Intrinsic value of Bio-Techne - TECH

Previous Close

$180.14

  Intrinsic Value

$68.51

stock screener

  Rating & Target

str. sell

-62%

Previous close

$180.14

 
Intrinsic value

$68.51

 
Up/down potential

-62%

 
Rating

str. sell

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  635
  711
  792
  877
  965
  1,058
  1,155
  1,256
  1,360
  1,470
  1,583
  1,701
  1,823
  1,951
  2,083
  2,221
  2,364
  2,513
  2,668
  2,829
  2,998
  3,173
  3,356
  3,547
  3,747
  3,955
  4,173
  4,400
  4,638
  4,887
Variable operating expenses, $m
  430
  469
  511
  554
  600
  648
  698
  750
  804
  860
  815
  876
  939
  1,004
  1,073
  1,143
  1,217
  1,294
  1,374
  1,457
  1,543
  1,634
  1,728
  1,826
  1,929
  2,036
  2,148
  2,266
  2,388
  2,516
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
  430
  469
  511
  554
  600
  648
  698
  750
  804
  860
  815
  876
  939
  1,004
  1,073
  1,143
  1,217
  1,294
  1,374
  1,457
  1,543
  1,634
  1,728
  1,826
  1,929
  2,036
  2,148
  2,266
  2,388
  2,516
Operating income, $m
  205
  242
  281
  322
  365
  410
  457
  506
  557
  610
  768
  825
  885
  946
  1,011
  1,077
  1,147
  1,219
  1,294
  1,373
  1,454
  1,539
  1,628
  1,721
  1,818
  1,919
  2,024
  2,135
  2,250
  2,371
EBITDA, $m
  423
  474
  528
  584
  643
  705
  769
  837
  906
  979
  1,055
  1,133
  1,215
  1,300
  1,388
  1,480
  1,575
  1,674
  1,778
  1,885
  1,997
  2,114
  2,236
  2,364
  2,496
  2,635
  2,780
  2,932
  3,090
  3,256
Interest expense (income), $m
  7
  19
  23
  27
  32
  37
  42
  47
  53
  59
  65
  71
  78
  85
  92
  99
  107
  115
  123
  132
  141
  151
  160
  171
  181
  192
  204
  216
  229
  242
  256
Earnings before tax, $m
  186
  219
  254
  290
  328
  368
  410
  453
  498
  545
  697
  747
  800
  854
  911
  970
  1,032
  1,096
  1,162
  1,231
  1,304
  1,379
  1,458
  1,540
  1,625
  1,715
  1,808
  1,906
  2,008
  2,115
Tax expense, $m
  50
  59
  69
  78
  89
  99
  111
  122
  134
  147
  188
  202
  216
  231
  246
  262
  279
  296
  314
  332
  352
  372
  394
  416
  439
  463
  488
  515
  542
  571
Net income, $m
  136
  160
  185
  212
  240
  269
  299
  331
  364
  398
  509
  545
  584
  624
  665
  708
  753
  800
  848
  899
  952
  1,007
  1,064
  1,124
  1,186
  1,252
  1,320
  1,391
  1,466
  1,544

