinsic Value (millions)

Outstanding at June 30, 2014		811			72.11
Granted		600			93.98
Forfeited		(133	)		92.85
Exercised		(141	)		69.31
Outstanding at June 30, 2015		1,137		$	81.57
Granted		805			105.16
Forfeited		(54	)		99.68
Exercised		(69	)		69.82
Outstanding at June 30, 2016		1,819		$	91.91
Granted		1,135			107.42
Forfeited		(70	)		99.11
Exercised		(63	)		71.81
Outstanding at June 30, 2017		2,821		$	98.42		5.1	$	53.8

Exercisable at June 30:
2015		547			72.72
2016		596			75.74
2017		843			82.93		4.0	$	29.1

The fair values of options granted under the Plans were estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used:

	Year Ended June 30,
	2017			2016			2015

Dividend yield		1.2%			1.2%			1.3%
Expected volatility	21%	-	24%	20%	-	23%	18%	-	21%
Risk-free interest rates	1.0%	-	1.9%	1.2%	-	1.9%	1.3%	-	2.2%
Expected lives (years)		5			5			5

The dividend yield is based on the Company's historical annual cash dividend divided by the market value of the Company's common stock. The expected annualized volatility is based on the Company's historical stock price over a period equivalent to the expected life of the option granted. The risk-free interest rate is based on U.S. Treasury constant maturity interest rates with a term consistent with the expected life of the options granted.

The weighted average fair value of options granted during fiscal

2017,

2016

and

2015

was

$18.21,

$18.50,

and

$15.01

respectively. The total intrinsic value of options exercised during fiscal

2017,

2016

and

2015

were

$2.3

million,

$2.4

million, and

$3.5

million respectively. The total fair value of options vested during fiscal

2017,

2016

and

2015

were

$5.0

million,

$2.0

million, and

$2.3

million respectively.

In fiscal

2017,

2016

and

2015,

23,965,

19,994,

and

9,000

restricted common stock shares were granted at weighted average grant date fair values of

$104.94,

$99.53,

and

$91.78

per share, respectively. Non-vested restricted common stock shares at

June 30, 2017,

2016

and

2015

were

31,647,

22,545,

and

19,102,

respectively.

In fiscal

2017,

2016,

and

2015,

64,931,

35,083,

and

36,192

restricted stock units were granted at a weighted average grant date fair value of

$109.36,

$105.01,

and

$94.13,

respectively. The restricted stock units vest over a

three

-year period. In fiscal

2017,

4,333

restricted stock units were forfeited.

Stock-based compensation cost of

$14.6

million,

$9.4

million, and

$5.9

million was included in selling, general and administrative expense in fiscal

2017,

2016

and

2015,

respectively. The income tax benefit associated with stock-based compensation costs was

$0.5

million,

$0.6

million, and

$0.6

million in fiscal

2017,

2016,

and

2015,

respectively. As of

June 30, 2017,

there was

$26.0

million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock which will be expensed in fiscal

2018

through

2021.

The weighted average period over which the compensation cost is expected to be recognized is

2.3

years.

Employee stock purchase plan:

In fiscal year

2015,

the Company established the Bio-Techne Corporation

2014

Employee Stock Purchase Plan (ESPP), which was approved by the Company's shareholders on

October 30, 2014,

and which is designed to comply with IRS provisions governing employee stock purchase plans.

200,000

shares were allocated to the ESPP. The Company recorded expense of

$213,000,

$144,000

and

$39,000

expense for the ESPP in fiscal

2017,

2016

and

2015,

respectively.

Profit sharing and savings plans:

The Company has profit sharing and savings plans for its U.S. employees, which conform to IRS provisions for

401

(k) plans. The Company makes matching contributions to the Plan. The Company has recorded an expense for contributions to the plans of

$2.2

million,

$1.2

million, and

$1.1

million for the years ended

June 30, 2017,

2016,

and

2015,

respectively. The Company operates defined contribution pension plans for its U.K. employees. The Company has recorded an expense for contributions to the plans of

$0.8

million,

$0.8,

and

$0.7

million for the years ended

June 30, 2017,

2016

and

2015,

respectively.

Performance incentive programs:

In fiscal

2017,

under certain employment agreements and a Management Incentive Plan available to executive officers and certain management personnel, the Company recorded cash bonuses of

$4.7

million, granted options for

896,778

shares of common stock, issued

16,653

restricted common shares and

39,931

restricted stock units. The Company recorded cash bonuses of

$4.2

million and

$1.9

million, and granted options for

620,917

and

322,000

shares of common stock for the years ended

June 30, 2016

and

2015,

respectively. In addition,

11,522

restricted common stock shares and

26,583

restricted stock units and were issued in fiscal

2016.

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Note 10 - Income Taxes

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Text Block]

Note

10.

Income Taxes:

The provisions for income taxes consist of the following (in thousands):

	Year Ended June 30,
	2017			2016			2015
Earnings before income taxes consist of:
Domestic	$	81,721		$	120,154		$	121,765
Foreign		30,240			27,327			32,397
	$	111,961		$	147,481		$	154,162
Taxes on income consist of:
Currently payable:
Federal	$	28,462		$	34,805		$	28,220
State		4,051			2,958			6,165
Foreign		8,212			7,579			10,704
Net deferred:
Federal		(901	)		1,906			4,401
State		(968	)		(428	)		292
Foreign		(2,981	)		(3,815	)		(3,355	)
Total tax expense	$	35,875		$	43,005		$	46,427

The following is a reconciliation of the federal tax calculated at the statutory rate of

35%

to the actual income taxes provided (in thousands):

	Year Ended June 30,
	2017			2016			2015

Income tax expense at federal statutory rate	$	39,186		$	51,618		$	53,957
State income taxes, net of federal benefit		2,158			1,852			4,762
Qualified production activity deduction		(3,820	)		(3,932	)		(3,140	)
Non-taxable gain on investment		-			-			(2,905	)
Research and development tax credit		(1,519	)		(1,550	)		(912	)
Contingent consideration adjustment		4,541			-			-
Foreign tax rate differences		(5,143	)		(4,639	)		(4,059	)
Other, net		472			(344	)		(1,276	)
Income tax expense	$	35,875		$	43,005		$	46,427

The effective rate for the year ended

June 30, 2017

increased by

2.8%

compared to the prior year. The increase was primarily due to unfavorable discrete events in fiscal

2017

related to the revaluation of contingent consideration which is

not

a tax deductible expense.

The Company recognized net expense related to discrete tax items of

$3.8

million in fiscal

2017,

including

$4.5

million in expense related to the revaluation of contingent consideration which is

not

a tax deductible expense.

In the year ended

June 30, 2015,

as a result of the recent acquisitions, the rate reflects an increase for state tax expense as well as a resulting provision to return true-up from fiscal

2014.

The increase is offset by the non-taxable gain which was a result of purchasing the remaining interest in CyVek. In addition the Company’s R&D Europe subsidiary declared and paid a dividend of

£46.6

million which resulted in a tax benefit of approximately

$1.7

million.

The effective rate for the year ended

June 30, 2016

decreased by

0.9%

compared to the prior year. The rate decrease was primarily driven by additional R&D credit benefit due to the retroactive reinstatement of the credit under the Protecting Americans from Tax Hikes Act of

2015,

an increase in the foreign rate benefit due to the reduction in the UK income tax rate and a reduction in state tax related to the prior year. These decreases were partially offset by less of a foreign tax credit benefit than in the prior year and the non-recurrence of a non-taxable gain.

Temporary differences comprising deferred taxes on the Consolidated Balance Sheets are as follows (in thousands):

	June 30
	2017			2016

Inventory	$	9,415		$	9,768
Net operating loss carryovers		24,617			26,556
Tax credit carryovers		6,386			3,197
Excess tax basis in equity investments		4,381			4,544
Deferred compensation		9,052			5,912
Net unrealized loss on available for sale investment		-			329
Other		9,937			7,421
Valuation allowance		(3,341	)		(7,201	)
Net deferred tax assets		60,447			50,526

Net unrealized gain on available-for-sale investments		(11,153	)		-
Intangible asset amortization		(162,460	)		(107,200	)
Depreciation		(5,628	)		(5,132	)
Other		(1,802	)		(1,031	)
Deferred tax liabilities		(181,043	)		(113,363	)
Net deferred tax liabilities	$	(120,596	)	$	(62,837	)

A deferred tax valuation allowance is required when it is more likely than

not

that all or a portion of deferred tax assets will

not

be realized. The valuation allowance as of

June 30, 2017

was

$3.3

million, a decrease of

$3.9

million from the prior year. The decrease was driven by a decrease in the valuation allowance for the Company’s equity investments. The valuation allowance as of

June 30, 2016

was

$7.2

million

, an increase of

$4.7

million over prior year. This increase included a

$5.0

million change related to an equity investment and was recorded through other comprehensive income and was partially offset by a decrease of

$0.3

million primarily related to the expiration of state net operating loss carryforwards and research and development credits.

As of

June 30, 2017,

approximately

$2.7

million of the valuation allowance relates to certain foreign and state tax net operating loss and state credit carryforwards that existed at the date the Company acquired ACD, Novus, ProteinSimple and CyVek as well as immaterial amounts generated after the acquisitions. The remainder of the valuation allowance was for certain state tax credit carryovers generated or acquired in the current or prior fiscal years. Approximately

$2.0

million of the valuation allowance as of

June 30, 2016

was for certain foreign and state tax net operating loss and state credit carryforwards that existed at the date the Company acquired Novus, ProteinSimple, and CyVek or have been generated after the acquisitions. The remainder of the valuation allowance was for certain state tax credit carryovers generated or acquired in current or prior fiscal years. The Company believes it is more likely than

not

that these tax carryovers will

not

be realized.

As of

June 30, 2017,

the Company has federal operating loss carryforwards of approximately

$53.4

million and state operating loss carryforwards of

$84.0

million from its acquisitions of ACD, ProteinSimple and CyVek, which are

not

limited under IRC Section

382.

As of

June 30, 2017,

the Company has foreign net operating loss carryforwards of

$4.1

million.

