Bio-Techne (TECH) 10-Q6 May 242024 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 01, 2024
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-17272
Entity Registrant Name	BIO-TECHNE Corp
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1427402
Entity Address, Address Line One	614 McKinley Place N.E.
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, $0.01 par value
Trading Symbol	TECH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		157,584,637
Entity Central Index Key	0000842023
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
Net sales	$ 303,428	$ 294,146	$ 852,961	$ 835,382
Cost of sales	98,829	91,984	286,584	270,265
Gross margin	204,599	202,162	566,377	565,117
Operating expenses:
Selling, general and administrative	111,840	99,238	332,839	291,624
Research and development	25,761	22,713	72,675	69,074
Total operating expenses	137,601	121,951	405,514	360,698
Operating income	66,998	80,211	160,863	204,419
Other income (expense)	(5,914)	(15)	(16,835)	45,924
Earnings before income taxes	61,084	80,196	144,028	250,343
Income taxes	12,025	9,978	16,511	40,385
Net earnings, including noncontrolling interest	49,059	70,218	127,517	209,958
Net earnings attributable to noncontrolling interest	0	0	0	179
Net earnings attributable to Bio-Techne	49,059	70,218	127,517	209,779
Other comprehensive income (loss):
Foreign currency translation income (loss)	(11,981)	3,282	(5,558)	(805)
Foreign currency translation reclassified to earnings with Eminence deconsolidation	0	0	0	119
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax amounts disclosed in Note 8	335	(1,708)	(3,685)	2,302
Other comprehensive income (loss)	(11,646)	1,574	(9,243)	1,616
Other comprehensive income (loss) attributable to noncontrolling interest	0	0	0	(33)
Other comprehensive income (loss) attributable to Bio-Techne	(11,646)	1,574	(9,243)	1,649
Comprehensive income attributable to Bio-Techne	$ 37,413	$ 71,792	$ 118,274	$ 211,428
Earnings per share attributable to Bio-Techne:
Basic (in dollars per share)	$ 0.31	$ 0.45	$ 0.81	$ 1.34
Diluted (in dollars per share)	$ 0.31	$ 0.43	$ 0.79	$ 1.30
Weighted average common shares outstanding:
Basic (in shares)	157,309	157,311	157,655	157,071
Diluted (in shares)	160,496	161,615	160,817	161,768

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 139,915	$ 180,571
Short-term available-for-sale investments	5,397	23,739
Accounts receivable, less allowance for doubtful accounts of $3,293 and $4,738, respectively	227,887	218,468
Inventories	179,496	171,638
Current assets held-for-sale	26,669	0
Other current assets	31,286	27,066
Total current assets	610,650	621,482
Property and equipment, net	243,728	226,200
Right-of-use assets	97,258	98,326
Goodwill	970,966	872,737
Intangible assets, net	526,428	534,645
Other assets	272,140	285,302
Total assets	2,721,170	2,638,692
Current liabilities:
Trade accounts payable	28,895	25,679
Salaries, wages and related accruals	44,313	36,747
Accrued expenses	17,806	14,880
Contract liabilities	30,108	23,069
Income taxes payable	12,082	12,022
Operating lease liabilities - current	12,978	11,199
Contingent consideration payable	0	3,500
Current liabilities held-for-sale	689	0
Other current liabilities	2,949	1,413
Total current liabilities	149,820	128,509
Deferred income taxes	63,666	88,982
Long-term debt obligations	389,000	350,000
Operating lease liabilities	92,752	93,766
Other long-term liabilities	11,557	10,919
Bio-Techne's Shareholders' equity:
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding	0	0
Common stock, par value $.01 per share; authorized 400,000,000; issued and outstanding 157,554,366 and 157,641,914 respectively	1,576	1,576
Additional paid-in capital	790,418	721,543
Retained earnings	1,297,688	1,309,461
Accumulated other comprehensive loss	(75,307)	(66,064)
Total Bio-Techne's shareholders' equity	2,014,375	1,966,516
Total liabilities and shareholders' equity	$ 2,721,170	$ 2,638,692

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 3,293	$ 4,738
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)	400,000,000	400,000,000
Common stock, shares issued (in shares)	157,554,366	157,641,914
Common stock, shares outstanding (in shares)	157,554,366	157,641,914

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings, including noncontrolling interest	$ 127,517	$ 209,958
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	83,654	80,315
Costs recognized on sale of acquired inventory	550	400
Deferred income taxes	(29,896)	(22,651)
Stock-based compensation expense	30,979	41,315
Fair value adjustment to contingent consideration payable	(3,500)	(10,350)
Gain on sale of CCXI investment	0	(37,176)
Fair value adjustment on available-for-sale investments	(283)	(1,153)
(Gain) loss on equity method investment	6,042	0
Gain on sale of Eminence	0	(11,682)
Leases, net	1,832	1,434
Impairment of assets held-for-sale	6,038	0
Other operating activity	422	296
Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables, net	(2,611)	(20,775)
Inventories	(9,599)	(28,816)
Prepaid expenses	(1,983)	(5,557)
Trade accounts payable, accrued expenses, contract liabilities, and other	7,160	(5,647)
Salaries, wages and related accruals	7,163	(22,759)
Income taxes payable	0	3,848
Net cash provided by (used in) operating activities	223,485	171,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of available-for-sale investments	23,759	29,161
Purchases of available-for-sale investments	(5,526)	(20,500)
Proceeds from sale of CCXI investment	0	73,219
Additions to property and equipment	(44,897)	(27,413)
Acquisitions, net of cash acquired	(169,707)	(101,184)
Investment in Wilson Wolf		(232,000)
Distributions from Wilson Wolf	2,149
Proceeds from sale of Eminence	0	17,824
Net cash provided by (used in) investing activities	(194,222)	(260,893)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends	(37,792)	(37,688)
Proceeds from stock option exercises	38,001	21,399
Re-purchases of common stock	(80,042)	(19,562)
Borrowings under line-of-credit agreement	225,000	619,661
Repayments of long-term debt	(186,000)	(505,661)
Taxes paid on RSUs and net share settlements	(21,470)	(28,854)
Other financing activity	0	(2,457)
Net cash provided by (used in) financing activities	(62,303)	46,838
Effect of exchange rate changes on cash and cash equivalents	(7,616)	(2,230)
Net change in cash and cash equivalents	(40,656)	(45,285)
Cash and cash equivalents at beginning of period	180,571	172,567
Cash and cash equivalents at end of period	139,915	127,282
Supplemental disclosure of cash flow information:
Cash paid for income taxes	44,846	62,583
Cash paid for interest	$ 12,393	$ 5,773

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Basis of Presentation and Summary of Significant Accounting Policies	Note 1. Basis of Presentation and Summary of Significant Accounting Policies: The interim consolidated financial statements of Bio-Techne Corporation and subsidiaries, (the Company) presented here have been prepared by the Company and are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America and with instructions to Form 10-Q and Article 10 of Regulation S-X. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These interim unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and Notes thereto for the fiscal year ended June 30, 2023, included in the Company's Annual Report on Form 10-K for fiscal 2023. A summary of significant accounting policies followed by the Company is detailed in the Company's Annual Report on Form 10-K for fiscal 2023. The Company follows these policies in preparation of the interim unaudited Condensed Consolidated Financial Statements. During the quarter ended March 31, 2024, the Company operated under two operating segments, Protein Sciences and Diagnostics and Genomics. The operating segments the Company operated under were consistent with the Company's operating segments disclosed in the Company's Annual Report on Form 10-K for fiscal 2023. Partially-owned consolidated subsidiary Investments Since the first part of the forward contract has been triggered, the second part of the forward contract will automatically trigger, and requires the Company to acquire the remaining equity interest in Wilson Wolf on December 31, 2027 based on a revenue multiple of approximately 4.4 times trailing twelve month revenue. The second part of the contract would be accelerated in advance of December 31, 2027, if Wilson Wolf meets its second milestone of approximately $226 million in annual revenue or $136 million in annual EBITDA. If the second milestone is achieved, the forward contract requires the Company to pay approximately $1 billion plus potential consideration for revenue in excess of the revenue milestone. The investment in Wilson Wolf is accounted for as an equity method investment under ASC 323. The Company initially records its equity method investments at the amount of the Company’s investment and adjusts each period for the Company’s share of the investee’s income or loss and dividends paid. Distributions from the equity method investee are accounted for using the cumulative earnings approach on the Consolidated Statement of Cash Flows. There was $1.7 million and $6.0 million of loss for the quarter and nine months ended March 31, 2024, respectively, recorded on the Company’s Consolidated Statement of Earnings and Comprehensive Income related to the investment. There was not material income or loss during the quarter and nine months ended March 31, 2023. The Company’s total investment of $248 million is included within Other long-term assets on the Consolidated Balance Sheet as of March 31, 2024. There was $256 million included within Other long-term assets on the Consolidated Balance Sheet as of June 30, 2023. Restructuring actions Fiscal Year 2024 Restructuring Actions: In the second quarter of fiscal 2024, the Company announced enterprise-wide restructuring focused on recovering operating margins, optimizing our distribution footprint, and enhancing our organization efficiency. These actions impacted approximately 4% of our global workforce. The Company is expecting to incur costs related to these actions through the first half of fiscal 2025, which will be recorded when specified criteria are met. As part of these actions, certain assets and liabilities associated with a disposal group in our Protein Sciences segment were classified as held-for-sale as of December 31, 2023, including $1.4 million of goodwill allocated to the disposal group on a relative fair value basis. As a result of an impairment test performed over the disposal group in the second quarter of fiscal 2024, an impairment charge of $6.0 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Condensed Consolidated Statements of Earnings for the nine months ended March 31, 2024. As of March 31, 2024, the assets remaining within the disposal group primarily include inventory of $11.2 million, property and equipment of $5.6 million, intangibles of $14.3 million, and current liabilities of $0.7 million. These assets are actively marketed and we believe their sale will be completed within 12 months of the held-for-sale classification date. The held-for-sale assets and liabilities are recorded in Current assets held-for-sale and Current liabilities held-for-sale in our Condensed Consolidated Balance Sheet as of March 31, 2024. The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Condensed Consolidated Statements of Earnings as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2024 Cost of sales $ 647 $ 1,821 Selling, general and administrative (1) 903 11,153 Total $ 1,550 $ 12,974 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended March 31, 2024 Employee Asset-related Impairment of severance and other assets held-for-sale Total Protein Sciences $ 28 $ 914 $ — $ 942 Diagnostics and Genomics 265 90 — 355 Corporate 117 136 — 253 Total $ 410 $ 1,140 $ — $ 1,550 Nine months ended March 31, 2024 Employee Asset-related Impairment of severance and other assets held-for-sale Total Protein Sciences $ 2,978 $ 1,386 $ 6,038 $ 10,402 Diagnostics and Genomics 1,004 90 — 1,094 Corporate 1,310 168 — 1,478 Total $ 5,292 $ 1,644 $ 6,038 $ 12,974 The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Other current liabilities in the accompanying balance sheet. Other amounts reported as restructuring and restructuring-related costs in the accompanying statements of income have been summarized in the notes to the table (in thousands): Employee Asset-related Impairment of severance (1) and other (2) assets held-for-sale Total Expense incurred in the second quarter of 2024 $ 4,882 $ 504 $ 6,038 $ 11,424 Cash payments (1,257) (177) — (1,434) Non-cash adjustments — (191) (6,038) (6,229) Accrued restructuring actions balance as of December 31, 2023 $ 3,625 $ 136 $ — $ 3,761 Incremental expense incurred in the third quarter of 2024 133 1,140 — 1,273 Cash payments (2,806) (433) — (3,239) Non-cash adjustments — (843) — (843) Adjustments (3) 277 — — 277 Accrued restructuring actions balance as of March 31, 2024 $ 1,229 $ — $ — $ 1,229 (1) (2) (3) Fiscal Year 2023 Restructuring Actions: QT Holdings Corporation (Quad) In August 2022, the Company informed employees of our decision to close our QT Holdings Corporation (Quad) facility as part of a realignment of activities within our Reagent Solutions division. The closure of the site was completed in the fourth quarter of fiscal 2023. As a result of the restructuring activities, a pre-tax charge of $2.2 million was recorded within our Protein Sciences segment. The related restructuring charges for the year ended June 30, 2023 were recorded in the income statement as follows (in thousands): Employee Asset severance impairment and other Total Selling, general and administrative $ 1,328 $ 842 $ 2,170 Employee Asset severance impairment and other Total Expense incurred in the first quarter of 2023 $ 1,328 $ 842 $ 2,170 Cash payments (1,233) (772) (2,005) Adjustments (95) (70) (165) Accrued restructuring actions balances as of June 30, 2023 $ — $ — $ — Protein Sciences Realignment In December 2022, the Company informed employees it would undertake certain actions to strategically reallocate operations resources to high growth areas of the business. Additional actions were taken in June 2023 primarily related to the sales organization. The actions impacted a limited number of employees and are expected to be completed in the fourth quarter of fiscal 2024. As a result of the realignment, a pre-tax charge of $1.7 million related to employee severance was recorded in the Selling, general and administrative line of operating income within our Protein Sciences segment during the year ended June 30, 2023. Adjustments in fiscal year 2024 relate to the refinement of employee severance payouts. Additional pre-tax charges for the nine months ended March 31, 2024 were approximately $0.22 million. There were no additional charges in the quarter ended March 31, 2024. Restructuring actions, including cash and non-cash impacts, are as follows (in thousands): Employee severance Expense incurred in fiscal year 2023 $ 1,677 Fiscal year 2023 cash payments (762) Fiscal year 2023 adjustments (18) Accrued restructuring actions balances as of June 30, 2023 $ 897 Fiscal year 2024 cash payments (1,006) Fiscal year 2024 adjustments (1) 221 Accrued restructuring actions balances as of March 31, 2024 (2) $ 112 (1) (2) Recently Adopted Accounting Pronouncements There were no accounting pronouncements adopted in the quarter ended March 31, 2024. Refer to the Form 10-K for accounting pronouncements adopted prior to June 30, 2023. Relevant New Standards Issued Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, on our unaudited condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Mar. 31, 2024
Notes to Financial Statements
Revenue Recognition	Note 2. Revenue Recognition: Consumables revenues consist of specialized proteins, immunoassays, antibodies, reagents, blood chemistry and blood gas quality controls, and hematology instrument controls that are typically single-use products recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues consist of extended warranty contracts, post contract support, and custom development projects that are recognized over time as either the customers receive and consume the benefits of such services simultaneously or the underlying asset being developed has no alternative use for the Company at contract inception and the Company has an enforceable right to payment for the portion of the performance completed. Service revenues also include laboratory services recognized at point in time. We recognize royalty revenues in the period the sales occur using third party evidence. The Company elected the "right to invoice" practical expedient based on the Company's right to invoice a customer at an amount that approximates the value to the customer and the performance completed to date. The Company elected the exemption to not disclose the unfulfilled performance obligations for contracts with an original length of one year or less and the exemption to exclude future performance obligations that are accounted under the sales-based or usage-based royalty guidance. The Company’s unfulfilled performance obligations for contracts with an original length greater than one year were not material as of March 31, 2024. Contracts with customers that contain instruments may include multiple performance obligations. For these contracts, the Company allocates the contract’s transaction price to each performance obligation on a relative standalone selling price basis. Allocation of the transaction price is determined at the contracts’ inception. Payment terms for shipments to end-users are generally net 30 days. Payment terms for distributor shipments may range from 30 to 90 days. Service arrangements commonly call for payments in advance of performing the work (e.g. extended warranty and service contracts), upon completion of the service (e.g. custom development manufacturing) or a mix of both. Contract assets include revenues recognized in advance of billings. Contract assets are included within Other current assets in the accompanying balance sheet as the amount of time expected to lapse until the Company's right to consideration becomes unconditional is less than one year. We elected the practical expedient allowing us to expense contract costs that would otherwise be capitalized and amortized over a period of less than one year. Contract assets as of March 31, 2024 are not material. Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenue on warranty contracts. Contract liabilities as of March 31, 2024 and June 30, 2023 were approximately $32.0 million and $24.6 million, respectively. Contract liabilities as of June 30, 2023 subsequently recognized as revenue during the quarter and nine month period ended Any claims for credit or return of goods must be made within 10 days of receipt. Revenues are reduced to reflect estimated credits and returns. Although the amounts recorded for these revenue deductions are dependent on estimates and assumptions, historically our adjustments to actual results have not been material. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenue. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products. We elected the practical expedient that allows us to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, and we accrue costs of shipping and handling when the related revenue is recognized. The following tables present our disaggregated revenue for the periods presented. Revenue by type is as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Consumables $ 246,732 $ 240,659 $ 682,405 $ 674,419 Instruments 26,493 25,449 81,178 84,208 Services 25,501 23,312 71,084 60,609 Total product and services revenue, net $ 298,726 $ 289,420 $ 834,667 $ 819,236 Royalty revenues 4,702 4,726 18,294 16,146 Total revenues, net $ 303,428 $ 294,146 $ 852,961 $ 835,382 Revenue by geography is as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 United States $ 173,315 $ 163,197 $ 480,213 $ 467,633 EMEA, excluding United Kingdom 60,533 59,702 177,866 160,246 United Kingdom 15,122 13,811 38,249 36,385 APAC, excluding Greater China 18,253 20,159 54,645 55,592 Greater China 25,598 26,256 75,542 88,103 Rest of World 10,607 11,021 26,446 27,423 Net sales $ 303,428 $ 294,146 $ 852,961 $ 835,382

