0001437749-20-001618.txt : 20200204 0001437749-20-001618.hdr.sgml : 20200204 20200204063115 ACCESSION NUMBER: 0001437749-20-001618 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200204 DATE AS OF CHANGE: 20200204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIO-TECHNE Corp CENTRAL INDEX KEY: 0000842023 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 411427402 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17272 FILM NUMBER: 20570600 BUSINESS ADDRESS: STREET 1: 614 MCKINLEY PL N E CITY: MINNEAPOLIS STATE: MN ZIP: 55413 BUSINESS PHONE: 6123798854 MAIL ADDRESS: STREET 1: 614 MCKINLEY PLACE NE CITY: MINNEAPOLIS STATE: MN ZIP: 55413 FORMER COMPANY: FORMER CONFORMED NAME: TECHNE CORP /MN/ DATE OF NAME CHANGE: 19920703 8-K 1 tech20200203_8k.htm FORM 8-K tech20200203_8k.htm
false 0000842023 0000842023 2020-02-04 2020-02-04

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

 

FORM 8-K

 

 

 

Current Report

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

 

Date of Report (Date of earliest event reported): February 4, 2020

 

 

 

BIO-TECHNE CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Minnesota

0-17272

41-1427402

(State or Other Jurisdiction of

Incorporation)

(Commission File Number)

(I.R.S. Employer Identification

Number)

 

614 McKinley Place NE

Minneapolis, MN 55413

(Address of Principal Executive Offices) (Zip Code)

 

(612) 379-8854

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

TECH

NASDAQ

 

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

 

☐

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

 

 

☐

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

 

 

☐

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

 

 

☐

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

 

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

 

☐

Emerging growth company

 

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

 

 

 
 

 

Item 2.02 Results of Operations and Financial Condition

 

A copy of the press release issued by Bio-Techne Corporation on February 4, 2020, describing the results of operations for the quarter ended December 31, 2019 and its financial condition as of December 31, 2019, is attached hereto as Exhibit 99.1.

 

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

 

 

Item 8.01 Other Events

 

A copy of the press release issued by Bio-Techne Corporation on February 4, 2020, announcing a cash dividend is attached hereto as Exhibit 99.2.

 

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

 

99.1

Press Release, dated February 4, 2020, announcing results of operations
 

 

 
 

99.2

Press Release, dated February 4, 2020, announcing cash dividend.
     
  104 - Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

 

SIGNATURE

 

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

 

 

BIO-TECHNE CORPORATION

 

 

 

 

 

Date: February 4, 2020

By:

/s/ Brenda S. Furlow

 

 

Brenda S. Furlow

 

 

Senior Vice President, General Counsel and Secretary

 

 

EXHIBIT INDEX

 

 

Exhibit No.

Description
 

 

 
 

99.1

Press Release, dated February 4, 2020, announcing results of operations
 

 

 
 

99.2

Press Release, dated February 4, 2020, announcing cash dividend.
     
  104 - Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 EX-99.1 2 ex_171105.htm EXHIBIT 99.1 ex_171105.htm

Exhibit 99.1

 

BIO-TECHNE RELEASES SECOND QUARTER FISCAL 2020 RESULTS

 

 

Minneapolis/February 4, 2020/ Bio-Techne Corporation (NASDAQ:TECH) today reported its financial results for the second quarter ended December 31, 2019.

 

Second Quarter FY2020 Snapshot

 

●

Second quarter organic revenue increased by 6% (6% reported) to $184.9 million and 9% (9% reported) in the first half of fiscal 2020 to $368.2 million.

 

●

GAAP EPS was $3.02 versus $0.45 one year ago resulting from a gain of approximately $121 million on our ChemoCentryx investment. Delivered adjusted earnings per share (EPS) of $1.08, an increase of 2% despite foreign currency exchange headwinds negatively impacting results by $0.08 or 8% in the second quarter.

 

●

Adjusted Operating Margin increased to 33.4% in the second quarter of fiscal 2020 compared to 32.5% in the second quarter of fiscal 2019.