The net operating loss carryforwards expire between fiscal

2018

and

2035.

The Company has a deferred tax asset of

$21.2

million, net of the valuation allowance discussed above, related to the net operating loss carryovers. As of

June 30, 2017,

the Company has federal and state tax credit carryforwards of

$3.7

million and

$2.7

million, respectively. The federal tax credit carryforwards expire between

2018

and

2035.

A majority of the state credit carryforwards have

expiry date. The Company has a deferred tax asset of

$5.7

million, net of the valuation allowance discussed above, related to the tax credit carryovers.

The Company has

not

recognized a deferred tax liability for unremitted earnings of approximately

$68.9

million from its foreign operations because its subsidiaries have invested or will invest the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. Generally, such amounts become subject to United States taxation upon the remittance of dividends and under other circumstances. It is

not

practical to estimate the amount of the deferred income tax liabilities related to investments in these foreign subsidiaries.

The Company's unrecognized tax benefits at

June 30, 2017,

2016

and

2015,

including accrued interest and penalties, were

not

material. The Company does

not

believe it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase in the next

twelve

months. The Company files income tax returns in the U.S federal and certain state tax jurisdictions, and several jurisdictions outside the U.S. The Company's federal returns are subject to tax assessment for

2014

and subsequent years. State and foreign income tax returns are generally subject to examination for a period of

three

five

years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to

one

year after formal notification to the states.

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Note 11 - Segment Information

12 Months Ended

Jun. 30, 2017

Segment Reporting Disclosure [Text Block]

Note

11.

Segment Information:

The Company has

three

reportable segments based on the nature of its products; they are Biotechnology, Protein Platforms and Diagnostics.

The Company's Biotechnology reporting segment develops, manufactures and sells proteins, antibodies, immunoassays, flow cytometry products, intracellular signaling products, and biologically active chemical compounds used in biological research.

customer in the Biotechnology segment accounted for more than

10%

of the segment’s net sales for the years ended

June 30, 2017,

2016,

and

2015.

The Company's Protein Platforms segment develops and commercializes proprietary systems and consumables for protein analysis. This segment was formed in fiscal

2015

with the acquisitions of ProteinSimple and CyVek.

customer in the Protein Platforms segment accounted for more than

10%

of the segment’s net sales for the years ended

June 30, 2017

and

2016.

The Company's Diagnostics reporting segment develops and manufactures a range of controls and calibrators used with diagnostic equipment and as proficiency testing tools, as well as other reagents incorporated into diagnostic kits.

One

customer accounted for approximately

12%

and

13%

of the Diagnostics segments net sales for the years ended

June 30, 2017

and

2015,

respectively.

customer in the Diagnostics segment accounted for more than

10%

of the segment’s net sales for the years ended

June 30, 2016.

There are

concentrations of business transacted with a particular customer or supplier or concentrations of revenue from a particular product or geographic area that would severely impact the Company in the near term.

Following is financial information relating to the operating segments (in thousands):

	Year Ended June 30,
	2017			2016			2015
External sales
Biotechnology	$	364,504		$	317,340		$	308,437
Protein Platforms		91,464			77,324			66,249
Diagnostics		107,139			104,484			77,866
Intersegment		(104	)		(125	)		(306	)
Consolidated net sales	$	563,003		$	499,023		$	452,246

Operating Income
Biotechnology	$	175,163		$	168,613		$	165,226
Protein Platforms		9,648			3,592			4,469
Diagnostics		28,575			30,412			23,981
Segment operating income		213,386			202,617			193,676
Costs recognized upon sale of acquired inventory		(3,037	)		(5,431	)		(6,952	)
Amortization of intangibles		(44,393	)		(29,395	)		(26,169	)
Stock based compensation		(14,631	)		(9,430	)		(5,957	)
Acquisition related expenses		(25,789	)		(2,761	)		(4,519	)
Corporate general, selling and administrative expenses		(4,952	)		(5,007	)		(3,056	)
Consolidated operating income	$	120,584		$	150,593		$	147,023

The Company has some integrated facilities that serve multiple segments. As such, asset and capital expenditure information by reportable segment has

not

been provided and is

not

available, since the Company does

not

produce or utilize such information internally. In addition, although depreciation and amortization expense is a component of each reportable segment’s operating results, it is

not

discretely identifiable.

Following is financial information relating to geographic areas (in thousands):

	Year Ended June 30,
	2017		2016		2015
External sales
United States	$	313,195	$	275,859	$	245,217
EMEA, excluding U.K.		125,126		103,060		104,178
U.K.		28,401		28,307		32,309
APAC, excluding Greater China		41,463		38,137		24,015
Greater China		39,078		36,199		34,933
Rest of world		15,740		17,461		11,594
Total external sales	$	563,003	$	499,023	$	452,246

Long-lived assets
United States and Canada	$	119,859	$	116,830	$	117,224
Europe		14,100		14,423		11,239
China		1,165		1,109		1,286
Total long-lived assets	$	135,124	$	132,362	$	129,749

External sales are attributed to countries based on the location of the customer or distributor. Long-lived assets are comprised of land, buildings and improvements and equipment, net of accumulated depreciation and other assets.

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Note 12 - Quarterly Financial Data (Unaudited)

12 Months Ended

Jun. 30, 2017

Quarterly Financial Information [Text Block]

Note

12.

Quarterly Financial Data (unaudited)

(in thousands, except per share data)

2017	Firs t Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year
Net sales	$	130,581	$	131,807	$	144,037	$	156,578	$	563,003
Cost of sales (1)		43,236		43,664		47,355		54,207		188,462
Net earnings (1)	$	18,843	$	7,467	$	22,167	$	27,609	$	76,086

Earnings per common share: (1)
Basic	$	0.51	$	0.20	$	0.59	$	0.74	$	2.04
Diluted	$	0.50	$	0.20	$	0.59	$	0.74	$	2.03

Weighted average common shares outstanding:
Basic		37,281		37,308		37,320		37,344		37,313
Diluted		37,473		37,478		37,494		37,546		37,500

(in thousands, except per share data)

2016	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year
Net sales	$	112,381	$	120,907	$	130,973	$	134,762	$	499,023
Cost of sales		36,990		39,320		40,984		45,070		162,364
Net earnings	$	22,707	$	25,851	$	30,291	$	25,626	$	104,476

Earnings per common share:
Basic	$	0.61	$	0.70	$	0.81	$	0.69	$	2.81
Diluted	$	0.61	$	0.69	$	0.81	$	0.69	$	2.80

Weighted average common shares outstanding:
Basic		37,169		37,189		37,196		37,224		37,194
Diluted		37,315		37,301		37,299		37,384		37,326

(

)

During the

fourth

quarter, management identified certain errors related to purchase accounting items for the ACD acquisition recorded during the

first

quarter of fiscal year

2017.

These errors were corrected by adjusting previously reported amounts in the first,

second

and

third

quarter of fiscal year

2017.

These items impact the cost recognized upon the sale of acquired inventory, other acquisition related costs recorded within selling, general and administrative costs, interest expense, and income taxes and resulted in a favorable impact as compared to previously reported results and as outlined in the table below.

(in thousands)
2017	First Quarter			Second Quarter			Third Quarter
Cost of sales	$	(2,875	)	$	(3,061	)	$	(2,499	)
Selling, general and administrative		(839	)		1,326			1,302
Interest expense		57			86			86
Income taxes		1,097			495			333
Incremental net earnings		2,560			1,154			778

We concluded that these errors were

not

material to each of the respective periods; however, we have elected to report the corrected amount for the

fourth

quarter. The amounts recorded in this table for the previously reported

2017

quarterly information have been revised for these updates. We will revise the fiscal year

2017

quarterly reported information in future filings to reflect the properly stated amounts. These identified items have

impact to year to date GAAP results.

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Note 13 - Subsequent Events	12 Months Ended
Note 13 - Subsequent Events	Jun. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	Note 13. Subsequent Events: In July 2017, management determined that CyVek achieved the required revenue threshold for the additional consideration payment discussed in Note 4 resulting in a payment of $34.0 million to the former owners. On September 5, 2017, Bio-Techne acquired Trevigen Inc for approximately $11.0 million. The purchase accounting for this acquisition is in progress.

XML 36 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of estimates:

Consolidation, Policy [Policy Text Block]

Principles of consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation of foreign financial statements:

Revenue Recognition, Policy [Policy Text Block]

Revenue recognition:

days. Payment terms for distributor shipments

may

range from

days of receipt. Revenues are reduced to reflect estimated credits and returns. Sales, use, value-added and other excise taxes are

not

included in revenue.

Research and Development Expense, Policy [Policy Text Block]

Research and development:

Advertising Costs, Policy [Policy Text Block]

Advertising costs:

Advertising expenses (including production and communication costs) were

$4.5

million

$5.2

million, and

$4.1

million for fiscal

2017,

2016,

and

2015

respectively. The Company expenses advertising expenses as incurred.

Income Tax, Policy [Policy Text Block]

Income taxes:

not

that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than

fifty

percent likely of being realized upon ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense.

See Note

for additional information regarding income taxes.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive income:

Comprehensive income includes charges and credits to shareholders' equity that are

not

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents:

Cash and cash equivalents include cash on hand and highly-liquid investments with original maturities of

three

months or less.

Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]

Available-for-sale investments:

Available-for-sale investments consist of debt instruments with original maturities of generally

three

months to

three

years and equity securities. Available-for-sale investments are recorded based on trade-date. The Company considers all of its marketable securities available-for-sale and reports them at fair value.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Trade accounts receivable:

Trade accounts receivable are initially recorded at the invoiced amount upon the sale of goods or services to customers, and they do

not

Inventory, Policy [Policy Text Block]

Inventories:

Inventories are stated at the lower of cost (

first

-in,

first

-out method) or market. The Company regularly reviews inventory on hand for slow-moving and obsolete inventory, inventory

not

two

-year forecast and its chemically-based products on a

five

-year forecast. Inventory quantities in excess of the forecast are

not

valued due to uncertainty over salability.

