# BIO-TECHNE Corp (TECH)

Informational only - not investment advice.

CIK: 0000842023
SIC: 2836 Biological Products, (No Diagnostic Substances)
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2836 Biological Products, (No Diagnostic Substances)](/industry/2836/)
Latest 10-K filed: 2025-08-22
SEC page: https://www.sec.gov/edgar/browse/?CIK=842023
Filing source: https://www.sec.gov/Archives/edgar/data/842023/000155837025011716/tech-20250630x10k.htm

## At a glance

FY2025 · period end 2025-06-30 · filed 2025-08-22 · accession 0001558370-25-011716 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000842023.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,219,635,000 USD | 2025 | verified |
| Net income | 73,400,000 USD | 2025 | verified |
| Assets | 2,557,868,000 USD | 2025 | verified |
| Free cash flow | 256,550,000 USD | 2025 | computed |
| Net margin | 6.02% | 2025 | computed |
| Operating margin | 8.38% | 2025 | computed |
| Revenue YoY | +5.23% | 2025 | computed |
| ROE | 3.83% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TECH | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 6.0% | -14.7% | 56 | 33 |
| Operating margin | 8.4% | -16.8% | 65 | 32 |
| Revenue growth | 5.2% | 20.9% | 32 | 42 |
| FCF margin | 21.0% | -127.6% | 83 | 43 |
| ROE | 3.8% | -38.7% | 83 | 60 |
| ROA | 2.9% | -30.4% | 82 | 66 |
| Liabilities / equity | 0.33 | 0.38 | 44 | 62 |
| Current ratio | 3.46 | 5.52 | 22 | 66 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2836 Biological Products, (No Diagnostic Substances), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1219635000 | USD | 2025 | 2025-08-22 |
| Net income | 73400000 | USD | 2025 | 2025-08-22 |
| Assets | 2557868000 | USD | 2025 | 2025-08-22 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-08-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000842023.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  |  |  |  | 1,136,702,000 | 1,159,060,000 | 1,219,635,000 |
| Net income |  |  | 104,476,000 | 76,086,000 | 126,150,000 | 96,072,000 | 229,296,000 | 140,410,000 | 272,051,000 | 285,263,000 | 168,105,000 | 73,400,000 |
| Operating income |  |  | 150,593,000 | 120,584,000 | 136,178,000 | 146,719,000 | 157,419,000 | 237,296,000 | 296,590,000 | 298,944,000 | 206,686,000 | 102,255,000 |
| Gross profit |  |  | 336,659,000 | 374,541,000 | 432,143,000 | 473,491,000 | 483,194,000 | 632,850,000 | 756,496,000 | 769,815,000 | 769,725,000 | 790,272,000 |
| Diluted EPS |  |  | 2.80 | 2.03 | 3.31 | 2.47 | 5.82 | 0.87 | 1.66 | 1.76 | 1.05 | 0.46 |
| Operating cash flow |  |  | 144,157,000 | 143,721,000 | 170,367,000 | 181,619,000 | 205,217,000 | 352,164,000 | 325,272,000 | 254,393,000 | 298,981,000 | 287,556,000 |
| Capital expenditures |  |  | 16,898,000 | 15,179,000 | 20,934,000 | 25,411,000 | 51,744,000 | 44,301,000 | 44,908,000 | 38,244,000 | 62,877,000 | 31,006,000 |
| Dividends paid |  |  | 47,607,000 | 47,325,000 | 47,973,000 | 48,364,000 | 48,902,000 | 49,622,000 | 50,185,000 | 50,285,000 | 50,419,000 | 50,391,000 |
| Share buybacks | 0.00 | 0.00 |  |  | 0.00 | 15,405,000 | 50,112,000 | 43,178,000 | 160,950,000 | 19,562,000 | 80,042,000 | 275,731,000 |
| Assets |  |  | 1,129,581,000 | 1,558,219,000 | 1,593,202,000 | 1,884,410,000 | 2,027,589,000 | 2,262,957,000 | 2,294,805,000 | 2,638,692,000 | 2,703,867,000 | 2,557,868,000 |
| Stockholders' equity |  |  |  |  | 1,079,061,000 | 1,165,589,000 | 1,381,192,000 | 1,571,234,000 | 1,701,011,000 | 1,966,516,000 | 2,068,850,000 | 1,918,808,000 |
| Cash and cash equivalents |  |  | 64,237,000 | 91,612,000 | 121,990,000 | 100,886,000 | 146,625,000 | 199,091,000 | 172,567,000 | 180,571,000 | 151,791,000 | 162,186,000 |
| Free cash flow |  |  | 127,259,000 | 128,542,000 | 149,433,000 | 156,208,000 | 153,473,000 | 307,863,000 | 280,364,000 | 216,149,000 | 236,104,000 | 256,550,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  |  | 25.10% | 14.50% | 6.02% |
| Operating margin |  |  |  |  |  |  |  |  |  | 26.30% | 17.83% | 8.38% |
| Return on equity |  |  |  |  | 11.69% | 8.24% | 16.60% | 8.94% | 15.99% | 14.51% | 8.13% | 3.83% |
| Return on assets |  |  | 9.25% | 4.88% | 7.92% | 5.10% | 11.31% | 6.20% | 11.86% | 10.81% | 6.22% | 2.87% |
| Liabilities / equity |  |  |  |  | 0.48 | 0.62 | 0.47 | 0.44 | 0.35 | 0.34 | 0.31 | 0.33 |
| Current ratio |  |  | 4.69 | 2.57 | 5.01 | 4.05 | 4.88 | 3.35 | 3.44 | 4.84 | 3.87 | 3.46 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000842023.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-09-30 |  |  | 2.21 | reported discrete quarter |
| 2023-Q2 | 2022-12-31 |  |  | 0.31 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  |  | 0.43 | reported discrete quarter |
| 2023-Q4 | 2023-06-30 | 301,320,000 | 75,484,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-09-30 | 276,935,000 | 50,993,000 | 0.31 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 | 272,598,000 | 27,465,000 | 0.17 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 303,428,000 | 49,059,000 | 0.31 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 306,099,000 | 40,588,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 289,458,000 | 33,600,000 | 0.21 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 297,031,000 | 34,890,000 | 0.22 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 316,181,000 | 22,588,000 | 0.14 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 316,964,000 | -17,678,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 286,555,000 | 38,185,000 | 0.24 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 295,877,000 | 38,009,000 | 0.24 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 311,415,000 | 51,047,000 | 0.32 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TECH's latest 10-K: [/company/TECH/business/](/company/TECH/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TECH's latest 10-K: [/company/TECH/risk-factors/](/company/TECH/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/842023/000110465926056302/tech-20260331x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-06
Report date: 2026-03-31

