On this page of StockholderLetter.com we present the 9/13/2023 shareholder letter from BIO-TECHNE Corp — ticker symbol TECH. Reading current and past TECH letters to shareholders can bring important insights into the investment thesis.
2023 ANNUAL REPORT bietechne Building for for )1.,1 Building Tomorrow's Tomorrow's Breakthroughs Breakthroughs
02 L Bio-Techne 2 0 2 3 AANNUAL N N U A L REPORT / Bio-Techne REPORT /// 2023 CONTENTS
2023 ANNUAL REPORT // Bio-Techne 2023 Recap 2023 Recap 0 Our Businesses Businesses Our Our Our Regions Regions 04 4 0 06 6 0 08 8 Strategic Direction Strategic Direction 1 Corporate Sustainability Sustainability Corporate 1 1 Financial Performance in in Fiscal Fiscal 2023 Financial Performance 2023 1 New Products New Products Conclusion Conclusion 10 0 1 Board and Board and Executive Executive Team Team Summary Summary 2 16 6 1 8 1 12 14 4 1 Bio-Techne vs. 500 Index Bio-Techne vs. S&P S&P 500 Index 11 9 18 2023 ANNUAL RE 19 03 03
2023 ANNUAL REPORT // Bio-Techne 2023 ANNUAL REPORT I/ Bio-Techne 2023 A Building Year... Year... A Building Our industry suffered post traumatic Our entire entire industry suffered post traumatic COVID in 2023! COVID market market stress stress in 2023! Coming off two years amazing growth, which for us Coming off two years of of amazing growth, which for us was 22% in 2021 in 2022, peers was 22% in 2021 and and 17% 17% in 2022, we we and and all all our our peers faced aa bit bit of of reality. reality. We accomplished 5% organic faced We accomplished 5% organic growth, but but on on an 10%. growth, an expectation expectation of of 10%. No one hit their expectation and the surpassed 100,000 tests! Cell and and Genomics nomics (three divisions). We We pause "pause" in our industry continues. Not so so Gene Therapy growth also remained remained surpassed ed 3,000 employees - 2,300 2,300 much for us, as we see the destocking, destocking, high double digit while Spatial Biology Biology China meltdown and conservative conservative remained at low low double-digit growth. growth. Biotech funding trends beginning beginning This is important as these are our high-growth future platforms. Nothing Nothing has changed. Being a building year, building year, we worked hard on our go-to-market go-to-market digital strategies and supply chains, chains, opening a new warehouse for Europe in Ireland, improving the One Bio-Techne Bio-Techne website, continued implementing a new new ERP ERPsystem for Europe with little to no no effect on our business and hiring new new executives to run EMEA, the Reagent Reagent Solutions Division (RSD) and our U.S. U.S. Commercial operations. The company company organizational structure remains the the same, following a subsidiary model model approach, across two segments: Protein Protein Sciences (two divisions) and Diagnostics Diagnostics more than an when I started 10 years ago. ago. machine We are still a lean and mean machine revenue though,, with ever increasing revenue Q1 2024. 2024. It was a great to subside in Q1 great year with many accomplishments and and overall, our thesis to $2B in revenue revenue remains largely intact. With the M&A climate subdued this year we we managed to achieve an acquisition of TM , the highly sought after Lunaphore LunaphoreTM, after spatial biology automation company, company, and we also triggered phase one of the acquisition of Wilson Wolf WolfTM",, the the world leader in cell therapy bioreactors. bioreactors. Exosome remained near 75% organic organic growth all year, building on the final final acceptance by NGS (our MAC) of all all the NCCN guidelines attributed to our ExoDx Prostate Test. We have now now 04 04 per employee. ployee. The operational prowess prowess of this company ompany continues to amaze me and make ke me proud. proud. Before we dig into the businesses, businesses,I I want to thank Gary Stapleton, our EMEA EMEA esident who retired in 2023 Vice President 2023 after six years of leading the region region for the company. Under Gary s Gary's watch, watch, iness more than doubled and the business dcount as well. He set up four the headcount four distinct subsidiaries and led multiple multiple acquisitions ions that will fuel our growth in Europe for years to come. come.
2023 ANNUAL REPORT // Bio-Techne FY2023 Wins: FY2023 Wins: Lunaphore Acquisition Announced Announced Lunaphore Acquisition Phase Acquisition of of Wilson Wolf Phase II Acquisition Wilson Wolf Surpassed 100,000 ExoDxTM ExoDx Prostate Prostate Tests Surpassed 100,000 Tests Exosome Remained Near Near 75% 75% Organic Organic Growth Exosome Remained Growth 2023 ANNUAL RE Charles (Chuck) Kummeth Charles (Chuck) Kummeth President and Chief Chief Executive Officer President and Executive Officer 05 05
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TECH 9/13/2023 Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT
bietechne  
Building for
for )1.,1   
Building
Tomorrow's
Tomorrow's
Breakthroughs
Breakthroughs

