10-Q Filing

BIO-TECHNE CORP CIK: 842023 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-19-021764`
Period End Date	20190930
Filing Date	20191106
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	tech20190930_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 38 Cash Flow Statement 70 Comprehensive Income 1

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$980.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$121.99M	USD	Point-in-time
Undesignated capital stock, no par (in dollars per share)	`UndesignatedCapitalStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$100.89M	USD	Point-in-time
Undesignated capital stock, no par (in dollars per share)	`UndesignatedCapitalStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$99.89M	USD	Point-in-time
Short-term available-for-sale investments	`AvailableForSaleSecuritiesCurrent`	$65.15M	USD	Point-in-time
Undesignated capital stock, shares authorized (in shares)	`UndesignatedCapitalStockSharesAuthorized`	5.00M	shares	Point-in-time
Undesignated capital stock, shares authorized (in shares)	`UndesignatedCapitalStockSharesAuthorized`	5.00M	shares	Point-in-time
Short-term available-for-sale investments	`AvailableForSaleSecuritiesCurrent`	$58.52M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,007 and $980, respectively	`AccountsReceivableNetCurrent`	$122.72M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $1,007 and $980, respectively	`AccountsReceivableNetCurrent`	$137.47M	USD	Point-in-time
Undesignated capital stock, shares issued (in shares)	`UndesignatedCapitalStockSharesIssued`	0.00	shares	Point-in-time
Undesignated capital stock, shares issued (in shares)	`UndesignatedCapitalStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$90.86M	USD	Point-in-time
Inventories	`InventoryNet`	$91.05M	USD	Point-in-time
Undesignated capital stock, shares outstanding (in shares)	`UndesignatedCapitalStockSharesOutstanding`	0.00	shares	Point-in-time
Undesignated capital stock, shares outstanding (in shares)	`UndesignatedCapitalStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$18.06M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.95M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$412.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$391.94M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$154.04M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	37.93M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.08M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$156.78M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	37.93M	shares	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$76.96M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	38.08M	shares	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Goodwill	`Goodwill`	$732.67M	USD	Point-in-time
Goodwill	`Goodwill`	$730.41M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$579.43M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$563.34M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.59M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.67M	USD	Point-in-time
Total assets	`Assets`	$1.88B	USD	Point-in-time
Total assets	`Assets`	$1.93B	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$16.21M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$14.11M	USD	Point-in-time
Salaries, wages and related accruals	`EmployeeRelatedLiabilitiesCurrent`	$17.54M	USD	Point-in-time
Salaries, wages and related accruals	`EmployeeRelatedLiabilitiesCurrent`	$28.64M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$26.39M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$11.05M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$9.08M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$9.11M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.76M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$6.53M	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	$9.26M	USD	Point-in-time
Operating lease liabilities - current	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Contingent consideration payable	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$3.40M	USD	Point-in-time
Contingent consideration payable	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$8.17M	USD	Point-in-time
Current portion of long-term debt obligations	`LongTermDebtCurrent`	$12.50M	USD	Point-in-time
Current portion of long-term debt obligations	`LongTermDebtCurrent`	$12.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$88.27M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$89.75M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$88.53M	USD	Point-in-time
Long-term debt obligations	`LongTermDebtAndCapitalLeaseObligations`	$473.56M	USD	Point-in-time
Long-term debt obligations	`LongTermDebtAndCapitalLeaseObligations`	$492.66M	USD	Point-in-time
Long-term contingent consideration payable	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$5.13M	USD	Point-in-time
Long-term contingent consideration payable	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$9.20M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$72.87M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$25.22M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$22.45M	USD	Point-in-time
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding	`UndesignatedCapitalStockValue`	-	USD	Point-in-time
Undesignated capital stock, no par; authorized 5,000,000 shares; none issued or outstanding	`UndesignatedCapitalStockValue`	-	USD	Point-in-time
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 38,084,292 and 37,934,040, respectively	`CommonStockValue`	$381.00K	USD	Point-in-time
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 38,084,292 and 37,934,040, respectively	`CommonStockValue`	$379.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$316.80M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$334.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$931.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$931.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-83.52M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-91.63M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.08B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.17B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.11B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.17B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.93B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.88B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$162.97M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$183.24M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$55.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$64.83M	USD	1 Quarter
Gross margin	`GrossProfit`	$118.41M	USD	1 Quarter
Gross margin	`GrossProfit`	$107.60M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$69.01M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$67.05M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$14.79M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$16.08M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$81.84M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$85.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$33.33M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$25.76M	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$-15.52M	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$-8.18M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.59M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.81M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$3.41M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$183.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$17.40M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$14.40M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.60M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.14M	USD	1 Quarter
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax of $154 in FY20	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$-504.00K	USD	1 Quarter
Unrealized gains (losses) on derivative instruments - cash flow hedges, net of tax of $154 in FY20	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	-	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-8.11M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.14M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.29M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$16.27M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.38	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.46	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.37	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.45	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.70M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	38.03M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.81M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.25M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$17.40M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$14.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$20.09M	USD	1 Quarter
Costs recognized on sale of acquired inventory	`FairValueWriteUpOfAcquiredInventory`	$935.00K	USD	1 Quarter
Costs recognized on sale of acquired inventory	`FairValueWriteUpOfAcquiredInventory`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-607.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-3.77M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$11.56M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$8.37M	USD	1 Quarter
Fair value adjustment to contingent consideration payable	`FairValueAdjustmentToContingentConsiderationPayable`	$700.00K	USD	1 Quarter
Fair value adjustment to contingent consideration payable	`FairValueAdjustmentToContingentConsiderationPayable`	$-200.00K	USD	1 Quarter
Fair value adjustment on available for sale investments	`FairValueAdjustmentOnAvailableForSaleSecurities`	$10.40M	USD	1 Quarter
Fair value adjustment on available for sale investments	`FairValueAdjustmentOnAvailableForSaleSecurities`	$2.20M	USD	1 Quarter
Other operating activity	`OtherOperatingActivitiesCashFlowStatement`	$2.22M	USD	1 Quarter
Other operating activity	`OtherOperatingActivitiesCashFlowStatement`	$164.00K	USD	1 Quarter
Trade accounts and other receivables, net	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.41M	USD	1 Quarter
Trade accounts and other receivables, net	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-8.31M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$720.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.68M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.55M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.35M	USD	1 Quarter
Trade accounts payable, accrued expenses, contract liabilities, and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.46M	USD	1 Quarter
Trade accounts payable, accrued expenses, contract liabilities, and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.11M	USD	1 Quarter
Salaries, wages and related accruals	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-10.98M	USD	1 Quarter
Salaries, wages and related accruals	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-8.48M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-4.86M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.23M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.54M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$39.45M	USD	1 Quarter
Proceeds from maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	-	USD	1 Quarter
Proceeds from maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$11.31M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$11.69M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$15.87M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.19M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.53M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$272.23M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.09M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-288.11M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$12.07M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$12.17M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$16.45M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$8.95M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromLongTermLinesOfCredit`	$580.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLinesOfCredit`	$357.12M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLinesOfCredit`	$19.12M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$3.00M	USD	1 Quarter
Other financing activity	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.93M	USD	1 Quarter
Other financing activity	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.73M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$222.53M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.27M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.18M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.18M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.32M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-995.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$94.67M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$121.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$100.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$99.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$94.67M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$121.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$100.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$99.89M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$8.45M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$2.45M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$3.23M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$5.09M	USD	1 Quarter

Comprehensive Income 1 line items

Line Item	Tag	Value	Unit	Period
Unrealized gains (losses) on derivative instruments - cash flow hedges, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent`	$154.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.