The company records a lower of cost or market adjustment to cost of sales for those quantities that are in excess of the manufactured protein and antibody

two

-year forecast and the chemically-based products

five

year forecast. For the years ended

June 30, 2017,

2016,

and

2015

the amount recognized in net sales of inventory sold that was

not

valued is

not

material

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment:

Property and equipment are recorded at cost. Equipment is depreciated using the straight-line method over an estimated useful life of

five

years. Buildings, building improvements and leasehold improvements are amortized over estimated useful lives of

years. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount

may

not

be recoverable. In the current year, the Company has identified

such events.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangibles assets:

Intangible assets are stated at historical cost less accumulated amortization. Amortization expense is generally determined on the straight-line basis over periods ranging from

year to

such events.

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Impairment of long-lived assets and amortizable intangibles:

We evaluate the recoverability of property, plant, equipment and amortizable intangibles whenever events or changes in circumstances indicate that an asset's carrying amount

may

not

be recoverable. Such circumstances could include, but are

not

limited to, (

) a significant decrease in the market value of an asset, (

) a significant adverse change in the extent or manner in which an asset is used or in its physical condition, or (

not

available for the majority of our assets, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows.

The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset

being evaluated. These assumptions require significant judgment and actual results

may

differ from assumed and estimated amounts.

triggering events were identified and

impairments were recorded for property, plant, and equipment or amortizable intangibles were recorded during fiscal year

2017.

Impairment of goodwill:

We evaluate the carrying value goodwill during the

fourth

quarter each year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. Such circumstances could include, but are

not

limited to, (

) a significant adverse change in legal factors or in business climate, (

) unanticipated competition, (

) an adverse action or assessment by a regulator, or (

) an adverse change in market conditions that are indicative of a decline in the fair value of the assets.

one

reporting unit if the components have similar economic characteristics. We periodically review our reporting units to ensure that they continue to reflect the manner in which we operate our business.

2017

Goodwill Impairment Analysis

In completing our

2017

04,

Because our

2017

The quantitative assessment completed as of

June 30, 2017

2016

and

2015

Goodwill Impairment Analysis

The Company used a qualitative test for all reporting units during the

fourth

quarter for fiscal year

2016

and fiscal year

2015

with

one

exception. The company elected to utilize a quantitative test for the Protein Platforms reporting unit for fiscal year

2016

using the previously described income approach given that this is a newer reporting unit created primarily through acquisitions.

The qualitative analyses for our other reporting units completed during

2016

and

2015

evaluated factors including, but

not

limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. In completing these assessments, we noted

changes in events or circumstances which indicated that it was more likely than

not

adjustment to the carrying value of goodwill was necessary.

There has been

impairment of goodwill since the adoption of Financial Accounting Standards Board (“FASB”) ASC

350

guidance for goodwill and other intangibles on

July 1, 2002.

Equity Method Investments [Policy Text Block]

Investments in unconsolidated entities:

not

limited to, the Company's share in the equity of the investee and the Company's ability to exercise significant influence over the operating and financial policies of the investee.

Other Significant Accounting Policies [Policy Text Block]

Other Significant Accounting Policies

The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number:

Policy	Note
Fair value measurements		4
Earnings per share		8
Share-based compensation		9
Reportable segments		11

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

April 2015,

the Financial Accounting Standards Board (“FASB”) issued ASU

No.

2015

05,

Customer's Accounting for Fees Paid in a Cloud Computing Arrangement

July 1, 2016,

applying it prospectively to all arrangements entered into or materially modified on or after

July 1, 2016.

Adoption of this standard did

not

have a significant impact on our results of operations or financial position.

September 2015,

the FASB issued ASU

No.

2015

16,

Simplifying the Accounting for Measurement-Period Adjustments.

When recording the purchase price allocation for a business combination in the financial statements, an acquirer

may

July 1, 2016,

applying it prospectively. Application of this standard did

not

have a significant impact on our results of operations or financial position.

August 2016,

the FASB issued ASU

No.

2016

15,

Classification of Certain Cash Receipts and Cash Payments

. The standard is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. We elected to early adopt this standard as of

July 1, 2016.

As our consolidated statement of cash flows presentation was in compliance with the new guidance, adoption of this standard had

impact on our consolidated financial statements.

January 2017,

the FASB issued ASU

No.

2017

04,

Simplifying the Test for Goodwill Impairment

. The standard removes Step

not

to exceed the carrying amount of goodwill. We elected to early adopt this standard on

January 1, 2017.

As we have

not

been required to complete Step

of the goodwill impairment test, this standard did

not

have an impact on our consolidated financial statements.

Pronouncements Issued but

Not

Yet Adopted

May 2014,

the FASB issued ASU

No.

2014

09,

Revenue from Contracts with Customers

July 1, 2018.

In addition, in

March 2016,

the FASB issued ASU

No.

2016

08,

Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

, in

April 2016,

the FASB issued ASU

No.

2016

10,

Identifying Performance Obligations and Licensing,

and in

May 2016,

the FASB issued ASU

No.

2016

12,

Narrow-Scope Improvements and Practical

Expedients

. These standards are intended to clarify aspects of ASU

No.

2014

and are effective for us upon adoption of ASU

No.

2014

09.

two

We currently anticipate that we will adopt the standards using cumulative catch-up transition method.

July 2015,

the FASB issued ASU

2015

11,

Simplifying the Measurement of Inventory

. This provision would require inventory that was previously recorded using

first

-in,

first

December 15, 2016

and interim periods within those years, which for us will be

July 1, 2017.

The amendments in this guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual period. The Company does

not

expect the updated guidance to have a significant impact on future financial statements.

January 2016,

the FASB issued ASU

No.

2016

01,

Recognition and Measurement of Financial Assets and Financial Liabilities

December 15, 2017,

which for us is

July 1, 2018.

Early adoption is permitted. We do

not

expect the application of this standard to have a significant impact on our result of operations or financial position.

February, 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

December 15, 2018,

which for us is

July 1, 2019.

Early adoption is permitted. We are currently evaluating the impact of the adoption of ASU

2016

on our consolidated financial statements.

March 2016,

the FASB issued ASU

2016

09,

Improvements to Employee Share-Based Payment Accounting

December 15, 2016,

which for us is

July 1, 2017.

June 2016,

the FASB issued ASU

2016

13,

Financial Instruments - Credit Losses (Topic

326

), Measurement of Credit Losses on Financial Instruments

December 15, 2019,

which for us is

July 1, 2020.

Entities

may

early adopt beginning after

December 15, 2018.

We are currently evaluating the impact of the adoption of ASU

2016

on our consolidated financial statements.

January 2017,

the FASB issued ASU

No.

2017

01,

Clarifying the Definition of a Business

December 15, 2018,

which for us is

July 1, 2019

required to be applied prospectively to transactions occurring on or after the effective date.

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Note 2 - Acquisitions (Tables)

12 Months Ended

Jun. 30, 2017

Business Acquisition, Pro Forma Information [Table Text Block]

	Year Ended
	June 30,
	2017		2016
Net sales	$	564,220	$	523,840
Net income		99,380		110,536

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Zephyrus		Cliniqa		CyVek			Protein Simple		Novus

Current assets	$	56	$	11,926	$	1,206		$	19,660	$	10,739
Equipment		32		1,436		971			1,983		1,266
Other long-term assets		-		58		19			554		40
Intangible Assets:
Developed technology		8,300		18,000		20,200			39,200		5,010
Trade name		-		1,100		100			36,100		5,300
Customer relationships		-		27,000		600			101,600		14,400
Non-compete agreements		-		-		-			200		-
Goodwill		8,686		42,669		91,658			134,074		28,408
Total assets acquired		17,074		102,189		114,754			333,371		65,163

Liabilities		54		1,508		1,965			11,644		2,166
Deferred income taxes, net		2,521		17,793		(438	)		21,674		2,875
Net assets		14,500		82,888		113,227			300,053		60,122
Less fair-value of previous investment		-		-		18,300			-		-
Net assets acquired	$	14,500	$	82,888	$	94,927		$	300,053	$	60,122

Cash paid, net of cash acquired	$	8,000	$	82,888	$	59,927		$	300,053	$	60,122
Note Payable		-		-		-			-		-
Contingent consideration payable		6,500		-		35,000			-		-
Net purchase price	$	14,500	$	82,888	$	94,927		$	300,053	$	60,122

Space [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Final Opening Balance Sheet Allocation
Current assets, net of cash	$	2,128
Equipment		159
Intangible assets:
Customer relationships		6,769
Goodwill		3,517
Total assets acquired		12,573
Liabilities		1,444
Deferred income taxes, net		2,125
Net assets acquired	$	9,003

Cash paid, net of cash acquired	$	6,747
Consideration payable		2,256
Net purchase price	$	9,003

Advanced Cell Diagnostics (ACD) [Member]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Preliminary Allocation at Acquisition Date		Adjustments to F air Value			Updated Opening Balance Sheet Allocation at June 30, 2017
Current assets, net of cash	$	25,196	$	(9,372	)	$	15,824
Equipment		2,757					2,757
Other long-term assets		3,812					3,812
Intangible assets:
Developed technology		107,000		43,000			150,000
Trade name		17,000		4,900			21,900
Customer relationships		77,000		(70,700	)		6,300
Non-compete agreement		200		(200	)		-
Goodwill		133,780		10,187			143,967
Total assets acquired		366,745		(22,185	)		344,560
Liabilities		3,591		588			4,179
Deferred income taxes, net		78,761		(26,018	)		52,743
Net assets acquired	$	284,393		3,245		$	287,638

Cash paid, net of cash acquired	$	246,193		845		$	247,038
Consideration payable		-		3,600			3,600
Fair value contingent consideration		38,200		(1,200	)		37,000
Net purchase price	$	284,393		3,245		$	287,638

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Note 3 - Supplemental Balance Sheet and Cash Flow Information (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Inventory, Current [Table Text Block]

	June 30,
	2017		2016

Raw materials	$	22,074	$	18,685
Finished goods		38,077		38,417
Inventories, net	$	60,151	$	57,102