Selected Balance Sheet Data

Selected Balance Sheet Data	9 Months Ended
Selected Balance Sheet Data	Mar. 31, 2024
Notes to Financial Statements
Selected Balance Sheet Data	Note 3. Selected Balance Sheet Data: Inventories: Inventories consist of (in thousands): March 31, June 30, 2024 2023 Raw materials $ 80,524 $ 84,551 Finished goods (1) 104,376 92,474 Inventories, net $ 184,900 $ 177,025 (1) Finished goods inventory of $5,404 and $5,387 included within Other long-term assets in the respective March 31, 2024 and June 30, 2023, Consolidated Balance Sheet. The inventory is included in long-term assets as it is forecasted to be sold after the 12 months subsequent to the consolidated balance sheet date. Property and Equipment: Property and equipment consist of (in thousands): March 31, June 30, 2024 2023 Land $ 8,159 $ 9,100 Buildings and improvements 243,567 245,302 Machinery and equipment 209,252 190,019 Construction in progress 34,649 15,491 Property and equipment, cost 495,627 459,912 Accumulated depreciation and amortization (251,899) (233,712) Property and equipment, net $ 243,728 $ 226,200 Intangible Assets: Intangible assets consist of (in thousands): March 31, June 30, 2024 2023 Developed technology $ 652,788 $ 616,311 Trade names 151,631 146,945 Customer relationships 211,354 213,878 Patents 4,149 3,815 Other intangibles 11,872 11,566 Definite-lived intangible assets 1,031,794 992,515 Accumulated amortization (528,066) (480,570) Definite-lived intangibles assets, net 503,728 511,945 In process research and development 22,700 22,700 Total intangible assets, net $ 526,428 $ 534,645 Changes to the carrying amount of net intangible assets for the period ended March 31, 2024 consist of (in thousands): Beginning balance $ 534,645 Acquisitions 66,400 Other additions 619 Held-for-sale intangibles (1) (14,323) Amortization expense (60,056) Currency translation (857) Ending balance $ 526,428 (1) The estimated future amortization expense for intangible assets as of March 31, 2024 is as follows (in thousands): Remainder 2024 $ 19,525 2025 75,156 2026 71,191 2027 61,027 2028 57,380 Thereafter 219,449 Total $ 503,728 Goodwill: Changes to the carrying amount of goodwill for the period ended March 31, 2024 consist of (in thousands): Diagnostics and Protein Sciences Genomics Total June 30, 2023 $ 427,027 $ 445,710 $ 872,737 Acquisitions — 102,546 102,546 Held-for-sale goodwill (1) (1,400) — (1,400) Currency translation (1,526) (1,391) (2,917) March 31, 2024 $ 424,101 $ 546,865 $ 970,966 (1) Refer to Note 1 for further detail on goodwill reclassified to current assets held-for-sale. We evaluate the carrying value of goodwill in the fourth quarter of each fiscal year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. The Company performed a qualitative goodwill impairment assessment for all of its reporting units during the fourth quarter of fiscal 2023. No indicators of impairment were identified as part of our assessment. Other Assets: Other assets consist of (in thousands): March 31, June 30, 2024 2023 Equity method investment in Wilson Wolf $ 247,984 $ 255,857 Derivative instruments 12,028 16,857 Long-term inventory 5,404 5,387 Other 6,724 7,201 Other assets $ 272,140 $ 285,302

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Mar. 31, 2024
Notes to Financial Statements
Acquisitions	Note 4. Acquisitions: We periodically complete business combinations that align with our business strategy. Acquisitions are accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date and that the results of operations of each acquired business be included in our Consolidated Statements of Earnings and Comprehensive Income from their respective dates of acquisitions. Acquisition costs are recorded in selling, general and administrative expenses as incurred. Fiscal year 2024 Acquisitions Lunaphore Technologies SA. On July 7, 2023, the Company acquired all of the ownership interests of Lunaphore Technologies SA (“Lunaphore”) for $169.7 million, in a cash-free, debt-free acquisition. Lunaphore is a leading developer of fully automated spatial biology solutions. The Lunaphore acquisition adds spatial biology instruments to Bio-Techne’s portfolio to accelerate our leadership position in translational and clinical research markets. 805, Business Combinations . The allocation of purchase consideration related to Lunaphore is considered preliminary with provisional amounts primarily related to intangible assets, certain tax-related amounts, and goodwill. The Company expects to finalize the allocation of purchase price within the one-year measurement-period following the acquisition. Net sales of this business included in Bio-Techne's consolidated results of operations for the quarter and nine month period ended March 31, 2024 were $4.4 million and $9.9 million, respectively. Operating loss of this business included in Bio-Techne's consolidated results of operations for the quarter and nine month period ended March 31, 2024 was $6.8 million and $21.0 million, respectively. The preliminary estimated fair values of the assets acquired and liabilities assumed as of March 31, Preliminary allocation at March 31, 2024 Current assets $ 12,155 Equipment and other long-term assets 1,470 Intangible assets: Developed technologies 60,300 Tradenames 4,900 Customer relationships 1,200 Goodwill 102,546 Total assets acquired 182,571 Liabilities 7,096 Deferred income taxes, net 5,768 Net assets acquired $ 169,707 Cash paid 169,707 Net assets acquired $ 169,707 Tangible assets and liabilities acquired were recorded at fair value on the date of close based on management's preliminary assessment. The purchase price allocated to developed technology and customer relationships was based on management’s preliminary forecasted cash inflows and outflows and using a multiperiod excess earnings method to calculate the fair value of assets purchased. The purchase price allocated to trade names was based on management's preliminary forecasted cash inflows and outflows and using a relief from royalty method. The amount recorded for developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. The amortization period for developed technology is estimated to be 14 years. Amortization expense related to customer relationships is reflected in selling, general and administrative expenses in the Condensed Consolidated Statement of Earnings and Comprehensive Income. The amortization period for customer relationships is estimated to be 8 years. The amount recorded for trade names is being amortized with the expense reflected in selling, general and administrative expenses in the Condensed Consolidated Statement of Earnings and Comprehensive Income. The amortization period for trade names ranges from 4 years to 8 years. The net deferred income tax liability represents the net amount of the estimated future impact of adjustments for costs to be recognized as intangible asset amortization, which is not deductible for income tax purposes, offset by the deferred tax asset for the preliminary calculation of acquired net operating losses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Mar. 31, 2024
Notes to Financial Statements
Fair Value Measurements	Note 5 . Fair Value Measurements: The Company’s financial instruments include cash and cash equivalents, available-for-sale investments, derivative instruments, 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 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 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 3 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 3 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 as of Fair Value Measurements Using Balance Sheet Location March 31, Inputs Considered as 2024 Level 1 Level 2 Level 3 Assets Certificates of deposit (1) Short-term available-for-sale investments $ 5,397 $ 5,397 $ — $ — Derivatives designated as hedging instruments - cash flow hedges Other assets 12,028 — 12,028 — Total assets $ 17,425 $ 5,397 $ 12,028 $ — Liabilities Derivatives designated as hedging instruments - net investment hedge Other long-term liabilities $ 680 $ — $ 680 $ — Total liabilities $ 680 $ — $ 680 $ — Total carrying value as of Fair Value Measurements Using Balance Sheet Location June 30, Inputs Considered as 2023 Level 1 Level 2 Level 3 Assets Exchange traded securities (2) Short-term available-for-sale investments $ 23,739 $ 23,739 $ — $ — Derivative instruments - cash flow hedges Other assets 16,857 — 16,857 — Total assets $ 40,596 $ 23,739 $ 16,857 $ — Liabilities Contingent consideration Contingent consideration payable $ 3,500 $ — $ — $ 3,500 Total liabilities $ 3,500 $ — $ — $ 3,500 (1) The certificates of deposit have contractual maturity dates within one year. (2) During the quarter ended September 30 2023, the Company sold all of its outstanding shares of its exchange traded investment grade bond funds that it held at June 30, 2023. The cost basis and fair value of the Company’s exchange traded investment grade bond funds were $25.0 million and $23.7 million at June 30, 2023, respectively. Fair value measurements of available-for-sale securities 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 1 assets. Fair value measurements of derivative instruments The Company utilizes forward starting swaps designated as a cash flow hedge on forecasted debt. The forward starting swaps reduce the variability of cash flow payments for the Company by converting the variable interest rate on the Company’s forecasted variable interest long-term debt to that of a fixed interest rate. Accordingly, as part of the forward starting swaps, the Company exchanges, at specified intervals, the difference between floating and fixed interest amounts based on a notional principal amount. The Company also uses a cross-currency swap contract to manage its exposure to foreign currency risk associated with the Company's net investment in its Swiss subsidiary. The following table presents the contractual amounts of the Company's outstanding instruments (in millions): March 31, June 30, Instruments Designation 2024 2023 Forward starting swaps (1) Cash flow hedge $ 300 $ 300 Cross-currency swap (2) Net investment hedge 150 — (1) (2) The pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses within our Consolidated Financial Statements for the three and nine months ended March 31, 2024 and 2023 were as follows (in thousands): (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Cash flow hedges Forward starting swaps $ 1,626 $ 3,105 $ 9,582 $ (431) Net investment hedges Cross-currency swap (4,914) — 2,329 — Total $ (3,288) $ 3,105 $ 11,911 $ (431) (Gain) Loss Reclassified into Income Quarter Ended Nine Months Ended March 31, March 31, Location of (Gain) Loss 2024 2023 2024 2023 in Income Statement Cash flow hedges Forward starting swaps $ (2,570) $ (1,826) $ (7,729) $ (2,445) Interest expense Net investment hedges Cross-currency swap (837) — (2,372) — Interest expense Total $ (3,407) $ (1,826) $ (10,101) $ (2,445) Gains or losses related to the net investment hedges are classified as foreign currency translation adjustments in the schedule of changes in Accumulated Other Comprehensive Income (“AOCI”) in Note 8, as these items are attributable to the Company’s hedges of its net investment in foreign operations. Gains or losses related to the cash flow hedges are classified as Unrealized gains (losses) on cash flow hedges in the schedule of changes in AOCI in Note 8. Fair value measurements of contingent consideration The Company does not have outstanding contingent consideration as of March 31, 2024 as the Asuragen and Namocell acquisitions did not meet their respective revenue milestones as of December 31, 2023. The Asuragen contingent agreement required the Company to make contingent consideration payments of up to $105.0 million if certain revenue thresholds were achieved by December 31, 2023. The opening balance sheet fair value of the liabilities was $18.3 million, which was determined using a Monte Carlo simulation-based model discounted to present value. Assumptions used in these calculations are units sold, expected revenue, expected expenses, discount rate, and various probability factors. The contingent consideration related to Asuragen was $2.0 million as of June 30, 2023. The Namocell contingent agreement required the Company to make contingent consideration payments of up to $25.0 million if certain revenue thresholds were achieved by December 31, 2023. The opening balance sheet fair value of the liabilities was $10.6 million, which was determined using a Monte Carlo simulation-based model discounted to present value. Assumptions used in these calculations are units sold, expected revenue, expected expenses, discount rate, and various probability factors. The contingent consideration related to Namocell was $1.5 million as of June 30, 2023. This liability is considered to be a Level 3 financial liability that is re-measured each reporting period. The change in fair value of contingent consideration for these acquisitions is included in selling, general and administrative expense. The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2024 Fair value at the beginning of period $ — $ 3,500 Change in fair value of contingent consideration — (3,500) Payments — — Fair value at the end of period $ — $ — 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. Fair value measurements of other financial instruments 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 and long-term debt approximates fair value because our interest rate is variable and reflects current market rates.

