$TECH

TECHNE CORP /MN/

CIK:0000842023|SEC Filings

CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
Net sales	$ 1,215,039	$ 1,219,635	$ 1,159,060
Cost of sales	415,968	429,363	389,335
Gross margin	799,071	790,272	769,725
Operating expenses:
Selling, general and administrative	452,415	588,521	466,375
Research and development	94,766	99,496	96,664
Total operating expenses	547,181	688,017	563,039
Operating income	251,890	102,255	206,686
Other income (expense):
Interest expense	(9,630)	(8,509)	(15,736)
Interest income	4,223	3,886	3,323
Other non-operating income (expense), net	(5,803)	831	(8,584)
Total other income (expense), net	(11,210)	(3,792)	(20,997)
Earnings before income taxes	240,680	98,463	185,689
Income taxes	58,818	25,063	17,584
Net earnings	181,862	73,400	168,105
Other comprehensive income (loss):
Foreign currency translation income (loss)	(8,164)	24,002	(7,492)
Unrealized losses on derivative instruments	(2,536)	(5,566)	(4,760)
Other comprehensive income (loss)	(10,700)	18,436	(12,252)
Comprehensive income	$ 171,162	$ 91,836	$ 155,853
Earnings per share:
Basic (in dollars per share)	$ 1.17	$ 0.47	$ 1.07
Diluted (in dollars per share)	$ 1.16	$ 0.46	$ 1.05
Weighted average common shares outstanding:
Basic (in shares)	155,963	157,521	157,708
Diluted (in shares)	157,009	159,717	160,774

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 181,862	$ 73,400	$ 168,105
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	97,359	109,903	111,711
Deferred income taxes	13,196	(51,107)	(39,447)
Stock-based compensation expense	41,365	40,833	38,042
Fair value adjustment to contingent consideration payable			(3,500)
(Gain) Loss on equity method investment	(887)	(938)	6,841
Loss on investments	5,862
Asset impairment restructuring	3,914	21,312	2,634
Leases, net	(2,983)	685	1,708
(Recovery) Impairment of assets held-for-sale	(6,789)	80,503	21,963
Other operating activity	477	1,426	1,030
Change in operating assets and operating liabilities:
Trade accounts and other receivables, net	(10,793)	34,132	(20,533)
Inventories	(8,232)	(18,144)	(14,215)
Prepaid expenses	5,264	(14,372)	(3,146)
Trade accounts payable, accrued expenses, contract liabilities, and other	3,180	(13,954)	25,769
Salaries, wages and related accruals	(7,671)	15,408	12,618
Income taxes payable	(23,051)	8,469	(10,599)
Net cash provided by operating activities	292,073	287,556	298,981
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of available-for-sale investments		1,085	28,083
Purchases of available-for-sale investments			(5,526)
Additions to property and equipment	(28,850)	(31,006)	(62,877)
Acquisitions, net of cash acquired			(169,707)
Distributions from Wilson Wolf	6,043	7,291	6,997
Investment in Spear Bio		(15,000)
Proceeds from sale of assets held-for-sale	4,617	2,447
Net cash used in investing activities	(18,190)	(35,183)	(203,030)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends	(49,916)	(50,391)	(50,419)
Proceeds from stock option exercises	80,618	51,739	60,935
Repurchases of common stock	(41,675)	(275,731)	(80,042)
Borrowings under line-of-credit agreement		104,000	225,000
Repayments of long-term debt	(146,000)	(77,000)	(256,000)
Taxes paid on RSUs and net share settlements	(12,141)	(6,522)	(21,872)
Net cash used in financing activities	(169,114)	(253,905)	(122,398)
Effect of exchange rate changes on cash and cash equivalents	(2,243)	11,927	(2,333)
Net change in cash and cash equivalents	102,526	10,395	(28,780)
Cash and cash equivalents at beginning of period	162,186	151,791	180,571
Cash and cash equivalents at end of period	$ 264,712	$ 162,186	$ 151,791

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 264,712	$ 162,186
Accounts receivable, less allowances of $4,644 and $4,215, respectively	216,585	206,876
Inventories	195,744	189,446
Current assets held-for-sale		12,332
Other current assets	67,360	37,460
Total current assets	744,401	608,300
Property and equipment, net	231,836	245,719
Right-of-use assets	67,333	73,399
Goodwill	975,355	980,935
Intangible assets, net	303,465	365,599
Other assets	264,336	283,916
Total assets	2,586,726	2,557,868
Current liabilities:
Trade accounts payable	26,699	25,311
Salaries, wages and related accruals	57,918	65,791
Accrued expenses	20,458	25,663
Contract liabilities	36,072	32,571
Income taxes payable	3,593	10,770
Operating lease liabilities - current	14,935	14,098
Other current liabilities	4,025	1,645
Total current liabilities	163,700	175,849
Deferred income taxes	19,308	6,169
Long-term debt obligations	200,000	346,000
Operating lease liabilities	74,152	83,960
Other long-term liabilities	21,345	27,082
Shareholders' equity:
Undesignated capital stock, par value $.01 per share; 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 156,095,113 and 154,972,196 respectively	1,561	1,550
Additional paid-in capital	1,033,052	911,089
Retained earnings	1,144,188	1,066,049
Accumulated other comprehensive loss	(70,580)	(59,880)
Total shareholders' equity	2,108,221	1,918,808
Total liabilities and shareholders' equity	$ 2,586,726	$ 2,557,868