Property, Plant and Equipment [Table Text Block]

	June 30,
	2017			2016
Cost:
Land	$	6,270		$	6,270
Buildings and improvements		158,495			157,963
Machinery, equipment and other		98,596			82,018
Property and equipment		263,361			246,251
Accumulated depreciation and amortization		(128,237	)		(113,889	)
Property and equipment, net	$	135,124		$	132,362

Schedule of Intangible Assets and Goodwill [Table Text Block]

					June 30,
	Useful Life (years)				2017			2016

Developed technology		9	-	15	$	276,959		$	120,611
Trade names		5	-	20		87,092			63,706
Customer relationships		9	-	16		204,243			191,118
Non-compete agreement		3	-	5		3,264			3,284
Patents			10			633			-
Intangible assets						572,191			378,719
Accumulated amortization						(120,149	)		(75,595	)
Amortizable intangible assets, net					$	452,042		$	303,124
In process research and development						-			7,400
Intangible assets, net					$	452,042		$	310,524

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	June 30,
	2017			2016

Beginning balance	$	310,524		$	292,839
Acquisitions		185,869			53,500
Other additions		976			-
Amortization expense		(44,393	)		(29,395	)
Currency translation		(934	)		(6,420	)
Ending balance	$	452,042		$	310,524

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2018	$	44,825
2019		44,171
2020		43,538
2021		43,180
2022		41,491
Thereafter		234,837
Total	$	452,042

Schedule of Goodwill [Table Text Block]

	Biotechnology			Diagnostics		Protein Platforms			Total
June 30, 2015	$	115,198		$	60,601	$	214,839		$	390,638
Acquisitions (Note 2)		-			42,669		6,878			49,547
Prior year acquisitions (Note 2)		-			-		-			-
Currency translation		(6,475	)		-		(2,828	)		(9,303	)
June 30, 2016	$	108,723		$	103,270	$	218,889		$	430,882
Acquisitions (Note 2)		147,484								147,484
Prior year acquisitions (Note 2)		-			-		1,809			1,809
Currency translation		(1,277	)		-		128			(1,149	)
June 30, 2017	$	254,930		$	103,270	$	220,826		$	579,026

Schedule of Other Assets, Noncurrent [Table Text Block]

	June 30,
	2017		2016

Investments	$	40,385	$	385
Other		3,617		1,537
	$	44,002	$	1,922

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Year Ended June 30,
	2017		2016		2015
Income taxes paid	$	42,900	$	44,900	$	42,600
Interest paid		7,452		1,661		1,544
Non-cash activities:
Acquisition-related liabilities (1)		32,856		42,259		43,048

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Note 4 - Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Total carrying value a s of		Fair Value Measurements Using Inputs Considered as
	June 30, 2017		Level 1		Level 2		Level 3
Assets
Equity securities (1)	$	59,616	$	59,616	$	-	$	-
Corporate bond securities (1)		2,057		-		2,057		-
Total Assets	$	61,673	$	59,616	$	2,057	$	-

Liabilities
Contingent Consideration	$	68,400	$	-	$	-	$	68,400

	Total carrying value a s of		Fair Value Measurements Using Inputs Considered as
	June 30, 2016		Level 1		Level 2		Level 3
Assets
Equity securities (1)	$	28,582	$	28,582	$	-	$	-
Corporate bond securities (1)		-		-		-		-
Total Assets	$	28,582	$	28,582	$	-	$	-

Liabilities
Contingent Consideration	$	38,500	$	-	$	-	$	38,500

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	June 30,
	2017
Fair value at the beginning of period		38,500
Purchase price contingent consideration (Note 2)		40,000
Payments		(28,500	)
Change in fair value of contingent consideration		18,400
Contingent consideration payable	$	68,400

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Note 6 - Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2017

Lessee, Operating Lease, Disclosure [Table Text Block]

2018	$	9,123
2019		8,431
2020		8,377
2021		8,371
2022		7,625
Thereafter		26,729
Total	$	68,656

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Note 7 - Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Unrealized Gains (Losses) on Available- for-Sale Investments			Foreign Currency Translation Adjustments			Total

Beginning balance	$	(5,542	)		(64,863	)	$	(70,405	)
Other comprehensive income (loss)		24,531			(3,061	)		21,470
Ending balance	$	18,989			(67,924	)	$	(48,935	)

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Note 8 - Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Year Ended June 30,
	2017		2016		2015

Net earnings used for basic and diluted earnings per share	$	76,086	$	104,476	$	107,735

Weighted average shares used in basic computation		37,313		37,194		37,096
Dilutive stock options		187		132		135
Weighted average shares used in diluted computation		37,500		37,326		37,231

Basic EPS	$	2.04	$	2.81	$	2.90
Diluted EPS	$	2.03	$	2.80	$	2.89

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Note 9 - Share-based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2017

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Shares			Weighted Average Exercise Price		Weighted Avg. Contractual Life (Yrs.)		Aggregate Intrinsic Value (millions)

Outstanding at June 30, 2014		811			72.11
Granted		600			93.98
Forfeited		(133	)		92.85
Exercised		(141	)		69.31
Outstanding at June 30, 2015		1,137		$	81.57
Granted		805			105.16
Forfeited		(54	)		99.68
Exercised		(69	)		69.82
Outstanding at June 30, 2016		1,819		$	91.91
Granted		1,135			107.42
Forfeited		(70	)		99.11
Exercised		(63	)		71.81
Outstanding at June 30, 2017		2,821		$	98.42		5.1	$	53.8

Exercisable at June 30:
2015		547			72.72
2016		596			75.74
2017		843			82.93		4.0	$	29.1

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Year Ended June 30,
	2017			2016			2015

Dividend yield		1.2%			1.2%			1.3%
Expected volatility	21%	-	24%	20%	-	23%	18%	-	21%
Risk-free interest rates	1.0%	-	1.9%	1.2%	-	1.9%	1.3%	-	2.2%
Expected lives (years)		5			5			5

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Note 10 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended June 30,
	2017			2016			2015
Earnings before income taxes consist of:
Domestic	$	81,721		$	120,154		$	121,765
Foreign		30,240			27,327			32,397
	$	111,961		$	147,481		$	154,162
Taxes on income consist of:
Currently payable:
Federal	$	28,462		$	34,805		$	28,220
State		4,051			2,958			6,165
Foreign		8,212			7,579			10,704
Net deferred:
Federal		(901	)		1,906			4,401
State		(968	)		(428	)		292
Foreign		(2,981	)		(3,815	)		(3,355	)
Total tax expense	$	35,875		$	43,005		$	46,427

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended June 30,
	2017			2016			2015

Income tax expense at federal statutory rate	$	39,186		$	51,618		$	53,957
State income taxes, net of federal benefit		2,158			1,852			4,762
Qualified production activity deduction		(3,820	)		(3,932	)		(3,140	)
Non-taxable gain on investment		-			-			(2,905	)
Research and development tax credit		(1,519	)		(1,550	)		(912	)
Contingent consideration adjustment		4,541			-			-
Foreign tax rate differences		(5,143	)		(4,639	)		(4,059	)
Other, net		472			(344	)		(1,276	)
Income tax expense	$	35,875		$	43,005		$	46,427

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	June 30
	2017			2016

Inventory	$	9,415		$	9,768
Net operating loss carryovers		24,617			26,556
Tax credit carryovers		6,386			3,197
Excess tax basis in equity investments		4,381			4,544
Deferred compensation		9,052			5,912
Net unrealized loss on available for sale investment		-			329
Other		9,937			7,421
Valuation allowance		(3,341	)		(7,201	)
Net deferred tax assets		60,447			50,526

Net unrealized gain on available-for-sale investments		(11,153	)		-
Intangible asset amortization		(162,460	)		(107,200	)
Depreciation		(5,628	)		(5,132	)
Other		(1,802	)		(1,031	)
Deferred tax liabilities		(181,043	)		(113,363	)
Net deferred tax liabilities	$	(120,596	)	$	(62,837	)

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Note 11 - Segment Information (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Year Ended June 30,
	2017			2016			2015
External sales
Biotechnology	$	364,504		$	317,340		$	308,437
Protein Platforms		91,464			77,324			66,249
Diagnostics		107,139			104,484			77,866
Intersegment		(104	)		(125	)		(306	)
Consolidated net sales	$	563,003		$	499,023		$	452,246

Operating Income
Biotechnology	$	175,163		$	168,613		$	165,226
Protein Platforms		9,648			3,592			4,469
Diagnostics		28,575			30,412			23,981
Segment operating income		213,386			202,617			193,676
Costs recognized upon sale of acquired inventory		(3,037	)		(5,431	)		(6,952	)
Amortization of intangibles		(44,393	)		(29,395	)		(26,169	)
Stock based compensation		(14,631	)		(9,430	)		(5,957	)
Acquisition related expenses		(25,789	)		(2,761	)		(4,519	)
Corporate general, selling and administrative expenses		(4,952	)		(5,007	)		(3,056	)
Consolidated operating income	$	120,584		$	150,593		$	147,023

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	Year Ended June 30,
	2017		2016		2015
External sales
United States	$	313,195	$	275,859	$	245,217
EMEA, excluding U.K.		125,126		103,060		104,178
U.K.		28,401		28,307		32,309
APAC, excluding Greater China		41,463		38,137		24,015
Greater China		39,078		36,199		34,933
Rest of world		15,740		17,461		11,594
Total external sales	$	563,003	$	499,023	$	452,246

Long-lived assets
United States and Canada	$	119,859	$	116,830	$	117,224
Europe		14,100		14,423		11,239
China		1,165		1,109		1,286
Total long-lived assets	$	135,124	$	132,362	$	129,749

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Note 12 - Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jun. 30, 2017

Quarterly Financial Information [Table Text Block]

(in thousands, except per share data)

2017	Firs t Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year
Net sales	$	130,581	$	131,807	$	144,037	$	156,578	$	563,003
Cost of sales (1)		43,236		43,664		47,355		54,207		188,462
Net earnings (1)	$	18,843	$	7,467	$	22,167	$	27,609	$	76,086