Debt and Other Financing Arrang

Debt and Other Financing Arrangements	9 Months Ended
Debt and Other Financing Arrangements	Mar. 31, 2024
Notes to Financial Statements
Debt and Other Financing Arrangements	Note 6. Debt and Other Financing Arrangements: On August 31, 2022, the Company entered into a revolving line-of-credit and term loan by a Credit Agreement (the Credit Agreement). The Credit Agreement provides for a revolving credit facility of $1 billion, which can be increased by an additional $400 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 bear interest at a variable rate. The current outstanding debt is based on the one-month Secured Overnight Financing Rate (SOFR) plus an applicable margin. The applicable margin is determined from the total leverage ratio of the Company and updated on a quarterly basis. The annualized fee for any unused portion of the credit facility is currently 12.5 basis points. The Credit Agreement matures on August 1, 2027 and contains customary restrictive and financial covenants and customary events of default. As of March 31, 2024, the outstanding balance under the Credit Agreement was $389.0 million.

Leases

Leases	9 Months Ended
Leases	Mar. 31, 2024
Notes to Financial Statements
Leases	Note 7. Leases: As a lessee, the Company leases offices, labs, and manufacturing facilities, as well as vehicles, copiers, and other equipment. The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is Bio-Techne’s incremental borrowing rate or, if available, the rate implicit in the lease. Bio-Techne determines the incremental borrowing rate for each lease based primarily on its lease term and the economic environment of the applicable country or region. During the nine months ended March 31, 2024, the Company recognized $3.8 million in variable lease expense and $13.7 million relating to fixed lease expense in the Condensed Consolidated Statements of Earnings and Comprehensive Income. The following table summarizes the balance sheet classification of the Company’s operating leases and amounts of right-of-use assets and lease liabilities and the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases (in thousands): As of March 31, Balance Sheet Classification 2024 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 97,258 Current operating lease liabilities Operating lease liabilities - current $ 12,978 Noncurrent operating lease liabilities Operating lease liabilities 92,752 Total operating lease liabilities $ 105,730 Weighted average remaining lease term (in years): 8.66 Weighted average discount rate (%): 4.20 The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right-of-use assets obtained in exchange for new operating lease liabilities for the nine months ended March 31, 2024 (in thousands): Nine months ended March 31, 2024 Cash amounts paid on operating lease liabilities $ 12,352 Right-of-use assets obtained in exchange for lease liabilities $ 10,255 The following table summarizes the fair value of the lease liability by payment date for the Company’s operating leases by fiscal year (in thousands): March 31, 2024 Operating Leases Remainder 2024 $ 4,160 2025 16,532 2026 16,646 2027 13,780 2028 13,673 Thereafter 62,951 Total $ 127,742 Less: Amounts representing interest 22,012 Total lease obligations $ 105,730 Certain leases include one or more options to renew, with terms that extend the lease term up to five years. Bio-Techne includes the option to renew the lease as part of the right-of-use lease asset and liability when it is reasonably certain the Company will exercise the option. In addition, certain leases contain fair value purchase and termination options with an associated penalty. In general, Bio-Techne is not reasonably certain to exercise such options.

Supplemental Equity and Accumul

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Supplemental Equity and Accumulated Other Comprehensive Income (Loss)	Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss): Supplemental Equity The Company has declared cash dividends per share of $0.08 and $0.24 in the three and nine months ended March 31, 2024 and 2023, respectively. Consolidated Changes in Equity (amounts in thousands): Bio-Techne Shareholders Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2023 157,642 $ 1,576 $ 721,543 $ 1,309,461 $ (66,064) $ 1,966,516 Net earnings 50,993 50,993 Other comprehensive income (loss) (11,952) (11,952) Common stock issued for exercise of options 633 6 12,877 (15,460) (2,577) Common stock issued for restricted stock awards 47 1 0 (4,768) (4,767) Cash dividends (12,654) (12,654) Stock-based compensation expense 9,981 9,981 Common stock issued to employee stock purchase plan 33 1 2,093 2,094 Employee stock purchase plan expense 112 112 Balances at September 30, 2023 158,355 $ 1,584 $ 746,606 $ 1,327,572 $ (78,016) $ 1,997,746 Net earnings 27,465 27,465 Other comprehensive income (loss) 14,355 14,355 Share repurchases (1,397) (14) (80,028) (80,042) Common stock issued for exercise of options 157 1 4,914 (1,074) 3,841 Common stock issued for restricted stock awards 27 0 0 0 Cash dividends (12,559) (12,559) Stock-based compensation expense 12,413 12,413 Employee stock purchase plan expense 340 340 Balances at December 31, 2023 157,142 $ 1,571 $ 764,273 $ 1,261,376 $ (63,661) $ 1,963,559 Net earnings 49,059 49,059 Other comprehensive income (loss) (11,646) (11,646) Common stock issued for exercise of options 372 4 15,761 15,765 Common stock issued for restricted stock awards 4 0 0 (168) (168) Cash dividends (12,579) (12,579) Stock-based compensation expense 8,053 8,053 Common stock issued to employee stock purchase plan 36 1 2,251 2,252 Employee stock purchase plan expense 80 80 Balances at March 31, 2024 157,554 $ 1,576 $ 790,418 $ 1,297,688 $ (75,307) $ 2,014,375 Bio-Techne Shareholders Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Noncontrolling Shares Amount Capital Earnings Income(Loss) Interest Total Balances at June 30, 2022 156,644 $ 1,566 $ 652,467 $ 1,122,937 $ (75,200) $ (759) $ 1,701,011 Net earnings 89,555 179 89,734 Other comprehensive income (loss) (16,762) (16,762) Reclassification of cumulative translation adjustment for Eminence to non-operating income 152 (33) 119 Elimination of noncontrolling equity interest from sale of Eminence 613 613 Share repurchases (222) (2) (19,560) (19,562) Common stock issued for exercise of options 425 5 9,418 (11,428) (2,005) Common stock issued for restricted stock awards 45 0 0 (6,427) (6,427) Cash dividends (12,545) (12,545) Stock-based compensation expense 14,364 14,364 Common stock issued to employee stock purchase plan 36 0 2,517 2,517 Employee stock purchase plan expense 97 97 Balances at September 30, 2022 156,928 $ 1,569 $ 678,863 $ 1,162,532 $ (91,810) $ — $ 1,751,154 Net earnings 50,005 50,005 Other comprehensive income (loss) 16,685 16,685 Common stock issued for exercise of options 155 1 5,074 5,075 Common stock issued for restricted stock awards 11 1 1 2 Cash dividends (12,561) (12,561) Stock-based compensation expense 16,413 16,413 Employee stock purchase plan expense 333 333 Balances at December 31, 2022 157,094 $ 1,571 $ 700,684 $ 1,199,976 $ (75,125) $ — $ 1,827,106 Net earnings 70,218 70,218 Other comprehensive income (loss) 1,574 1,574 Share repurchases — Common stock issued for exercise of options 201 2 1,871 (10,733) (8,860) Common stock issued for restricted stock awards 6 0 0 (267) (267) Cash dividends (12,582) (12,582) Stock-based compensation expense 9,995 9,995 Common stock issued to employee stock purchase plan 38 0 2,389 2,389 Employee stock purchase plan expense 113 113 Balances at March 31, 2023 157,339 $ 1,573 $ 715,052 $ 1,246,612 $ (73,551) $ — $ 1,889,686 Accumulated Other Comprehensive Income The components of other comprehensive income (loss) consist of changes in foreign currency translation adjustments and changes in net unrealized gains (losses) on derivative instruments designated as cash flow hedges. The Company reclassified a $2.6 million and a $1.4 million gain, net of taxes, from accumulated other comprehensive income (loss) to earnings during the three months ended March 31, 2024 and 2023, respectively. The Company reclassified a $7.7 million and a $1.7 million gain, net of taxes, from accumulated other comprehensive income (loss) to earnings during the nine months ended March 31, 2024 and 2023, respectively. Changes in Accumulated Other Comprehensive Income (Loss) attributable to Bio-Techne by component: Three months ended March 31, 2024 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of December 31, 2023, net of tax: $ 8,842 $ (72,503) $ (63,661) Other comprehensive income (loss), before tax: Amounts before reclassifications (1,626) (12,620) (14,246) Amounts reclassified out 2,570 837 3,407 Total other comprehensive income (loss), before tax 944 (11,783) (10,839) Tax (expense)/benefit (609) (198) (807) Total other comprehensive income (loss), net of tax 335 (11,981) (11,646) Balance as of March 31, 2024, net of tax $ 9,177 $ (84,484) $ (75,307) Three months ended March 31, 2023 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of December 31, 2022, attributable to Bio-Techne, net of tax: $ 12,079 $ (87,204) $ (75,125) Other comprehensive income (loss), before tax: Amounts before reclassifications, attributable to Bio-Techne (3,105) 3,282 177 Amounts reclassified out 1,826 — 1,826 Total other comprehensive income (loss), before tax (1,279) 3,282 2,003 Tax (expense)/benefit (429) — (429) Total other comprehensive income (loss), net of tax (1,708) 3,282 1,574 Balance as of March 31, 2023, net of tax $ 10,371 $ (83,922) $ (73,551) Nine months ended March 31, 2024 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of June 30, 2023, net of tax: $ 12,862 $ (78,926) $ (66,064) Other comprehensive income (loss), before tax: Amounts before reclassifications (9,582) (7,368) (16,950) Amounts reclassified out 7,729 2,372 10,101 Total other comprehensive income (loss), before tax (1,853) (4,996) (6,849) Tax (expense)/benefit (1,832) (562) (2,394) Total other comprehensive income (loss), net of tax (3,685) (5,558) (9,243) Balance as of March 31, 2024, net of tax (1) $ 9,177 $ (84,484) $ (75,307) Nine months ended March 31, 2023 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of June 30, 2022, attributable to Bio-Techne, net of tax: $ 8,069 $ (83,269) $ (75,200) Other comprehensive income (loss), before tax: Amounts before reclassifications, attributable to Bio-Techne 431 (805) (374) Amounts reclassified out 2,445 152 2,597 Total other comprehensive income (loss), before tax 2,876 (653) 2,223 Tax (expense)/benefit (574) — (574) Total other comprehensive income (loss), net of tax 2,302 (653) 1,649 Balance as of March 31, 2023, net of tax (1) $ 10,371 $ (83,922) $ (73,551) (1) Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within foreign currency translation adjustments do include impacts from the net investment hedge.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share	Note 9. Earnings Per Share: The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Earnings per share – basic: Net earnings, including noncontrolling interest $ 49,059 $ 70,218 $ 127,517 $ 209,958 Less net earnings (loss) attributable to noncontrolling interest — — — 179 Net earnings attributable to Bio-Techne $ 49,059 $ 70,218 $ 127,517 $ 209,779 Income allocated to participating securities (5) (16) (24) (52) Income available to common shareholders $ 49,054 $ 70,202 $ 127,493 $ 209,727 Weighted-average shares outstanding – basic 157,309 157,311 157,655 157,071 Earnings per share – basic $ 0.31 $ 0.45 $ 0.81 $ 1.34 Earnings per share – diluted: Net earnings, including noncontrolling interest $ 49,059 $ 70,218 $ 127,517 $ 209,958 Less net earnings (loss) attributable to noncontrolling interest — — — 179 Net earnings attributable to Bio-Techne $ 49,059 $ 70,218 $ 127,517 $ 209,779 Income allocated to participating securities (5) (16) (24) (52) Income available to common shareholders $ 49,054 $ 70,202 $ 127,493 $ 209,727 Weighted-average shares outstanding – basic 157,309 157,311 157,655 157,071 Dilutive effect of stock options and restricted stock units 3,187 4,304 3,162 4,697 Weighted-average common shares outstanding – diluted 160,496 161,615 160,817 161,768 Earnings per share – diluted $ 0.31 $ 0.43 $ 0.79 $ 1.30 The dilutive effect of stock options and restricted stock units 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 4.0 million and 4.5 million for the quarter ended March 31, 2024 and 2023, respectively and 4.0 million and 4.5 million for the nine months ended March 31, 2024 and 2023 respectively.

