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AN NUAL REPORT 2024 OUR MISSION We improve the quality of life by catalyzing advances in science and medicine.
Dear Bio-Techne Stakeholders, Our fiscal 2024 was an exciting year for Bio-Techne, and for me personally, as I was appointed to lead the organization as President and Chief Executive Officer on February 1, 2024. My appointment follows ten successful years of leadership from my predecessor, Chuck Kummeth. I am truly grateful for Chuck s leadership during his tenure at the Company, as he oversaw 19 acquisitions, built an incredibly strong team, and positioned Bio-Techne to be a leader in our Core businesses as well as our high-growth cell & gene therapy, spatial biology, proteomic analytical tools, and molecular diagnostics verticals. Prior to taking over responsibility as CEO, I spent the last six years leading Bio-Techne s Diagnostics and Genomics Segment (DGS). During my tenure leading DGS, we completed the Asuragen and Lunaphore acquisitions, positioning the business to be a leader in two of the fastest growing industries within the life sciences tools and diagnostics sector, molecular diagnostics and spatial biology, respectively. The DGS team delivered incredible growth during the six years I led the segment, including doubling our spatial biology business. Before joining Bio-Techne, I led three different business units of increasing scale and complexity at Thermo Fisher Scientific. During my last three years at Thermo Fisher Scientific, I ran its Genetic Analysis Business which included responsibility for the instrumentation, software, consumables and assay businesses, including the Applied Biosystems and Affymetrix brands. Previously, I worked at Becton Dickinson managing its global BD Vaccutainer business. Running these large, worldwide businesses, with a high concentration of consumables prepared me incredibly well for Bio-Techne s DGS business, and ultimately leading Bio-Techne as a whole. 1 Our Team There was a flurry of activity following my expanded role as Bio-Techne s CEO, including fully immersing myself into the Protein Science Segment (PSS), and visiting our global sites to meet our talented team and share my strategic vision for the company. I started with Europe, meeting with our Tocris Biosciences team (small molecules), our European commercial and operations leadership team in Abingdon, U.K., and the Switzerland-based Lunaphore team (spatial biology instrumentation). Next, I toured our U.S. sites, including visits to our recently completed Wallingford, CT facility, where cartridges for Ella , our fully automated, multiplexing, immunoassay system are manufactured. I also met with the teams at our San Marcos (clinical controls) and Waltham, MA (molecular diagnostics) sites. Throughout these travels, I visited our Minneapolis site multiple times, and it was great to see the dedication and drive permeating throughout these facilities. One thing is very clear as I continue these site visits, we truly do have an EPIC culture and team. At Bio-Techne, EPIC stands for Empowerment, Passion, Innovation and Collaboration. Our EPIC values guide our team, and form the foundation for how we approach our work and the communities we live in. We are lucky to have this EPIC team driving our business forward!
ANNUAL REPORT F Y24 Our Customers I also set out to meet with our customers to hear first hand how our expansive portfolio of innovative tools and bioactive reagents helps to advance science, and ultimately unlock the discoveries that allow global populations to live longer, healthier lives. Because of these interactions, I am even further convinced that our portfolio is perfectly positioned to enable our customers to address some of the biggest healthcare challenges we currently face as a society. Our Shareholders Another priority was to meet with our investors. While I was familiar with several shareholders, they had not yet had the opportunity to hear my vision and strategy to propel the organization forward. In my initial months, I have attended and presented at six investor conferences, met with the overwhelming majority of our top 50 shareholders, as well as numerous prospective investors. Kim Kelderman President and Chief Executive Officer 2
Strategic Direction We have five strategic pillars that guide our overall corporate strategy; Grow & Leverage the Core, Capitalize on High Potential Markets, Market Expansion Through Innovation & Acquisition, Best-in-Class Customer Experience, and Develop People Through a Transformative Culture. We made significant progress within each of these strategic pillars and continue to position Bio-Techne to deliver market leading profitable growth to all of our stakeholders. One of the most common questions I have been asked during the meetings with our employees, investors, and other important stakeholders since becoming CEO is Are you going to change Bio-Techne s strategy? . I am in the fortunate position to have inherited a very strong team, focused on the right markets, and a strategy that I played an integral role in formulating over the last six years. The strategy we currently have in place has propelled the company from a $311 million revenue company in fiscal 2013, to almost $1.2 billion in fiscal 2024, representing a CAGR of ~13% over this time frame. With our strategy on solid footing, I have taken the opportunity to selectively improve our positioning for future growth. For example, in fiscal 2024 we streamlined our European operations by consolidating two distribution centers in this geography to just one, our Dublin, Ireland facility. This change allowed us to reduce our inventory levels in the region, but more importantly, improved service levels for our customers. Additionally, we completed a strategic review of our portfolio, identifying our Fetal Bovine Serum (FBS) business as a divestiture candidate. Our entry into FBS was the result of our Atlanta Biologicals acquisition in 2018. FBS is a lower-margin, commoditized market, and the business was a distraction from our higher margin, higher growth businesses. Strategic Pillars Grow & Leverage the Core Capitalize on High Potential Markets Market Expansion Through Innovation & Acquisition Develop People Through a Transformative Culture 3 Deliver Best-in-Class Customer Experience
ANNUAL REPORT F Y24 Our strategy has propelled the company from a $311 million revenue company in fiscal 2013, to almost $1.2 billion in fiscal 2024, representing a CAGR of ~13% over this time frame. 4
 • shareholder letter icon 9/12/2024 Letter Continued (Full PDF)
 • stockholder letter icon 9/13/2023 TECH Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon TECH Benford's Law Stock Score = 89