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

The following management discussion and analysis (MD&A) provides information that we believe is useful in understanding our operating results, cash flows and financial condition. We provide quantitative information about the material sales drivers including the effect of acquisitions and changes in foreign currency at the corporate and segment level. We also provide quantitative information about discrete tax items and other significant factors we believe are useful for understanding our results. The MD&A should be read in conjunction with both the unaudited Condensed Consolidated Financial Information and related Notes included in this Form 10-Q, and MD&A of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended June 30, 2025. This discussion contains various “Non-GAAP Financial Measures” and also contains various “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We refer readers to the statements entitled “Non-GAAP Financial Measures” and “Forward-Looking Information and Cautionary Statements” located at the end of Item 2 of this report.

OVERVIEW

Bio-Techne and its subsidiaries, collectively doing business as Bio-Techne Corporation (Bio-Techne, we, our, us or the Company) develop, manufacture and sell biotechnology reagents, instruments and services for the research and clinical diagnostic markets worldwide. We use our deep product portfolio and application expertise to develop and sell integral components of scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases. Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses.

We are committed to providing the life sciences community with innovative, high-quality scientific tools that allow our customers to make extraordinary discoveries and treat and diagnose diseases. We intend to build on Bio-Techne’s past accomplishments, high product quality reputation and sound financial position by executing strategies that position us to serve as the standard for biological content in the research market, and to leverage that leadership position to expand our prescence in diagnostics and other adjacent markets. The Company’s strategic pillars for long-term growth and profitability are to grow and leverage the core, capitalize on high potential markets, market expansion through innovation and acquisition, deliver best-in-class customer experience, and develop people through a transformative culture.

Our Protein Sciences segment is a leading developer and manufacturer of high-quality purified proteins and reagent solutions, most notably cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents and T-Cell activation technologies. This segment also includes protein analysis solutions that offer researchers efficient and streamlined options for protein characterization, automated western blot and multiplexed ELISA workflow. Our Diagnostics and Spatial Biology segment develops and manufactures diagnostic products, including FDA-regulated controls, calibrators, blood gas and clinical chemistry controls and other reagents for OEM and clinical customers, as well as a portfolio of clinical molecular diagnostic carrier screening and oncology assays. This segment also manufactures and sells fully automated multiomic spatial biology instrumentation and advanced tissue-based in-situ hybridization assays (ISH) for research and clinical use.