Share-based Compensation

Share-based Compensation	9 Months Ended
Share-based Compensation	Mar. 31, 2024
Notes to Financial Statements
Share-based Compensation	Note 10. Share-based Compensation: During the nine months ended March 31, 2024 and 2023, the Company granted 1.0 million and 2.3 million stock options at weighted average grant prices of $80.07 and $93.96 and weighted average fair values of $27.47 and $29.58, respectively. During the nine months ended March 31, 2024 and 2023, the Company granted 353,656 and 90,352 restricted stock units at a weighted average fair value of $78.41 and $93.84, respectively. During the nine months ended March 31, 2024 and 2023, the Company granted 27,196 and 10,816 shares of restricted common stock shares at a weighted average fair value of $56.98 and $73.94. Stock options for 1,590,362 and 1,271,338 shares of common stock with total intrinsic values of $73.1 million and $74.1 million were exercised during the nine months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense, inclusive of payroll taxes, of $8.1 million and $10.2 million was included in selling, general and administrative expenses for the quarter ended March 31, 2024 and 2023, respectively. Stock-based compensation expenses, inclusive of payroll taxes, of $31.7 million and $41.5 million was included in selling, general, and administrative expenses for the nine months ended March 31, 2024 and 2023, respectively. Additionally, the Company recognized $0.1 million and $0.6 million of stock-based compensation costs in cost of goods sold in the quarter and nine months ended March 31, 2024, respectively, compared to $0.2 million and $0.8 million in cost of goods sold in the comparative prior year periods. As of March 31, 2024, there was $41.2 million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock. The weighted average period over which the compensation cost is expected to be recognized is 2.2 years. In fiscal 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. 800,000 shares were allocated to the ESPP. The Company recorded expense of $0.1 million for the quarter ended March 31, 2024 and $0.1 million for the quarter ended March 31, 2023. The Company recorded expense of $0.5 million and $0.5 million for the nine months ended March 31, 2024 and 2023, respectively.

Other Income _ (Expense)

Other Income / (Expense)	9 Months Ended
Other Income / (Expense)	Mar. 31, 2024
Notes to Financial Statements
Other Income / (Expense)	Note 11. Other Income / (Expense): The components of other income (expense) in the accompanying Statement of Earnings and Comprehensive Income are as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Interest expense $ (4,005) $ (1,367) $ (13,227) $ (7,513) Interest income 712 974 2,418 2,375 Gain (loss) on investment (1) — 314 283 50,009 Gain (loss) on equity method investment (1,747) — (5,950) — Other non-operating income (expense), net (874) 64 (359) 1,053 Total other income (expense) $ (5,914) $ (15) $ (16,835) $ 45,924 (1) Primarily due to a $0.3 million gain on the sale of our exchange traded investment grade bond funds during the nine months ended March 31, 2024 compared to a $37.2 million gain on the sale of our ChemoCentryx investment and a $11.7 million gain on the sale of Eminence in the nine months ended March 31, 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2024
Notes to Financial Statements
Income Taxes	Note 12. Income Taxes: The Company’s effective income tax rate for the third quarter of fiscal 2024 and 2023 was 19.7% and 12.4%, respectively, of consolidated earnings before income taxes, inclusive of discrete items, and 11.5% and 16.1% for the first nine months of fiscal 2024 and 2023, respectively. The change in the Company’s tax rate for the quarter and nine months ended March 31, 2024 compared to the quarter and nine months ended March 31, 2023 was driven by discrete tax items. The Company recognized total net benefits related to discrete tax items of $1.8 million and $16.6 million during the quarter and nine months ended March 31, 2024, respectively, compared to total net benefits of $5.7 million and $8.9 million during the quarter and nine months ended March 31, 2023, respectively. Share-based compensation excess tax benefit contributed $1.9 million and $13.6 million in the quarter and nine months ended March 31, 2024, respectively, compared to $0.4 million and $9.5 million in the quarter and nine months, ended March 31, 2023, respectively. During the quarter and nine months ended March 31, 2024, the Company had total other immaterial discrete tax expense of $0.1 million and an other immaterial discrete tax benefit of $3.0 million, respectively. During the quarter and nine months ended March 31, 2023, the Company had discrete tax benefit of $0.6 million and discrete tax expense of $5.1 million, respectively, related to taxes associated with a planned distribution from our China entity. The Company recognized total other immaterial net discrete tax benefits of $4.7 million and $4.5 million in the quarter and nine months ended March 31, 2023, respectively.

Segment Information

Segment Information	9 Months Ended
Segment Information	Mar. 31, 2024
Notes to Financial Statements
Segment Information	Note 13. Segment Information: The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with the impact of partially-owned consolidated subsidiaries as well as acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. The Protein Sciences and Diagnostics and Genomics segments both include consumables, instruments, services and royalty revenue. The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales: Protein Sciences $ 214,589 $ 218,903 $ 616,914 $ 622,739 Diagnostics and Genomics 87,511 75,669 235,715 213,577 Other revenue (1) 2,093 — 2,093 — Intersegment (765) (426) (1,761) (934) Consolidated net sales $ 303,428 $ 294,146 $ 852,961 $ 835,382 Operating income: Protein Sciences $ 94,829 $ 98,756 $ 262,777 $ 274,035 Diagnostics and Genomics 8,104 11,464 13,189 28,399 Segment operating income $ 102,933 $ 110,220 $ 275,966 $ 302,434 Costs recognized on sale of acquired inventory (186) — (550) (400) Amortization of intangibles (19,287) (19,286) (58,908) (57,694) Impact of partially-owned consolidated subsidiaries (2) — — — 647 Acquisition related expenses and other (3,286) 1,333 (2,173) 9,343 Impairment of assets held-for-sale — — (6,038) — Stock based compensation, inclusive of employer taxes (8,358) (10,543) (32,810) (42,879) Restructuring and restructuring-related costs (1,550) — (7,157) (2,950) Corporate general, selling, and administrative expenses (3,346) (1,513) (7,545) (4,082) Impact of business held-for-sale (1) 78 — 78 — Consolidated operating income $ 66,998 $ 80,211 $ 160,863 $ 204,419 (1) (2) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events	Note 14. Subsequent Events: None.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2024
Policy Text Block [Abstract]
Investments	Partially-owned consolidated subsidiary Investments Since the first part of the forward contract has been triggered, the second part of the forward contract will automatically trigger, and requires the Company to acquire the remaining equity interest in Wilson Wolf on December 31, 2027 based on a revenue multiple of approximately 4.4 times trailing twelve month revenue. The second part of the contract would be accelerated in advance of December 31, 2027, if Wilson Wolf meets its second milestone of approximately $226 million in annual revenue or $136 million in annual EBITDA. If the second milestone is achieved, the forward contract requires the Company to pay approximately $1 billion plus potential consideration for revenue in excess of the revenue milestone. The investment in Wilson Wolf is accounted for as an equity method investment under ASC 323. The Company initially records its equity method investments at the amount of the Company’s investment and adjusts each period for the Company’s share of the investee’s income or loss and dividends paid. Distributions from the equity method investee are accounted for using the cumulative earnings approach on the Consolidated Statement of Cash Flows. There was $1.7 million and $6.0 million of loss for the quarter and nine months ended March 31, 2024, respectively, recorded on the Company’s Consolidated Statement of Earnings and Comprehensive Income related to the investment. There was not material income or loss during the quarter and nine months ended March 31, 2023. The Company’s total investment of $248 million is included within Other long-term assets on the Consolidated Balance Sheet as of March 31, 2024. There was $256 million included within Other long-term assets on the Consolidated Balance Sheet as of June 30, 2023.
Restructuring actions	Restructuring actions Fiscal Year 2024 Restructuring Actions: In the second quarter of fiscal 2024, the Company announced enterprise-wide restructuring focused on recovering operating margins, optimizing our distribution footprint, and enhancing our organization efficiency. These actions impacted approximately 4% of our global workforce. The Company is expecting to incur costs related to these actions through the first half of fiscal 2025, which will be recorded when specified criteria are met. As part of these actions, certain assets and liabilities associated with a disposal group in our Protein Sciences segment were classified as held-for-sale as of December 31, 2023, including $1.4 million of goodwill allocated to the disposal group on a relative fair value basis. As a result of an impairment test performed over the disposal group in the second quarter of fiscal 2024, an impairment charge of $6.0 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Condensed Consolidated Statements of Earnings for the nine months ended March 31, 2024. As of March 31, 2024, the assets remaining within the disposal group primarily include inventory of $11.2 million, property and equipment of $5.6 million, intangibles of $14.3 million, and current liabilities of $0.7 million. These assets are actively marketed and we believe their sale will be completed within 12 months of the held-for-sale classification date. The held-for-sale assets and liabilities are recorded in Current assets held-for-sale and Current liabilities held-for-sale in our Condensed Consolidated Balance Sheet as of March 31, 2024. The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Condensed Consolidated Statements of Earnings as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2024 Cost of sales $ 647 $ 1,821 Selling, general and administrative (1) 903 11,153 Total $ 1,550 $ 12,974 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended March 31, 2024 Employee Asset-related Impairment of severance and other assets held-for-sale Total Protein Sciences $ 28 $ 914 $ — $ 942 Diagnostics and Genomics 265 90 — 355 Corporate 117 136 — 253 Total $ 410 $ 1,140 $ — $ 1,550 Nine months ended March 31, 2024 Employee Asset-related Impairment of severance and other assets held-for-sale Total Protein Sciences $ 2,978 $ 1,386 $ 6,038 $ 10,402 Diagnostics and Genomics 1,004 90 — 1,094 Corporate 1,310 168 — 1,478 Total $ 5,292 $ 1,644 $ 6,038 $ 12,974 The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Other current liabilities in the accompanying balance sheet. Other amounts reported as restructuring and restructuring-related costs in the accompanying statements of income have been summarized in the notes to the table (in thousands): Employee Asset-related Impairment of severance (1) and other (2) assets held-for-sale Total Expense incurred in the second quarter of 2024 $ 4,882 $ 504 $ 6,038 $ 11,424 Cash payments (1,257) (177) — (1,434) Non-cash adjustments — (191) (6,038) (6,229) Accrued restructuring actions balance as of December 31, 2023 $ 3,625 $ 136 $ — $ 3,761 Incremental expense incurred in the third quarter of 2024 133 1,140 — 1,273 Cash payments (2,806) (433) — (3,239) Non-cash adjustments — (843) — (843) Adjustments (3) 277 — — 277 Accrued restructuring actions balance as of March 31, 2024 $ 1,229 $ — $ — $ 1,229 (1) (2) (3) Fiscal Year 2023 Restructuring Actions: QT Holdings Corporation (Quad) In August 2022, the Company informed employees of our decision to close our QT Holdings Corporation (Quad) facility as part of a realignment of activities within our Reagent Solutions division. The closure of the site was completed in the fourth quarter of fiscal 2023. As a result of the restructuring activities, a pre-tax charge of $2.2 million was recorded within our Protein Sciences segment. The related restructuring charges for the year ended June 30, 2023 were recorded in the income statement as follows (in thousands): Employee Asset severance impairment and other Total Selling, general and administrative $ 1,328 $ 842 $ 2,170 Employee Asset severance impairment and other Total Expense incurred in the first quarter of 2023 $ 1,328 $ 842 $ 2,170 Cash payments (1,233) (772) (2,005) Adjustments (95) (70) (165) Accrued restructuring actions balances as of June 30, 2023 $ — $ — $ — Protein Sciences Realignment In December 2022, the Company informed employees it would undertake certain actions to strategically reallocate operations resources to high growth areas of the business. Additional actions were taken in June 2023 primarily related to the sales organization. The actions impacted a limited number of employees and are expected to be completed in the fourth quarter of fiscal 2024. As a result of the realignment, a pre-tax charge of $1.7 million related to employee severance was recorded in the Selling, general and administrative line of operating income within our Protein Sciences segment during the year ended June 30, 2023. Adjustments in fiscal year 2024 relate to the refinement of employee severance payouts. Additional pre-tax charges for the nine months ended March 31, 2024 were approximately $0.22 million. There were no additional charges in the quarter ended March 31, 2024. Restructuring actions, including cash and non-cash impacts, are as follows (in thousands): Employee severance Expense incurred in fiscal year 2023 $ 1,677 Fiscal year 2023 cash payments (762) Fiscal year 2023 adjustments (18) Accrued restructuring actions balances as of June 30, 2023 $ 897 Fiscal year 2024 cash payments (1,006) Fiscal year 2024 adjustments (1) 221 Accrued restructuring actions balances as of March 31, 2024 (2) $ 112 (1) (2)
Recently Adopted Accounting Pronouncements and Relevant New Standards Issued Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no accounting pronouncements adopted in the quarter ended March 31, 2024. Refer to the Form 10-K for accounting pronouncements adopted prior to June 30, 2023. Relevant New Standards Issued Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, on our unaudited condensed consolidated financial statements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of restructuring charges	The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Condensed Consolidated Statements of Earnings as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2024 Cost of sales $ 647 $ 1,821 Selling, general and administrative (1) 903 11,153 Total $ 1,550 $ 12,974 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended March 31, 2024 Employee Asset-related Impairment of severance and other assets held-for-sale Total Protein Sciences $ 28 $ 914 $ — $ 942 Diagnostics and Genomics 265 90 — 355 Corporate 117 136 — 253 Total $ 410 $ 1,140 $ — $ 1,550 Nine months ended March 31, 2024 Employee Asset-related Impairment of severance and other assets held-for-sale Total Protein Sciences $ 2,978 $ 1,386 $ 6,038 $ 10,402 Diagnostics and Genomics 1,004 90 — 1,094 Corporate 1,310 168 — 1,478 Total $ 5,292 $ 1,644 $ 6,038 $ 12,974 The following table summarizes the changes in the Company’s accrued restructuring balance, which is included within Other current liabilities in the accompanying balance sheet. Other amounts reported as restructuring and restructuring-related costs in the accompanying statements of income have been summarized in the notes to the table (in thousands): Employee Asset-related Impairment of severance (1) and other (2) assets held-for-sale Total Expense incurred in the second quarter of 2024 $ 4,882 $ 504 $ 6,038 $ 11,424 Cash payments (1,257) (177) — (1,434) Non-cash adjustments — (191) (6,038) (6,229) Accrued restructuring actions balance as of December 31, 2023 $ 3,625 $ 136 $ — $ 3,761 Incremental expense incurred in the third quarter of 2024 133 1,140 — 1,273 Cash payments (2,806) (433) — (3,239) Non-cash adjustments — (843) — (843) Adjustments (3) 277 — — 277 Accrued restructuring actions balance as of March 31, 2024 $ 1,229 $ — $ — $ 1,229 (1) (2) (3)
Protein Sciences \| QT Holdings Corporation
Notes Tables
Schedule of restructuring charges	The related restructuring charges for the year ended June 30, 2023 were recorded in the income statement as follows (in thousands): Employee Asset severance impairment and other Total Selling, general and administrative $ 1,328 $ 842 $ 2,170 Employee Asset severance impairment and other Total Expense incurred in the first quarter of 2023 $ 1,328 $ 842 $ 2,170 Cash payments (1,233) (772) (2,005) Adjustments (95) (70) (165) Accrued restructuring actions balances as of June 30, 2023 $ — $ — $ —
Protein Sciences \| Employee severance
Notes Tables
Schedule of restructuring charges	Restructuring actions, including cash and non-cash impacts, are as follows (in thousands): Employee severance Expense incurred in fiscal year 2023 $ 1,677 Fiscal year 2023 cash payments (762) Fiscal year 2023 adjustments (18) Accrued restructuring actions balances as of June 30, 2023 $ 897 Fiscal year 2024 cash payments (1,006) Fiscal year 2024 adjustments (1) 221 Accrued restructuring actions balances as of March 31, 2024 (2) $ 112 (1) (2)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2024
Notes Tables
Schedules of disaggregated revenue	Revenue by type is as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Consumables $ 246,732 $ 240,659 $ 682,405 $ 674,419 Instruments 26,493 25,449 81,178 84,208 Services 25,501 23,312 71,084 60,609 Total product and services revenue, net $ 298,726 $ 289,420 $ 834,667 $ 819,236 Royalty revenues 4,702 4,726 18,294 16,146 Total revenues, net $ 303,428 $ 294,146 $ 852,961 $ 835,382 Revenue by geography is as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 United States $ 173,315 $ 163,197 $ 480,213 $ 467,633 EMEA, excluding United Kingdom 60,533 59,702 177,866 160,246 United Kingdom 15,122 13,811 38,249 36,385 APAC, excluding Greater China 18,253 20,159 54,645 55,592 Greater China 25,598 26,256 75,542 88,103 Rest of World 10,607 11,021 26,446 27,423 Net sales $ 303,428 $ 294,146 $ 852,961 $ 835,382