Earnings per common share: (1)
Basic	$	0.51	$	0.20	$	0.59	$	0.74	$	2.04
Diluted	$	0.50	$	0.20	$	0.59	$	0.74	$	2.03

Weighted average common shares outstanding:
Basic		37,281		37,308		37,320		37,344		37,313
Diluted		37,473		37,478		37,494		37,546		37,500

(in thousands, except per share data)

2016	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year
Net sales	$	112,381	$	120,907	$	130,973	$	134,762	$	499,023
Cost of sales		36,990		39,320		40,984		45,070		162,364
Net earnings	$	22,707	$	25,851	$	30,291	$	25,626	$	104,476

Earnings per common share:
Basic	$	0.61	$	0.70	$	0.81	$	0.69	$	2.81
Diluted	$	0.61	$	0.69	$	0.81	$	0.69	$	2.80

Weighted average common shares outstanding:
Basic		37,169		37,189		37,196		37,224		37,194
Diluted		37,315		37,301		37,299		37,384		37,326

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

(in thousands)
2017	First Quarter			Second Quarter			Third Quarter
Cost of sales	$	(2,875	)	$	(3,061	)	$	(2,499	)
Selling, general and administrative		(839	)		1,326			1,302
Interest expense		57			86			86
Income taxes		1,097			495			333
Incremental net earnings		2,560			1,154			778

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Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Advertising Expense	$ 4,500	$ 5,200	$ 4,100
Available-for-Sale Securities, Debt Maturities, Date Range Low	90 days
Available-for-sale Securities, Debt Maturities, Date Range High	3 years
Number of Reporting Units	1
Goodwill, Impairment Loss	$ 0
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Building, Building Improvements and Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Building, Building Improvements and Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	40 years

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Note 2 - Acquisitions (Details Textual) $ in Thousands								3 Months Ended	6 Months Ended	9 Months Ended	11 Months Ended		12 Months Ended
Note 2 - Acquisitions (Details Textual) $ in Thousands	Aug. 01, 2016 USD ($)	Jul. 01, 2016 USD ($)	Mar. 14, 2016 USD ($)	Jul. 08, 2015 USD ($)	Nov. 03, 2014 USD ($)	Jul. 31, 2014 USD ($)	Jul. 02, 2014 USD ($)	Mar. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability													$ (13,322)
Goodwill, Purchase Accounting Adjustments													1,809
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain															8,300
Payment for Contingent Consideration Liability, Financing Activities									$ 16,700				21,060
Business Combination, Contingent Consideration, Liability									68,400		$ 68,400	$ 68,400	68,400	38,500
Payments to Acquire Businesses, Net of Cash Acquired													$ 253,785	91,423	$ 420,102
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life													1 year
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life													20 years
Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life													12 years
Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life													9 years
Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life													15 years
Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life													15 years
Trade Names [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life													5 years
Trade Names [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life													20 years
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life													10 years
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life													9 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life													16 years
Noncompete Agreements [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life													3 years
Noncompete Agreements [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life													5 years
Advanced Cell Diagnostics (ACD) [Member]
Goodwill, Purchase Accounting Adjustments											10,200	10,187
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets												(9,372)
Payments to Acquire Businesses, Gross	$ 258,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized	37,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	75,000								75,000		75,000	75,000	$ 75,000
Payments to Acquire Businesses, Net of Cash Acquired	246,193										$ 247,000		247,038
Business Combination, Consideration Transferred, Employee Vesting Period											1 year 180 days
Business Combination, Consideration Transferred, Liabilities Incurred											$ 11,000		3,600
Advanced Cell Diagnostics (ACD) [Member] \| Developed Technology Rights [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles												43,000
Advanced Cell Diagnostics (ACD) [Member] \| Trade Names [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles												4,900
Advanced Cell Diagnostics (ACD) [Member] \| Customer Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles												(70,700)
Advanced Cell Diagnostics (ACD) [Member] \| Noncompete Agreements [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles												(200)
Advanced Cell Diagnostics (ACD) [Member] \| Pre-acquisition Services [Member]
Business Combination, Consideration Transferred, Liabilities Incurred											3,600
Advanced Cell Diagnostics (ACD) [Member] \| Future Services [Member]
Business Combination, Consideration Transferred, Liabilities Incurred											7,400
Advanced Cell Diagnostics (ACD) [Member] \| The 2016 Revenue Equal or Exceed $30 Milliom [Member]
Business Combination, Contingent Consideration, Liability	25,000
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue	30,000
Advanced Cell Diagnostics (ACD) [Member] \| The 2017 Revenues Equal or Exceed $45 Million [Member]
Business Combination, Contingent Consideration, Liability	50,000
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue	$ 45,000
Space [Member]
Payments to Acquire Businesses, Gross		$ 9,000
Payments to Acquire Businesses, Net of Cash Acquired		6,700											6,747
Business Combination, Consideration Transferred, Liabilities Incurred		$ 2,300											2,256
Zephyrus [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability										$ 3,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles										900
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Assets										$ 300
Goodwill, Purchase Accounting Adjustments														1,800
Payments to Acquire Businesses, Gross			$ 8,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized			6,500
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			7,000						7,000		7,000	7,000	7,000
Payment for Contingent Consideration Liability, Financing Activities								$ 3,500
Business Combination, Contingent Consideration, Liability			3,300
Payments to Acquire Businesses, Net of Cash Acquired													8,000
Business Combination, Consideration Transferred, Liabilities Incurred
Zephyrus [Member] \| Developed Technology Rights [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			7,400
Zephyrus [Member] \| Instruments Sales Contingency [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			$ 3,500
Business Combination, Contingent Consideration, Liability, Number of Instruments Sold			10
Business Combination, Contingent Consideration, Liability, Anniversary of Closing Date			3 years
Business Combination, Contingent Consideration, Liability, Cumulative Sales			$ 3,000
Business Combination, Contingent Consideration, Liability, Number of Years Within Closing Date			4 years 182 days
Cliniqa [Member]
Payments to Acquire Businesses, Net of Cash Acquired				$ 82,900									82,888
Business Combination, Consideration Transferred, Liabilities Incurred
Cliniqa [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life				14 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				$ 18,000
Cliniqa [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life				13 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				$ 27,000
Cliniqa [Member] \| Trademarks and Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life				4 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				$ 1,100
CyVek, Inc. [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures					$ 10,000
Noncontrolling Interest, Ownership Percentage by Parent					19.90%
Payments to Acquire Businesses, Gross					$ 62,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability					$ 35,000
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Contingent Liability, Percentage					50.00%
Business Combination, Milestone Payment Threshold					$ 100,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized					35,000				35,000		35,000	35,000	35,000	$ 35,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					$ 8,300
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High									$ 35,000		$ 35,000	$ 35,000	35,000
Payments to Acquire Businesses, Net of Cash Acquired													60,122
Business Combination, Consideration Transferred, Liabilities Incurred
CyVek, Inc. [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life					15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles					$ 20,200
CyVek, Inc. [Member] \| Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life					1 year 182 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles					$ 100
CyVek, Inc. [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life					10 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles					$ 600
ProteinSimple [Member]
Payments to Acquire Businesses, Net of Cash Acquired													300,053
Business Combination, Consideration Transferred, Liabilities Incurred
ProteinSimple [Member] \| Developed Technology Rights [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						$ 39,200
ProteinSimple [Member] \| Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life						9 years
ProteinSimple [Member] \| Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life						10 years
ProteinSimple [Member] \| Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						$ 36,100
ProteinSimple [Member] \| Trade Names [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life						18 years
ProteinSimple [Member] \| Trade Names [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life						20 years
ProteinSimple [Member] \| Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						$ 101,600
ProteinSimple [Member] \| Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life						14 years
ProteinSimple [Member] \| Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life						16 years
ProteinSimple [Member] \| Noncompete Agreements [Member]
Finite-Lived Intangible Asset, Useful Life						3 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles						$ 200
Novus Holdings, LLC [Member]
Payments to Acquire Businesses, Net of Cash Acquired													59,927
Business Combination, Consideration Transferred, Liabilities Incurred
Novus Holdings, LLC [Member] \| Developed Technology Rights [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles							$ 5,000
Novus Holdings, LLC [Member] \| Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life							4 years
Novus Holdings, LLC [Member] \| Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life							12 years
Novus Holdings, LLC [Member] \| Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life							20 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles							$ 5,300
Novus Holdings, LLC [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life							15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles							$ 14,400

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Note 2 - Acquisitions - Summarized Fair Value of Assets and Liabilities Assumed as of Acquisition Date (Details) - USD ($) $ in Thousands		11 Months Ended		12 Months Ended
	Aug. 01, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Goodwill, Purchase Accounting Adjustments				$ 1,809
Goodwill		$ 579,026	$ 579,026	579,026	430,882	$ 390,638
Payments to Acquire Businesses, Net of Cash Acquired				253,785	91,423	$ 420,102
Fair value contingent consideration		3,300	3,300	3,300	$ 38,500
Advanced Cell Diagnostics (ACD) [Member]
Net assets acquired		3,245
Deferred income taxes, net		(26,018)
Liabilities		588
Goodwill, Purchase Accounting Adjustments		10,187	10,200
Current assets, net of cash		(9,372)
Current assets, net of cash	$ 25,196	15,824	15,824	15,824
Equipment	2,757	2,757	2,757	2,757
Other long-term assets	3,812	3,812	3,812	3,812
Goodwill	133,780	143,967	143,967	143,967
Total assets acquired		(22,185)
Total assets acquired	366,745	344,560	344,560	344,560
Liabilities	3,591	4,179	4,179	4,179
Deferred income taxes, net	78,761	52,743	52,743	52,743
Net assets acquired	284,393	287,638	287,638	287,638
Cash paid, net of cash acquired		845
Payments to Acquire Businesses, Net of Cash Acquired	246,193		247,000	247,038
Consideration payable		3,600
Business Combination, Consideration Transferred, Liabilities Incurred			11,000	3,600
Fair value contingent consideration		(1,200)
Fair value contingent consideration	38,200	37,000	37,000	37,000
Net purchase price		3,245
Net purchase price	284,393			287,638
Advanced Cell Diagnostics (ACD) [Member] \| Developed Technology Rights [Member]
Intangible assets		43,000
Intangible assets	107,000	150,000	150,000	150,000
Advanced Cell Diagnostics (ACD) [Member] \| Trade Names [Member]
Intangible assets		4,900
Intangible assets	17,000	21,900	21,900	21,900
Advanced Cell Diagnostics (ACD) [Member] \| Customer Relationships [Member]
Intangible assets		(70,700)
Intangible assets	77,000	6,300	6,300	6,300
Advanced Cell Diagnostics (ACD) [Member] \| Noncompete Agreements [Member]
Intangible assets		(200)
Intangible assets	$ 200

