Bio-Techne (TECH) 10-Q5 Nov 242025 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		158,891,800
Entity Central Index Key	0000842023
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
Net sales	$ 289,458	$ 276,935
Cost of sales	106,441	91,744
Gross margin	183,017	185,191
Operating expenses:
Selling, general and administrative	119,161	105,331
Research and development	23,869	23,998
Total operating expenses	143,030	129,329
Operating income	39,987	55,862
Other income (expense)	184	(6,304)
Earnings before income taxes	40,171	49,558
Income taxes	6,571	(1,435)
Net earnings	33,600	50,993
Other comprehensive income (loss):
Foreign currency translation income (loss)	21,256	(11,602)
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax amounts disclosed in Note 8	(3,027)	(350)
Other comprehensive income (loss)	18,229	(11,952)
Comprehensive income	$ 51,829	$ 39,041
Earnings per share:
Basic (in dollars per share)	$ 0.21	$ 0.32
Diluted (in dollars per share)	$ 0.21	$ 0.31
Weighted average common shares outstanding:
Basic (in shares)	158,531	158,130
Diluted (in shares)	161,115	161,940

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 187,540	$ 151,791
Short-term available-for-sale investments		1,072
Accounts receivable, less allowance for doubtful accounts of $4,904 and $4,386, respectively	223,688	241,394
Inventories	185,041	179,731
Current assets held-for-sale	9,459	9,773
Other current assets	42,839	33,658
Total current assets	648,567	617,419
Property and equipment, net	253,939	251,154
Right-of-use assets	89,221	91,285
Goodwill	982,585	972,663
Intangible assets, net	486,004	507,081
Other assets	275,701	264,265
Total assets	2,736,017	2,703,867
Current liabilities:
Trade accounts payable	31,559	37,968
Salaries, wages and related accruals	41,977	49,818
Accrued expenses	21,088	24,886
Contract liabilities	26,614	27,930
Income taxes payable	3,136	3,706
Operating lease liabilities - current	13,485	12,920
Other current liabilities	4,269	2,151
Total current liabilities	142,128	159,379
Deferred income taxes	50,017	55,863
Long-term debt obligations	300,000	319,000
Operating lease liabilities	85,433	87,618
Other long-term liabilities	19,789	13,157
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 158,878,127 and 158,216,258 respectively	1,589	1,582
Additional paid-in capital	855,973	820,337
Retained earnings	1,341,175	1,325,247
Accumulated other comprehensive loss	(60,087)	(78,316)
Total Bio-Techne's shareholders' equity	2,138,650	2,068,850
Total liabilities and shareholders' equity	$ 2,736,017	$ 2,703,867

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 4,904	$ 4,386
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)	158,878,127	158,216,258
Common stock, shares outstanding (in shares)	158,878,127	158,216,258

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 33,600	$ 50,993
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	28,137	28,540
Costs recognized on sale of acquired inventory	188	181
Deferred income taxes	(5,340)	(11,591)
Stock-based compensation expense	10,184	10,093
Fair value adjustment to contingent consideration payable		(1,750)
Fair value adjustment on available-for-sale investments		(283)
(Gain) Loss on equity method investment	(374)	2,382
Asset impairment restructuring	6,039
Leases, net	445	613
Other operating activity	747	182
Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables, net	21,563	15,599
Inventories	(2,805)	(5,216)
Prepaid expenses	(3,158)	(2,572)
Trade accounts payable, accrued expenses, contract liabilities, and other	(10,911)	(2,695)
Salaries, wages and related accruals	(8,246)	(2,157)
Income taxes payable	(6,180)	(22,936)
Net cash provided by (used in) operating activities	63,889	59,383
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of available-for-sale investments	1,085	23,759
Additions to property and equipment	(9,172)	(13,592)
Acquisitions, net of cash acquired		(166,426)
Distributions from (Investments in) Wilson Wolf	1,403	2,149
Investment in Spear Bio	(15,000)
Net cash provided by (used in) investing activities	(21,684)	(154,110)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends	(12,688)	(12,654)
Proceeds from stock option exercises	25,101	14,394
Borrowings under line-of-credit agreement		160,000
Repayments of long-term debt	(19,000)	(70,000)
Taxes paid on RSUs and net share settlements	(4,984)	(20,228)
Net cash provided by (used in) financing activities	(11,571)	71,512
Effect of exchange rate changes on cash and cash equivalents	5,115	(8,693)
Net change in cash and cash equivalents	35,749	(31,908)
Cash and cash equivalents at beginning of period	151,791	180,571
Cash and cash equivalents at end of period	187,540	148,663
Supplemental disclosure of cash flow information:
Cash paid for income taxes	16,490	32,797
Cash paid for interest	$ 5,205	$ 4,506

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 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, 2024, included in the Company's Annual Report on Form 10-K for fiscal 2024. A summary of significant accounting policies followed by the Company is detailed in the Company's Annual Report on Form 10-K for fiscal 2024. The Company follows these policies in preparation of the interim unaudited condensed consolidated financial statements. During the quarter ended September 30, 2024, the Company operated under two operating segments, Protein Sciences and Diagnostics and Spatial Biology (formerly Diagnostics and Genomics). The name change is intended to better reflect the focus and scope of our offerings. The manner in which we operate our business and review discrete financial information did not change. Segment information presented herein reflects the updated name of the operating segment. 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 2024. Investments In December 2021, the Company paid $25 million to enter into a two-part forward contract which requires the Company to make an initial ownership investment followed by purchase of full equity interest in Wilson Wolf Corporation (Wilson Wolf) if certain annual revenue or annual earnings before interest, taxes, depreciation, and amortization (EBITDA) thresholds are met. Wilson Wolf is a leading manufacturer of cell culture devices, including the G-Rex product line. The first part of the forward contract is triggered upon Wilson Wolf achieving approximately $92 million in annual revenue or $55 million in EBITDA at any point prior to December 31, 2027. During the quarter ended March 31, 2023, the Company determined that Wilson Wolf had met the EBITDA target. On March 31, 2023, the Company paid an additional $232 million to acquire 19.9% of Wilson Wolf. 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. For the quarter ended September 30, 2024, there was $0.3 million of gain recorded on the Company’s Consolidated Statement of Earnings and Comprehensive Income related to the investment. The Company’s total investment of $241 million is included within Other assets on the Consolidated Balance Sheet. Restructuring actions Fiscal Year 2025 Restructuring Actions: In the first quarter of fiscal 2025, the Company announced enterprise-wide restructuring focused on recovering operating margins and optimizing our manufacturing footprint. The Company is expecting to incur costs related to these actions through fiscal 2026, which will be recorded when specified criteria are met. The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands): Quarter Ended September 30, 2024 Cost of sales $ 4,898 Selling, general and administrative (1) 5,371 Total $ 10,269 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended September 30, 2024 Employee Asset-related severance and other Total Protein Sciences $ 2,274 $ 7,417 $ 9,691 Diagnostics and Spatial Biology 444 — 444 Corporate 134 — 134 Total $ 2,852 $ 7,417 $ 10,269 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 severance (1) impairment and other (2) Total Expense incurred in the first quarter of 2025 $ 2,852 $ 7,417 $ 10,269 Cash payments (189) — (189) Non-cash adjustments — (7,417) (7,417) Accrued restructuring actions balance as of September 30, 2024 $ 2,663 $ — $ 2,663 (1) (2) 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. These actions continued through the first quarter of fiscal 2025 as we incurred charges relating to our business held-for-sale and consulting fees related to optimizing efficiency. The Company is expecting to incur costs related to these actions through the second quarter 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 impairment tests performed over the disposal group during fiscal 2024, a cumulative impairment charge of $22.0 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Consolidated Statements of Earnings for the year ended June 30, 2024. There were no impairment charges related to the disposal group during the first quarter of fiscal 2025. As of September 30, 2024, the assets remaining within the disposal group primarily include inventory and property and equipment of $9.5 million, which is net of expected selling costs. 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 are recorded in Current assets held-for-sale in our Consolidated Balance Sheet as of September 30, 2024 and June 30, 2024. The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands): Quarter Ended September 30, 2024 Cost of sales $ — Selling, general and administrative (1) 753 Total $ 753 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended September 30, 2024 Employee Asset-related severance and other Total Protein Sciences $ 14 $ 40 $ 54 Diagnostics and Spatial Biology — — — Corporate (3) 702 699 Total $ 11 $ 742 $ 753 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 Incremental expense incurred in the third quarter of 2024 133 1,140 — 1,273 Incremental expense incurred in the fourth quarter of 2024 409 4,737 15,926 21,072 Cash payments (4,882) (2,800) — (7,682) Non-cash adjustments — (3,391) (21,963) (25,354) Adjustments (3) 219 — — 219 Accrued restructuring actions balance as of June 30, 2024 $ 761 $ 190 $ — $ 952 Incremental expense incurred in the first quarter of 2025 — 753 — 753 Cash payments (412) (775) — (1,187) Accrued restructuring actions balance as of September 30, 2024 $ 349 $ 169 $ — $ 518 (1) (2) (3) 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 were 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 year ended June 30, 2024 were $0.2 million. Restructuring actions, including cash and non-cash impacts, are as follows (in thousands): Employee severance Accrued restructuring actions balance as of June 30, 2023 $ 897 Fiscal year 2024 cash payments (1,118) First quarter fiscal year 2024 adjustments (1) 89 Second quarter fiscal year 2024 adjustments (1) 132 Accrued restructuring actions balance as of June 30, 2024 $ — (1) Legal Matters: The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state, and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries. The outcomes of legal actions are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, the enforcement agencies or private claimants seek damages, as well as other remedies (including injunctions barring the sale of products that are the subject of the proceeding), that could require significant expenditures, result in lost revenues, or limit the Company's ability to conduct business in the applicable jurisdictions. The Company records a liability in the consolidated financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages with incomplete scientific facts or legal discovery, involve unsubstantiated or indeterminate claims for damages, potentially involve penalties, fines or punitive damages, or could result in a change in business practice. The Company classifies certain specified litigation charges and gains related to significant legal matters as certain litigation charges in the consolidated statements of income. In August 2024, 804,162 shares of outstanding vested stock options related to former employees expired which have now been excluded from the Company’s dilutive EPS calculation for the period ended September 30, 2024. The expiration date of these options is currently under dispute. The total net pre-tax value of these options on the expiration date was approximately $33 million. As of September 30, the matter is under review and the Company is unable to estimate any future exposure related to this matter at this time. During the first quarter of fiscal 2025, the Company recognized $0.3 million of certain litigation charges. There was no comparable activity in the first quarter of fiscal 2024. As of each of the balance sheet dates presented, there was no accrued litigation. The ultimate cost to the Company with respect to accrued litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. The Company includes accrued litigation in Other current liabilities and Other liabilities on the consolidated balance sheets. While it is not possible to predict the outcome for most of the legal matters discussed below, the Company believes it is possible that the costs associated with these matters could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. Recently Adopted Accounting Pronouncements There were no accounting pronouncements adopted in the quarter ended September 30, 2024. Refer to the Form 10-K for accounting pronouncements adopted prior to June 30, 2024. Relevant New Standards Issued Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) , which requires incremental disclosures on reportable segments, primarily through enhanced disclosures on significant segment expenses. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2025 for our annual report and for interim periods starting in fiscal year 2026. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) , which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2026 for our annual report. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. 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	3 Months Ended
Revenue Recognition	Sep. 30, 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 September 30, 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 September 30, 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 September 30, 2024 and June 30, 2024 were approximately $29.2 million and $30.2 million, respectively. Contract liabilities as of June 30, 2024 subsequently recognized as revenue during the quarter ended September 30, 2024 were approximately $11.8 million. Contract liabilities as of June 30, 2023 subsequently recognized as revenue during the quarter ended September 30, 2023 were approximately $11.8 million. Contract liabilities in excess of one year are included in Other long-term liabilities on the consolidated balance sheet. 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 September 30, 2024 2023 Consumables $ 230,845 $ 224,547 Instruments 26,206 24,860 Services 27,357 21,454 Total product and services revenue, net $ 284,408 $ 270,861 Royalty revenues 5,050 6,074 Total revenues, net $ 289,458 $ 276,935 Revenue by geography is as follows (in thousands): Quarter Ended September 30, 2024 2023 United States $ 165,015 $ 159,105 EMEA, excluding United Kingdom 59,063 54,798 United Kingdom 13,944 12,449 APAC, excluding Greater China 18,122 17,351 Greater China 24,321 25,485 Rest of World 8,993 7,747 Net sales $ 289,458 $ 276,935