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	9 Months Ended
Selected Balance Sheet Data (Tables)	Mar. 31, 2024
Notes Tables
Schedule of inventories	Inventories consist of (in thousands): March 31, June 30, 2024 2023 Raw materials $ 80,524 $ 84,551 Finished goods (1) 104,376 92,474 Inventories, net $ 184,900 $ 177,025 (1) Finished goods inventory of $5,404 and $5,387 included within Other long-term assets in the respective March 31, 2024 and June 30, 2023, Consolidated Balance Sheet. The inventory is included in long-term assets as it is forecasted to be sold after the 12 months subsequent to the consolidated balance sheet date.
Schedule of property and equipment	Property and equipment consist of (in thousands): March 31, June 30, 2024 2023 Land $ 8,159 $ 9,100 Buildings and improvements 243,567 245,302 Machinery and equipment 209,252 190,019 Construction in progress 34,649 15,491 Property and equipment, cost 495,627 459,912 Accumulated depreciation and amortization (251,899) (233,712) Property and equipment, net $ 243,728 $ 226,200
Schedule of intangible assets	Intangible assets consist of (in thousands): March 31, June 30, 2024 2023 Developed technology $ 652,788 $ 616,311 Trade names 151,631 146,945 Customer relationships 211,354 213,878 Patents 4,149 3,815 Other intangibles 11,872 11,566 Definite-lived intangible assets 1,031,794 992,515 Accumulated amortization (528,066) (480,570) Definite-lived intangibles assets, net 503,728 511,945 In process research and development 22,700 22,700 Total intangible assets, net $ 526,428 $ 534,645
Schedule of changes in carrying amount of net intangible assets	Changes to the carrying amount of net intangible assets for the period ended March 31, 2024 consist of (in thousands): Beginning balance $ 534,645 Acquisitions 66,400 Other additions 619 Held-for-sale intangibles (1) (14,323) Amortization expense (60,056) Currency translation (857) Ending balance $ 526,428 (1)
Schedule of estimated future amortization expense for intangible assets	The estimated future amortization expense for intangible assets as of March 31, 2024 is as follows (in thousands): Remainder 2024 $ 19,525 2025 75,156 2026 71,191 2027 61,027 2028 57,380 Thereafter 219,449 Total $ 503,728
Schedule of changes to the carrying amount of goodwill	Changes to the carrying amount of goodwill for the period ended March 31, 2024 consist of (in thousands): Diagnostics and Protein Sciences Genomics Total June 30, 2023 $ 427,027 $ 445,710 $ 872,737 Acquisitions — 102,546 102,546 Held-for-sale goodwill (1) (1,400) — (1,400) Currency translation (1,526) (1,391) (2,917) March 31, 2024 $ 424,101 $ 546,865 $ 970,966 (1) Refer to Note 1 for further detail on goodwill reclassified to current assets held-for-sale.
Schedule of other assets	Other assets consist of (in thousands): March 31, June 30, 2024 2023 Equity method investment in Wilson Wolf $ 247,984 $ 255,857 Derivative instruments 12,028 16,857 Long-term inventory 5,404 5,387 Other 6,724 7,201 Other assets $ 272,140 $ 285,302

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Mar. 31, 2024
Lunaphore Technologies SA.
Notes Tables
Schedule of the aggregate purchase price of the acquisitions that was allocated to the assets acquired and liabilities assumed	The preliminary estimated fair values of the assets acquired and liabilities assumed as of March 31, Preliminary allocation at March 31, 2024 Current assets $ 12,155 Equipment and other long-term assets 1,470 Intangible assets: Developed technologies 60,300 Tradenames 4,900 Customer relationships 1,200 Goodwill 102,546 Total assets acquired 182,571 Liabilities 7,096 Deferred income taxes, net 5,768 Net assets acquired $ 169,707 Cash paid 169,707 Net assets acquired $ 169,707

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Notes Tables
Schedule of information by level for financial assets and liabilities that are measured at fair value on a recurring basis	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 as of Fair Value Measurements Using Balance Sheet Location March 31, Inputs Considered as 2024 Level 1 Level 2 Level 3 Assets Certificates of deposit (1) Short-term available-for-sale investments $ 5,397 $ 5,397 $ — $ — Derivatives designated as hedging instruments - cash flow hedges Other assets 12,028 — 12,028 — Total assets $ 17,425 $ 5,397 $ 12,028 $ — Liabilities Derivatives designated as hedging instruments - net investment hedge Other long-term liabilities $ 680 $ — $ 680 $ — Total liabilities $ 680 $ — $ 680 $ — Total carrying value as of Fair Value Measurements Using Balance Sheet Location June 30, Inputs Considered as 2023 Level 1 Level 2 Level 3 Assets Exchange traded securities (2) Short-term available-for-sale investments $ 23,739 $ 23,739 $ — $ — Derivative instruments - cash flow hedges Other assets 16,857 — 16,857 — Total assets $ 40,596 $ 23,739 $ 16,857 $ — Liabilities Contingent consideration Contingent consideration payable $ 3,500 $ — $ — $ 3,500 Total liabilities $ 3,500 $ — $ — $ 3,500 (1) The certificates of deposit have contractual maturity dates within one year. (2) During the quarter ended September 30 2023, the Company sold all of its outstanding shares of its exchange traded investment grade bond funds that it held at June 30, 2023. The cost basis and fair value of the Company’s exchange traded investment grade bond funds were $25.0 million and $23.7 million at June 30, 2023, respectively.
Schedule of contractual amounts of the outstanding instruments	The following table presents the contractual amounts of the Company's outstanding instruments (in millions): March 31, June 30, Instruments Designation 2024 2023 Forward starting swaps (1) Cash flow hedge $ 300 $ 300 Cross-currency swap (2) Net investment hedge 150 — (1) (2)
Schedule of pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses	The pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses within our Consolidated Financial Statements for the three and nine months ended March 31, 2024 and 2023 were as follows (in thousands): (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Cash flow hedges Forward starting swaps $ 1,626 $ 3,105 $ 9,582 $ (431) Net investment hedges Cross-currency swap (4,914) — 2,329 — Total $ (3,288) $ 3,105 $ 11,911 $ (431) (Gain) Loss Reclassified into Income Quarter Ended Nine Months Ended March 31, March 31, Location of (Gain) Loss 2024 2023 2024 2023 in Income Statement Cash flow hedges Forward starting swaps $ (2,570) $ (1,826) $ (7,729) $ (2,445) Interest expense Net investment hedges Cross-currency swap (837) — (2,372) — Interest expense Total $ (3,407) $ (1,826) $ (10,101) $ (2,445)
Schedule of the reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3)	The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2024 Fair value at the beginning of period $ — $ 3,500 Change in fair value of contingent consideration — (3,500) Payments — — Fair value at the end of period $ — $ —

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Mar. 31, 2024
Notes Tables
Schedule of table that summarizes the balance sheet classification of the Company's operating leases and amounts of right of use assets and lease liabilities and the weighted average remaining lease term and weighted average discount rate for the Company's operating leases	The following table summarizes the balance sheet classification of the Company’s operating leases and amounts of right-of-use assets and lease liabilities and the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases (in thousands): As of March 31, Balance Sheet Classification 2024 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 97,258 Current operating lease liabilities Operating lease liabilities - current $ 12,978 Noncurrent operating lease liabilities Operating lease liabilities 92,752 Total operating lease liabilities $ 105,730 Weighted average remaining lease term (in years): 8.66 Weighted average discount rate (%): 4.20
Schedule of the table that summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right of use assets obtained in exchange for new operating lease liabilities	The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right-of-use assets obtained in exchange for new operating lease liabilities for the nine months ended March 31, 2024 (in thousands): Nine months ended March 31, 2024 Cash amounts paid on operating lease liabilities $ 12,352 Right-of-use assets obtained in exchange for lease liabilities $ 10,255
Schedule of the fair value of the lease liability by payment date for the operating leases by fiscal year	The following table summarizes the fair value of the lease liability by payment date for the Company’s operating leases by fiscal year (in thousands): March 31, 2024 Operating Leases Remainder 2024 $ 4,160 2025 16,532 2026 16,646 2027 13,780 2028 13,673 Thereafter 62,951 Total $ 127,742 Less: Amounts representing interest 22,012 Total lease obligations $ 105,730

