Bio-Techne (TECH) 10-Q 8 Feb 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2017	Feb. 02, 2018
Document Information [Line Items]
Entity Registrant Name	BIO-TECHNE Corp
Entity Central Index Key	842,023
Trading Symbol	tech
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		37,474,011
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 154,153	$ 131,807	$ 298,766	$ 262,388
Cost of sales	52,319	43,664	99,064	86,901
Gross margin	101,834	88,143	199,702	175,487
Operating expenses:
Selling, general and administrative	63,775	56,981	122,064	102,405
Research and development	13,911	13,281	27,459	26,046
Total operating expenses	77,686	70,262	149,523	128,451
Operating income	24,148	17,881	50,179	47,036
Other income (expense)	(2,417)	(2,693)	(5,480)	(4,064)
Earnings before income taxes	21,731	15,188	44,699	42,972
Income tax expense (benefit)	(27,116)	7,721	(20,011)	16,663
Net earnings	48,847	7,467	64,710	26,309
Other comprehensive income:
Foreign currency translation adjustments	1,524	(10,066)	8,492	(13,301)
Unrealized gain (loss) on available-for-sale investments, net of tax of $799, $(1,889), $5,375, and $(2,060), respectively	(8,582)	6,778	(16,374)	16,486
Other comprehensive (loss) income	(7,058)	(3,288)	(7,882)	3,185
Comprehensive income (loss)	$ 41,789	$ 4,179	$ 56,828	$ 29,494
Earnings per share:
Basic (in dollars per share)	$ 1.30	$ 0.20	$ 1.73	$ 0.70
Diluted (in dollars per share)	1.29	0.20	1.71	0.70
Cash dividends per common share: (in dollars per share)	$ 0.32	$ 0.32	$ 0.64	$ 0.64
Weighted average common shares outstanding:
Basic (in shares)	37,449	37,308	37,412	37,294
Diluted (in shares)	37,926	37,478	37,816	37,475

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Unrealized gains and losses on availiable-for-sale investments, net of tax	$ 799	$ (1,889)	$ 5,375	$ (2,060)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 121,458	$ 91,612
Short-term available-for-sale investments	40,927	66,102
Accounts receivable, less allowance for doubtful accounts of $905 and $696, respectively	98,498	116,830
Inventories	68,280	60,151
Prepaid expenses and other	16,923	13,330
Total current assets	346,086	348,025
Property and equipment, net	138,461	135,124
Goodwill	589,101	579,026
Intangible assets, net	438,360	452,042
Other assets	43,414	44,002
Total assets	1,555,422	1,558,219
Current liabilities:
Trade accounts payable	11,318	16,856
Salaries, wages and related accruals	26,537	26,602
Accrued expenses	14,508	18,518
Deferred revenue	6,016	5,968
Income taxes payable		2,478
Contingent consideration payable	53,300	65,100
Total current liabilities	111,679	135,522
Deferred income taxes	74,103	120,596
Long-term debt obligations	362,500	343,771
Long-term contingent consideration payable		3,300
Other long-term liabilities	9,321	5,403
Shareholders' equity:
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 37,469,896 and 37,356,041, respectively	375	374
Additional paid-in capital	214,697	199,161
Retained earnings	839,564	799,027
Accumulated other comprehensive loss	(56,817)	(48,935)
Total shareholders' equity	997,819	949,627
Total liabilities and shareholders’ equity	$ 1,555,422	$ 1,558,219

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Accounts receivable, allowance for doubtful accounts	$ 905	$ 696
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	37,409,328	37,356,041
Common stock outstanding (in shares)	37,409,328	37,356,041