TECH Shareholder/Stockholder Letter Transcript:

AN NUAL REPORT
2024
OUR MISSION
We improve the
quality of life
by catalyzing
advances in
science and
medicine.

Dear Bio-Techne
Stakeholders,
Our fiscal 2024 was an exciting year for Bio-Techne, and for
me personally, as I was appointed to lead the organization as
President and Chief Executive Officer on February 1, 2024.
My appointment follows ten successful years of
leadership from my predecessor, Chuck Kummeth.
I am truly grateful for Chuck   s leadership during
his tenure at the Company, as he oversaw 19
acquisitions, built an incredibly strong team, and
positioned Bio-Techne to be a leader in our Core
businesses as well as our high-growth cell & gene
therapy, spatial biology, proteomic analytical tools,
and molecular diagnostics verticals.
Prior to taking over responsibility as CEO, I spent the
last six years leading Bio-Techne   s Diagnostics and
Genomics Segment (DGS). During my tenure leading
DGS, we completed the Asuragen and Lunaphore
acquisitions, positioning the business to be a leader
in two of the fastest growing industries within the
life sciences tools and diagnostics sector, molecular
diagnostics and spatial biology, respectively. The
DGS team delivered incredible growth during the
six years I led the segment, including doubling our
spatial biology business.
Before joining Bio-Techne, I led three different
business units of increasing scale and complexity
at Thermo Fisher Scientific. During my last three
years at Thermo Fisher Scientific, I ran its Genetic
Analysis Business which included responsibility
for the instrumentation, software, consumables
and assay businesses, including the Applied
Biosystems and Affymetrix brands. Previously, I
worked at Becton Dickinson managing its global
BD Vaccutainer business. Running these large,
worldwide businesses, with a high concentration
of consumables prepared me incredibly well for
Bio-Techne   s DGS business, and ultimately leading
Bio-Techne as a whole.
1
Our Team
There was a flurry of activity following my
expanded role as Bio-Techne   s CEO, including
fully immersing myself into the Protein Science
Segment (PSS), and visiting our global sites to
meet our talented team and share my strategic
vision for the company. I started with Europe,
meeting with our Tocris Biosciences team (small
molecules), our European commercial and
operations leadership team in Abingdon, U.K., and
the Switzerland-based Lunaphore team (spatial
biology instrumentation). Next, I toured our U.S.
sites, including visits to our recently completed
Wallingford, CT facility, where cartridges for Ella   ,
our fully automated, multiplexing, immunoassay
system are manufactured. I also met with the teams
at our San Marcos (clinical controls) and Waltham,
MA (molecular diagnostics) sites. Throughout these
travels, I visited our Minneapolis site multiple times,
and it was great to see the dedication and drive
permeating throughout these facilities.
One thing is very clear as I continue these site
visits, we truly do have an EPIC culture and team.
At Bio-Techne, EPIC stands for Empowerment,
Passion, Innovation and Collaboration. Our EPIC
values guide our team, and form the foundation for
how we approach our work and the communities
we live in. We are lucky to have this EPIC team
driving our business forward!