Supplemental Equity and Accum_2

Supplemental Equity and Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of the Consolidated Changes in Equity	Consolidated Changes in Equity (amounts in thousands): Bio-Techne Shareholders Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Shares Amount Capital Earnings Income(Loss) Total Balances at June 30, 2023 157,642 $ 1,576 $ 721,543 $ 1,309,461 $ (66,064) $ 1,966,516 Net earnings 50,993 50,993 Other comprehensive income (loss) (11,952) (11,952) Common stock issued for exercise of options 633 6 12,877 (15,460) (2,577) Common stock issued for restricted stock awards 47 1 0 (4,768) (4,767) Cash dividends (12,654) (12,654) Stock-based compensation expense 9,981 9,981 Common stock issued to employee stock purchase plan 33 1 2,093 2,094 Employee stock purchase plan expense 112 112 Balances at September 30, 2023 158,355 $ 1,584 $ 746,606 $ 1,327,572 $ (78,016) $ 1,997,746 Net earnings 27,465 27,465 Other comprehensive income (loss) 14,355 14,355 Share repurchases (1,397) (14) (80,028) (80,042) Common stock issued for exercise of options 157 1 4,914 (1,074) 3,841 Common stock issued for restricted stock awards 27 0 0 0 Cash dividends (12,559) (12,559) Stock-based compensation expense 12,413 12,413 Employee stock purchase plan expense 340 340 Balances at December 31, 2023 157,142 $ 1,571 $ 764,273 $ 1,261,376 $ (63,661) $ 1,963,559 Net earnings 49,059 49,059 Other comprehensive income (loss) (11,646) (11,646) Common stock issued for exercise of options 372 4 15,761 15,765 Common stock issued for restricted stock awards 4 0 0 (168) (168) Cash dividends (12,579) (12,579) Stock-based compensation expense 8,053 8,053 Common stock issued to employee stock purchase plan 36 1 2,251 2,252 Employee stock purchase plan expense 80 80 Balances at March 31, 2024 157,554 $ 1,576 $ 790,418 $ 1,297,688 $ (75,307) $ 2,014,375 Bio-Techne Shareholders Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Noncontrolling Shares Amount Capital Earnings Income(Loss) Interest Total Balances at June 30, 2022 156,644 $ 1,566 $ 652,467 $ 1,122,937 $ (75,200) $ (759) $ 1,701,011 Net earnings 89,555 179 89,734 Other comprehensive income (loss) (16,762) (16,762) Reclassification of cumulative translation adjustment for Eminence to non-operating income 152 (33) 119 Elimination of noncontrolling equity interest from sale of Eminence 613 613 Share repurchases (222) (2) (19,560) (19,562) Common stock issued for exercise of options 425 5 9,418 (11,428) (2,005) Common stock issued for restricted stock awards 45 0 0 (6,427) (6,427) Cash dividends (12,545) (12,545) Stock-based compensation expense 14,364 14,364 Common stock issued to employee stock purchase plan 36 0 2,517 2,517 Employee stock purchase plan expense 97 97 Balances at September 30, 2022 156,928 $ 1,569 $ 678,863 $ 1,162,532 $ (91,810) $ — $ 1,751,154 Net earnings 50,005 50,005 Other comprehensive income (loss) 16,685 16,685 Common stock issued for exercise of options 155 1 5,074 5,075 Common stock issued for restricted stock awards 11 1 1 2 Cash dividends (12,561) (12,561) Stock-based compensation expense 16,413 16,413 Employee stock purchase plan expense 333 333 Balances at December 31, 2022 157,094 $ 1,571 $ 700,684 $ 1,199,976 $ (75,125) $ — $ 1,827,106 Net earnings 70,218 70,218 Other comprehensive income (loss) 1,574 1,574 Share repurchases — Common stock issued for exercise of options 201 2 1,871 (10,733) (8,860) Common stock issued for restricted stock awards 6 0 0 (267) (267) Cash dividends (12,582) (12,582) Stock-based compensation expense 9,995 9,995 Common stock issued to employee stock purchase plan 38 0 2,389 2,389 Employee stock purchase plan expense 113 113 Balances at March 31, 2023 157,339 $ 1,573 $ 715,052 $ 1,246,612 $ (73,551) $ — $ 1,889,686
Schedule of changes in Accumulated Other Comprehensive Income (Loss)	Three months ended March 31, 2024 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of December 31, 2023, net of tax: $ 8,842 $ (72,503) $ (63,661) Other comprehensive income (loss), before tax: Amounts before reclassifications (1,626) (12,620) (14,246) Amounts reclassified out 2,570 837 3,407 Total other comprehensive income (loss), before tax 944 (11,783) (10,839) Tax (expense)/benefit (609) (198) (807) Total other comprehensive income (loss), net of tax 335 (11,981) (11,646) Balance as of March 31, 2024, net of tax $ 9,177 $ (84,484) $ (75,307) Three months ended March 31, 2023 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of December 31, 2022, attributable to Bio-Techne, net of tax: $ 12,079 $ (87,204) $ (75,125) Other comprehensive income (loss), before tax: Amounts before reclassifications, attributable to Bio-Techne (3,105) 3,282 177 Amounts reclassified out 1,826 — 1,826 Total other comprehensive income (loss), before tax (1,279) 3,282 2,003 Tax (expense)/benefit (429) — (429) Total other comprehensive income (loss), net of tax (1,708) 3,282 1,574 Balance as of March 31, 2023, net of tax $ 10,371 $ (83,922) $ (73,551) Nine months ended March 31, 2024 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of June 30, 2023, net of tax: $ 12,862 $ (78,926) $ (66,064) Other comprehensive income (loss), before tax: Amounts before reclassifications (9,582) (7,368) (16,950) Amounts reclassified out 7,729 2,372 10,101 Total other comprehensive income (loss), before tax (1,853) (4,996) (6,849) Tax (expense)/benefit (1,832) (562) (2,394) Total other comprehensive income (loss), net of tax (3,685) (5,558) (9,243) Balance as of March 31, 2024, net of tax (1) $ 9,177 $ (84,484) $ (75,307) Nine months ended March 31, 2023 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of June 30, 2022, attributable to Bio-Techne, net of tax: $ 8,069 $ (83,269) $ (75,200) Other comprehensive income (loss), before tax: Amounts before reclassifications, attributable to Bio-Techne 431 (805) (374) Amounts reclassified out 2,445 152 2,597 Total other comprehensive income (loss), before tax 2,876 (653) 2,223 Tax (expense)/benefit (574) — (574) Total other comprehensive income (loss), net of tax 2,302 (653) 1,649 Balance as of March 31, 2023, net of tax (1) $ 10,371 $ (83,922) $ (73,551) (1)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Notes Tables
Schedule of the calculation of basic and diluted earnings per share	The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Earnings per share – basic: Net earnings, including noncontrolling interest $ 49,059 $ 70,218 $ 127,517 $ 209,958 Less net earnings (loss) attributable to noncontrolling interest — — — 179 Net earnings attributable to Bio-Techne $ 49,059 $ 70,218 $ 127,517 $ 209,779 Income allocated to participating securities (5) (16) (24) (52) Income available to common shareholders $ 49,054 $ 70,202 $ 127,493 $ 209,727 Weighted-average shares outstanding – basic 157,309 157,311 157,655 157,071 Earnings per share – basic $ 0.31 $ 0.45 $ 0.81 $ 1.34 Earnings per share – diluted: Net earnings, including noncontrolling interest $ 49,059 $ 70,218 $ 127,517 $ 209,958 Less net earnings (loss) attributable to noncontrolling interest — — — 179 Net earnings attributable to Bio-Techne $ 49,059 $ 70,218 $ 127,517 $ 209,779 Income allocated to participating securities (5) (16) (24) (52) Income available to common shareholders $ 49,054 $ 70,202 $ 127,493 $ 209,727 Weighted-average shares outstanding – basic 157,309 157,311 157,655 157,071 Dilutive effect of stock options and restricted stock units 3,187 4,304 3,162 4,697 Weighted-average common shares outstanding – diluted 160,496 161,615 160,817 161,768 Earnings per share – diluted $ 0.31 $ 0.43 $ 0.79 $ 1.30

Other Income _ (Expense) (Table

Other Income / (Expense) (Tables)	9 Months Ended
Other Income / (Expense) (Tables)	Mar. 31, 2024
Notes Tables
Schedule of the components of other income (expense)	The components of other income (expense) in the accompanying Statement of Earnings and Comprehensive Income are as follows (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Interest expense $ (4,005) $ (1,367) $ (13,227) $ (7,513) Interest income 712 974 2,418 2,375 Gain (loss) on investment (1) — 314 283 50,009 Gain (loss) on equity method investment (1,747) — (5,950) — Other non-operating income (expense), net (874) 64 (359) 1,053 Total other income (expense) $ (5,914) $ (15) $ (16,835) $ 45,924 (1) Primarily due to a $0.3 million gain on the sale of our exchange traded investment grade bond funds during the nine months ended March 31, 2024 compared to a $37.2 million gain on the sale of our ChemoCentryx investment and a $11.7 million gain on the sale of Eminence in the nine months ended March 31, 2023.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Notes Tables
Schedule of financial information by reportable segment	The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales: Protein Sciences $ 214,589 $ 218,903 $ 616,914 $ 622,739 Diagnostics and Genomics 87,511 75,669 235,715 213,577 Other revenue (1) 2,093 — 2,093 — Intersegment (765) (426) (1,761) (934) Consolidated net sales $ 303,428 $ 294,146 $ 852,961 $ 835,382 Operating income: Protein Sciences $ 94,829 $ 98,756 $ 262,777 $ 274,035 Diagnostics and Genomics 8,104 11,464 13,189 28,399 Segment operating income $ 102,933 $ 110,220 $ 275,966 $ 302,434 Costs recognized on sale of acquired inventory (186) — (550) (400) Amortization of intangibles (19,287) (19,286) (58,908) (57,694) Impact of partially-owned consolidated subsidiaries (2) — — — 647 Acquisition related expenses and other (3,286) 1,333 (2,173) 9,343 Impairment of assets held-for-sale — — (6,038) — Stock based compensation, inclusive of employer taxes (8,358) (10,543) (32,810) (42,879) Restructuring and restructuring-related costs (1,550) — (7,157) (2,950) Corporate general, selling, and administrative expenses (3,346) (1,513) (7,545) (4,082) Impact of business held-for-sale (1) 78 — 78 — Consolidated operating income $ 66,998 $ 80,211 $ 160,863 $ 204,419 (1) (2) Includes the quarterly results of the partially-owned consolidated subsidiary prior to the sale of this partially-owned consolidated subsidiary to a third party in the first fiscal quarter of 2023.

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands			1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024 USD ($) segment shares	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) shares
Number of Operating Segments \| segment				2
Proceeds from sale of Eminence								$ 0	$ 17,824
Revenues, net				$ 303,428		$ 294,146		852,961	835,382
Gain on sale of Eminence								0	11,682
Gain (loss) on equity method investment				(1,747)				(5,950)
Investment in Wilson Wolf									232,000
Positions eliminated during the period as a percentage					4%
Current liabilities attributable to disposal group held for sale				$ 689				689		$ 0
Impairment of Long-Lived Assets to be Disposed of								$ 6,038	$ 0
Common stock, shares authorized (in shares) \| shares				400,000,000				400,000,000		400,000,000
Eminence Biotechnology
Proceeds from sale of Eminence		$ 17,800
Protein Sciences
Goodwill attributable to disposal group held for sale					$ 1,400
Current liabilities attributable to disposal group held for sale				$ 700				$ 700
Pre-tax restructuring charges								220		$ 1,700
Protein Sciences \| Current Assets, Held For Sale
Inventory attributable to disposal group				11,200				11,200
Property, plant and equipment attributable to disposal group held for sale				5,600				5,600
Intangible assets, excluding goodwill, attributable to disposal group held for sale				14,300				14,300
Protein Sciences \| Eminence Biotechnology
Revenues, net							$ 2,000
Wilson Wolf Corporation
Investment percentage	19.90%					19.90%			19.90%
Gain (loss) on equity method investment				(1,700)				(6,000)
Investment amount				$ 248,000				$ 248,000		256,000
Payments to Acquire Investments	$ 232,000		$ 25,000
Forward Contract, Milestone, Multiple for Total Expected Payments				4.4				4.4
Wilson Wolf Corporation \| First Part of Forward Contract
Forward Contract, Milestone, Annual Revenue Required				$ 92,000				$ 92,000
Forward Contract, Milestone, Annual EBITDA				55,000				55,000
Wilson Wolf Corporation \| Second Part of Forward Contract
Forward Contract, Milestone, Annual Revenue Required				226,000				226,000
Forward Contract, Milestone, Annual EBITDA				136,000				136,000
Forward Contract, Additional Investment				$ 1,000,000				1,000,000
Selling, General and Administrative Expenses \| Protein Sciences
Asset Impairment Charges								$ 6,000
QT Holdings Corporation \| Protein Sciences
Pre-tax restructuring charges										$ 2,200
Eminence Biotechnology \| Nonoperating Income (Expense)
Gain on sale of Eminence							$ 11,700