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 64,710	$ 26,309
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	31,038	29,250
Costs recognized on sale of acquired inventory	582	2,133
Deferred income taxes	(43,537)	(4,384)
Stock-based compensation expense	8,839	7,245
Fair value adjustment to contingent consideration payable	19,900	12,400
Other operating activity	1,556	(1,286)	[1]
Change in operating assets and operating liabilities, net of acquisition:
Trade accounts and other receivables	18,636	(6,406)
Inventories	(7,513)	(2,497)
Prepaid expenses	1,321	235
Trade accounts payable and accrued expenses	(4,736)	5,248
Salaries, wages and related accruals	454	(256)
Income taxes payable	(7,372)	(138)
Net cash provided by operating activities	83,878	67,853
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired	(10,644)	(255,929)
Proceeds from maturities of available-for-sale investments	6,563	1,592
Purchases of available-for-sale investments	(3,061)	(1,625)
Purchases of property and equipment	(11,608)	(5,295)
Purchase of equity investment		(40,000)
Net cash used in investing activities	(18,750)	(301,257)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends	(23,946)	(23,871)
Proceeds from stock option exercises	6,699	2,105
Excess tax benefit from stock option exercises		305
Borrowings under line-of-credit agreement	25,000	368,410
Payments on line-of-credit	(6,000)	(116,500)
Payments of Contingent consideration	(35,000)
Other financing	(2,157)	(171)
Net cash (used in) provided by financing activities	(35,404)	230,278
Effect of exchange rate changes on cash and cash equivalents	122	(2,175)
Net increase (decrease) in cash and cash equivalents	29,846	(5,301)
Cash and cash equivalents at beginning of period	91,612	64,237
Cash and cash equivalents at end of period	121,458	58,936
Supplemental disclosure of cash flow information:
Cash paid for interest	3,630	3,405
Cash paid for income taxes	$ 27,873	$ 21,828
[1]	Does not cross-foot due to the retrospective adoption of the cash flow presentation of employee taxes paid for shares withheld as part of ASU 2016-09

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	Note 1. Significant Accounting Policies: The interim consolidated financial statements of Bio-Techne Corporation and subsidiaries, (the Company) presented here have been prepared by the Company and are unaudited. They have been prepared in accordance with accoun ting principles generally accepted in the United States of America and with instructions to Form 10 10 X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the Un ited States of America have been condensed or omitted. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company's Consolidated Financial Statements and Notes thereto for the fiscal year ended June 30, 2017, 10 2017. 10 2017. As disclosed in the June 30, 2017 10 fourth 2017, ems for the Advanced Cell Diagnostics (ACD) acquisition recorded during the first 2017. not fourth 2017 2017 250, Th e impact of this revision on our unaudited consolidated statement of earnings and comprehensive income was as follows: Quarter Ended December 3 1 , 201 6 As Previously Reported Adjustment As Revised Cost of sales $ 46,725 $ (3,061 ) $ 43,664 Selling, general and administrative 55,655 1,326 56,981 Other (expense) income (2,607 ) (86 ) (2,693 ) Earnings before income taxes 13,539 1,649 15,188 Income taxes 7,226 495 7,721 Net earnings 6,313 1,154 7,467 Comprehensive income 3,025 1,154 4,179 Six Months Ended December 3 1 , 201 6 As Previously Reported Adjustment As Revised Cost of sales $ 92,837 $ (5,936 ) $ 86,901 Selling, general and administrative 101,918 487 102,405 Other (expense) income (3,921 ) (143 ) (4,064 ) Earnings before income taxes 37,666 5,306 42,972 Income taxes 15,071 1,592 16,663 Net earnings 22,595 3,714 26,309 Comprehensive income 25,780 3,714 29,494 The revisions had no impact to net cash provided by operating, investing, or financing activities. The impact of this revision to the individual line items within our unaudited consolidated statement of cash flows for the six December 31, 2016 Six Months Ended December 31 , 201 6 As Previously Reported Adjustment As Revised Costs recognized on the sale of acquired inventory $ 8,069 $ (5,936 ) $ 2,133 Other operating (1) 123 (1,580 ) (1,286 ) Changes in salaries, wages and related accruals (2,466 ) 2,210 (256 ) Changes in income tax payable (1,730 ) 1,592 (138 ) ( 1 Does not -foot due to the retrospective adoption of the cash flow presentation of employee taxes paid for shares withheld as part of ASU 2016 09 Recently Adopted Accounting Pronouncements In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting July 1, 2017. In July 2015, 2015 11, Simplifying the Measurement of Inventory first first July 1, 2017. not Pronouncements Issued But Not In May 2014, No. 2014 09, Revenue from Contracts with Customers July 1, 2018. March 2016, No. 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, No. 2016 10, Identifying Performance Obligations and Licensing, May 2016, No. 2016 12, Narrow-Scope Improvements and Practical Expedients No. 2014 09 No. 2014 09. The Company ’s approach to implementing the new standard includes performing a detailed review of key contracts representative of its different businesses, and comparing historical accounting policies and practices to the new standard. The guidance permits two The Company is continuing to assess the impact on our consolidated financial statements by finalizing our location surveys, reviewing unique customer contract terms, and developing processes to manage the changes in the revenue recognition guidance and gather information for the required disclosures. The company expects this process will be complete during the fourth 2018. not In January 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, July 1, 2018. not In February 2016, the FASB issued ASU 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. 2016 02 In June 2016, FASB issued ASU 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2019, July 1, 2020. may December 15, 2018. 2016 13 In January 2017, No. 2017 01, Clarifying the Definition of a Business December 15, 2017, July 1, 2018. In May 2017, No. 2017 09, Scope of Modification Accounting may December 15, 2017, July 1, 2018. not