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Note 2 - Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 564,220	$ 523,840
Net income	$ 99,380	$ 110,536

XML 51 R35.htm IDEA: XBRL DOCUMENT

Note 2 - Acquisitions - Final Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Goodwill		$ 579,026	$ 430,882	$ 390,638
Payments to Acquire Businesses, Net of Cash Acquired		253,785	$ 91,423	$ 420,102
Space [Member]
Current assets, net of cash		2,128
Equipment		159
Goodwill		3,517
Total assets acquired		12,573
Liabilities		1,444
Deferred income taxes, net		2,125
Net assets acquired		9,003
Payments to Acquire Businesses, Net of Cash Acquired	$ 6,700	6,747
Consideration payable	$ 2,300	2,256
Net purchase price		9,003
Space [Member] \| Customer Relationships [Member]
Intangible assets		$ 6,769

XML 52 R36.htm IDEA: XBRL DOCUMENT

Note 2 - Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 08, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Intangible Assets:
Goodwill		$ 579,026	$ 430,882	$ 390,638
Cash paid, net of cash acquired		253,785	91,423	$ 420,102
Contingent consideration payable		3,300	$ 38,500
Zephyrus [Member]
Current assets, net of cash		56
Equipment		32
Other long-term assets
Intangible Assets:
Goodwill		8,686
Total assets acquired		17,074
Liabilities		54
Deferred income taxes, net		2,521
Net assets		14,500
Less fair-value of previous investment
Net assets acquired		14,500
Cash paid, net of cash acquired		8,000
Business Combination, Consideration Transferred, Liabilities Incurred
Contingent consideration payable		6,500
Net purchase price		14,500
Zephyrus [Member] \| Developed Technology Rights [Member]
Intangible Assets:
Intangible assets		8,300
Zephyrus [Member] \| Trade Names [Member]
Intangible Assets:
Intangible assets
Zephyrus [Member] \| Customer Relationships [Member]
Intangible Assets:
Intangible assets
Zephyrus [Member] \| Noncompete Agreements [Member]
Intangible Assets:
Intangible assets
Cliniqa [Member]
Current assets, net of cash		11,926
Equipment		1,436
Other long-term assets		58
Intangible Assets:
Goodwill		42,669
Total assets acquired		102,189
Liabilities		1,508
Deferred income taxes, net		17,793
Net assets		82,888
Less fair-value of previous investment
Net assets acquired		82,888
Cash paid, net of cash acquired	$ 82,900	82,888
Business Combination, Consideration Transferred, Liabilities Incurred
Contingent consideration payable
Net purchase price		82,888
Cliniqa [Member] \| Developed Technology Rights [Member]
Intangible Assets:
Intangible assets		18,000
Cliniqa [Member] \| Trade Names [Member]
Intangible Assets:
Intangible assets		1,100
Cliniqa [Member] \| Customer Relationships [Member]
Intangible Assets:
Intangible assets		27,000
Cliniqa [Member] \| Noncompete Agreements [Member]
Intangible Assets:
Intangible assets
Novus Holdings, LLC [Member]
Deferred income taxes, net		(438)
Current assets, net of cash		1,206
Equipment		971
Other long-term assets		19
Intangible Assets:
Goodwill		91,658
Total assets acquired		114,754
Liabilities		1,965
Net assets		113,227
Less fair-value of previous investment		18,300
Net assets acquired		94,927
Cash paid, net of cash acquired		59,927
Business Combination, Consideration Transferred, Liabilities Incurred
Contingent consideration payable		35,000
Net purchase price		94,927
Novus Holdings, LLC [Member] \| Developed Technology Rights [Member]
Intangible Assets:
Intangible assets		20,200
Novus Holdings, LLC [Member] \| Trade Names [Member]
Intangible Assets:
Intangible assets		100
Novus Holdings, LLC [Member] \| Customer Relationships [Member]
Intangible Assets:
Intangible assets		600
Novus Holdings, LLC [Member] \| Noncompete Agreements [Member]
Intangible Assets:
Intangible assets
ProteinSimple [Member]
Current assets, net of cash		19,660
Equipment		1,983
Other long-term assets		554
Intangible Assets:
Goodwill		134,074
Total assets acquired		333,371
Liabilities		11,644
Deferred income taxes, net		21,674
Net assets		300,053
Less fair-value of previous investment
Net assets acquired		300,053
Cash paid, net of cash acquired		300,053
Business Combination, Consideration Transferred, Liabilities Incurred
Contingent consideration payable
Net purchase price		300,053
ProteinSimple [Member] \| Developed Technology Rights [Member]
Intangible Assets:
Intangible assets		39,200
ProteinSimple [Member] \| Trade Names [Member]
Intangible Assets:
Intangible assets		36,100
ProteinSimple [Member] \| Customer Relationships [Member]
Intangible Assets:
Intangible assets		101,600
ProteinSimple [Member] \| Noncompete Agreements [Member]
Intangible Assets:
Intangible assets		200
CyVek, Inc. [Member]
Current assets, net of cash		10,739
Equipment		1,266
Other long-term assets		40
Intangible Assets:
Goodwill		28,408
Total assets acquired		65,163
Liabilities		2,166
Deferred income taxes, net		2,875
Net assets		60,122
Less fair-value of previous investment
Net assets acquired		60,122
Cash paid, net of cash acquired		60,122
Business Combination, Consideration Transferred, Liabilities Incurred
Contingent consideration payable
Net purchase price		60,122
CyVek, Inc. [Member] \| Developed Technology Rights [Member]
Intangible Assets:
Intangible assets		5,010
CyVek, Inc. [Member] \| Trade Names [Member]
Intangible Assets:
Intangible assets		5,300
CyVek, Inc. [Member] \| Customer Relationships [Member]
Intangible Assets:
Intangible assets		14,400
CyVek, Inc. [Member] \| Noncompete Agreements [Member]
Intangible Assets:
Intangible assets

XML 53 R37.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Amortization of Intangible Assets		$ 44,393	$ 29,395
Other Assets, Noncurrent		44,002	1,922
Available-for-sale Securities		66,100	31,600
Payments to Acquire Available-for-sale Securities		3,069
Astute Medical, Inc. [Member]
Payments to Acquire Investments	$ 40,000
Developed Technology Rights [Member] \| Cost of Sales [Member]
Amortization of Intangible Assets		23,100	11,100	9,500
Trade Names, Customer Relationships, Non-Compete Agreements, and Patents [Member] \| Selling, General and Administrative Expenses [Member]
Amortization of Intangible Assets		$ 21,300	18,300	$ 16,700
ChemoCentryx, Inc (CCXI) [Member]
Share Price		$ 9.36
ChemoCentryx, Inc (CCXI) [Member]
Available-for-sale, Amortized Cost Basis, Price Per Share		$ 4.73
Available-for-sale Securities, Gross Unrealized Gain (Loss)		$ 31,000
Available-for-sale Equity Securities, Amortized Cost Basis		29,500	$ 29,500
Available-for-sale Equity Securities, Gross Unrealized Gain		30,100
Certificates Of Deposit [Member] \| CHINA
Payments to Acquire Available-for-sale Securities		1,400
Advanced Cell Diagnostics (ACD) [Member] \| Available-for-sale Securities [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities		$ 2,100

XML 54 R38.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Raw materials	$ 22,074	$ 18,685
Finished goods	38,077	38,417
Inventories, net	$ 60,151	$ 57,102

XML 55 R39.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Property and equipment, cost	$ 263,361	$ 246,251
Accumulated depreciation and amortization	(128,237)	(113,889)
Property and equipment, net	135,124	132,362
Land [Member]
Property and equipment, cost	6,270	6,270
Building and Building Improvements [Member]
Property and equipment, cost	158,495	157,963
Machinery and Equipment [Member]
Property and equipment, cost	$ 98,596	$ 82,018

XML 56 R40.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Intangible assets	$ 572,191	$ 378,719
Accumulated amortization	(120,149)	(75,595)
Total	452,042	303,124
Intangible assets, net	452,042	310,524	$ 292,839
In Process Research and Development, Not Amortizable [Member]
In process research and development		7,400
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Developed Technology Rights [Member]
Intangible assets	$ 276,959	120,611
Finite-Lived Intangible Asset, Useful Life	12 years
Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	9 years
Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Trade Names [Member]
Intangible assets	$ 87,092	63,706
Finite-Lived Intangible Asset, Useful Life	15 years
Trade Names [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Trade Names [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Customer Relationships [Member]
Intangible assets	$ 204,243	191,118
Finite-Lived Intangible Asset, Useful Life	10 years
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	9 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	16 years
Noncompete Agreements [Member]
Intangible assets	$ 3,264	3,284
Noncompete Agreements [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Noncompete Agreements [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Patents [Member]
Intangible assets	$ 633
Finite-Lived Intangible Asset, Useful Life	10 years

XML 57 R41.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Changes to Carrying Amount of Net Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Beginning balance	$ 310,524	$ 292,839
Acquisitions	185,869	53,500
Other additions	976
Amortization expense	(44,393)	(29,395)
Currency translation	(934)	(6,420)
Ending balance	$ 452,042	$ 310,524

XML 58 R42.htm IDEA: XBRL DOCUMENT

Note 3- Supplemental Balance Sheet and Cash Flow Information - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
2018	$ 44,825
2019	44,171
2020	43,538
2021	43,180
2022	41,491
Thereafter	234,837
Total	$ 452,042	$ 303,124