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2022	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2023
Restructuring costs, net of adjustments	$ 1,550			$ 12,974
Accrued restructuring actions balances	3,761
Restructuring costs	1,273	$ 11,424
Cash payments	(3,239)	(1,434)
Non-cash adjustments	(843)	(6,229)
Adjustments	277
Accrued restructuring actions balances	1,229	3,761		1,229
Corporate
Restructuring costs, net of adjustments	253			1,478
Diagnostics and Genomics
Restructuring costs, net of adjustments	355			1,094
Protein Sciences
Restructuring costs, net of adjustments	942			10,402
Protein Sciences \| QT Holdings Corporation
Restructuring costs			$ 2,170
Cash payments					$ (2,005)
Adjustments					(165)
Cost of Sales
Restructuring costs, net of adjustments	647			1,821
Selling, General and Administrative Expenses
Restructuring costs, net of adjustments	903			11,153
Selling, General and Administrative Expenses \| Protein Sciences \| QT Holdings Corporation
Restructuring costs						$ 2,170
Employee severance
Restructuring costs, net of adjustments	410			5,292
Accrued restructuring actions balances	3,625
Restructuring costs	133	4,882
Cash payments	(2,806)	(1,257)
Adjustments	277
Accrued restructuring actions balances	1,229	3,625		1,229
Employee severance \| Corporate
Restructuring costs, net of adjustments	117			1,310
Employee severance \| Diagnostics and Genomics
Restructuring costs, net of adjustments	265			1,004
Employee severance \| Protein Sciences
Restructuring costs, net of adjustments	28			2,978
Accrued restructuring actions balances				897
Restructuring costs						1,677
Cash payments				(1,006)		(762)
Adjustments				221		18
Accrued restructuring actions balances	112			112	897	897
Employee severance \| Protein Sciences \| QT Holdings Corporation
Restructuring costs			1,328
Cash payments					(1,233)
Adjustments					(95)
Employee severance \| Selling, General and Administrative Expenses \| Protein Sciences \| QT Holdings Corporation
Restructuring costs						1,328
Asset-related and other
Restructuring costs, net of adjustments	1,140			1,644
Accrued restructuring actions balances	136
Restructuring costs	1,140	504
Cash payments	(433)	(177)
Non-cash adjustments	(843)	(191)
Accrued restructuring actions balances		136
Asset-related and other \| Corporate
Restructuring costs, net of adjustments	136			168
Asset-related and other \| Diagnostics and Genomics
Restructuring costs, net of adjustments	90			90
Asset-related and other \| Protein Sciences
Restructuring costs, net of adjustments	$ 914			1,386
Impairment of assets held-for-sale
Restructuring costs, net of adjustments				6,038
Restructuring costs		6,038
Non-cash adjustments		$ (6,038)
Impairment of assets held-for-sale \| Protein Sciences
Restructuring costs, net of adjustments				$ 6,038
Asset impairment and other \| Protein Sciences \| QT Holdings Corporation
Restructuring costs			$ 842
Cash payments					(772)
Adjustments					$ (70)
Asset impairment and other \| Selling, General and Administrative Expenses \| Protein Sciences \| QT Holdings Corporation
Restructuring costs						$ 842

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023
Revenue Recognition
Contract with Customer, Liability, Total	$ 32	$ 32	$ 24.6
Contract with Customer, Liability, Revenue Recognized	$ 3.2	$ 19.5

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenues, net	$ 303,428	$ 294,146	$ 852,961	$ 835,382
United States
Revenues, net	173,315	163,197	480,213	467,633
EMEA, excluding United Kingdom
Revenues, net	60,533	59,702	177,866	160,246
United Kingdom
Revenues, net	15,122	13,811	38,249	36,385
APAC, excluding Greater China
Revenues, net	18,253	20,159	54,645	55,592
Greater China
Revenues, net	25,598	26,256	75,542	88,103
Rest of World
Revenues, net	10,607	11,021	26,446	27,423
Consumables
Revenues, net	246,732	240,659	682,405	674,419
Instruments
Revenues, net	26,493	25,449	81,178	84,208
Services
Revenues, net	25,501	23,312	71,084	60,609
Product and Services
Revenues, net	298,726	289,420	834,667	819,236
Royalty revenues
Revenues, net	$ 4,702	$ 4,726	$ 18,294	$ 16,146

Selected Balance Sheet Data - N

Selected Balance Sheet Data - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Other Noncurrent Assets
Inventory, Finished Goods, Net of Reserves, Non-current	$ 5,404	$ 5,387

Selected Balance Sheet Data - I

Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Selected Balance Sheet Data
Raw materials	$ 80,524	$ 84,551
Finished goods	104,376	92,474
Inventories, net	$ 184,900	$ 177,025

Selected Balance Sheet Data - P

Selected Balance Sheet Data - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Property and equipment, cost	$ 495,627	$ 459,912
Accumulated depreciation and amortization	(251,899)	(233,712)
Property and equipment, net	243,728	226,200
Land
Property and equipment, cost	8,159	9,100
Building and improvements
Property and equipment, cost	243,567	245,302
Machinery and equipment
Property and equipment, cost	209,252	190,019
Construction in progress
Property and equipment, cost	$ 34,649	$ 15,491

Selected Balance Sheet Data -_2

Selected Balance Sheet Data - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Definite-lived intangibles assets	$ 1,031,794	$ 992,515
Accumulated amortization	(528,066)	(480,570)
Definite-lived intangibles assets, net	503,728	511,945
In process research and development	22,700	22,700
Total intangible assets, net	526,428	534,645
Developed technologies
Definite-lived intangibles assets	652,788	616,311
Trade names
Definite-lived intangibles assets	151,631	146,945
Customer relationships
Definite-lived intangibles assets	211,354	213,878
Patents
Definite-lived intangibles assets	4,149	3,815
Other intangibles
Definite-lived intangibles assets	$ 11,872	$ 11,566

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($)
Selected Balance Sheet Data
Beginning balance	$ 534,645
Acquisitions	66,400
Other additions	619
Held-for-sale intangibles	(14,323)
Amortization expense	(60,056)
Currency translation	(857)
Ending balance	$ 526,428

Selected Balance Sheet Data - E

Selected Balance Sheet Data - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Selected Balance Sheet Data
Remainder 2024	$ 19,525
2025	75,156
2026	71,191
2027	61,027
2028	57,380
Thereafter	219,449
Definite-lived intangibles assets, net	$ 503,728	$ 511,945

Selected Balance Sheet Data -_3

Selected Balance Sheet Data - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($)
Beginning balance	$ 872,737
Acquisitions	102,546
Held-for-sale goodwill	(1,400)
Currency translation	(2,917)
Ending balance	970,966
Protein Sciences
Beginning balance	427,027
Held-for-sale goodwill	(1,400)
Currency translation	(1,526)
Ending balance	424,101
Diagnostics and Genomics
Beginning balance	445,710
Acquisitions	102,546
Currency translation	(1,391)
Ending balance	$ 546,865

Selected Balance Sheet Data - O

Selected Balance Sheet Data - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Selected Balance Sheet Data
Equity method investment in Wilson Wolf	$ 247,984	$ 255,857
Derivative Instruments	$ 12,028	$ 16,857
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Long-term inventory	$ 5,404	$ 5,387
Other	6,724	7,201
Other assets	$ 272,140	$ 285,302

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Lunaphore Technologies SA. - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 07, 2023	Mar. 31, 2024	Mar. 31, 2024
Acquisition amount	$ 169,700		$ 169,707
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 4,400	9,900
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ 6,800	$ 21,000
Developed technologies
Finite-Lived Intangible Asset, Useful Life (Year)		14 years	14 years
Customer relationships
Finite-Lived Intangible Asset, Useful Life (Year)		8 years	8 years
Minimum \| Trade names
Finite-Lived Intangible Asset, Useful Life (Year)		4 years	4 years
Maximum \| Trade names
Finite-Lived Intangible Asset, Useful Life (Year)		8 years	8 years

Acquisitions - Preliminary and

Acquisitions - Preliminary and Final Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 07, 2023	Mar. 31, 2024	Jun. 30, 2023
Goodwill		$ 970,966	$ 872,737
Lunaphore Technologies SA.
Current assets		12,155
Equipment and other long-term assets		1,470
Goodwill		102,546
Total assets acquired		182,571
Liabilities		7,096
Deferred income taxes, net		5,768
Net assets acquired		169,707
Cash paid		169,707
Net assets acquired	$ 169,700	169,707
Lunaphore Technologies SA. \| Developed technologies
Intangible assets		60,300
Lunaphore Technologies SA. \| Trade names
Intangible assets		4,900
Lunaphore Technologies SA. \| Customer relationships
Intangible assets		$ 1,200

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	1 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Jul. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jul. 01, 2022 USD ($)	May 31, 2021 USD ($)	Apr. 06, 2021 USD ($)
Exchange Traded Investment Grade Bond Funds
Investments, Total			$ 25
Investments, Fair Value Disclosure, Total			23.7
Asuragen, Inc.
Contingent consideration			2				$ 18.3
Maximum contingent consideration		$ 105
Namocell Inc
Contingent consideration			$ 1.5		$ 10.6
Maximum contingent consideration		$ 25
Forward starting swaps \| Cash flow hedges \| Designated as hedging instruments
Derivative, Notional Amount				$ 100		$ 200
Cross-currency swap \| Net investment hedge \| Designated as hedging instruments
Derivative, Notional Amount	$ 150
Number of interim settlement dates \| item	4
Notional amount at maturity	$ 110
Decrease in notional amount at each interim date	$ 10

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Total assets	$ 17,425	$ 40,596
Contingent consideration		3,500
Total liabilities	680	3,500
Cash flow hedges
Derivative instruments - cash flow hedges	12,028	16,857
Net investment hedge
Derivative instruments - net investment hedge	680
Level 1
Total assets	5,397	23,739
Level 2
Total assets		16,857
Level 2 \| Cash flow hedges
Derivative instruments - cash flow hedges		16,857
Level 3
Contingent consideration		3,500
Total liabilities		3,500
Exchanged traded investment grade bond funds
Investments, Fair Value Disclosure		23,739
Exchanged traded investment grade bond funds \| Level 1
Investments, Fair Value Disclosure		$ 23,739
Certificates of Deposit [Member]
Investments, Fair Value Disclosure	5,397
Certificates of Deposit [Member] \| Level 1
Investments, Fair Value Disclosure	$ 5,397

Fair Value Measurements - Contr

Fair Value Measurements - Contractual Amounts of the Outstanding Instruments (Details) - Designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Cash flow hedges \| Forward starting swaps
Derivative [Line Items]
Fair value of derivative instruments	$ 300	$ 300
Net investment hedge \| Cross-currency swap
Derivative [Line Items]
Fair value of derivative instruments	$ 150

Fair Value Measurements - Preta

Fair Value Measurements - Pretax Amount Of The Gains And Losses On Our Hedging Instruments And The Classification Of Those Gains And Losses (Details) - Designated as hedging instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
(Gain) Loss Recognized in AOCI
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss	$ (3,288)	$ 3,105	$ 11,911	$ (431)
(Gain) Loss Reclassified into Income	(3,407)	(1,826)	(10,101)	(2,445)
Cash flow hedges \| Forward starting swaps
(Gain) Loss Recognized in AOCI
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss	1,626	3,105	9,582	(431)
(Gain) Loss Reclassified into Income	(2,570)	$ (1,826)	(7,729)	$ (2,445)
Net investment hedge \| Cross-currency swap
(Gain) Loss Recognized in AOCI
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss	(4,914)		2,329
(Gain) Loss Reclassified into Income	$ (837)		$ (2,372)

Fair Value Measurements - Liabi

Fair Value Measurements - Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Contingent Consideration - Level 3 - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Fair value at the beginning of period		$ 3,500
Change in fair value of contingent consideration		$ (3,500)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative	Selling, general and administrative

Debt and Other Financing Arra_2

Debt and Other Financing Arrangements - Narrative (Details) - Amended Credit Agreement - USD ($) $ in Millions	Aug. 31, 2022	Mar. 31, 2024
Line of Credit, Current		$ 389
Revolving Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000
Line of Credit Facility, Additional Borrowing Capacity	$ 400
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.125%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	9 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Variable Lease, Cost	$ 3.8
Fixed Lease, Cost	$ 13.7
Maximum
Lessee, Operating Lease, Renewal Term (Year)	5 years

Leases - Balance Sheet Classifi

Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Leases
Operating lease right of use assets	$ 97,258	$ 98,326
Current operating lease liabilities	12,978	11,199
Noncurrent operating lease liabilities	92,752	$ 93,766
Total operating lease liabilities	$ 105,730
Weighted average remaining lease term (in years):	8 years 7 months 28 days
Weighted average discount rate:	4.20%