ANNUAL REPORT     F Y24
Our Customers
I also set out to meet with our customers to hear
first hand how our expansive portfolio of innovative
tools and bioactive reagents helps to advance
science, and ultimately unlock the discoveries that
allow global populations to live longer, healthier
lives. Because of these interactions, I am even
further convinced that our portfolio is perfectly
positioned to enable our customers to address
some of the biggest healthcare challenges we
currently face as a society.
Our Shareholders
Another priority was to meet with our investors.
While I was familiar with several shareholders,
they had not yet had the opportunity to hear my
vision and strategy to propel the organization
forward. In my initial months, I have attended and
presented at six investor conferences, met with the
overwhelming majority of our top 50 shareholders,
as well as numerous prospective investors.
Kim Kelderman
President and Chief Executive Officer
2

Strategic
Direction
We have five strategic pillars that guide our overall
corporate strategy; Grow & Leverage the Core,
Capitalize on High Potential Markets, Market
Expansion Through Innovation & Acquisition,
Best-in-Class Customer Experience, and Develop
People Through a Transformative Culture. We made
significant progress within each of these strategic
pillars and continue to position Bio-Techne to
deliver market leading profitable growth to all
of our stakeholders.
One of the most common questions I have been asked
during the meetings with our employees, investors,
and other important stakeholders since becoming
CEO is    Are you going to change Bio-Techne   s
strategy?   . I am in the fortunate position to have
inherited a very strong team, focused on the right
markets, and a strategy that I played an integral role
in formulating over the last six years. The strategy we
currently have in place has propelled the company
from a $311 million revenue company in fiscal 2013,
to almost $1.2 billion in fiscal 2024, representing a
CAGR of ~13% over this time frame.
With our strategy on solid footing, I have taken the
opportunity to selectively improve our positioning
for future growth. For example, in fiscal 2024
we streamlined our European operations by
consolidating two distribution centers in this
geography to just one, our Dublin, Ireland facility.
This change allowed us to reduce our inventory
levels in the region, but more importantly, improved
service levels for our customers. Additionally,
we completed a strategic review of our portfolio,
identifying our Fetal Bovine Serum (FBS) business as
a divestiture candidate. Our entry into FBS was the
result of our Atlanta Biologicals acquisition in 2018.
FBS is a lower-margin, commoditized market, and the
business was a distraction from our higher margin,
higher growth businesses.
Strategic Pillars
Grow &
Leverage
the Core
Capitalize on
High Potential
Markets
Market Expansion
Through Innovation &
Acquisition
Develop People Through a
Transformative Culture
3
Deliver
Best-in-Class
Customer Experience

ANNUAL REPORT     F Y24
Our strategy has
propelled the
company from a
$311 million revenue
company in fiscal
2013, to almost
$1.2 billion in fiscal
2024, representing
a CAGR of ~13% over
this time frame.
4



shareholder letter icon 9/12/2024 Letter Continued (Full PDF)
 

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