RESULTS OF OPERATIONS

Net Sales

Consolidated net sales for the quarter ended March 31, 2026 decreased 2% to $311.4 million compared to the same prior year period. Consolidated net sales for the nine months ended March 31, 2026 were $893.8 million, a decrease of 1% from the same prior year period. Organic revenue for the quarter ended March 31, 2026 decreased 2% compared to the prior year. Foreign currency exchange had a favorable impact of 2% and non-recurring prior year revenue from a business held-for-sale had an unfavorable impact of 2%. Organic revenue for the nine months ended March 31, 2026 decreased 1% compared to the prior year. Foreign currency exchange had a favorable impact of 2% and non-recurring prior year revenue from a business held-for-sale had an unfavorable impact of 2%. Organic revenue for the quarter ended March 31, 2026 was primarily driven by unfavorable volume and product mix in our Protein Sciences segment, partially offset by favorable performance in our Diagnostics and Spatial Biology portfolio.

26

Table of Contents

Gross Margins

Consolidated gross margins for the quarter and nine months ended March 31, 2026 were 66.9% and 65.7%, respectively, compared to 67.9% and 65.5% for the same prior year periods. Excluding the impact of costs recognized upon the sale of acquired inventory, amortization of intangibles, stock-based compensation expense, restructuring and restructuring-related expenses, and the impact of a business held-for-sale, adjusted gross margins for the quarter and nine months ended March 31, 2026 were 70.4% and 69.7%, respectively, compared to 71.6% and 70.6% for the quarter and nine months ended March 31, 2025, respectively. Fluctuations in consolidated gross margin and adjusted gross margin, as a percentage of sales, have primarily resulted from changes in product mix. We expect that, in the future, gross margins will continue to be impacted by the mix of our portfolio growing at different rates.

A reconciliation of the reported consolidated gross margin percentages, adjusted for acquired inventory sold, intangible amortization, stock compensation expense, restructuring and restructuring-related charges, and the impact of a business held-for-sale included in cost of sales, is as follows (in thousands):

​

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

(1)March 31, 2025 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. March 31, 2026 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.

(2)Adjusted gross margin percentage excludes both revenue and gross margin for the businesses that met the held-for-sale criteria during the respective periods.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased 28% to $109.3 million and decreased 13% to $339.2 million for the quarter and nine months ended March 31, 2026, respectively, from the same prior year periods. The decrease in expense for the quarter and nine months ended March 31, 2026 was primarily due to non-recurring arbitration award in the prior year and ongoing cost management initiatives.

Research and Development Expenses

Research and development expenses decreased 5% to $23.5 million and decreased 4% to $70.8 million for the quarter and nine months ended March 31, 2026, respectively, from the same prior year periods. We continue to make strategic growth investments in research and development as we also employ our cost management initiatives.

27

Table of Contents

Segment Results

Protein Sciences

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

​

Protein Sciences’ net sales for the quarter and nine months ended March 31, 2026 were $226.2 million and $643.4 million, respectively, with results decreasing 1% and remaining flat, respectively, compared to the same respective prior year periods. As of December 31, 2023, a business within the Protein Sciences Segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment’s fiscal 2026 and 2025 operating results. Organic revenue for the segment decreased 4% in the quarter ended March 31, 2026. Foreign currency exchange had a favorable impact of 3%. Organic revenue for the segment decreased 2% for the nine months ended March 31, 2026. Foreign currency exchange had a favorable impact of 2%.

The operating margin was 44.2% and 40.8% for the quarter and nine months ended March 31, 2026, respectively, compared to 45.6% and 42.2% in both comparative prior year periods. The segment’s operating margin decreased primarily due to unfavorable volume and product mix, partially offset by ongoing profitability initiatives.

Diagnostics and Spatial Biology

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/842023/000155837025011716/tech-20250630x10k.htm
Complete FY 2025 MD&A: /company/TECH/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-08-22
Report date: 2025-06-30

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

The following management discussion and analysis (“MD&A”) provides information that we believe is useful in understanding our operating results, cash flows and financial condition. We provide quantitative information about the material sales drivers including the effect of acquisitions and changes in foreign currency at the corporate and segment level. We also provide quantitative information about discrete tax items and other significant factors we believe are useful for understanding our results. The MD&A should be read in conjunction with the consolidated financial information and related notes included in this Form 10-K. This discussion contains various “Non-GAAP Financial Measures” and also contains various “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We refer readers to the statements entitled “Non-GAAP Financial Measures” located at the end of this MD&A and “Forward-Looking Information and Cautionary Statements” and “Risk Factors” within Items 1 and 1A of this Form 10-K.