Leases - Cash Paid (Details)

Leases - Cash Paid (Details) $ in Thousands	9 Months Ended
Leases - Cash Paid (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases
Cash amounts paid on operating lease liabilities	$ 12,352
Right of use assets obtained in exchange for lease liabilities	$ 10,255

Leases - Fair Value of the Leas

Leases - Fair Value of the Lease Liability by Payment Date (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases
Remainder 2024	$ 4,160
2025	16,532
2026	16,646
2027	13,780
2028	13,673
Thereafter	62,951
Total	127,742
Less: Amounts representing interest	22,012
Total lease obligations	$ 105,730

Supplemental Equity and Accum_3

Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Common Stock, dividends, per share, declared (in dollars per share)	$ 0.08	$ 0.24	$ 0.08	$ 0.24
Accumulated Other Comprehensive Income
Deferred income tax			$ 2.9	$ 3.2
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Other Comprehensive Income
Reclassification from accumulated other comprehensive income (loss) to earnings	$ 2.6	$ 1.4	$ 7.7	$ 1.7

Supplemental Equity and Accum_4

Supplemental Equity and Accumulated Other Comprehensive Income (Loss) - Consolidated Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Balances	$ 1,963,559	$ 1,997,746	$ 1,966,516	$ 1,827,106	$ 1,751,154	$ 1,701,011	$ 1,966,516	$ 1,701,011
Balances (in shares)			157,641,914				157,641,914
Net earnings	49,059	27,465	$ 50,993	70,218	50,005	89,734	$ 127,517	209,958
Other comprehensive income (loss)	(11,646)	14,355	(11,952)	1,574	16,685	(16,762)
Reclassification of cumulative translation adjustment for Eminence to non-operating income	0			0		119	$ 0	$ 119
Elimination of noncontrolling equity interest from sale of Eminence						613
Share repurchases		(80,042)				(19,562)
Common stock issued for exercise of options	15,765	3,841	(2,577)	(8,860)	5,075	(2,005)
Common stock issued for exercise of options (in shares)							1,590,362	1,271,338
Common stock issued for restricted stock awards	(168)	0	(4,767)	(267)	2	(6,427)
Cash dividends	(12,579)	(12,559)	(12,654)	(12,582)	(12,561)	(12,545)
Stock-based compensation expense	8,053	12,413	9,981	9,995	16,413	14,364
Common stock issued to employee stock purchase plan	2,252		2,094	2,389		2,517
Employee stock purchase plan expense	80	340	112	113	333	97
Balances	$ 2,014,375	1,963,559	1,997,746	1,889,686	1,827,106	1,751,154	$ 2,014,375	$ 1,889,686
Balances (in shares)	157,554,366						157,554,366
Common Stock
Balances	$ 1,571	$ 1,584	$ 1,576	$ 1,571	$ 1,569	$ 1,566	$ 1,576	$ 1,566
Balances (in shares)	157,142,000	158,355,000	157,642,000	157,094,000	156,928,000	156,644,000	157,642,000	156,644,000
Share repurchases		$ (14)				$ (2)
Share repurchases (in shares)		(1,397,000)				(222,000)
Common stock issued for exercise of options	$ 4	$ 1	$ 6	$ 2	$ 1	$ 5
Common stock issued for exercise of options (in shares)	372,000	157,000	633,000	201,000	155,000	425,000
Common stock issued for restricted stock awards	$ 0	$ 0	$ 1	$ 0	$ 1	$ 0
Common stock issued for restricted stock awards (in shares)	4,000	27,000	47,000	6,000	11,000	45,000
Common stock issued to employee stock purchase plan	$ 1		$ 1	$ 0		$ 0
Common stock issued to employee stock purchase plan (in shares)	36,000		33,000	38,000		36,000
Balances	$ 1,576	$ 1,571	$ 1,584	$ 1,573	$ 1,571	$ 1,569	$ 1,576	$ 1,573
Balances (in shares)	157,554,000	157,142,000	158,355,000	157,339,000	157,094,000	156,928,000	157,554,000	157,339,000
Additional Paid-in Capital
Balances	$ 764,273	$ 746,606	$ 721,543	$ 700,684	$ 678,863	$ 652,467	$ 721,543	$ 652,467
Common stock issued for exercise of options	15,761	4,914	12,877	1,871	5,074	9,418
Common stock issued for restricted stock awards	0	0	0	0	1	0
Stock-based compensation expense	8,053	12,413	9,981	9,995	16,413	14,364
Common stock issued to employee stock purchase plan	2,251		2,093	2,389		2,517
Employee stock purchase plan expense	80	340	112	113	333	97
Balances	790,418	764,273	746,606	715,052	700,684	678,863	790,418	715,052
Retained Earnings
Balances	1,261,376	1,327,572	1,309,461	1,199,976	1,162,532	1,122,937	1,309,461	1,122,937
Net earnings	49,059	27,465	50,993	70,218	50,005	89,555
Share repurchases		(80,028)				(19,560)
Common stock issued for exercise of options		(1,074)	(15,460)	(10,733)		(11,428)
Common stock issued for restricted stock awards	(168)		(4,768)	(267)		(6,427)
Cash dividends	(12,579)	(12,559)	(12,654)	(12,582)	(12,561)	(12,545)
Balances	1,297,688	1,261,376	1,327,572	1,246,612	1,199,976	1,162,532	1,297,688	1,246,612
Accumulated Other Comprehensive Income
Balances	(63,661)	(78,016)	(66,064)	(75,125)	(91,810)	(75,200)	(66,064)	(75,200)
Other comprehensive income (loss)	(11,646)	14,355	(11,952)	1,574	16,685	(16,762)
Reclassification of cumulative translation adjustment for Eminence to non-operating income						152
Balances	$ (75,307)	$ (63,661)	$ (78,016)	$ (73,551)	$ (75,125)	(91,810)	$ (75,307)	(73,551)
Noncontrolling Interest
Balances						(759)		$ (759)
Net earnings						179
Reclassification of cumulative translation adjustment for Eminence to non-operating income						(33)
Elimination of noncontrolling equity interest from sale of Eminence						$ 613

Supplemental Equity and Accum_5

Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Balance			$ 1,966,516
Other comprehensive income (loss), before tax:
Balance	$ 2,014,375		2,014,375
Unrealized Gains (Losses) on Derivative Instruments
Balance	8,842	$ 12,079	12,862	$ 8,069
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(1,626)	(3,105)	(9,582)	431
Amounts reclassified out	2,570	1,826	7,729	2,445
Total other comprehensive income (loss), before tax	944	(1,279)	(1,853)	2,876
Tax (expense)/benefit	(609)	(429)	(1,832)	(574)
Total other comprehensive income (loss), net of tax	335	(1,708)	(3,685)	2,302
Balance	9,177	10,371	9,177	10,371
Foreign Currency Translation Adjustments
Balance	(72,503)	(87,204)	(78,926)	(83,269)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(12,620)	3,282	(7,368)	(805)
Amounts reclassified out	837	0	2,372	152
Total other comprehensive income (loss), before tax	(11,783)	3,282	(4,996)	(653)
Tax (expense)/benefit	(198)	0	(562)
Total other comprehensive income (loss), net of tax	(11,981)	3,282	(5,558)	(653)
Balance	(84,484)	(83,922)	(84,484)	(83,922)
Accumulated Other Comprehensive Income
Balance	(63,661)	(75,125)	(66,064)	(75,200)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(14,246)	177	(16,950)	(374)
Amounts reclassified out	3,407	1,826	10,101	2,597
Total other comprehensive income (loss), before tax	(10,839)	2,003	(6,849)	2,223
Tax (expense)/benefit	(807)	(429)	(2,394)	(574)
Total other comprehensive income (loss), net of tax	(11,646)	1,574	(9,243)	1,649
Balance	$ (75,307)	$ (73,551)	$ (75,307)	$ (73,551)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4	4.5	4	4.5

Earnings Per Share - Shares Use

Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share
Net earnings, including noncontrolling interest	$ 49,059	$ 27,465	$ 50,993	$ 70,218	$ 50,005	$ 89,734	$ 127,517	$ 209,958
Less net earnings (loss) attributable to noncontrolling interest	0			0			0	179
Net earnings attributable to Bio-Techne	49,059			70,218			127,517	209,779
Income allocated to participating securities	(5)			(16)			(24)	(52)
Income available to common shareholders	$ 49,054			$ 70,202			$ 127,493	$ 209,727
Weighted-average shares outstanding - basic (in shares)	157,309			157,311			157,655	157,071
Earnings per share - basic (in shares)	$ 0.31			$ 0.45			$ 0.81	$ 1.34
Income available to common shareholders	$ 49,054			$ 70,202			$ 127,493	$ 209,727
Dilutive effect of stock options and restricted stock units (in shares)	3,187			4,304			3,162	4,697
Weighted-average common shares outstanding - diluted (in shares)	160,496			161,615			160,817	161,768
Earnings per share - diluted (in shares)	$ 0.31			$ 0.43			$ 0.79	$ 1.30

Share-based Compensation (Detai

Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Oct. 30, 2014
Granted, shares (in shares)			1,000,000	2,300,000
Granted, weighted average exercise price (in dollars per share)			$ 80.07	$ 93.96
Weighted average fair values (in dollars per share)			$ 27.47	$ 29.58
Common stock issued for exercise of options (in shares)			1,590,362	1,271,338
Common stock issued for exercise of options intrinsic values			$ 73,100	$ 74,100
Unrecognized compensation cost	$ 41,200		$ 41,200
Unrecognized compensation cost, period for recognition (Year)			2 years 2 months 12 days
Employee Stock Purchase Plan 2014
Stock-based compensation expense	100	$ 100	$ 500	500
Number of shares authorized (in shares)					800,000
Selling, General and Administrative Expenses
Stock-based compensation expense	8,100	10,200	31,700	41,500
Cost of Sales
Stock-based compensation expense	$ 100	$ 200	$ 600	$ 800
Restricted Stock Units (RSUs)
Granted, shares (in shares)			353,656	90,352
Granted, weighted average exercise price (in dollars per share)			$ 78.41	$ 93.84
Restricted Stock
Granted, shares (in shares)			27,196	10,816
Granted, weighted average exercise price (in dollars per share)			$ 56.98	$ 73.94

Other Income _ (Expense) - Narr

Other Income / (Expense) - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain on sale of investments	$ 0	$ 11,682
Exchanged traded investment grade bond funds
Gain on sale of investments	$ 300
Eminence
Gain on sale of investments		11,700
ChemoCentryx
Gain on sale of investments		$ 37,200

Other Income _ (Expense) - Sche

Other Income / (Expense) - Schedule of Components of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Other income (expense).
Interest expense	$ (4,005)	$ (1,367)	$ (13,227)	$ (7,513)
Interest income	712	974	2,418	2,375
Gain (loss) on investment(1)		314	283	50,009
Gain (loss) on equity method investment	(1,747)		(5,950)
Other non-operating income (expense), net	(874)	64	(359)	1,053
Total other income (expense)	$ (5,914)	$ (15)	$ (16,835)	$ 45,924

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent, Total	19.70%	12.40%	11.50%	16.10%
Income tax expense (benefit), discrete tax items	$ (1.8)	$ (5.7)	$ (16.6)	$ (8.9)
Share-based compensation excess tax benefit	1.9	0.4	13.6	9.5
Income tax expense (benefit), other immaterial discrete tax items, net		(4.7)		(4.5)
China
Income tax expense (benefit), discrete tax items	$ (0.1)	$ (0.6)	$ 3	$ 5.1

Segment Information - Financial

Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 303,428		$ 294,146	$ 852,961	$ 835,382
Operating income	66,998		80,211	160,863	204,419
Costs recognized on sale of acquired inventory				(550)	(400)
Restructuring and restructuring-related costs	(1,273)	$ (11,424)
Corporate general, selling, and administrative expenses	(111,840)		(99,238)	(332,839)	(291,624)
Other Revenues from Business Held for Sale
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	2,093			2,093
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating income	102,933		110,220	275,966	302,434
Costs recognized on sale of acquired inventory	(186)			(550)	(400)
Amortization of intangibles	(19,287)		(19,286)	(58,908)	(57,694)
Impact of partially-owned consolidated subsidiaries(2)					647
Acquisition related expenses and other	(3,286)		1,333	(2,173)	9,343
Impairment of assets held-for-sale				(6,038)
Stock based compensation, inclusive of employer taxes	(8,358)		(10,543)	(32,810)	(42,879)
Restructuring and restructuring-related costs	(1,550)			(7,157)	(2,950)
Corporate general, selling, and administrative expenses	(3,346)		(1,513)	(7,545)	(4,082)
Impact of business held-for-sale(1)	78			78
Operating Segments \| Protein Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	214,589		218,903	616,914	622,739
Operating income	94,829		98,756	262,777	274,035
Operating Segments \| Diagnostics and Genomics
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	87,511		75,669	235,715	213,577
Operating income	8,104		11,464	13,189	28,399
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ (765)		$ (426)	$ (1,761)	$ (934)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 49,059	$ 70,218	$ 127,517	$ 209,779

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false