Selected Balance Sheet Data

Selected Balance Sheet Data	3 Months Ended
Selected Balance Sheet Data	Sep. 30, 2024
Notes to Financial Statements
Supplemental Balance Sheet and Cash Flow Information	Note 3. Selected Balance Sheet Data: Inventories: Inventories consist of (in thousands): September 30, June 30, 2024 2024 Raw materials $ 81,786 $ 79,377 Finished goods (1) 108,811 106,072 Inventories, net $ 190,597 $ 185,449 (1) Finished goods inventory of $5,556 and $5,718 is included within Other Assets in the September 30, 2024 and June 30, 2024, Consolidated Balance Sheets, respectively, 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): September 30, June 30, 2024 2024 Land $ 8,161 $ 8,150 Buildings and improvements 250,206 243,863 Machinery and equipment 228,648 215,948 Construction in progress 32,186 39,749 Property and equipment, cost 519,201 507,710 Accumulated depreciation and amortization (265,262) (256,556) Property and equipment, net $ 253,939 $ 251,154 Intangible Assets: Intangible assets consist of (in thousands): September 30, June 30, 2024 2024 Developed technology $ 680,747 $ 675,674 Tradenames 152,341 151,561 Customer relationships 212,011 211,276 Patents 4,552 4,343 Other intangibles 7,176 12,006 Definite-lived intangible assets 1,056,827 1,054,860 Accumulated amortization (570,823) (547,779) Total intangible assets, net $ 486,004 $ 507,081 Changes to the carrying amount of net intangible assets for the period ended September 30, 2024 consist of (in thousands): September 30, 2024 Beginning balance $ 507,081 Other additions 112 Amortization expense (20,040) Restructuring impairment (5,474) Currency translation 4,325 Ending balance $ 486,004 The estimated future amortization expense for intangible assets as of September 30, 2024 is as follows (in thousands): Remainder 2025 $ 59,111 2026 72,743 2027 62,540 2028 58,821 2029 46,200 Thereafter 186,589 Total $ 486,004 Goodwill: Changes to the carrying amount of goodwill for the period ended September 30, 2024 consist of (in thousands): Diagnostics and Protein Sciences Spatial Biology Total June 30, 2024 $ 423,449 $ 549,214 $ 972,663 Currency translation 3,042 6,880 9,922 September 30, 2024 $ 426,491 $ 556,094 $ 982,585 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 2024. No indicators of impairment were identified as part of our assessment. Other assets: Other assets consist of (in thousands): September 30, June 30, 2024 2024 Equity method investment in Wilson Wolf $ 241,308 $ 242,337 Derivative instruments 6,669 9,813 Long-term inventory 5,556 5,718 Investment in Spear Bio 15,000 — Other 7,168 6,397 Other assets $ 275,701 $ 264,265

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Sep. 30, 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 comprehensive income from their respective dates of acquisitions. Acquisition costs are recorded in Selling, general and administrative expenses as incurred. There were no acquisitions in the first quarter of fiscal 2025. 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 price consideration related to Lunaphore was completed in the fourth quarter of fiscal 2024. The fair values of the assets acquired and liabilities assumed as of June 30, 2024 are as follows (in thousands): Final allocation at June 30, 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 104,650 Total assets acquired 184,675 Liabilities 7,096 Deferred income taxes, net 7,872 Net assets acquired $ 169,707 Cash paid 169,707 Tangible assets and liabilities acquired were recorded at fair value on the date of close based on management's assessment. The purchase price allocated to developed technology and customer relationships was based on management’s 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 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 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 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 calculation of acquired net operating losses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Sep. 30, 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, 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 September 30, Inputs Considered as 2024 Level 1 Level 2 Level 3 Assets Derivatives designated as hedging instruments - cash flow hedges Other current assets $ 250 $ — $ 250 $ — Derivatives designated as hedging instruments - cash flow hedges Other assets 6,669 — 6,669 — Total assets $ 6,919 $ — $ 6,919 $ — Liabilities Derivatives designated as hedging instruments - cash flow hedges Other long-term liabilities $ 269 $ — $ 269 $ — Derivatives designated as hedging instruments - net investment hedge Other long-term liabilities 8,041 — 8,041 — Total liabilities $ 8,310 $ — $ 8,310 $ — Total carrying value as of Fair Value Measurements Using Balance Sheet Location June 30, Inputs Considered as 2024 Level 1 Level 2 Level 3 Assets Certificates of deposit (1) Short-term available-for-sale investments $ 1,072 $ 1,072 $ — $ — Derivatives designated as hedging instruments - cash flow hedges Other current assets 805 — 805 — Derivatives designated as hedging instruments - cash flow hedges Other assets 9,813 — 9,813 — Total assets $ 11,690 $ 1,072 $ 10,618 $ — Liabilities Derivatives designated as hedging instruments - net investment hedge Other long-term liabilities $ 2,051 $ — $ 2,051 $ — Total liabilities $ 2,051 $ — $ 2,051 $ — (1) The certificates of deposit have contractual maturity dates within one year. 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): September 30, June 30, Instruments Designation 2024 2024 Forward starting swaps (1) Cash flow hedge $ 300 $ 300 Cross-currency swap (2) Net investment hedge 140 150 (1) In May 2021, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $200 million of notional principal. The effective date of the swap was November 2022 with the full swap maturing in November 2025. In March 2023, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $100 million of notional principal. The effective date of the swap was April 2023 with the full swap maturing in April 2025. In August 2024, the Company entered into a new forward starting swap designated as a cash flow hedge on forecasted debt based on $100 million of notional principal that will go into effect in April 2025 to replace a swap that matures in April 2025. The effective date of the new swap is April 2025 with the full swap maturing in April 2026. (2) In July 2023, the Company entered into a pay-fixed rate, receive-fixed rate cross-currency swap contract with a total notional amount of $150 million that was designated as a hedge to lock in the Swiss franc (CHF) rate for a portion of the Company's CHF net investment in its Lunaphore subsidiary in Switzerland. The objective of the hedge is to protect the net investment in the Company's CHF-denominated operations against changes in the spot exchange rates, on a pre-tax basis. The hedging instrument has three remaining interim settlement dates, which will reduce the notional on the hedging instrument by $10 million at each interim date, and will reduce the notional to $110 million at maturity. 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 months ended September 30, 2024 and September 30, 2023 were as follows (in thousands): (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Quarter Ended September 30, 2024 2023 Cash flow hedges Forward starting swaps $ 5,010 $ (1,587) Net investment hedges Cross-currency swap 5,165 (1,366) Total $ 10,175 $ (2,953) (Gain) Loss Reclassified into Income Quarter Ended September 30, Location of (Gain) Loss 2024 2023 in Income Statement Cash flow hedges Forward starting swaps $ (2,599) $ (2,539) Interest expense Net investment hedges Cross-currency swap (782) (698) Interest expense Total $ (3,381) $ (3,237) 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 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	3 Months Ended
Debt and Other Financing Arrangements	Sep. 30, 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 governed 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 10 basis points. The Credit Agreement matures on August 31, 2027 and contains customary restrictive and financial covenants and customary events of default. As of September 30, 2024, the outstanding balance under the Credit Agreement was $300 million.