Note 2 - Selected Balance Sheet

Note 2 - Selected Balance Sheet Data	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	N ote 2. : Available -For-Sale Investments: The fair value of the Company's available-for- sale investments at December 31 , 2017 June 30, 2017 $40 .9 $66 .1 $21.7 $59.6 June 30, 2017 $37.9 December 31, 2017. $2 .1 $1 .4 December 31, 2017 June 30, 2017 $29.5 Inventories: Inventories consist of (in thousands): December 31 , June 30, 2017 2017 Raw materials $ 25,401 $ 22,074 Finished goods 42,879 38,077 Inventories, net $ 68,280 $ 60,151 Property and Equipment: Property and equipment consist of (in thousands): December 31 , June 30, 2017 2017 Land $ 6,270 $ 6,270 Buildings and improvements 167,486 158,495 Machinery and equipment 101,903 98,596 Property and equipment, cost 275,659 263,361 Accumulated depreciation and amortization (137,198 ) (128,237 ) Property and equipment, net $ 138,461 $ 135,124 Intangible Assets: Intangible assets consist of (in thousands): December 31 , June 30, 2017 2017 Developed technology $ 283,226 $ 276,959 Trade names 87,859 87,092 Customer relationships 207,230 204,243 Non-compete agreements 3,277 3,264 Patents 1,032 633 Intangible assets 582,624 572,191 Accumulated amortization (144,264 ) (120,149 ) Intangible assets, net $ 438,360 $ 452,042 Changes to the carrying amount of net intangible assets for the six December 31, 2017 Beginning balance $ 452,042 Acquisitions 5,520 Other additions 586 Amortization expense (22,675 ) Currency translation 2,887 Ending balance $ 438,360 The estimated future amortization expense for intangible assets as of December 31, 2017 2018 $ 22,887 2019 45,089 2020 44,385 2021 44,015 2022 42,263 Thereafter 239,721 Total $ 438,360 Goodwill: Changes to the carrying amount of goodwill for the six December 31, 2017 Biotechnology Protein Platforms Diagnostics Total Beginning balance $ 254,930 $ 220,826 $ 103,270 $ 579,026 Acquisitions (Note 3) 5,991 - - 5,991 Currency translation 1,692 2,392 - 4,084 Ending balance $ 262,613 $ 223,218 $ 103,270 $ 589,101 We evaluate the carrying value of goodwill in the fourth le impairment. The Company performed a quantitative assessment for all three fourth 2017. June 30, 2017. No were identified during the quarter ended December 31, 2017. no 350 July 1, 2002. Other Assets: Ot her Assets consist of (in thousands): December 31 , June 30, 2017 2017 Investments $ 40,385 $ 40,385 Other 3,029 3,617 Other assets $ 43,414 $ 44,002 As of December 31, 2017, $43.4 $44 .0 June 30, 2017. $40 .0 . made during the second 2017. 20% not not no may No December 31, 2017 .