 

●

Diagnostics and Genomics delivered organic growth of 12% in the second quarter and 14% in the first half of fiscal 2020.

 

●

As of December 1, 2019, applicable Medicare beneficiaries are now covered for the ExoDx Prostate Test.

 

●

The Company formed a new joint venture focused on providing scalable manufacturing technologies and processes needed to develop and commercialize new cell and gene therapies.

 

●

Delivered record Operating Cash Flow in the quarter and paid down $103 million of debt.

 

 

The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). Adjusted EPS, adjusted earnings, adjusted gross margin, adjusted operating income, and adjusted operating margin are non-GAAP measures that exclude certain items detailed later in this press release under the heading “Use of non-GAAP Adjusted Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures is included in this press release.

 

“Q2 was a solid quarter of 6% organic growth, especially considering some one-time headwinds we had over last year,” said Chuck Kummeth, President and Chief Executive Officer of Bio-Techne. “Our core retail reagents remained strong with double-digit growth in most product categories, while our Genomics’ ACD business continued growing at over 20% in Q2. As expected, China continued its trend of above 20% growth while Europe was soft year over year, especially with instrument sales. However, early in Q3, we are starting to see instrument order rates in Europe accelerate to growth rates that we are more accustomed to experiencing.”

 

Kummeth added, “Overall, I am pleased with the team’s performance in the first half of the fiscal year. I am also encouraged by the strength in our end-markets and our excellent competitive position and look forward to executing even better in the second half of the fiscal year.”

 

 
 

 

Second Quarter Fiscal 2020

 

Revenue

 

Net sales for the second quarter increased 6% to $184.9 million. Organic growth was 6% compared to the prior year, with foreign currency exchange having an unfavorable impact of 1% and acquisitions contributing 1% to revenue growth.

 

GAAP Earnings Results

 

GAAP EPS increase to $3.02 per diluted share, versus $0.45 in the same quarter last year. GAAP EPS was favorably impacted by a gain of approximately $121 million on our ChemoCentryx investment. GAAP operating income for the second quarter of fiscal 2020 increased 10% to $37.0 million, compared to $33.6 million in the second quarter of fiscal 2019. GAAP operating margin was 20.0%, compared to 19.3% in the second quarter of fiscal 2019. GAAP operating margin compared to prior year was positively impacted by volume leverage on sales growth.

 

Non-GAAP Earnings Results

 

Adjusted EPS increased to $1.08 per diluted share, versus $1.06 in the same quarter last year, an increase of 2%. Adjusted EPS increased due to revenue growth in the quarter, which was partially offset by foreign currency headwinds. Adjusted operating income for the second quarter of fiscal 2020 increased 9% compared to the second quarter of fiscal 2019. Adjusted operating margin was 33.4%, compared to 32.5% in the second quarter of fiscal 2019. Adjusted operating margin compared to the prior year was favorably impacted by volume leverage on sales growth.

 

Segment Results

 

Management uses adjusted operating results to monitor and evaluate performance of the Company’s business segments, as highlighted below. Since these results are used for this purpose, they are also considered to be prepared in accordance with GAAP.

 

Protein Sciences Segment

 

The Company’s Protein Sciences segment is one of the world’s leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biotechnology community. Additionally, the segment provides an array of platforms useful in various areas of protein analysis. Protein Sciences segment’s second quarter fiscal 2020 net sales were $141.5 million, an increase of 4% from $135.5 million for the second quarter of fiscal 2019. Organic growth for the segment was 4%, with foreign currency exchange having an unfavorable impact of 1% on revenue growth and acquisitions contributing 1% to revenue growth. Protein Sciences segment’s operating margin was 43.0% in the second quarter of fiscal 2020 compared to 43.5% in the second quarter of fiscal 2019. The segment’s operating margin compared to the prior year was negatively impacted by the acquisition of B-Mogen in Q4 of FY19 and unfavorable foreign exchange.