XML 59 R43.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Balance	$ 430,882	$ 390,638
Acquisitions (Note 2)	147,484	49,547
Prior year acquisitions (Note 2)	1,809
Currency translation	(1,149)	(9,303)
Balance	579,026	430,882
Biotechnology [Member]
Balance	108,723	115,198
Acquisitions (Note 2)	147,484
Prior year acquisitions (Note 2)
Currency translation	(1,277)	(6,475)
Balance	254,930	108,723
Diagnostics [Member]
Balance	103,270	60,601
Acquisitions (Note 2)		42,669
Prior year acquisitions (Note 2)
Currency translation
Balance	103,270	103,270
Protein Platforms [Member]
Balance	218,889	214,839
Acquisitions (Note 2)		6,878
Prior year acquisitions (Note 2)	1,809
Currency translation	128	(2,828)
Balance	$ 220,826	$ 218,889

XML 60 R44.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Investments	$ 40,385	$ 385
Other	3,617	1,537
Other assets	$ 44,002	$ 1,922

XML 61 R45.htm IDEA: XBRL DOCUMENT

Note 3 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2015

Income taxes paid

$ 42,900

$ 44,900

$ 42,600

Interest paid

7,452

1,661

1,544

Acquisition-related liabilities

^[1]

$ 32,856

$ 42,259

$ 43,048

[1]	Consists of holdback payments due at future dates and liabilities for contingent consideration. Further information regarding liabilities for contingent consideration can be found in Note 4.

XML 62 R46.htm IDEA: XBRL DOCUMENT

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Aug. 01, 2016	Mar. 14, 2016	Nov. 03, 2014
Payment for Contingent Consideration Liability		$ 28,500
Payment for Contingent Consideration Liability, Financing Activities		16,700	$ 21,060
Payment for Contingent Consideration Liability, Operating Activities		11,800
CyVek, Inc. [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		35,000	35,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		35,000	35,000	$ 35,000				$ 35,000
Zephyrus [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		7,000	7,000				$ 7,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized							$ 6,500
Payment for Contingent Consideration Liability		3,500
Payment for Contingent Consideration Liability, Financing Activities	$ 3,500
Advanced Cell Diagnostics (ACD) [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		75,000	75,000			$ 75,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized						$ 37,000
Payment for Contingent Consideration Liability		25,000
Advance Cell Diagnostics (ACD), Zephyrus, and CyVek Inc.[Member]
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		$ 78,500	$ 78,500

XML 63 R47.htm IDEA: XBRL DOCUMENT

Note 4 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands

Jun. 30, 2017

Jun. 30, 2016

Business Combination, Contingent Consideration, Liability

$ 68,400

$ 38,500

Fair Value, Inputs, Level 1 [Member]

61,673

28,582

Business Combination, Contingent Consideration, Liability

Fair Value, Inputs, Level 2 [Member]

59,616

28,582

Business Combination, Contingent Consideration, Liability

Fair Value, Inputs, Level 3 [Member]

2,057

Business Combination, Contingent Consideration, Liability

68,400

38,500

Equity Securities [Member]

Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]

^[1]

59,616

28,582

Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

59,616

28,582

Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]

^[1]

Corporate Debt Securities [Member]

^[1]

Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]

^[1]

2,057

Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]

^[1]

2,057

Net earnings used for basic and diluted earnings per share

^[1]

[1]	Included in available for sale securities on the balance sheet

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

XML 64 R48.htm IDEA: XBRL DOCUMENT

Note 4 - Fair Value Measurements - Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Contingent Consideration [Member] - Fair Value, Inputs, Level 3 [Member] $ in Millions	12 Months Ended
	Jun. 30, 2017 USD ($)
Fair value at the beginning of period	$ 38.5
Purchase price contingent consideration (Note 2)	40.0
Payments	(28.5)
Change in fair value of contingent consideration	18.4
Contingent consideration payable	$ 68.4

XML 65 R49.htm IDEA: XBRL DOCUMENT

Note 5 - Debt and Other Financing Arrangements (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Millions	Jul. 28, 2016	Jun. 30, 2017
Line of Credit Facility, Current Borrowing Capacity	$ 400.0
Line of Credit Facility, Additional Borrowing Capacity	$ 200.0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit Facility, Expiration Date	Jul. 28, 2021
Long-term Line of Credit		$ 343.5
Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%

XML 66 R50.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Operating Leases, Rent Expense, Net	$ 9.8	$ 8.1	$ 4.9

XML 67 R51.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies - Aggregate Net Minimum Rental Commitments (Details) $ in Thousands	Jun. 30, 2017 USD ($)
2018	$ 9,123
2019	8,431
2020	8,377
2021	8,371
2022	7,625
Thereafter	26,729
Total	$ 68,656

XML 68 R52.htm IDEA: XBRL DOCUMENT

Note 7 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2017 USD ($)
Beginning balance	$ 879,280
Ending balance	949,627
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Beginning balance	(5,542)
Other comprehensive income (loss)	24,531
Ending balance	18,989
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Beginning balance	(64,863)
Other comprehensive income (loss)	(3,061)
Ending balance	(67,924)
AOCI Attributable to Parent [Member]
Beginning balance	(70,405)
Other comprehensive income (loss)	21,470
Ending balance	$ (48,935)

XML 69 R53.htm IDEA: XBRL DOCUMENT

Note 8 - Earnings Per Share (Details Textual) - shares	12 Months Ended
Note 8 - Earnings Per Share (Details Textual) - shares	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,000,000	1,200,000	516,000

XML 70 R54.htm IDEA: XBRL DOCUMENT

Note 8 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2015

$ 27,609

^[1]

$ 22,167

^[1]

$ 7,467

^[1]

$ 18,843

^[1]

$ 25,626

$ 30,291

$ 25,851

$ 22,707

$ 76,086

^[1]

$ 104,476

$ 107,735

Weighted average shares used in basic computation (in shares)

37,344

37,320

37,308

37,281

37,224

37,196

37,189

37,169

37,313

37,194

37,096

Dilutive stock options (in shares)

187

132

135

Weighted average shares used in diluted computation (in shares)

37,546

37,494

37,478

37,473

37,384

37,299

37,301

37,315

37,500

37,326

37,231

Basic EPS (in dollars per share)

$ 0.74

^[1]

$ 0.59

^[1]

$ 0.20

^[1]

$ 0.51

^[1]

$ 0.69

$ 0.81

$ 0.70

$ 0.61

$ 2.04

^[1]

$ 2.81

$ 2.90

Diluted EPS (in dollars per share)

$ 0.74

^[1]

$ 0.59

^[1]

$ 0.20

^[1]

$ 0.50

^[1]

$ 0.69

$ 0.81

$ 0.69

$ 0.61

$ 2.03

^[1]

$ 2.80

$ 2.89

[1]

XML 71 R55.htm IDEA: XBRL DOCUMENT

Note 9 - Share-based Compensation and Other Benefit Plans (Details Textual) - USD ($)	6 Months Ended			12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value				$ 5,000,000	$ 2,000,000	$ 2,300,000
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 500,000	$ 600,000	$ 600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 26,000,000			$ 26,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,821,000	1,819,000	1,137,000	2,821,000	1,819,000	1,137,000	811,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 18.21	$ 18.50	$ 15.01
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				$ 2,300,000	$ 2,400,000	$ 3,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				1,135,000	805,000	600,000
Profit Sharing and Savings Plan [Member] \| UNITED STATES
Defined Contribution Plan, Cost				$ 2,200,000	$ 1,200,000	$ 1,100,000
Profit Sharing and Savings Plan [Member] \| UNITED KINGDOM
Defined Contribution Plan, Cost				$ 800,000	800,000	700,000
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	$ 14,600,000				$ 9,400,000	$ 5,900,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	31,647	22,545	19,102	31,647	22,545	19,102
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				23,965	19,994	9,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 104.94	$ 99.53	$ 91.78
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				64,931	35,083	36,192
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 109.36	$ 105.01	$ 94.13
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				4,333
Equity Incentive Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	3,800,000			3,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	620,000			620,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	2,800,000			2,800,000
Equity Incentive Plan 2010 [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Nonqualified Stock Options Plan 1998 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	50,000			50,000
Employee Stock Purchase Plan 2014 [Member]
Allocated Share-based Compensation Expense				$ 213,000	$ 144,000	$ 39,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	200,000			200,000
Performance Incentive Programs [Member] \| Executive Officer [Member]
Officers' Compensation				$ 4,700,000	$ 4,200,000	$ 1,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				896,778	620,917	322,000
Performance Incentive Programs [Member] \| Restricted Stock [Member] \| Executive Officer [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				16,653	11,522
Performance Incentive Programs [Member] \| Restricted Stock Units (RSUs) [Member] \| Executive Officer [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				39,931	26,583

XML 72 R56.htm IDEA: XBRL DOCUMENT

Note 9 - Share-based Compensation and Other Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Outstanding, shares (in shares)		1,819	1,137	811
Outstanding, weighted average exercise price (in dollars per share)		$ 91.91	$ 81.57	$ 72.11
Granted, shares (in shares)		1,135	805	600
Granted, weighted average exercise price (in dollars per share)		$ 107.42	$ 105.16	$ 93.98
Forfeited, shares (in shares)		(70)	(54)	(133)
Outstanding, weighted average exercise price (in dollars per share)	$ 98.42	$ 98.42	$ 91.91	$ 81.57
Outstanding, weighted average contractual life (Year)		5 years 36 days
Outstanding, aggregate intrinsic value	$ 53.8	$ 53.8
Exercisable, shares (in shares)	843	843	596	547
Exercisable, weighted average exercise price (in dollars per share)	$ 82.93	$ 82.93	$ 75.74	$ 72.72
Forfeited, weighted average exercise price (in dollars per share)		$ 99.11	$ 99.68	$ 92.85
Exercised, shares (in shares)		(63)	(69)	(141)
Exercised, weighted average exercise price (in dollars per share)		$ 71.81	$ 69.82	$ 69.31
Outstanding, shares (in shares)	2,821	2,821	1,819	1,137
Exercisable, weighted average exercise price (in dollars per share)	$ 82.93	$ 82.93	$ 75.74	$ 72.72
Exercisable, shares (in shares)	843	843	596	547
Exercisable, weighted average contractual life (Year)	4 years
Exercisable, aggregate intrinsic value	$ 29.1	$ 29.1