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,730
  1,938
  2,158
  2,388
  2,630
  2,883
  3,146
  3,421
  3,707
  4,004
  4,313
  4,635
  4,968
  5,315
  5,676
  6,051
  6,441
  6,847
  7,269
  7,709
  8,168
  8,646
  9,145
  9,665
  10,209
  10,776
  11,369
  11,989
  12,638
  13,316
Adjusted assets (=assets-cash), $m
  1,730
  1,938
  2,158
  2,388
  2,630
  2,883
  3,146
  3,421
  3,707
  4,004
  4,313
  4,635
  4,968
  5,315
  5,676
  6,051
  6,441
  6,847
  7,269
  7,709
  8,168
  8,646
  9,145
  9,665
  10,209
  10,776
  11,369
  11,989
  12,638
  13,316
Revenue / Adjusted assets
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
Average production assets, $m
  1,151
  1,289
  1,435
  1,588
  1,749
  1,917
  2,092
  2,275
  2,465
  2,663
  2,868
  3,082
  3,304
  3,535
  3,775
  4,024
  4,283
  4,553
  4,834
  5,127
  5,432
  5,750
  6,081
  6,427
  6,789
  7,166
  7,561
  7,973
  8,404
  8,855
Working capital, $m
  -25
  -28
  -31
  -34
  -38
  -41
  -45
  -49
  -53
  -57
  -62
  -66
  -71
  -76
  -81
  -87
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -172
  -181
  -191
Total debt, $m
  421
  503
  590
  681
  777
  877
  981
  1,090
  1,203
  1,321
  1,444
  1,571
  1,703
  1,840
  1,983
  2,132
  2,286
  2,447
  2,614
  2,788
  2,970
  3,159
  3,357
  3,563
  3,778
  4,003
  4,238
  4,483
  4,740
  5,009
Total liabilities, $m
  685
  768
  854
  946
  1,041
  1,142
  1,246
  1,355
  1,468
  1,586
  1,708
  1,835
  1,968
  2,105
  2,248
  2,396
  2,551
  2,711
  2,879
  3,053
  3,235
  3,424
  3,621
  3,827
  4,043
  4,267
  4,502
  4,748
  5,005
  5,273
Total equity, $m
  1,045
  1,171
  1,303
  1,443
  1,589
  1,741
  1,900
  2,066
  2,239
  2,419
  2,605
  2,799
  3,001
  3,211
  3,428
  3,655
  3,890
  4,135
  4,391
  4,656
  4,933
  5,222
  5,523
  5,838
  6,166
  6,509
  6,867
  7,242
  7,633
  8,043
Total liabilities and equity, $m
  1,730
  1,939
  2,157
  2,389
  2,630
  2,883
  3,146
  3,421
  3,707
  4,005
  4,313
  4,634
  4,969
  5,316
  5,676
  6,051
  6,441
  6,846
  7,270
  7,709
  8,168
  8,646
  9,144
  9,665
  10,209
  10,776
  11,369
  11,990
  12,638
  13,316
Debt-to-equity ratio
  0.400
  0.430
  0.450
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
Adjusted equity ratio
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  136
  160
  185
  212
  240
  269
  299
  331
  364
  398
  509
  545
  584
  624
  665
  708
  753
  800
  848
  899
  952
  1,007
  1,064
  1,124
  1,186
  1,252
  1,320
  1,391
  1,466
  1,544
Depreciation, amort., depletion, $m
  218
  232
  247
  262
  278
  295
  312
  331
  350
  369
  287
  308
  330
  353
  377
  402
  428
  455
  483
  513
  543
  575
  608
  643
  679
  717
  756
  797
  840
  886
Funds from operations, $m
  354
  392
  432
  474
  518
  564
  611
  661
  713
  767
  795
  854
  914
  977
  1,043
  1,111
  1,181
  1,255
  1,332
  1,412
  1,495
  1,582
  1,672
  1,767
  1,865
  1,968
  2,076
  2,189
  2,306
  2,429
Change in working capital, $m
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  357
  395
  435
  477
  521
  567
  615
  665
  717
  771
  800
  858
  919
  982
  1,048
  1,116
  1,187
  1,261
  1,338
  1,418
  1,501
  1,588
  1,679
  1,774
  1,873
  1,976
  2,084
  2,197
  2,316
  2,439
Maintenance CAPEX, $m
  -102
  -115
  -129
  -143
  -159
  -175
  -192
  -209
  -227
  -247
  -266
  -287
  -308
  -330
  -353
  -377
  -402
  -428
  -455
  -483
  -513
  -543
  -575
  -608
  -643
  -679
  -717
  -756
  -797
  -840
New CAPEX, $m
  -131
  -138
  -146
  -153
  -161
  -168
  -175
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -249
  -259
  -270
  -281
  -293
  -305
  -318
  -332
  -346
  -361
  -377
  -394
  -412
  -431
  -451
Cash from investing activities, $m
  -233
  -253
  -275
  -296
  -320
  -343
  -367
  -392
  -417
  -445
  -472
  -501
  -530
  -561
  -593
  -626
  -661
  -698
  -736
  -776
  -818
  -861
  -907
  -954
  -1,004
  -1,056
  -1,111
  -1,168
  -1,228
  -1,291
Free cash flow, $m
  124
  142
  160
  180
  202
  224
  248
  273
  300
  327
  328
  358
  389
  421
  454
  489
  525
  563
  602
  642
  684
  727
  773
  820
  869
  920
  973
  1,029
  1,087
  1,148
Issuance/(repayment) of debt, $m
  77
  82
  87
  91
  96
  100
  104
  109
  113
  118
  122
  127
  132
  137
  143
  148
  154
  161
  167
  174
  182
  189
  197
  206
  215
  225
  235
  246
  257
  269
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  77
  82
  87
  91
  96
  100
  104
  109
  113
  118
  122
  127
  132
  137
  143
  148
  154
  161
  167
  174
  182
  189
  197
  206
  215
  225
  235
  246
  257
  269
Total cash flow (excl. dividends), $m
  202
  224
  247
  272
  297
  324
  353
  382
  413
  445
  450
  485
  521
  558
  597
  638
  680
  723
  769
  816
  865
  917
  970
  1,026
  1,084
  1,145
  1,208
  1,275
  1,344
  1,416
Retained Cash Flow (-), $m
  -117
  -126
  -133
  -139
  -146
  -153
  -159
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -226
  -236
  -245
  -255
  -266
  -277
  -289
  -301
  -314
  -328
  -343
  -358
  -375
  -392
  -410
Prev. year cash balance distribution, $m
  22
  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
  15
  17
  18
  21
  23
  25
  28
  30
  33
  35
  38
  41
  44
  47
  51
  54
  58
  61
  65
  69
  74
  78
  83
  87
  92
  97
  103
  108
  114
  121
Cash available for distribution, $m
  106
  98
  115
  132
  151
  172
  193
  216
  240
  265
  264
  291
  319
  349
  379
  411
  444
  478
  514
  550
  588
  628
  669
  712
  756
  802
  850
  900
  952
  1,006
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
  102
  90
  100
  109
  117
  125
  131
  135
  138
  139
  125
  124
  121
  117
  111
  105
  97
  88
  79
  70
  61
  52
  44
  36
  29
  23
  18
  14
  10
  8
Current shareholders' claim on cash, %
  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 88.6
Price to Sales 12
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 47.1
Price to Free Cash Flow 52.6
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 12.8% 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 5.4% 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 2.6%.