 

 
 

 

Diagnostics and Genomics Segment

 

The Company’s Diagnostics and Genomics segment provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Genomics segment also develops and provides in situ hybridization products as well as exosome-based diagnostics for various pathologies, including prostate cancer. The Diagnostics and Genomics segment’s second quarter fiscal 2020 net sales were $43.8 million compared to $39.3 million for the second quarter of fiscal 2019. Organic growth for the segment was 12%, with foreign currency exchange having an immaterial impact on revenue. The Diagnostics and Genomics segment’s operating margin was 2.2% in the second quarter of fiscal 2020 compared to -2.7% in the second quarter of fiscal 2019. The segment’s operating margin was favorably impacted by volume leverage.

 

Conference Call

 

Bio-Techne will host an earnings conference call today, February 4, 2020 at 8:00 a.m. CST. To listen, please dial 1-800-289-0438 or 1-323-794-2423 for international callers, and reference conference ID 2359733. A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by going to:

 

http://audio.viavid.com/20200204-137539-bio-techne.mp3

 

The replay will be available from 11:00 a.m. CDT on Tuesday, February 4, 2020 until 11:00 p.m. CDT on Wednesday, March 4, 2020.

 

Use of non-GAAP Adjusted Financial Measures:

 

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include:

 

● Organic growth

● Adjusted diluted earnings per share

● Adjusted net earnings

● Adjusted gross margin

● Adjusted operating income

● Adjusted operating margin

 

 
 

 

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

 

Our non-GAAP financial measure of organic growth represents revenue growth excluding revenue from acquisitions within the preceding 12 months as well as the impact of foreign currency. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period.

 

Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, and adjusted net earnings, in total and on a per share basis, exclude the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, acquisition related expenses inclusive of the changes in fair value of contingent consideration, and other non-recurring assessments. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory and acquisition-related expenses inclusive of the changes in fair value contingent consideration, and other non-recurring assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Additionally, these amounts can vary significantly from period to period based on current activity.

 

The Company’s non-GAAP adjusted operating margin and adjusted net earnings, in total and on a per share basis, also excludes stock-based compensation expense, which is inclusive of the employer portion of payroll taxes on those stock awards, restructuring, impairments of equity method investments, gain and losses from investments, and certain adjustments to income tax expense. Stock-based compensation is excluded from non-GAAP adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjective assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. Impairments of equity investments are excluded as they are not part of our day-to-day operating decisions. Additionally, gains and losses from other investments that are either isolated or cannot be expected to occur again with any predictability are excluded.   Costs related to restructuring activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.

 

Investors are encouraged to review the reconciliations of adjusted financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.

 

 
 

 

Forward Looking Statements:

 

Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

 

For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.

 

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $714 million in net sales in fiscal 2019 and has over 2,200 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio-techne.com.

 

Contact: David Clair, Senior Director, Corporate Development
  David.Clair@bio-techne.com
  612-656-4416 

 

 
 

 

BIO-TECHNE CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)

 

   

QUARTER

ENDED

    

SIX MONTHS

ENDED

  
   

12/31/19

    

12/31/18

    

12/31/19

    

12/31/18

  

Net sales

   $ 184,934     $ 174,510     $ 368,177     $ 337,480  

Cost of sales

     63,531       61,492       128,361       116,859  

Gross margin

     121,403       113,018       239,816       220,621  

Operating expenses:

                                

Selling, general and administrative

     68,030       63,603       137,040       130,655  

Research and development

     16,381       15,812       32,459       30,602  

Total operating expenses

     84,411       79,415       169,499       161,257  

Operating income

     36,992       33,603       70,317       59,364  

Other income (expense)

     113,334       (11,836 )     97,812       (20,012 )

Earnings before income taxes

     150,326       21,767       168,129       39,352  

Income taxes

     30,704       4,211       34,111       4,394  

Net earnings

   $ 119,622     $ 17,556     $ 134,018     $ 34,958  

Earnings per share:

                                

