Intrinsic value of Bio-Techne - TECH

Previous Close

$140.72

  Intrinsic Value

$72.19

stock screener

  Rating & Target

sell

-49%

Previous close

$140.72

 
Intrinsic value

$72.19

 
Up/down potential

-49%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TECH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.83
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  563
  623
  686
  752
  821
  893
  968
  1,045
  1,126
  1,210
  1,297
  1,388
  1,482
  1,580
  1,682
  1,788
  1,899
  2,014
  2,133
  2,258
  2,389
  2,525
  2,667
  2,815
  2,970
  3,132
  3,301
  3,479
  3,664
  3,858
  4,061
Variable operating expenses, $m
 
  429
  466
  506
  547
  589
  634
  680
  728
  778
  830
  826
  882
  941
  1,001
  1,064
  1,130
  1,198
  1,270
  1,344
  1,422
  1,503
  1,587
  1,675
  1,768
  1,864
  1,965
  2,070
  2,181
  2,296
  2,417
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  442
  429
  466
  506
  547
  589
  634
  680
  728
  778
  830
  826
  882
  941
  1,001
  1,064
  1,130
  1,198
  1,270
  1,344
  1,422
  1,503
  1,587
  1,675
  1,768
  1,864
  1,965
  2,070
  2,181
  2,296
  2,417
Operating income, $m
  121
  194
  220
  247
  275
  304
  334
  365
  398
  432
  467
  562
  600
  640
  681
  724
  769
  815
  864
  914
  967
  1,022
  1,080
  1,140
  1,202
  1,268
  1,337
  1,408
  1,483
  1,562
  1,644
EBITDA, $m
  181
  286
  315
  345
  377
  410
  444
  480
  517
  555
  595
  637
  680
  725
  772
  820
  871
  924
  979
  1,036
  1,096
  1,158
  1,223
  1,291
  1,362
  1,436
  1,514
  1,595
  1,681
  1,770
  1,863
Interest expense (income), $m
  7
  12
  14
  17
  19
  22
  25
  27
  30
  33
  36
  40
  43
  47
  50
  54
  58
  63
  67
  71
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
  137
Earnings before tax, $m
  112
  182
  206
  230
  255
  282
  309
  338
  368
  399
  431
  522
  557
  593
  631
  670
  710
  753
  797
  843
  891
  941
  993
  1,048
  1,105
  1,165
  1,227
  1,293
  1,361
  1,433
  1,508
Tax expense, $m
  36
  49
  56
  62
  69
  76
  84
  91
  99
  108
  116
  141
  150
  160
  170
  181
  192
  203
  215
  228
  241
  254
  268
  283
  298
  315
  331
  349
  368
  387
  407
Net income, $m
  76
  133
  150
  168
  186
  206
  226
  247
  268
  291
  315
  381
  407
  433
  460
  489
  519
  549
  582
  615
  650
  687
  725
  765
  807
  850
  896
  944
  994
  1,046
  1,101