Leases

Leases	3 Months Ended
Leases	Sep. 30, 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 three months ended September 30, 2024, the Company recognized $1.3 million in variable lease expense and $4.4 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 (asset and liability amounts are in thousands): As of September 30, Balance Sheet Classification 2024 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 89,221 Current operating lease liabilities Operating lease liabilities - current $ 13,485 Noncurrent operating lease liabilities Operating lease liabilities 85,433 Total operating lease liabilities $ 98,918 Weighted average remaining lease term (in years): 8.30 Weighted average discount rate (%): 4.24 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 three months ended (in thousands): Quarter ended September 30, 2024 Cash amounts paid on operating lease liabilities $ 3,885 Right-of-use assets obtained in exchange for lease liabilities $ 799 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): September 30, 2024 Remainder 2025 $ 12,668 2026 16,647 2027 13,767 2028 13,593 2029 13,125 Thereafter 48,790 Total $ 118,590 Less: Amounts representing interest 19,672 Total lease obligations $ 98,918 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) Information	3 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information	Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss): Supplemental Equity The Company has declared cash dividends per share of $0.08 in the three months ended September 30, 2024 and 2023. 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, 2024 158,216 $ 1,582 $ 820,337 $ 1,325,247 $ (78,316) $ 2,068,850 Net earnings 33,600 33,600 Other comprehensive income (loss) 18,229 18,229 Common stock issued for exercise of options 577 6 23,224 (2,338) 20,892 Common stock issued for restricted stock awards 50 1 1 (2,646) (2,644) Cash dividends (12,688) (12,688) Stock-based compensation expense 10,146 10,146 Common stock issued to employee stock purchase plan 35 0 2,227 2,227 Employee stock purchase plan expense 38 38 Balances at September 30, 2024 158,878 $ 1,589 $ 855,973 $ 1,341,175 $ (60,087) $ 2,138,650 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 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 accumulated balances related to each component of other comprehensive income (loss) are summarized as follows (in thousands): Three months ended September 30, 2024 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of June 30, 2024, net of tax $ 8,102 $ (86,418) $ (78,316) Other comprehensive income (loss), before tax: Amounts before reclassifications (5,010) 20,659 15,649 Amounts reclassified out 2,599 782 3,381 Total other comprehensive income (loss), before tax (2,411) 21,441 19,030 Tax (expense)/benefit (616) (185) (801) Total other comprehensive income (loss), net of tax (3,027) 21,256 18,229 Balance as of September 30, 2024, net of tax $ 5,075 $ (65,162) $ (60,087) Three months ended September 30, 2023 (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 1,587 (11,069) (9,482) Amounts reclassified out (2,539) (698) (3,237) Total other comprehensive income (loss), before tax (952) (11,767) (12,719) Tax (expense)/benefit (602) (165) (767) Total other comprehensive income (loss), net of tax (350) (11,602) (11,952) Balance as of September 30, 2023, net of tax $ 12,512 $ (90,528) $ (78,016) The Company had a net deferred tax liability for its cash flow hedges of $1.6 million and $4.1 million as of September 30, 2024 and September 30, 2023, respectively. 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	3 Months Ended
Earnings Per Share	Sep. 30, 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 September 30, 2024 2023 Earnings per share – basic: Net earnings $ 33,600 $ 50,993 Income allocated to participating securities (6) (8) Income available to common shareholders $ 33,594 $ 50,985 Weighted-average shares outstanding – basic 158,531 158,130 Earnings per share – basic $ 0.21 $ 0.32 Earnings per share – diluted: Net earnings $ 33,600 $ 50,993 Income allocated to participating securities (6) (8) Income available to common shareholders $ 33,594 $ 50,985 Weighted-average shares outstanding – basic 158,531 158,130 Dilutive effect of stock options and restricted stock units 2,584 3,810 Weighted-average common shares outstanding – diluted 161,115 161,940 Earnings per share – diluted $ 0.21 $ 0.31 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 4.1 million and 4.1 million for the quarter ended September 30, 2024 and 2023, respectively.

Share-based Compensation

Share-based Compensation	3 Months Ended
Share-based Compensation	Sep. 30, 2024
Notes to Financial Statements
Share-based Compensation	Note 10. Share-based Compensation: During the quarter ended September 30, 2024 and 2023, the Company granted 0.8 million and 0.8 million stock options at weighted average grant prices of $74.85 and $84.34 and weighted average fair values of $25.32 and $28.58, respectively. During the quarter ended September 30, 2024 and 2023, the Company granted 468,866 and 268,961 restricted stock units at a weighted average fair value of $74.92 and $84.44, respectively. During the quarter ended September 30, 2024 and 2023, the Company did not grant restricted common stock shares. Stock options for 648,293 and 1,027,777 shares of common stock with total intrinsic values of $23.5 million and $54.3 million were exercised during the quarter ended September 30, 2024 and 2023, respectively. Stock-based compensation expense, inclusive of payroll taxes, of $10.3 million and $11.1 million was included in selling, general and administrative expenses for the quarter ended September 30, 2024 and 2023 respectively. Additionally, the Company recognized $0.3 million of stock-based compensation costs in cost of goods sold during the quarter ended September 30, 2024 compared to $0.2 million in the comparative prior year period. As of September 30, 2024, there was $72.5 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.

Other Income _ (Expense)

Other Income / (Expense)	3 Months Ended
Other Income / (Expense)	Sep. 30, 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 September 30, 2024 2023 Interest expense $ (2,176) $ (4,893) Interest income 926 890 Gain (loss) on investment (1) — 283 Gain (loss) on equity method investment 374 (2,290) Other non-operating income (expense), net 1,060 (294) Total other income (expense) $ 184 $ (6,304) (1) Primarily due to a $0.3 million gain on the sale of our exchange traded investment grade bond funds during the quarter ended September 30, 2023.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Notes to Financial Statements
Income Taxes	Note 12. Income Taxes: The Company’s effective income tax rate for the first quarter of fiscal 2025 and 2024 was 16.4% and (2.9)%, respectively, of consolidated earnings before income taxes, inclusive of discrete items. The change in the Company’s tax rate for the quarter ended September 30, 2024 compared to September 30, 2023 was driven by a mix of net income and timing of discrete items. The Company recognized total net benefits related to discrete tax items of $3.0 million during the quarter ended September 30, 2024, compared to $13.6 million during the quarter ended September 30, 2023. Share-based compensation excess tax benefit contributed $3.3 million in the quarter ended September 30, 2024, compared to $10.4 million in the quarter ended September 30, 2023. The Company recognized total other immaterial net discrete tax expense of $0.3 million in the quarter ended September 30, 2024, compared to $3.2 million of other immaterial net discrete tax benefit in the quarter ended September 30, 2023.