XML 73 R57.htm IDEA: XBRL DOCUMENT

Note 9 - Share-based Compensation and Other Benefit Plan - Assumptions Used in Black-Scholes Option-Pricing Model (Details)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Dividend yield	1.20%	1.20%	1.30%
Expected volatility
Risk-free interest rates
Expected lives (years) (Year)	5 years	5 years	5 years
Minimum [Member]
Expected volatility	21.00%	20.00%	18.00%
Risk-free interest rates	1.00%	1.20%	1.30%
Maximum [Member]
Expected volatility	24.00%	23.00%	21.00%
Risk-free interest rates	1.90%	1.90%	2.20%

XML 74 R58.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes (Details Textual) € in Millions	12 Months Ended
Note 10 - Income Taxes (Details Textual) € in Millions	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 EUR (€)
Deferred Tax Assets, Net of Valuation Allowance	$ 60,447,000	$ 50,526,000
Deferred Tax Assets, Tax Credit Carryforwards	6,386,000	3,197,000
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	68,900,000
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	4,541,000
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Discrete Tax Items	3,800,000	2,014	0
Income Tax Expense (Benefit)	$ 35,875,000	$ 43,005,000	46,427,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Change in Effective Income Tax Rate, Percentage	2.80%	0.90%
Deferred Tax Assets, Valuation Allowance	$ 3,341,000	$ 7,201,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(3,900,000)	4,700,000
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	53,400,000
Tax Credit Carryforward, Amount	3,700,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	84,000,000
Tax Credit Carryforward, Amount	2,700,000
Foreign Tax Authority [Member]
Operating Loss Carryforwards	4,100,000
Deferred Tax Assets, Investment [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		5,000,000
Deferred Tax Asset, Operating Loss Carry Forwards [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		(300,000)
Operating Loss and Credit Carryforwards [Member]
Deferred Tax Assets, Valuation Allowance	2,700,000	$ 2,000,000
Operating Loss Carryforwards [Member]
Deferred Tax Assets, Net of Valuation Allowance	$ 21,200,000
R&D Europe [Member]
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries \| €				€ 46.6
Income Tax Expense (Benefit)			$ 1,700,000

XML 75 R59.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Earnings before income taxes consist of:
Domestic	$ 81,721	$ 120,154	$ 121,765
Foreign	30,240	27,327	32,397
	111,961	147,481	154,162
Currently payable:
Federal	28,462	34,805	28,220
State	4,051	2,958	6,165
Foreign	8,212	7,579	10,704
Net deferred:
Federal	(901)	1,906	4,401
State	(968)	(428)	292
Foreign	(2,981)	(3,815)	(3,355)
Total tax expense	$ 35,875	$ 43,005	$ 46,427

XML 76 R60.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes - Reconciliation of Federal Tax Calculated at Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Income tax expense at federal statutory rate	$ 39,186	$ 51,618	$ 53,957
State income taxes, net of federal benefit	2,158	1,852	4,762
Qualified production activity deduction	(3,820)	(3,932)	(3,140)
Non-taxable gain on investment			(2,905)
Research and development tax credit	(1,519)	(1,550)	(912)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	4,541
Foreign tax rate differences	(5,143)	(4,639)	(4,059)
Other, net	472	(344)	(1,276)
Total tax expense	$ 35,875	$ 43,005	$ 46,427

XML 77 R61.htm IDEA: XBRL DOCUMENT

Note 10 - Income Taxes - Temporary Differences Comprising Deferred Taxes on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Inventory	$ 9,415	$ 9,768
Net operating loss carryovers	24,617	26,556
Tax credit carryovers	6,386	3,197
Excess tax basis in equity investments	4,381	4,544
Deferred compensation	9,052	5,912
Net unrealized loss on available for sale investment		329
Other	9,937	7,421
Valuation allowance	(3,341)	(7,201)
Net deferred tax assets	60,447	50,526
Net unrealized gain on available-for-sale investments	(11,153)
Intangible asset amortization	(162,460)	(107,200)
Depreciation	(5,628)	(5,132)
Other	1,802	1,031
Deferred tax liabilities	(181,043)	(113,363)
Net deferred tax liabilities	$ (120,596)	$ (62,837)

XML 78 R62.htm IDEA: XBRL DOCUMENT

Note 11 - Segment Information (Details Textual)	12 Months Ended
Note 11 - Segment Information (Details Textual)	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Number of Reportable Segments	3
Biotechnology [Member] \| Sales Revenue, Segment [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	0	0	0
Protein Platforms [Member] \| Sales Revenue, Segment [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	0	0
Diagnostics [Member] \| Sales Revenue, Segment [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	1	0	1
Diagnostics [Member] \| Sales Revenue, Segment [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage	12.00%		13.00%

XML 79 R63.htm IDEA: XBRL DOCUMENT

Note 11 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Amortization of intangibles									$ (44,393)	$ (29,395)
Corporate general, selling and administrative expenses									(200,443)	(140,879)	$ (119,401)
Net sales	$ 156,578	$ 144,037	$ 131,807	$ 130,581	$ 134,762	$ 130,973	$ 120,907	$ 112,381	563,003	499,023	452,246
Operating income									120,584	150,593	147,023
Acquisition Related [Member]
Corporate general, selling and administrative expenses									(4,952)	(5,007)	(3,056)
Operating Segments [Member]
Operating income									213,386	202,617	193,676
Intersegment Eliminations [Member]
Net sales									(104)	(125)	(306)
Segment Reconciling Items [Member]
Amortization of intangibles									(44,393)	(29,395)	(26,169)
Stock based compensation									(14,631)	(9,430)	(5,957)
Acquisition related expenses									(25,789)	(2,761)	(4,519)
Costs recognized upon sale of acquired inventory									(3,037)	(5,431)	(6,952)
Biotechnology [Member] \| Operating Segments [Member]
Net sales									364,504	317,340	308,437
Operating income									175,163	168,613	165,226
Protein Platforms [Member] \| Operating Segments [Member]
Net sales									91,464	77,324	66,249
Operating income									9,648	3,592	4,469
Diagnostics [Member] \| Operating Segments [Member]
Net sales									107,139	104,484	77,866
Operating income									$ 28,575	$ 30,412	$ 23,981

XML 80 R64.htm IDEA: XBRL DOCUMENT

Note 11 - Segment Information - Financial Information Relating to Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
External sales	$ 156,578	$ 144,037	$ 131,807	$ 130,581	$ 134,762	$ 130,973	$ 120,907	$ 112,381	$ 563,003	$ 499,023	$ 452,246
Long-lived assets	135,124				132,362				135,124	132,362	129,749
UNITED STATES
External sales									313,195	275,859	245,217
EMEA, excluding U.K. [Member]
External sales									125,126	103,060	104,178
UNITED KINGDOM
External sales									28,401	28,307	32,309
APAC, excluding Greater China [Member]
External sales									41,463	38,137	24,015
CHINA
External sales									39,078	36,199	34,933
Long-lived assets	1,165				1,109				1,165	1,109	1,286
Rest of World [Member]
External sales									15,740	17,461	11,594
United States and Canada [Member]
Long-lived assets	119,859				116,830				119,859	116,830	117,224
Europe [Member]
Long-lived assets	$ 14,100				$ 14,423				$ 14,100	$ 14,423	$ 11,239

XML 81 R65.htm IDEA: XBRL DOCUMENT

Note 12 - Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2015

Basic (in dollars per share)

$ 0.74

^[1]

$ 0.59

^[1]

$ 0.20

^[1]

$ 0.51

^[1]

$ 0.69

$ 0.81

$ 0.70

$ 0.61

$ 2.04

^[1]

$ 2.81

$ 2.90

Diluted (in dollars per share)

$ 0.74

^[1]

$ 0.59

^[1]

$ 0.20

^[1]

$ 0.50

^[1]

$ 0.69

$ 0.81

$ 0.69

$ 0.61

$ 2.03

^[1]

$ 2.80

$ 2.89

Basic (in shares)

37,344

37,320

37,308

37,281

37,224

37,196

37,189

37,169

37,313

37,194

37,096

Diluted (in shares)

37,546

37,494

37,478

37,473

37,384

37,299

37,301

37,315

37,500

37,326

37,231

Net sales

$ 156,578

$ 144,037

$ 131,807

$ 130,581

$ 134,762

$ 130,973

$ 120,907

$ 112,381

$ 563,003

$ 499,023

$ 452,246

54,207

^[1]

47,355

^[1]

43,664

^[1]

43,236

^[1]

45,070

40,984

39,320

36,990

188,462

^[1]

162,364

144,969

Incremental net earnings

$ 27,609

^[1]

$ 22,167

^[1]

$ 7,467

^[1]

$ 18,843

^[1]

$ 25,626

$ 30,291

$ 25,851

$ 22,707

$ 76,086

^[1]

$ 104,476

$ 107,735

[1]

XML 82 R66.htm IDEA: XBRL DOCUMENT

Note 12 - Quarterly Financial Data (Unaudited) - Error Correction (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2017

^[1]

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2015

Selling, general and administrative

$ 54,207

$ 47,355

^[1]

$ 43,664

^[1]

$ 43,236

^[1]

$ 45,070

$ 40,984

$ 39,320

$ 36,990

$ 188,462

^[1]

$ 162,364

$ 144,969

200,443

140,879

119,401

Interest expense

7,361

1,748

1,544

Income taxes

35,875

43,005

46,427

Incremental net earnings

$ 27,609

22,167

^[1]

7,467

^[1]

18,843

^[1]

$ 25,626

$ 30,291

$ 25,851

$ 22,707

$ 76,086

^[1]

$ 104,476

$ 107,735