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  158
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,558
  1,550
  1,707
  1,872
  2,043
  2,222
  2,407
  2,601
  2,802
  3,010
  3,227
  3,453
  3,687
  3,931
  4,185
  4,448
  4,723
  5,009
  5,307
  5,618
  5,942
  6,280
  6,633
  7,002
  7,388
  7,791
  8,212
  8,653
  9,114
  9,597
  10,103
Adjusted assets (=assets-cash), $m
  1,400
  1,550
  1,707
  1,872
  2,043
  2,222
  2,407
  2,601
  2,802
  3,010
  3,227
  3,453
  3,687
  3,931
  4,185
  4,448
  4,723
  5,009
  5,307
  5,618
  5,942
  6,280
  6,633
  7,002
  7,388
  7,791
  8,212
  8,653
  9,114
  9,597
  10,103
Revenue / Adjusted assets
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
Average production assets, $m
  515
  570
  628
  688
  751
  817
  885
  957
  1,031
  1,107
  1,187
  1,270
  1,356
  1,446
  1,539
  1,636
  1,737
  1,842
  1,952
  2,066
  2,186
  2,310
  2,440
  2,576
  2,717
  2,866
  3,021
  3,183
  3,353
  3,530
  3,716
Working capital, $m
  212
  60
  66
  72
  79
  86
  93
  100
  108
  116
  125
  133
  142
  152
  161
  172
  182
  193
  205
  217
  229
  242
  256
  270
  285
  301
  317
  334
  352
  370
  390
Total debt, $m
  344
  409
  477
  548
  623
  700
  781
  865
  952
  1,043
  1,137
  1,235
  1,336
  1,442
  1,552
  1,667
  1,786
  1,910
  2,039
  2,174
  2,315
  2,462
  2,615
  2,775
  2,942
  3,117
  3,300
  3,491
  3,692
  3,901
  4,121
Total liabilities, $m
  609
  673
  741
  812
  887
  964
  1,045
  1,129
  1,216
  1,307
  1,401
  1,499
  1,600
  1,706
  1,816
  1,931
  2,050
  2,174
  2,303
  2,438
  2,579
  2,726
  2,879
  3,039
  3,206
  3,381
  3,564
  3,755
  3,956
  4,165
  4,385
Total equity, $m
  950
  877
  966
  1,059
  1,156
  1,257
  1,363
  1,472
  1,586
  1,704
  1,827
  1,954
  2,087
  2,225
  2,368
  2,518
  2,673
  2,835
  3,004
  3,180
  3,363
  3,555
  3,755
  3,963
  4,182
  4,410
  4,648
  4,898
  5,159
  5,432
  5,718
Total liabilities and equity, $m
  1,559
  1,550
  1,707
  1,871
  2,043
  2,221
  2,408
  2,601
  2,802
  3,011
  3,228
  3,453
  3,687
  3,931
  4,184
  4,449
  4,723
  5,009
  5,307
  5,618
  5,942
  6,281
  6,634
  7,002
  7,388
  7,791
  8,212
  8,653
  9,115
  9,597
  10,103
Debt-to-equity ratio
  0.362
  0.470
  0.490
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
Adjusted equity ratio
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  133
  150
  168
  186
  206
  226
  247
  268
  291
  315
  381
  407
  433
  460
  489
  519
  549
  582
  615
  650
  687
  725
  765
  807
  850
  896
  944
  994
  1,046
  1,101
Depreciation, amort., depletion, $m
  60
  91
  95
  98
  102
  106
  110
  114
  119
  123
  128
  75
  80
  85
  91
  96
  102
  108
  115
  122
  129
  136
  144
  152
  160
  169
  178
  187
  197
  208
  219
Funds from operations, $m
  129
  225
  245
  266
  289
  312
  336
  361
  387
  414
  442
  456
  486
  518
  551
  585
  621
  658
  697
  737
  779
  823
  869
  917
  967
  1,019
  1,074
  1,131
  1,191
  1,254
  1,319
Change in working capital, $m
  -14
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Cash from operations, $m
  143
  219
  239
  260
  282
  305
  329
  353
  379
  406
  434
  447
  477
  509
  541
  575
  610
  647
  685
  725
  766
  810
  855
  902
  952
  1,003
  1,057
  1,114
  1,173
  1,235
  1,300
Maintenance CAPEX, $m
  0
  -30
  -34
  -37
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -208
New CAPEX, $m
  -15
  -55
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -186
Cash from investing activities, $m
  -306
  -85
  -92
  -97
  -103
  -110
  -116
  -123
  -130
  -138
  -145
  -153
  -161
  -170
  -178
  -188
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -294
  -308
  -324
  -340
  -357
  -375
  -394
Free cash flow, $m
  -163
  133
  148
  163
  178
  195
  212
  230
  249
  269
  289
  294
  316
  339
  363
  387
  413
  439
  467
  496
  526
  557
  589
  623
  658
  695
  734
  774
  816
  860
  906
Issuance/(repayment) of debt, $m
  252
  65
  68
  71
  74
  77
  81
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  210
  219
Issuance/(repurchase) of shares, $m
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  236
  65
  68
  71
  74
  77
  81
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  210
  219
Total cash flow (excl. dividends), $m
  74
  198
  216
  234
  253
  272
  293
  314
  336
  359
  383
  392
  418
  445
  473
  502
  532
  564
  596
  631
  666
  704
  743
  783
  826
  870
  917
  965
  1,016
  1,070
  1,125
Retained Cash Flow (-), $m
  -71
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -162
  -169
  -176
  -183
  -191
  -200
  -209
  -218
  -228
  -239
  -250
  -261
  -273
  -286
Prev. year cash balance distribution, $m
 