Segment Information

Segment Information	3 Months Ended
Segment Information	Sep. 30, 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 Spatial Biology 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 September 30, 2024 2023 Net sales: Protein Sciences $ 204,535 $ 204,655 Diagnostics and Spatial Biology 83,192 72,797 Other revenue (1) 2,303 — Intersegment (572) (517) Consolidated net sales $ 289,458 $ 276,935 Operating income: Protein Sciences $ 80,541 $ 88,361 Diagnostics and Spatial Biology 4,277 527 Segment operating income $ 84,818 $ 88,888 Costs recognized on sale of acquired inventory (188) (181) Amortization of intangibles (19,741) (19,851) Acquisition related expenses and other (1,513) 588 Certain litigation charges (292) — Stock based compensation, inclusive of employer taxes (10,637) (11,494) Restructuring and restructuring-related costs (11,022) (89) Corporate general, selling, and administrative expenses (1,586) (1,999) Impact of business held-for-sale (1) 148 — Consolidated operating income $ 39,987 $ 55,862 (1) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2024
Notes to Financial Statements
Subsequent Events	Note 14. Subsequent Events: None.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 33,600	$ 50,993

Insider Trading Arrangements

Insider Trading Arrangements - Kim Kelderman	3 Months Ended
Insider Trading Arrangements - Kim Kelderman	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Kim Kelderman , President, Chief Executive Officer, and Director the Company , adopted a Rule 10b5-1 trading plan effective September 5, 2024 . Mr. Kelderman’s trading plan provides for the sale of up to 97,700 shares of common stock between December 5, 2024 and August 6, 2025 , which is the expiration date of the plan.
Name	Kim Kelderman
Title	President, Chief Executive Officer, and Director the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2024
Expiration Date	August 6, 2025
Aggregate Available	97,700

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2024
Policy Text Block [Abstract]
Investments	Investments In December 2021, the Company paid $25 million to enter into a two-part forward contract which requires the Company to make an initial ownership investment followed by purchase of full equity interest in Wilson Wolf Corporation (Wilson Wolf) if certain annual revenue or annual earnings before interest, taxes, depreciation, and amortization (EBITDA) thresholds are met. Wilson Wolf is a leading manufacturer of cell culture devices, including the G-Rex product line. The first part of the forward contract is triggered upon Wilson Wolf achieving approximately $92 million in annual revenue or $55 million in EBITDA at any point prior to December 31, 2027. During the quarter ended March 31, 2023, the Company determined that Wilson Wolf had met the EBITDA target. On March 31, 2023, the Company paid an additional $232 million to acquire 19.9% of Wilson Wolf. 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. For the quarter ended September 30, 2024, there was $0.3 million of gain recorded on the Company’s Consolidated Statement of Earnings and Comprehensive Income related to the investment. The Company’s total investment of $241 million is included within Other assets on the Consolidated Balance Sheet.
Restructuring actions	Restructuring actions Fiscal Year 2025 Restructuring Actions: In the first quarter of fiscal 2025, the Company announced enterprise-wide restructuring focused on recovering operating margins and optimizing our manufacturing footprint. The Company is expecting to incur costs related to these actions through fiscal 2026, which will be recorded when specified criteria are met. The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands): Quarter Ended September 30, 2024 Cost of sales $ 4,898 Selling, general and administrative (1) 5,371 Total $ 10,269 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended September 30, 2024 Employee Asset-related severance and other Total Protein Sciences $ 2,274 $ 7,417 $ 9,691 Diagnostics and Spatial Biology 444 — 444 Corporate 134 — 134 Total $ 2,852 $ 7,417 $ 10,269 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 severance (1) impairment and other (2) Total Expense incurred in the first quarter of 2025 $ 2,852 $ 7,417 $ 10,269 Cash payments (189) — (189) Non-cash adjustments — (7,417) (7,417) Accrued restructuring actions balance as of September 30, 2024 $ 2,663 $ — $ 2,663 (1) (2) 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. These actions continued through the first quarter of fiscal 2025 as we incurred charges relating to our business held-for-sale and consulting fees related to optimizing efficiency. The Company is expecting to incur costs related to these actions through the second quarter 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 impairment tests performed over the disposal group during fiscal 2024, a cumulative impairment charge of $22.0 million which includes the allocated goodwill, was recorded in the Selling, general and administrative line in the Consolidated Statements of Earnings for the year ended June 30, 2024. There were no impairment charges related to the disposal group during the first quarter of fiscal 2025. As of September 30, 2024, the assets remaining within the disposal group primarily include inventory and property and equipment of $9.5 million, which is net of expected selling costs. 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 are recorded in Current assets held-for-sale in our Consolidated Balance Sheet as of September 30, 2024 and June 30, 2024. The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands): Quarter Ended September 30, 2024 Cost of sales $ — Selling, general and administrative (1) 753 Total $ 753 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended September 30, 2024 Employee Asset-related severance and other Total Protein Sciences $ 14 $ 40 $ 54 Diagnostics and Spatial Biology — — — Corporate (3) 702 699 Total $ 11 $ 742 $ 753 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 Incremental expense incurred in the third quarter of 2024 133 1,140 — 1,273 Incremental expense incurred in the fourth quarter of 2024 409 4,737 15,926 21,072 Cash payments (4,882) (2,800) — (7,682) Non-cash adjustments — (3,391) (21,963) (25,354) Adjustments (3) 219 — — 219 Accrued restructuring actions balance as of June 30, 2024 $ 761 $ 190 $ — $ 952 Incremental expense incurred in the first quarter of 2025 — 753 — 753 Cash payments (412) (775) — (1,187) Accrued restructuring actions balance as of September 30, 2024 $ 349 $ 169 $ — $ 518 (1) (2) (3) 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 were 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 year ended June 30, 2024 were $0.2 million. Restructuring actions, including cash and non-cash impacts, are as follows (in thousands): Employee severance Accrued restructuring actions balance as of June 30, 2023 $ 897 Fiscal year 2024 cash payments (1,118) First quarter fiscal year 2024 adjustments (1) 89 Second quarter fiscal year 2024 adjustments (1) 132 Accrued restructuring actions balance as of June 30, 2024 $ — (1)
Legal Matters	Legal Matters: The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state, and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries. The outcomes of legal actions are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, the enforcement agencies or private claimants seek damages, as well as other remedies (including injunctions barring the sale of products that are the subject of the proceeding), that could require significant expenditures, result in lost revenues, or limit the Company's ability to conduct business in the applicable jurisdictions. The Company records a liability in the consolidated financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages with incomplete scientific facts or legal discovery, involve unsubstantiated or indeterminate claims for damages, potentially involve penalties, fines or punitive damages, or could result in a change in business practice. The Company classifies certain specified litigation charges and gains related to significant legal matters as certain litigation charges in the consolidated statements of income. In August 2024, 804,162 shares of outstanding vested stock options related to former employees expired which have now been excluded from the Company’s dilutive EPS calculation for the period ended September 30, 2024. The expiration date of these options is currently under dispute. The total net pre-tax value of these options on the expiration date was approximately $33 million. As of September 30, the matter is under review and the Company is unable to estimate any future exposure related to this matter at this time. During the first quarter of fiscal 2025, the Company recognized $0.3 million of certain litigation charges. There was no comparable activity in the first quarter of fiscal 2024. As of each of the balance sheet dates presented, there was no accrued litigation. The ultimate cost to the Company with respect to accrued litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. The Company includes accrued litigation in Other current liabilities and Other liabilities on the consolidated balance sheets. While it is not possible to predict the outcome for most of the legal matters discussed below, the Company believes it is possible that the costs associated with these matters could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows.
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 September 30, 2024. Refer to the Form 10-K for accounting pronouncements adopted prior to June 30, 2024. Relevant New Standards Issued Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) , which requires incremental disclosures on reportable segments, primarily through enhanced disclosures on significant segment expenses. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2025 for our annual report and for interim periods starting in fiscal year 2026. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) , which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2026 for our annual report. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. 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)	3 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of restructuring charges	In the first quarter of fiscal 2025, the Company announced enterprise-wide restructuring focused on recovering operating margins and optimizing our manufacturing footprint. The Company is expecting to incur costs related to these actions through fiscal 2026, which will be recorded when specified criteria are met. The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands): Quarter Ended September 30, 2024 Cost of sales $ 4,898 Selling, general and administrative (1) 5,371 Total $ 10,269 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended September 30, 2024 Employee Asset-related severance and other Total Protein Sciences $ 2,274 $ 7,417 $ 9,691 Diagnostics and Spatial Biology 444 — 444 Corporate 134 — 134 Total $ 2,852 $ 7,417 $ 10,269 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 severance (1) impairment and other (2) Total Expense incurred in the first quarter of 2025 $ 2,852 $ 7,417 $ 10,269 Cash payments (189) — (189) Non-cash adjustments — (7,417) (7,417) Accrued restructuring actions balance as of September 30, 2024 $ 2,663 $ — $ 2,663 (1) (2) The restructuring and restructuring-related charges, including the impairment of assets held-for-sale, for periods presented were recorded in the Consolidated Statements of Earnings as follows (in thousands): Quarter Ended September 30, 2024 Cost of sales $ — Selling, general and administrative (1) 753 Total $ 753 (1) Restructuring and restructuring-related costs by segment are as follows (in thousands): Three months ended September 30, 2024 Employee Asset-related severance and other Total Protein Sciences $ 14 $ 40 $ 54 Diagnostics and Spatial Biology — — — Corporate (3) 702 699 Total $ 11 $ 742 $ 753 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 Incremental expense incurred in the third quarter of 2024 133 1,140 — 1,273 Incremental expense incurred in the fourth quarter of 2024 409 4,737 15,926 21,072 Cash payments (4,882) (2,800) — (7,682) Non-cash adjustments — (3,391) (21,963) (25,354) Adjustments (3) 219 — — 219 Accrued restructuring actions balance as of June 30, 2024 $ 761 $ 190 $ — $ 952 Incremental expense incurred in the first quarter of 2025 — 753 — 753 Cash payments (412) (775) — (1,187) Accrued restructuring actions balance as of September 30, 2024 $ 349 $ 169 $ — $ 518 (1) (2) (3)
Protein Sciences
Notes Tables
Schedule of restructuring charges	Restructuring actions, including cash and non-cash impacts, are as follows (in thousands): Employee severance Accrued restructuring actions balance as of June 30, 2023 $ 897 Fiscal year 2024 cash payments (1,118) First quarter fiscal year 2024 adjustments (1) 89 Second quarter fiscal year 2024 adjustments (1) 132 Accrued restructuring actions balance as of June 30, 2024 $ — (1)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
Notes Tables
Schedules of disaggregated revenue	Revenue by type is as follows (in thousands): Quarter Ended September 30, 2024 2023 Consumables $ 230,845 $ 224,547 Instruments 26,206 24,860 Services 27,357 21,454 Total product and services revenue, net $ 284,408 $ 270,861 Royalty revenues 5,050 6,074 Total revenues, net $ 289,458 $ 276,935 Revenue by geography is as follows (in thousands): Quarter Ended September 30, 2024 2023 United States $ 165,015 $ 159,105 EMEA, excluding United Kingdom 59,063 54,798 United Kingdom 13,944 12,449 APAC, excluding Greater China 18,122 17,351 Greater China 24,321 25,485 Rest of World 8,993 7,747 Net sales $ 289,458 $ 276,935