Basic

   $ 3.13     $ 0.46     $ 3.51     $ 0.93  

Diluted

   $ 3.02     $ 0.45     $ 3.40     $ 0.90  

Weighted average common shares outstanding:

                                

Basic

     38,167       37,766       38,100       37,732  

Diluted

     39,550       38,748       39,370       38,782  

 

 
 

 

BIO-TECHNE CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

 

ASSETS

  

12/31/19

    

6/30/19

  

Cash and equivalents

   $ 110,293     $ 100,886  

Short-term available-for-sale investments

     133,657       65,147  

Accounts receivable, net

     111,753       137,466  

Inventories

     95,351       91,050  

Other current assets

     14,020       18,058  

Total current assets

     465,074       412,607  
                 

Property and equipment, net

     164,313       154,039  

Right of use asset

     75,824       -  

Goodwill and intangible assets, net

     1,283,953       1,312,096  

Other assets

     9,251       5,668  

Total assets

   $ 1,998,415     $ 1,884,410  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

                

Accounts payable and accrued expenses

   $ 48,440     $ 71,237  

Contract liabilities

     11,893       9,084  

Income taxes payable

     12,851       5,764  

Contingent consideration payable

     9,871       3,400  

Operating lease liabilities – current

     9,398       -  

Current portion of long-term debt obligations

     12,500       12,500  

Total current liabilities

     104,953       101,985  
                 

Deferred income taxes

     104,579       89,754  

Long-term debt obligations

     370,452       492,660  

Operating lease liabilities

     71,693       -  

Long-term contingent consideration payable

     2,684       9,200  

Other long-term liabilities

     20,706       25,222  

Stockholders’ equity

     1,323,348       1,165,589  

Total liabilities and stockholders’ equity

   $ 1,998,415     $ 1,884,410  

 

 
 

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED GROSS MARGIN PERCENTAGE

(Unaudited)

 

   

QUARTER

ENDED

    

SIX MONTHS

ENDED

  
   

12/31/19

    

12/31/18

    

12/31/19

    

12/31/18

  

Gross margin percentage – GAAP

     65.6 %     64.8 %     65.1 %     65.4 %

Identified adjustments:

                                

Costs recognized upon sale of acquired inventory

     -       0.5 %     -       0.6 %

Amortization of intangibles

     4.7 %     5.6 %     4.7 %     5.4 %

Stock compensation expense - COGS

     0.3 %     -       0.2 %     -  

Gross margin percentage - Adjusted

     70.6 %     70.9 %     70.0 %     71.4 %

 

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED OPERATING MARGIN PERCENTAGE

(Unaudited)

 

   

QUARTER

ENDED

    

SIX MONTHS

ENDED

  
   

12/31/19

    

12/31/18

    

12/31/19

    

12/31/18

  

Operating margin percentage – GAAP

     20.0 %     19.3 %     19.1 %     17.6 %

Identified adjustments:

                                

Costs recognized upon sale of acquired inventory

     -       0.5 %     -       0.6 %

Amortization of intangibles

     8.2 %     8.6 %     8.2 %     8.7 %

Acquisition related expenses

     -0.5 %     0.2 %     0.1 %     0.8 %

Stock-based compensation

     5.7 %     3.9 %     5.3 %     5.5 %

Operating margin percentage - Adjusted

     33.4 %     32.5 %     32.7 %     33.2 %

 

 

BIO-TECHNE CORPORATION

RECONCILIATION OF ADJUSTED NET EARNINGS and EARNINGS per SHARE

(In thousands, except per share data)

(Unaudited)

 

   

QUARTER

ENDED

    

SIX MONTHS

ENDED

  
   

12/31/19

    

12/31/18

    

12/31/19

    

12/31/18

  

Net earnings – GAAP

   $ 119,622     $ 17,556     $ 134,018     $ 34,958  

Identified adjustments:

                                