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 181.2%.

Life of production assets of 10 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 -3.9%. 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 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 $6.7 billion.

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COMPANY NEWS

▶ Bio-Techne Releases Fourth Quarter Fiscal 2018 Results   [Aug-07-18 07:00AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [07:00AM  PR Newswire]
▶ Bio-Techne Announces 2018 Investor Day And Webcast   [Aug-02-18 09:00AM  PR Newswire]
▶ 5 Tips for Making Money in Penny Stocks   [Jul-12-18 05:52PM  InvestorPlace]
▶ Bio-Techne To Acquire Exosome Diagnostics, Inc.   [Jun-25-18 04:09PM  PR Newswire]
▶ Bio-Techne To Acquire Quad Technologies   [Jun-07-18 08:00AM  PR Newswire]
▶ Better Know Biotech: 2 Stocks You Ought to Know About   [May-16-18 08:00AM  Motley Fool]
▶ When Should You Buy Bio-Techne Corporation (NASDAQ:TECH)?   [May-07-18 02:19PM  Simply Wall St.]
▶ Bio-Techne Declares Dividend   [07:00AM  PR Newswire]
▶ Bio-Techne Announces New Leadership Appointment   [Apr-24-18 04:15PM  PR Newswire]
▶ 10 Growth Stocks for Long-Term Investors   [Mar-15-18 08:00AM  Investopedia]
▶ Bio-Techne Named "Researchers' Choice" by CiteAb   [Feb-07-18 09:00AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [09:25AM  PR Newswire]
▶ 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]
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