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	3 Months Ended
Selected Balance Sheet Data (Tables)	Sep. 30, 2024
Notes Tables
Schedule of inventories	Inventories consist of (in thousands): September 30, June 30, 2024 2024 Raw materials $ 81,786 $ 79,377 Finished goods (1) 108,811 106,072 Inventories, net $ 190,597 $ 185,449 (1) Finished goods inventory of $5,556 and $5,718 is included within Other Assets in the September 30, 2024 and June 30, 2024, Consolidated Balance Sheets, respectively, 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): September 30, June 30, 2024 2024 Land $ 8,161 $ 8,150 Buildings and improvements 250,206 243,863 Machinery and equipment 228,648 215,948 Construction in progress 32,186 39,749 Property and equipment, cost 519,201 507,710 Accumulated depreciation and amortization (265,262) (256,556) Property and equipment, net $ 253,939 $ 251,154
Schedule of intangible assets	Intangible assets consist of (in thousands): September 30, June 30, 2024 2024 Developed technology $ 680,747 $ 675,674 Tradenames 152,341 151,561 Customer relationships 212,011 211,276 Patents 4,552 4,343 Other intangibles 7,176 12,006 Definite-lived intangible assets 1,056,827 1,054,860 Accumulated amortization (570,823) (547,779) Total intangible assets, net $ 486,004 $ 507,081
Schedule of changes in carrying amount of net intangible assets	Changes to the carrying amount of net intangible assets for the period ended September 30, 2024 consist of (in thousands): September 30, 2024 Beginning balance $ 507,081 Other additions 112 Amortization expense (20,040) Restructuring impairment (5,474) Currency translation 4,325 Ending balance $ 486,004
Schedule of estimated future amortization expense for intangible assets	The estimated future amortization expense for intangible assets as of September 30, 2024 is as follows (in thousands): Remainder 2025 $ 59,111 2026 72,743 2027 62,540 2028 58,821 2029 46,200 Thereafter 186,589 Total $ 486,004
Schedule of changes to the carrying amount of goodwill	Changes to the carrying amount of goodwill for the period ended September 30, 2024 consist of (in thousands): Diagnostics and Protein Sciences Spatial Biology Total June 30, 2024 $ 423,449 $ 549,214 $ 972,663 Currency translation 3,042 6,880 9,922 September 30, 2024 $ 426,491 $ 556,094 $ 982,585
Schedule of other assets	September 30, June 30, 2024 2024 Equity method investment in Wilson Wolf $ 241,308 $ 242,337 Derivative instruments 6,669 9,813 Long-term inventory 5,556 5,718 Investment in Spear Bio 15,000 — Other 7,168 6,397 Other assets $ 275,701 $ 264,265

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Sep. 30, 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 fair values of the assets acquired and liabilities assumed as of June 30, 2024 are as follows (in thousands): Final allocation at June 30, 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 104,650 Total assets acquired 184,675 Liabilities 7,096 Deferred income taxes, net 7,872 Net assets acquired $ 169,707 Cash paid 169,707

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 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 September 30, Inputs Considered as 2024 Level 1 Level 2 Level 3 Assets Derivatives designated as hedging instruments - cash flow hedges Other current assets $ 250 $ — $ 250 $ — Derivatives designated as hedging instruments - cash flow hedges Other assets 6,669 — 6,669 — Total assets $ 6,919 $ — $ 6,919 $ — Liabilities Derivatives designated as hedging instruments - cash flow hedges Other long-term liabilities $ 269 $ — $ 269 $ — Derivatives designated as hedging instruments - net investment hedge Other long-term liabilities 8,041 — 8,041 — Total liabilities $ 8,310 $ — $ 8,310 $ — Total carrying value as of Fair Value Measurements Using Balance Sheet Location June 30, Inputs Considered as 2024 Level 1 Level 2 Level 3 Assets Certificates of deposit (1) Short-term available-for-sale investments $ 1,072 $ 1,072 $ — $ — Derivatives designated as hedging instruments - cash flow hedges Other current assets 805 — 805 — Derivatives designated as hedging instruments - cash flow hedges Other assets 9,813 — 9,813 — Total assets $ 11,690 $ 1,072 $ 10,618 $ — Liabilities Derivatives designated as hedging instruments - net investment hedge Other long-term liabilities $ 2,051 $ — $ 2,051 $ — Total liabilities $ 2,051 $ — $ 2,051 $ — (1) The certificates of deposit have contractual maturity dates within one year.
Schedule of contractual amounts of the outstanding instruments	The following table presents the contractual amounts of the Company's outstanding instruments (in millions): September 30, June 30, Instruments Designation 2024 2024 Forward starting swaps (1) Cash flow hedge $ 300 $ 300 Cross-currency swap (2) Net investment hedge 140 150 (1) In May 2021, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $200 million of notional principal. The effective date of the swap was November 2022 with the full swap maturing in November 2025. In March 2023, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $100 million of notional principal. The effective date of the swap was April 2023 with the full swap maturing in April 2025. In August 2024, the Company entered into a new forward starting swap designated as a cash flow hedge on forecasted debt based on $100 million of notional principal that will go into effect in April 2025 to replace a swap that matures in April 2025. The effective date of the new swap is April 2025 with the full swap maturing in April 2026. (2) In July 2023, the Company entered into a pay-fixed rate, receive-fixed rate cross-currency swap contract with a total notional amount of $150 million that was designated as a hedge to lock in the Swiss franc (CHF) rate for a portion of the Company's CHF net investment in its Lunaphore subsidiary in Switzerland. The objective of the hedge is to protect the net investment in the Company's CHF-denominated operations against changes in the spot exchange rates, on a pre-tax basis. The hedging instrument has three remaining interim settlement dates, which will reduce the notional on the hedging instrument by $10 million at each interim date, and will reduce the notional to $110 million at maturity.
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 months ended September 30, 2024 and September 30, 2023 were as follows (in thousands): (Gain) Loss Recognized in Accumulated Other Comprehensive Loss Quarter Ended September 30, 2024 2023 Cash flow hedges Forward starting swaps $ 5,010 $ (1,587) Net investment hedges Cross-currency swap 5,165 (1,366) Total $ 10,175 $ (2,953) (Gain) Loss Reclassified into Income Quarter Ended September 30, Location of (Gain) Loss 2024 2023 in Income Statement Cash flow hedges Forward starting swaps $ (2,599) $ (2,539) Interest expense Net investment hedges Cross-currency swap (782) (698) Interest expense Total $ (3,381) $ (3,237)

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Sep. 30, 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 (asset and liability amounts are in thousands): As of September 30, Balance Sheet Classification 2024 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 89,221 Current operating lease liabilities Operating lease liabilities - current $ 13,485 Noncurrent operating lease liabilities Operating lease liabilities 85,433 Total operating lease liabilities $ 98,918 Weighted average remaining lease term (in years): 8.30 Weighted average discount rate (%): 4.24
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 three months ended (in thousands): Quarter ended September 30, 2024 Cash amounts paid on operating lease liabilities $ 3,885 Right-of-use assets obtained in exchange for lease liabilities $ 799
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): September 30, 2024 Remainder 2025 $ 12,668 2026 16,647 2027 13,767 2028 13,593 2029 13,125 Thereafter 48,790 Total $ 118,590 Less: Amounts representing interest 19,672 Total lease obligations $ 98,918