Note 3 - Acquisitions

Note 3 - Acquisitions	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 3 . Acquisitions: We periodically complete business combinations that align with our business strategy. Acquisitions are accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date and that the results of operations of each acquired business be included in our consolidated statements of comprehensive income from their respective dates of acquisition. Acquisition costs are recorded in selling, general and administrative expenses as incurred. Trevigen Inc. On September 5, 2017 $10.6 not first 2018. Certain estimated fair values are not 2018 Preliminary Allocation at Acquisition Date Adjustments to Fair Value Updated Opening Balance Sheet Allocation at December 31 , 2017 Current assets, net of cash $ 1,662 $ 1,662 Equipment and other long-term assets 154 (101 ) 53 Intangible assets: Developed technology 3,800 1,300 5,100 Trade name 1,400 (1,240 ) 160 Customer relationships 1,900 (1,640 ) 260 Goodwill 4,595 1,396 5,991 Total assets acquired 13,511 (285 ) 13,226 Liabil ities 92 295 387 Deferred income taxes, net 2,785 (590 ) 2,195 Net assets acquired $ 10,634 10 $ 10,644 Cash paid, net of cash acquired $ 10,634 10 $ 10,644 As summarized in the table, there have been adjustments totaling $1.4 adjustments primarily relate to refinements made to acquired intangible asset cash flow models, and updates to opening balance sheet deferred tax assets and liabilities upon completion of the December 31, 2017 Tangible assets acquired, net of liabilities assumed, were recorded at fair value on the date of close based on management's assessment. The purchase price allocated to developed technology, trade names, and customer relationships was based on management's forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The preliminary amortization periods for intangible assets acquired in fiscal 2018 13 11 1.5 not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Fair Value, Measurement Inputs, Disclosure [Text Block]	Note 4. The Company’s financial instruments include cash and cash equivalents, available for sale investments, accounts receivable, accounts payable, contingent consideration obligations, and long-term debt. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. This standard also establishes a hierarchy for inputs used in measuring fair value. This standard maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three 1 2 not 3 one 3 may The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): Total carrying value as of Fair Value Measurements Using Inputs Considered as December 31 , 2017 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 37,867 $ 37,867 $ - $ - Liabilities Contingent Consideration $ 53,300 $ - $ - $ 53,300 Total carrying value a s of Fair Value Measurements Using Inputs Considered as June 30, 2017 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 59,616 $ 59,616 $ - $ - Corporate bond securities (1) 2,057 - 2,057 - Total Assets $ 61,673 $ 59,616 $ 2,057 $ - Liabilities Contingent Consideration $ 68,400 $ - $ - $ 68,400 ( 1 Included in available- for-sale investments on the balance sheet Our available for sale securities are measured at fair value using quoted market prices in active markets for identical assets and are therefore classified as Level 1 2 All of our Level 2 one The use of different assumptions, applying different judgment to matters that inherently are subjective and changes in future market conditions could result in different estimates of fair value of our securities or contingent consideration, currently and in the future. If market conditions deteriorate, we may may In connection with the Advanced Cell Diagnostics (ACD) acquisition (fiscal 2017 2016 $75 .0 $7 .0 $35 .0 The fair value of the liabilities for the contingent payments recognized upon each acquisition as part of the purchase accounting opening balance sheet totaled $78.5 $37.0 $6.5 $35.0 3 As of June 30, 2017 ngent consideration payments were up to $50 .0 $3.5 $35 .0 . During the first 2018, $35.0 second 2018, $50.0 third 2018. The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobser vable inputs (Level 3 six December 31, 2017 ( Quarter Ended Six Months Ended December 31, 2017 December 31, 2017 Fair value at the beginning of period $ 40,900 $ 68,400 Payments - (35,000 ) Change in fair value of contingent consideration 12,400 19,900 Fair value at the end of period $ 53,300 $ 53,300 Fair value measurements of other financial instruments – The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value. Cash and cash equivalents, certificates of deposit, accounts receivable, and accounts payable – The carrying amounts reported in the consolidated balance sheets approximate fair value because of the short-term nature of these items. Long-term debt – The carrying amounts reported in the consolidated balance sheets for the amount drawn on our line-of-credit facility approximates fair value because our interest rate is variable and reflects current market rates.