02
L
Bio-Techne
2 0 2 3 AANNUAL
N N U A L REPORT
/ Bio-Techne
REPORT ///
2023
CONTENTS

2023 ANNUAL REPORT // Bio-Techne
2023
Recap
2023 Recap
0
Our Businesses
Businesses
Our
Our
Our Regions
Regions
04
4
0
06
6
0
08
8
Strategic
Direction
Strategic Direction
1
Corporate Sustainability
Sustainability
Corporate
1
1
Financial
Performance in
in Fiscal
Fiscal 2023
Financial Performance
2023
1
New Products
New
Products
Conclusion
Conclusion
10
0
1
Board and
Board
and Executive
Executive Team
Team Summary
Summary
2
16
6
1
8
1
12
14
4
1
Bio-Techne vs.
500 Index
Bio-Techne
vs. S&P
S&P 500
Index
11
9
18
2023 ANNUAL RE
19
03
03

2023 ANNUAL REPORT // Bio-Techne
2023 ANNUAL REPORT I/ Bio-Techne
2023
A
Building Year...
Year...
A Building
Our
industry suffered
post traumatic
Our entire
entire industry
suffered post
traumatic
COVID
in 2023!
COVID market
market stress
stress in
2023!
Coming off
two years
amazing growth,
which for
us
Coming
off two
years of
of amazing
growth, which
for us
was 22%
in 2021
in 2022,
peers
was
22% in
2021 and
and 17%
17% in
2022, we
we and
and all
all our
our peers
faced aa bit
bit of
of reality.
reality. We
accomplished 5%
organic
faced
We accomplished
5% organic
growth, but
but on
on an
10%.
growth,
an expectation
expectation of
of 10%.
No one hit their expectation and the
surpassed 100,000 tests! Cell and
and Genomics
nomics (three divisions). We
We
   pause   
"pause" in our industry continues. Not so
so
Gene Therapy growth also remained
remained
surpassed
ed 3,000 employees    - 2,300
2,300
much for us, as we see the destocking,
destocking,
high double digit while Spatial Biology
Biology
China meltdown and conservative
conservative
remained at low
low double-digit growth.
growth.
Biotech funding trends beginning
beginning
This is important as these are our
high-growth future platforms. Nothing
Nothing
has changed. Being a building
year,
building year,
we worked hard on our go-to-market
go-to-market
digital strategies and supply chains,
chains,
opening a new warehouse for Europe in
Ireland, improving the One Bio-Techne
Bio-Techne
website, continued implementing a new
new
ERP
ERPsystem for Europe with little to no
no
effect on our business and hiring new
new
executives to run EMEA, the Reagent
Reagent
Solutions Division (RSD) and our U.S.
U.S.
Commercial operations. The company
company
organizational structure remains the
the
same, following a subsidiary model
model
approach, across two segments: Protein
Protein
Sciences (two divisions) and Diagnostics
Diagnostics
more than
an when I started 10 years ago.
ago.
machine
We are still a lean and mean machine
revenue
though,, with ever increasing revenue
Q1 2024.
2024. It was a great
to subside in Q1
great
year with many accomplishments and
and
overall, our thesis to $2B in revenue
revenue
remains largely intact. With the
M&A climate subdued this year we
we
managed to achieve an acquisition of
TM
, the highly sought after
Lunaphore
LunaphoreTM,
after
spatial biology automation company,
company,
and we also triggered phase one of
the acquisition of Wilson Wolf
WolfTM",, the
the
world leader in cell therapy bioreactors.
bioreactors.
Exosome remained near 75% organic
organic
growth all year, building on the final
final
acceptance by NGS (our MAC) of all
all
the NCCN guidelines attributed to
our ExoDx Prostate Test. We have now
now
04
04
per employee.
ployee. The operational prowess
prowess
of this company
ompany continues to amaze me
and make
ke me proud.
proud.
Before we dig into the businesses,
businesses,I I
want to thank Gary Stapleton, our EMEA
EMEA
esident who retired in 2023
Vice President
2023
after six years of leading the region
region
for the company. Under Gary   s
Gary's watch,
watch,
iness more than doubled and
the business
dcount as well. He set up four
the headcount
four
distinct subsidiaries and led multiple
multiple
acquisitions
ions that will fuel our growth in
Europe for years to come.
come.

2023 ANNUAL REPORT // Bio-Techne
FY2023
Wins:
FY2023 Wins:
Lunaphore
Acquisition Announced
Announced
Lunaphore Acquisition
Phase
Acquisition of
of Wilson
Wolf
Phase II Acquisition
Wilson Wolf
Surpassed
100,000 ExoDxTM
ExoDx    Prostate
Prostate Tests
Surpassed 100,000
Tests
Exosome
Remained Near
Near 75%
75% Organic
Organic Growth
Exosome Remained
Growth
2023 ANNUAL RE
Charles
(Chuck) Kummeth
Charles (Chuck)
Kummeth
President
and Chief
Chief Executive
Officer
President and
Executive Officer
05
05



shareholder letter icon 9/13/2023 Letter Continued (Full PDF)
 

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