Supplemental Equity and Accum_2

Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information (Tables)	3 Months Ended
	Sep. 30, 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, 2024 158,216 $ 1,582 $ 820,337 $ 1,325,247 $ (78,316) $ 2,068,850 Net earnings 33,600 33,600 Other comprehensive income (loss) 18,229 18,229 Common stock issued for exercise of options 577 6 23,224 (2,338) 20,892 Common stock issued for restricted stock awards 50 1 1 (2,646) (2,644) Cash dividends (12,688) (12,688) Stock-based compensation expense 10,146 10,146 Common stock issued to employee stock purchase plan 35 0 2,227 2,227 Employee stock purchase plan expense 38 38 Balances at September 30, 2024 158,878 $ 1,589 $ 855,973 $ 1,341,175 $ (60,087) $ 2,138,650 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
Schedule of changes in Accumulated Other Comprehensive Income (Loss)	Three months ended September 30, 2024 (in thousands): Unrealized Gains Foreign (Losses) on Currency Derivative Translation Instruments Adjustments Total Balance as of June 30, 2024, net of tax $ 8,102 $ (86,418) $ (78,316) Other comprehensive income (loss), before tax: Amounts before reclassifications (5,010) 20,659 15,649 Amounts reclassified out 2,599 782 3,381 Total other comprehensive income (loss), before tax (2,411) 21,441 19,030 Tax (expense)/benefit (616) (185) (801) Total other comprehensive income (loss), net of tax (3,027) 21,256 18,229 Balance as of September 30, 2024, net of tax $ 5,075 $ (65,162) $ (60,087) Three months ended September 30, 2023 (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 1,587 (11,069) (9,482) Amounts reclassified out (2,539) (698) (3,237) Total other comprehensive income (loss), before tax (952) (11,767) (12,719) Tax (expense)/benefit (602) (165) (767) Total other comprehensive income (loss), net of tax (350) (11,602) (11,952) Balance as of September 30, 2023, net of tax $ 12,512 $ (90,528) $ (78,016)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Sep. 30, 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 September 30, 2024 2023 Earnings per share – basic: Net earnings $ 33,600 $ 50,993 Income allocated to participating securities (6) (8) Income available to common shareholders $ 33,594 $ 50,985 Weighted-average shares outstanding – basic 158,531 158,130 Earnings per share – basic $ 0.21 $ 0.32 Earnings per share – diluted: Net earnings $ 33,600 $ 50,993 Income allocated to participating securities (6) (8) Income available to common shareholders $ 33,594 $ 50,985 Weighted-average shares outstanding – basic 158,531 158,130 Dilutive effect of stock options and restricted stock units 2,584 3,810 Weighted-average common shares outstanding – diluted 161,115 161,940 Earnings per share – diluted $ 0.21 $ 0.31

Other Income _ (Expense) (Table

Other Income / (Expense) (Tables)	3 Months Ended
Other Income / (Expense) (Tables)	Sep. 30, 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 September 30, 2024 2023 Interest expense $ (2,176) $ (4,893) Interest income 926 890 Gain (loss) on investment (1) — 283 Gain (loss) on equity method investment 374 (2,290) Other non-operating income (expense), net 1,060 (294) Total other income (expense) $ 184 $ (6,304) (1) Primarily due to a $0.3 million gain on the sale of our exchange traded investment grade bond funds during the quarter ended September 30, 2023.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Sep. 30, 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 September 30, 2024 2023 Net sales: Protein Sciences $ 204,535 $ 204,655 Diagnostics and Spatial Biology 83,192 72,797 Other revenue (1) 2,303 — Intersegment (572) (517) Consolidated net sales $ 289,458 $ 276,935 Operating income: Protein Sciences $ 80,541 $ 88,361 Diagnostics and Spatial Biology 4,277 527 Segment operating income $ 84,818 $ 88,888 Costs recognized on sale of acquired inventory (188) (181) Amortization of intangibles (19,741) (19,851) Acquisition related expenses and other (1,513) 588 Certain litigation charges (292) — Stock based compensation, inclusive of employer taxes (10,637) (11,494) Restructuring and restructuring-related costs (11,022) (89) Corporate general, selling, and administrative expenses (1,586) (1,999) Impact of business held-for-sale (1) 148 — Consolidated operating income $ 39,987 $ 55,862 (1) Includes the quarterly results of a business that has met the held-for-sale criteria since December 31, 2023.

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Investments (Details) $ in Thousands		1 Months Ended		3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($)	Aug. 31, 2024 USD ($) shares	Dec. 31, 2021 USD ($)	Sep. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Number of Operating Segments \| segment				2
Payments to acquire investment in Spear Bio				$ 15,000
Gain (loss) on equity method investment				374		$ (2,290)
Number of expired vested stock options (in shares) \| shares		804,162
Total net pre-tax value of options that expired		$ 33,000
Litigation charges				300		$ 0
Accrued litigation				0
Fiscal Year 2024 Restructuring Actions
Positions eliminated during the period as a percentage					4%
Protein Sciences
Pre-tax restructuring charges							$ 200	$ 1,700
Protein Sciences \| Fiscal Year 2024 Restructuring Actions
Goodwill attributable to disposal group held for sale					$ 1,400
Impairment charges related to the disposal group				0
Protein Sciences \| Current Assets, Held For Sale \| Fiscal Year 2024 Restructuring Actions
Property, plant and equipment attributable to disposal group held for sale				$ 9,500
Wilson Wolf Corporation
Investment in Wilson Wolf	$ 232,000		$ 25,000
Investment percentage	19.90%
Forward Contract, Milestone, Multiple for Total Expected Payments				4.4
Gain (loss) on equity method investment				$ 300
Investment amount				241,000
Wilson Wolf Corporation \| First Part of Forward Contract
Forward Contract, Milestone, Annual Revenue Required				92,000
Forward Contract, Milestone, Annual EBITDA				55,000
Wilson Wolf Corporation \| Second Part of Forward Contract
Forward Contract, Milestone, Annual Revenue Required				226,000
Forward Contract, Milestone, Annual EBITDA				136,000
Forward Contract, Additional Investment				1,000,000
Spear Bio
Payments to acquire investment in Spear Bio				15,000
Spear Bio \| Other assets
Long-term investments				$ 15,000
Selling, General and Administrative Expenses \| Protein Sciences \| Fiscal Year 2024 Restructuring Actions
Asset Impairment Charges							$ 22,000

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2024
Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	$ 753
Accrued restructuring actions balances	952
Restructuring costs	753	$ 21,072	$ 1,273	$ 11,424
Cash payments	(1,187)					$ (7,682)
Non-cash adjustments						(25,354)
Adjustments						219
Accrued restructuring actions balances	518	952				952
Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	10,269
Restructuring costs	10,269
Cash payments	(189)
Non-cash adjustments	(7,417)
Accrued restructuring actions balances	2,663
Corporate \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	699
Corporate \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	134
Diagnostics and Spatial Biology \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	444
Protein Sciences \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	54
Protein Sciences \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	9,691
Cost of Sales \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	4,898
Selling, General and Administrative Expenses \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	753
Selling, General and Administrative Expenses \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	5,371
Employee severance \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	11
Accrued restructuring actions balances	761
Restructuring costs		$ 409	$ 133	$ 4,882
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Cost of Goods and Services Sold, Selling, General and Administrative Expense	Cost of Goods and Services Sold, Selling, General and Administrative Expense	Cost of Goods and Services Sold, Selling, General and Administrative Expense
Cash payments	(412)					(4,882)
Adjustments						219
Accrued restructuring actions balances	349	$ 761				761
Employee severance \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	2,852
Restructuring costs	$ 2,852
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold, Selling, General and Administrative Expense
Cash payments	$ (189)
Accrued restructuring actions balances	2,663
Employee severance \| Corporate \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	(3)
Employee severance \| Corporate \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	134
Employee severance \| Diagnostics and Spatial Biology \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	444
Employee severance \| Protein Sciences
Accrued restructuring actions balances	0				$ 897	897
Cash payments						(1,118)
Adjustments				$ 132	$ 89
Accrued restructuring actions balances		0				0
Employee severance \| Protein Sciences \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	14
Employee severance \| Protein Sciences \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	2,274
Asset-related and other \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	742
Accrued restructuring actions balances	190
Restructuring costs	$ 753	$ 4,737	$ 1,140	$ 504
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold, Selling, General and Administrative Expense	Cost of Goods and Services Sold, Selling, General and Administrative Expense	Cost of Goods and Services Sold, Selling, General and Administrative Expense	Cost of Goods and Services Sold, Selling, General and Administrative Expense
Cash payments	$ (775)					(2,800)
Non-cash adjustments						(3,391)
Accrued restructuring actions balances	169	$ 190				190
Asset-related and other \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	7,417
Restructuring costs	$ 7,417
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold, Selling, General and Administrative Expense
Non-cash adjustments	$ (7,417)
Asset-related and other \| Corporate \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	702
Asset-related and other \| Protein Sciences \| Fiscal Year 2024 Restructuring Actions
Restructuring costs, net of adjustments	40
Asset-related and other \| Protein Sciences \| Fiscal Year 2025 Restructuring Actions
Restructuring costs, net of adjustments	$ 7,417
Impairment of assets held-for-sale \| Fiscal Year 2024 Restructuring Actions
Restructuring costs		$ 15,926		$ 6,038
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Cost of Goods and Services Sold, Selling, General and Administrative Expense		Cost of Goods and Services Sold, Selling, General and Administrative Expense
Non-cash adjustments						$ (21,963)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Revenue Recognition
Contract with Customer, Liability, Total	$ 29.2		$ 30.2
Contract with Customer, Liability, Revenue Recognized	$ 11.8	$ 11.8