  158
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  271
  127
  141
  156
  171
  188
  205
  223
  241
  260
  265
  285
  307
  329
  353
  377
  402
  428
  455
  483
  512
  543
  574
  608
  642
  678
  716
  755
  796
  839
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  259
  116
  123
  128
  133
  136
  138
  139
  138
  136
  126
  122
  117
  111
  103
  96
  87
  79
  70
  61
  53
  45
  38
  31
  25
  20
  15
  12
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world. The Clinical Controls segment develops and manufactures controls, calibrators, immunoassays and other reagents for the global clinical market. The Protein Platforms segment develops and commercializes systems and consumables for protein analysis. It markets immunoassays on different testing platforms, including microtiter-plate based kits sold under the trade name Quantikine, and immunoassays based on planar spotted surfaces and microfluidic-based multiplex immunoassays on automated testing platform.

FINANCIAL RATIOS  of  Bio-Techne (TECH)

Valuation Ratios
P/E Ratio 69.2
Price to Sales 9.3
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 36.8
Price to Free Cash Flow 41.1
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 36.2%
Total Debt to Equity 36.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 67.4%
EBITDA Margin 31.8%
EBITDA Margin - 3 Yr. Avg. 37.7%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 28.1%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 27.8%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 19.4%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 61.8%

TECH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TECH stock intrinsic value calculation we used $563 million for the last fiscal year's total revenue generated by Bio-Techne. The default revenue input number comes from 2017 income statement of Bio-Techne. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TECH stock valuation model: a) initial revenue growth rate of 10.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TECH is calculated based on our internal credit rating of Bio-Techne, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Bio-Techne.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TECH stock the variable cost ratio is equal to 69.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TECH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Bio-Techne.

Corporate tax rate of 27% is the nominal tax rate for Bio-Techne. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TECH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TECH are equal to 91.5%.

Life of production assets of 17 years is the average useful life of capital assets used in Bio-Techne operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TECH is equal to 9.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $950 million for Bio-Techne - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.206 million for Bio-Techne is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Bio-Techne at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Bio-Techne Acquires Atlanta Biologicals Inc.   [Jan-02-18 05:01PM  PR Newswire]
▶ Bio-Techne Shows Market Leadership With Jump To 81 RS Rating   [Nov-01-17 03:00AM  Investor's Business Daily]
▶ Bio-Techne Releases First Quarter Fiscal 2018 Results   [Oct-31-17 07:35AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [07:35AM  PR Newswire]
▶ Bio-Techne to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ ETFs with exposure to Bio-Techne Corp. : October 30, 2017   [Oct-30-17 12:18PM  Capital Cube]
▶ Bio-Techne Adds Two New Directors to Its Board   [Oct-26-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : October 10, 2017   [Oct-10-17 11:50AM  Capital Cube]
▶ Bio-Techne Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Bio-Techne Acquires Trevigen Inc.   [Sep-05-17 06:06PM  PR Newswire]
▶ Bio-Techne Declares Dividend   [Aug-10-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : August 1, 2017   [Aug-01-17 05:22PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : July 13, 2017   [Jul-13-17 04:43PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : July 3, 2017   [Jul-03-17 03:53PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : June 19, 2017   [Jun-19-17 04:10PM  Capital Cube]
▶ Investor Network: Bio-Techne to Host Earnings Call   [May-02-17 07:30AM  Accesswire]
▶ Bio-Techne Declares Dividend   [07:30AM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : April 7, 2017   [Apr-07-17 05:35PM  Capital Cube]
▶ Innovative Veterinary Diagnostic Setting A New Standard   [Mar-01-17 08:30AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [07:30AM  PR Newswire]
Financial statements of TECH
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