OVERVIEW

Bio-Techne develops, manufactures and sells life science reagents, instruments and services for the research and clinical diagnostic markets worldwide. With our deep product portfolio and application expertise, we sell integral components of scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases. Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses.

We manage the business in two operating segments – our Protein Sciences segment and our Diagnostics and Spatial Biology segment. Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell and gene therapy. This segment also includes proteomic analytical tools, both manual and automated, that offer researchers and pharmaceutical manufacturers efficient and streamlined options for automated western blot and multiplexed ELISA workflow. Our Diagnostics and Spatial Biology segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for the regulated diagnostics market, exosome-based molecular diagnostic assays, advanced tissue-based in-situ hybridization assays and instrumentation for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications.

RECENT ACQUISITIONS

A key component of the Company's strategy is to augment internal growth at existing businesses with complementary acquisitions. As disclosed in Note 4, the Company completed the acquisition of Lunaphore in fiscal 2024 for $169.7 million, in a cash-free, debt-free acquisition. We also purchased a 19.9% investment in Wilson Wolf in fiscal 2023 and, as disclosed in Note 1, will acquire the remaining shares in Wilson Wolf by the end of calendar year 2027, or earlier depending on the achievement of certain future milestones.

OVERALL RESULTS

Operational Update

For fiscal 2025, consolidated net sales increased 5% to $1.2 billion as compared to fiscal 2024. Organic growth was 5%, and foreign currency translation and a business held-for-sale did not have a material impact. Organic revenue growth was primarily driven by strong commercial execution in our Protein Sciences segment.

​

Consolidated net earnings for fiscal 2025 decreased 56% compared to fiscal 2024. The decrease in earnings was impacted by a non-recurring loss on an arbitration award, impairment of assets held-for-sale, and restructuring and restructuring-related charges. After adjusting for cost recognized upon sale of acquired inventory, intangibles amortization, acquisition-related costs, certain litigation charges, gain on sale of investments, stock-based compensation, restructuring and restructuring-related costs, impairment of assets held-for-sale, and impact of business held-for-sale, adjusted net earnings

33

Table of Contents

increased 8% in fiscal 2025 as compared to fiscal 2024. Adjusted net earnings was primarily impacted by favorable volume leverage within Protein Sciences.

For fiscal 2024, consolidated net sales increased 2% as compared to fiscal 2023. Organic growth was 1%, with acquisitions having a favorable impact of 1%. Foreign currency translation and a business held-for-sale did not have a material impact. Organic revenue growth was primarily driven by strong commercial execution in our Diagnostics and Spatial Biology segment.

Consolidated net earnings for fiscal 2024, including non-controlling interest, decreased 41% compared to fiscal 2023. The decrease in earnings was driven by a non-recurring gain on the sale of our ChemoCentryx, Inc. (CCXI) investment, a non-recurring gain on the sale of our investment in Eminence, and a non-recurring benefit related to the fair value of contingent consideration during fiscal 2023.

​

RESULTS OF OPERATIONS

Net Sales

Consolidated organic net sales exclude the impact of companies acquired during the first 12 months post-acquisition and the effect of the change from the prior year in exchange rates used to convert sales in foreign currencies (primarily the euro, British pound sterling, Chinese yuan, and Swiss franc) into U.S. dollars.

​

Consolidated net sales growth was as follows:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","","Year Ended June 30,"],["\u200b","","2025","","2024","","2023"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Organic sales growth","","5","%","1","%","5","%"],["Acquisitions sales growth","","0","%","1","%","0","%"],["Impact of foreign currency fluctuations","","0","%","0","%","(2)","%"],["Impact of business held for sale","\u200b","0","%","0","%","\u2014","%"],["Consolidated net sales growth","","5","%","2","%","3","%"]]
[[/GREPCENT_TABLE]]

​

Consolidated net sales by segment were as follows (in thousands):