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenues, net	$ 289,458	$ 276,935
United States
Revenues, net	165,015	159,105
EMEA, excluding United Kingdom
Revenues, net	59,063	54,798
United Kingdom
Revenues, net	13,944	12,449
APAC, excluding Greater China
Revenues, net	18,122	17,351
Greater China
Revenues, net	24,321	25,485
Rest of World
Revenues, net	8,993	7,747
Consumables
Revenues, net	230,845	224,547
Instruments
Revenues, net	26,206	24,860
Services
Revenues, net	27,357	21,454
Product and Services
Revenues, net	284,408	270,861
Royalty revenues
Revenues, net	$ 5,050	$ 6,074

Selected Balance Sheet Data - N

Selected Balance Sheet Data - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Other Noncurrent Assets
Inventory, Finished Goods, Net of Reserves, Non-current	$ 5,556	$ 5,718

Selected Balance Sheet Data - I

Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Selected Balance Sheet Data
Raw materials	$ 81,786	$ 79,377
Finished goods	108,811	106,072
Inventories, net	$ 190,597	$ 185,449

Selected Balance Sheet Data - P

Selected Balance Sheet Data - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Property and equipment, cost	$ 519,201	$ 507,710
Accumulated depreciation and amortization	(265,262)	(256,556)
Property and equipment, net	253,939	251,154
Land
Property and equipment, cost	8,161	8,150
Building and improvements
Property and equipment, cost	250,206	243,863
Machinery and equipment
Property and equipment, cost	228,648	215,948
Construction in progress
Property and equipment, cost	$ 32,186	$ 39,749

Selected Balance Sheet Data -_2

Selected Balance Sheet Data - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Definite-lived intangibles assets	$ 1,056,827	$ 1,054,860
Accumulated amortization	(570,823)	(547,779)
Definite-lived intangibles assets, net	486,004	507,081
Total intangible assets, net	486,004	507,081
Developed technology
Definite-lived intangibles assets	680,747	675,674
Tradenames
Definite-lived intangibles assets	152,341	151,561
Customer relationships
Definite-lived intangibles assets	212,011	211,276
Patents
Definite-lived intangibles assets	4,552	4,343
Other intangibles
Definite-lived intangibles assets	$ 7,176	$ 12,006

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Selected Balance Sheet Data
Beginning balance	$ 507,081
Other additions	112
Amortization expense	(20,040)
Currency translation	4,325
Restructuring Impairment	(5,474)
Ending balance	$ 486,004

Selected Balance Sheet Data - E

Selected Balance Sheet Data - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Selected Balance Sheet Data
Remainder 2025	$ 59,111
2026	72,743
2027	62,540
2028	58,821
2029	46,200
Thereafter	186,589
Definite-lived intangibles assets, net	$ 486,004	$ 507,081

Selected Balance Sheet Data -_3

Selected Balance Sheet Data - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Beginning balance	$ 972,663
Currency translation	9,922
Ending balance	982,585
Protein Sciences
Beginning balance	423,449
Currency translation	3,042
Ending balance	426,491
Diagnostics and Spatial Biology
Beginning balance	549,214
Currency translation	6,880
Ending balance	$ 556,094

Selected Balance Sheet Data - O

Selected Balance Sheet Data - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Selected Balance Sheet Data
Equity method investment in Wilson Wolf	$ 241,308	$ 242,337
Derivative Instruments	$ 6,669	$ 9,813
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Long-term inventory	$ 5,556	$ 5,718
Investment in Spear Bio	15,000
Other	7,168	6,397
Other assets	$ 275,701	$ 264,265

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 07, 2023	Sep. 30, 2023	Sep. 30, 2024
Cash paid, net of cash acquired		$ 166,426
Lunaphore Technologies SA.
Acquisition amount	$ 169,700
Lunaphore Technologies SA. \| Developed technology
Finite-Lived Intangible Asset, Useful Life (Year)			14 years
Lunaphore Technologies SA. \| Customer relationships
Finite-Lived Intangible Asset, Useful Life (Year)			8 years
Lunaphore Technologies SA. \| Minimum \| Tradenames
Finite-Lived Intangible Asset, Useful Life (Year)			4 years
Lunaphore Technologies SA. \| Maximum \| Tradenames
Finite-Lived Intangible Asset, Useful Life (Year)			8 years

Acquisitions - Preliminary and

Acquisitions - Preliminary and Final Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 07, 2023	Jun. 30, 2024	Sep. 30, 2024
Goodwill		$ 972,663	$ 982,585
Lunaphore Technologies SA.
Current assets		12,155
Equipment and other long-term assets		1,470
Goodwill		104,650
Total assets acquired		184,675
Liabilities		7,096
Deferred income taxes, net		7,872
Net assets acquired		169,707
Cash paid		169,707
Net assets acquired	$ 169,700
Lunaphore Technologies SA. \| Developed technology
Intangible assets		60,300
Lunaphore Technologies SA. \| Tradenames
Intangible assets		4,900
Lunaphore Technologies SA. \| Customer relationships
Intangible assets		$ 1,200

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2023 USD ($) item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	May 31, 2021 USD ($)
Income Tax Expense (Benefit), Total		$ 6,571	$ (1,435)
Forward starting swaps \| Cash flow hedges \| Designated as hedging instruments
Derivative, Notional Amount				$ 100,000	$ 100,000	$ 200,000
Cross-currency swap \| Net investment hedge \| Designated as hedging instruments
Derivative, Notional Amount	$ 150,000
Number of interim settlement dates \| item	3
Notional amount at maturity		$ 110,000
Decrease in notional amount at each interim date	$ 10,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Assets, Fair Value Disclosure	$ 6,919	$ 11,690
Total liabilities	8,310	2,051
Cash flow hedges
Derivative instruments - liabilities	269
Net investment hedge
Derivative instruments - liabilities	8,041	2,051
Other current assets \| Cash flow hedges
Derivative instruments - assets	250	805
Other assets \| Cash flow hedges
Derivative instruments - assets	6,669	9,813
Level 1
Assets, Fair Value Disclosure		1,072
Level 2
Assets, Fair Value Disclosure	6,919	10,618
Total liabilities	8,310	2,051
Level 2 \| Cash flow hedges
Derivative instruments - liabilities	269
Level 2 \| Net investment hedge
Derivative instruments - liabilities	8,041	2,051
Level 2 \| Other current assets \| Cash flow hedges
Derivative instruments - assets	250	805
Level 2 \| Other assets \| Cash flow hedges
Derivative instruments - assets	$ 6,669	9,813
Certificates of Deposit
Investments, Fair Value Disclosure		1,072
Certificates of Deposit \| Level 1
Investments, Fair Value Disclosure		$ 1,072

Fair Value Measurements - Contr

Fair Value Measurements - Contractual Amounts of the Outstanding Instruments (Details) - Designated as hedging instruments - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
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	$ 140	$ 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) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
(Gain) Loss Recognized in AOCI
(Gain) Loss Reclassified into Income	$ (3,381)	$ (3,237)
Cash flow hedges \| Forward starting swaps
(Gain) Loss Recognized in AOCI
(Gain) Loss Reclassified into Income	(2,599)	(2,539)
Net investment hedge \| Cross-currency swap
(Gain) Loss Recognized in AOCI
(Gain) Loss Reclassified into Income	(782)	(698)
Designated as hedging instruments
(Gain) Loss Recognized in AOCI
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss	10,175	(2,953)
Designated as hedging instruments \| Cash flow hedges \| Forward starting swaps
(Gain) Loss Recognized in AOCI
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss	5,010	(1,587)
Designated as hedging instruments \| Net investment hedge \| Cross-currency swap
(Gain) Loss Recognized in AOCI
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss	$ 5,165	$ (1,366)