Costs recognized upon sale of acquired inventory

     -       935       -       1,869  

Amortization of intangibles

     15,108       15,002       30,008       29,278  

Acquisition related expenses

     (787 )     442       617       3,158  

Stock-based compensation

     10,618       6,861       19,418       18,431  

Realized and unrealized loss (gain) on investments and Other

     (120,449 )     7,170       (110,048 )     9,372  

Tax impact of above adjustments

     24,132       (5,649 )     17,151       (12,361 )

Tax impact of discrete items

     (5,384 )     (1,110 )     (6,655 )     (5,286 )

Net earnings - Adjusted

   $ 42,860     $ 41,207     $ 84,510     $ 79,419  
                                 

Earnings per share - diluted – Adjusted

   $ 1.08     $ 1.06     $ 2.15     $ 2.05  

 

 
 

 

BIO-TECHNE CORPORATION

SEGMENT REVENUE

(In thousands)

(Unaudited)

 

   

QUARTER

ENDED

    

SIX MONTHS

ENDED

  
   

12/31/19

    

12/31/18

    

12/31/19

    

12/31/18

  

Protein Sciences segment revenue

   $ 141,517     $ 135,462     $ 282,512     $ 261,852  

Diagnostics and Genomics segment revenue

     43,846       39,263       86,397       76,010  

Intersegment revenue

     (429 )     (215 )     (732 )     (382 )

Consolidated revenue

   $ 184,934     $ 174,510     $ 368,177     $ 337,480  

 

 

BIO-TECHNE CORPORATION

SEGMENT OPERATING INCOME

(In thousands)

(Unaudited)

 

   

QUARTER

ENDED

    

SIX MONTHS

ENDED

  
   

12/31/19

    

12/31/18

    

12/31/19

    

12/31/18

  

Protein Sciences segment operating income

   $ 60,872     $ 58,951     $ 120,410     $ 113,565  

Diagnostics and Genomics segment operating income

     975       (1,054 )     1,875       1,482  

Segment operating income

     61,847       57,897       122,285       115,047  

Costs recognized upon sale of acquired inventory

     -       (935 )     -       (1,869 )

Amortization of intangibles

     (15,108 )     (15,002 )     (30,008 )     (29,278 )

Acquisition related expenses

     881       (348 )     (429 )     (2,973 )

Stock-based compensation

     (10,618 )     (6,861 )     (19,418 )     (18,426 )

Corporate general, selling, and administrative

     (10 )     (1,148 )     (2,113 )     (3,137 )

Operating income

   $ 36,992     $ 33,603     $ 70,317     $ 59,364  

 

 EX-99.2 3 ex_171106.htm EXHIBIT 99.2 ex_171106.htm

Exhibit 99.2

 

 

BIO-TECHNE DECLARES DIVIDEND

 

 

MINNEAPOLIS, February 4, 2020/PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced that its Board of Directors has decided to pay a dividend of $0.32 per share for the quarter ended December 31, 2019. The quarterly dividend will be payable February 28, 2020 to all common shareholders of record on February 14, 2020. Future cash dividends will be considered by the Board of Directors on a quarterly basis.

 

 

 

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated approximately $714 million in net sales in fiscal 2019 and has over 2,200 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio-techne.com.

 

Contact:

David Clair, Senior Director, Corporate Development

 

David.Clair@bio-techne.com

 

646-277-1266

 

 

 

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Document And Entity Information
Feb. 04, 2020
Document Information [Line Items]  
Entity, Registrant Name BIO-TECHNE CORPORATION
Document, Type 8-K
Document, Period End Date Feb. 04, 2020
Entity, Incorporation, State or Country Code MN
Entity, File Number 0-17272
Entity, Tax Identification Number 41-1427402
Entity, Address, Address Line One 614 McKinley Place NE
Entity, Address, City or Town Minneapolis
Entity, Address, State or Province MN
Entity, Address, Postal Zip Code 55413
City Area Code 612
Local Phone Number 379-8854
Title of 12(b) Security Common Stock
Trading Symbol TECH
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000842023