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","","Year Ended June 30,"],["\u200b","","2025","","2024","","2023"],["Protein Sciences","\u200b","$","870,245","\u200b","$","830,902","\u200b","$","845,747"],["Diagnostics and Spatial Biology","\u200b","","346,263","\u200b","","326,392","\u200b","","292,602"],["Other revenue(1)","\u200b","\u200b","4,152","\u200b","\u200b","4,153","\u200b","\u200b","\u2014"],["Intersegment","\u200b","","(1,025)","\u200b","","(2,387)","\u200b","","(1,647)"],["Consolidated net sales","\u200b","$","1,219,635","\u200b","$","1,159,060","\u200b","$","1,136,702"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Since December 31, 2023, the Company has a business that has met the held-for-sale criteria. The years ended June 30, 2025 and 2024 include the twelve and six month results, respectively, while the business has met the held-for-sale criteria."]]
[[/GREPCENT_TABLE]]

​

In fiscal 2025, Protein Sciences segment net sales increased 5% compared to fiscal 2024. A business within the Protein Sciences Segment met the criteria as held-for-sale since December 31, 2023. The exclusion of fiscal 2025 sales related to the held-for-sale business did not have a material impact on sales. Organic revenue for the segment increased 5% for the

34

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fiscal year, and foreign currency exchange did not have a material impact on revenue growth. Segment revenue was driven  by strong proteomic analytical solutions and cell therapy performance and commercial execution.

In fiscal 2025, Diagnostics and Spatial Biology segment net sales increased 6% compared to fiscal 2024. Organic growth for the segment was 6% and foreign currency exchange did not have a material impact on revenue growth. Segment growth was driven by broad based molecular diagnostics performance and Lunaphore’s organic growth.

In fiscal 2024, Protein Sciences segment net sales decreased 2% compared to fiscal 2023. A business within the Protein Sciences Segment met the criteria as held-for-sale since December 31, 2023. The exclusion of third and fourth quarter of fiscal 2024 sales related to a held-for-sale business reduced sales by 1%. Organic revenue for the segment declined 2% for the fiscal year, with foreign currency exchange having a favorable impact of 1% on revenue. Segment revenue was impacted by broad based headwinds.

In fiscal 2024, Diagnostics and Spatial Biology segment net sales increased 12% compared to fiscal 2023. Organic growth for the segment was 6% with acquisitions having a 5% impact and foreign currency exchange having a favorable impact of 1% on revenue growth. Segment growth was driven by broad based molecular diagnostics performance and Lunaphore.

​

Gross Margins

Consolidated gross margins were 64.8%, 66.4%, and 67.7% in fiscal 2025, 2024, and 2023. Consolidated gross margin in fiscal year 2025 was impacted by the reinstatement of incentive accruals and product mix. Excluding the impact of acquired inventory sold, amortization of intangibles, stock compensation expense, restructuring and restructuring-related costs, impact of business held-for-sale, and the impact of partially-owned consolidated subsidiaries, adjusted gross margins were 70.4%, 71.0%, and 71.7% in fiscal 2025, 2024, and 2023, respectively. Fiscal 2025 consolidated gross margin was impacted by the resinstatement of incentive accruals and an unfavorable product mix when compared to the prior period. Fiscal 2024 consolidated gross margin was impacted by the Lunaphore acquisition when compared to the prior period. Fiscal 2023 consolidated gross margin was unfavorably impacted by foreign currency exchange and strategic growth investments including the Namocell acquisition.

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A reconciliation of the reported consolidated gross margin percentages, adjusted for acquired inventory sold, intangible amortization included in Cost of sales, restructuring and restructuring-related expenses, and impact of business held-for-sale is as follows:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TECH/mda/fy2025/
All MD&A years: /company/TECH/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TECH/mda/fy2024/): filed 2024-08-22; accession 0001558370-24-012430 (https://www.sec.gov/Archives/edgar/data/842023/000155837024012430/tech-20240630x10k.htm)
- [FY 2023 MD&A](/company/TECH/mda/fy2023/): filed 2023-08-23; accession 0001558370-23-015226 (https://www.sec.gov/Archives/edgar/data/842023/000155837023015226/tmb-20230630x10k.htm)
- [FY 2022 MD&A](/company/TECH/mda/fy2022/): filed 2022-08-24; accession 0001558370-22-013935 (https://www.sec.gov/Archives/edgar/data/842023/000155837022013935/tmb-20220630x10k.htm)
- [FY 2021 MD&A](/company/TECH/mda/fy2021/): filed 2021-08-25; accession 0001437749-21-020980 (https://www.sec.gov/Archives/edgar/data/842023/000143774921020980/tech20200630b_10k.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule.

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2836 Biological Products, (No Diagnostic Substances)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TECH.md · JSON record: /company/TECH.json · verified financials: /company/TECH/financials.json / /company/TECH/financials.csv · machine TOC for the whole site: /llms.txt