Debt and Other Financing Arra_2

Debt and Other Financing Arrangements - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 31, 2022	Sep. 30, 2023	Sep. 30, 2024
Borrowings under line-of-credit agreement		$ 160,000
Amended Credit Agreement
Line of Credit, Current			$ 300,000
Revolving Credit Facility \| Amended Credit Agreement
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
Line of Credit Facility, Additional Borrowing Capacity	$ 400,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.10%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Variable Lease, Cost	$ 1.3
Fixed Lease, Cost	$ 4.4
Maximum
Lessee, Operating Lease, Renewal Term (Year)	5 years

Leases - Balance Sheet Classifi

Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Leases
Operating lease right of use assets	$ 89,221	$ 91,285
Current operating lease liabilities	13,485	12,920
Noncurrent operating lease liabilities	85,433	$ 87,618
Total operating lease liabilities	$ 98,918
Operating Lease, Weighted Average Remaining Lease Term	8 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.24%

Leases - Cash Paid (Details)

Leases - Cash Paid (Details) $ in Thousands	3 Months Ended
Leases - Cash Paid (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
Operating Lease, Payments	$ 3,885
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 799

Leases - Fair Value of the Leas

Leases - Fair Value of the Lease Liability by Payment Date (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
Remainder 2025	$ 12,668
2026	16,647
2027	13,767
2028	13,593
2029	13,125
Thereafter	48,790
Total	118,590
Less: Amounts representing interest	19,672
Total lease obligations	$ 98,918

Supplemental Equity and Accum_3

Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Common Stock, dividends, per share, declared (in dollars per share)	$ 0.08	$ 0.08
Deferred tax liabilities	$ 50,017		$ 55,863
Interest expense	2,176	$ 4,893
Accumulated Other Comprehensive Income (Loss)
Deferred tax liabilities	$ 1,600	$ 4,100

Supplemental Equity and Accum_4

Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information - Consolidated Changes in Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balances	$ 2,068,850	$ 1,966,516
Balances (in shares)	158,216,258
Net earnings	$ 33,600	50,993
Other comprehensive income (loss) before reclassification	18,229	(11,952)
Common stock issued for exercise of options	$ 20,892	$ (2,577)
Common stock issued for exercise of options (in shares)	648,293	1,027,777
Common stock issued for restricted stock awards	$ (2,644)	$ (4,767)
Cash dividends	(12,688)	(12,654)
Stock-based compensation expense	10,146	9,981
Common stock issued to employee stock purchase plan	2,227	2,094
Employee stock purchase plan expense	38	112
Balances	$ 2,138,650	1,997,746
Balances (in shares)	158,878,127
Common Stock
Balances	$ 1,582	$ 1,576
Balances (in shares)	158,216,000	157,642,000
Common stock issued for exercise of options	$ 6	$ 6
Common stock issued for exercise of options (in shares)	577,000	633,000
Common stock issued for restricted stock awards	$ 1	$ 1
Common stock issued for restricted stock awards (in shares)	50,000	47,000
Common stock issued to employee stock purchase plan	$ 0	$ 1
Common stock issued to employee stock purchase plan (in shares)	35,000	33,000
Balances	$ 1,589	$ 1,584
Balances (in shares)	158,878,000	158,355,000
Additional Paid-in Capital
Balances	$ 820,337	$ 721,543
Common stock issued for exercise of options	23,224	12,877
Common stock issued for restricted stock awards	1	0
Stock-based compensation expense	10,146	9,981
Common stock issued to employee stock purchase plan	2,227	2,093
Employee stock purchase plan expense	38	112
Balances	855,973	746,606
Retained Earnings
Balances	1,325,247	1,309,461
Net earnings	33,600	50,993
Common stock issued for exercise of options	(2,338)	(15,460)
Common stock issued for restricted stock awards	(2,646)	(4,768)
Cash dividends	(12,688)	(12,654)
Balances	1,341,175	1,327,572
Accumulated Other Comprehensive Income (Loss)
Balances	(78,316)	(66,064)
Other comprehensive income (loss) before reclassification	18,229	(11,952)
Balances	$ (60,087)	$ (78,016)

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
	Sep. 30, 2024	Sep. 30, 2023
Balance	$ 2,068,850
Other comprehensive income (loss), before tax:
Amounts reclassified out	3,381	$ 3,237
Balance	2,138,650
Unrealized Gains (Losses) on Derivative Instruments
Balance	8,102	12,862
Other comprehensive income (loss), before tax:
Amounts before reclassifications	(5,010)	1,587
Amounts reclassified out	2,599	(2,539)
Total other comprehensive income (loss), before tax	(2,411)	(952)
Tax (expense) benefit	(616)	(602)
Total other comprehensive income (loss), net of tax	(3,027)	(350)
Balance	5,075	12,512
Foreign Currency Translation Adjustments
Balance	(86,418)	(78,926)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	20,659	(11,069)
Amounts reclassified out	782	(698)
Total other comprehensive income (loss), before tax	21,441	(11,767)
Tax (expense) benefit	(185)	(165)
Total other comprehensive income (loss), net of tax	21,256	(11,602)
Balance	(65,162)	(90,528)
Accumulated Other Comprehensive Income (Loss)
Balance	(78,316)	(66,064)
Other comprehensive income (loss), before tax:
Amounts before reclassifications	15,649	(9,482)
Amounts reclassified out	3,381	(3,237)
Total other comprehensive income (loss), before tax	19,030	(12,719)
Tax (expense) benefit	(801)	(767)
Total other comprehensive income (loss), net of tax	18,229	(11,952)
Balance	$ (60,087)	$ (78,016)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4.1	4.1

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
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net earnings	$ 33,600	$ 50,993
Net earnings	33,600	50,993
Income allocated to participating securities	(6)	(8)
Income available to common shareholders	$ 33,594	$ 50,985
Weighted-average shares outstanding - basic (in shares)	158,531	158,130
Earnings per share - basic	$ 0.21	$ 0.32
Income available to common shareholders	$ 33,594	$ 50,985
Dilutive effect of stock options and restricted stock units (in shares)	2,584	3,810
Weighted-average common shares outstanding - diluted (in shares)	161,115	161,940
Earnings per share - diluted	$ 0.21	$ 0.31

Share-based Compensation (Detai

Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Granted, shares (in shares)	800,000	800,000
Granted, weighted average exercise price (in dollars per share)	$ 74.85	$ 84.34
Weighted average fair values (in dollars per share)	$ 25.32	$ 28.58
Common stock issued for exercise of options (in shares)	648,293	1,027,777
Common stock issued for exercise of options intrinsic values	$ 23.5	$ 54.3
Unrecognized compensation cost	$ 72.5
Unrecognized compensation cost, period for recognition (Year)	2 years 2 months 12 days
Selling, General and Administrative Expenses
Stock-based compensation expense	$ 10.3	11.1
Cost of Sales
Stock-based compensation expense	$ 0.3	$ 0.2
Restricted Stock Units (RSUs)
Granted, shares (in shares)	468,866	268,961
Granted, weighted average exercise price (in dollars per share)	$ 74.92	$ 84.44
Restricted Stock
Granted, shares (in shares)	0	0

Other Income _ (Expense) - Narr

Other Income / (Expense) - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Other income (expense).
Gain on sale of Eminence	$ 0.3

Other Income _ (Expense) - Sche

Other Income / (Expense) - Schedule of Components of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other income (expense).
Interest expense	$ (2,176)	$ (4,893)
Interest income	926	890
Gain (loss) on investment(1)		283
Gain (loss) on equity method investment	374	(2,290)
Other non-operating income (expense), net	1,060	(294)
Total other income (expense), net	$ 184	$ (6,304)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Effective income tax rate reconciliation, percent, total	16.40%	(2.90%)
Income tax expense (benefit), discrete tax items	$ 3	$ (13.6)
Share-based compensation excess tax benefit	3.3	10.4
Income tax expense (benefit), other immaterial discrete tax items, net	$ 0.3	$ (3.2)

Segment Information - Financial

Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 289,458	$ 276,935
Operating income	39,987	55,862
Costs recognized on sale of acquired inventory	(188)	(181)
Intangible assets, net	486,004		$ 507,081
Corporate general, selling, and administrative expenses	(119,161)	(105,331)
Consumables
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	230,845	224,547
Instruments
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	26,206	24,860
Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	27,357	21,454
Product and Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	284,408	270,861
Royalty revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	5,050	6,074
Other Revenues from Business Held for Sale
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	2,303
Impact of business held-for-sale(1)	148
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating income	84,818	88,888
Costs recognized on sale of acquired inventory	(188)	(181)
Amortization of intangibles	(19,741)	(19,851)
Acquisition related expenses and other	(1,513)	588
Certain litigation charges	(292)
Stock based compensation, inclusive of employer taxes	(10,637)	(11,494)
Restructuring and restructuring-related costs	(11,022)	(89)
Operating Segments \| Protein Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	204,535	204,655
Operating income	80,541	88,361
Operating Segments \| Diagnostics and Spatial Biology
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	83,192	72,797
Operating income	4,277	527
Intersegment Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	(572)	(517)
Corporate, Non-Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Corporate general, selling, and administrative expenses	$ (1,586)	$ (1,999)