Note 5 - Debt and Other Financi

Note 5 - Debt and Other Financing Arrangements	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. In fiscal 2017, July 28, 2016. $400 y an additional $200 may 0.5%, 1.00% 1.75% 25 The Credit Agreement matures on July 28, 2021 December 31, 2017, $362.5

Note 6 - Accumulated Other Comp

Note 6 - Accumulated Other Comprehensive Income	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 6. Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income (loss), net of tax, for the six December 31, 2017 Unrealized Gains (Losses) on Available- for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ 18,989 $ (67,924 ) $ (48,935 ) Other comprehensive income (loss) (16,374 ) 8,492 (7,882 ) Ending balance $ 2,615 (59,432 ) $ (56,817 )

Note 7 - Earnings Per Share

Note 7 - Earnings Per Share	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 7. Earnings Per Share: The following table reflects the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Quarter Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Earnings per share – basic: Net income $ 48,847 $ 7,467 $ 64,710 $ 26,309 Income allocated to participating securities (41 ) (7 ) (50 ) (22 ) Income available to common shareholders $ 48,806 $ 7,460 $ 64,660 $ 26,287 Weighted-average shares outstanding – basic 37,449 37,308 37,412 37,294 Earnings per share – basic $ 1.30 $ 0.20 $ 1.73 $ 0.70 Earnings per share – diluted: Net income $ 48,847 $ 7,467 $ 64,710 $ 26,309 Income all ocated to participating securities (41 ) (7 ) (50 ) (22 ) Income available to common shareholders $ 48,806 $ 7,460 $ 64,660 $ 26,287 Weighted-average shares outstanding – basic 37,449 37,308 37,412 37,294 Dilutive effect of stock options and restricted stock units 477 170 404 181 Weighted-average common shares outstanding – diluted 37,926 37,478 37,816 37,475 Earnings per share – diluted $ 1.29 $ 0.20 $ 1.71 $ 0.70 The dilutive effect of stock options and restricted stock units in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period . The number of potentially dilutive option shares excluded from the calculation was 1 .6 2.0 December 31, 2017 2016, 1.7 2.0 six December 31, 2017 2016,

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 8. During the six ended December 31, 2017 2016, 1.0 1.1 $118.97 $107.4 0 $21 .58 $18.13, six December 31, 2017 2016, 35,674 64 ,931 $125.02 $109.36, six December 31, 2017 2016, 20,106 23,965 $125.05 $104.94, Stock options for 70 ,069 23,145 $2 .8 $1.0 six December 31, 2017 2016, Stock-based compensation expense of $5 .0 $4.1 December 31, 2017 2016, $8.8 $7.2 six December 31, 2017 2016, December 31, 2017, $40 .2 2.5

Note 9 - Other Income (Expense)

Note 9 - Other Income (Expense)	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	Note 9. The components of other income (expense) in the accompanying Statement of Earnings and Compr ehensive Income are as follows: Quarter Ended Six Months December 31, December 31, 2017 2016 2017 2016 Interest expense $ (2,331 ) $ (1,921 ) $ (4,574 ) $ (3,321 ) Interest income 68 89 144 138 Ot her non-operating income (expense), net (154 ) (861 ) (1,050 ) (881 ) To tal other income (expense) $ (2,417 ) $ (2,693 ) $ (5,480 ) $ (4,064 )

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10. The Company’s effective income tax rate was ( 124.7 50.8% second 2018 2017, 44.8 38.8% first six 2018 2017, second first six 2018 second first six 2017 2018 discrete tax benefit of $0.3 $0.7 second first six 2018 $2.9 $3.8 second first six 2018 not second first six 2017 $4.6 On December 22, 2017, June30, 2018 not 1 2 one may eight 3 first 35 21 January 1, 2018. 15 June 30, 2018. 28.1 2018, 21 2019 The Tax Act also puts in place new tax laws that will impact our taxable income beginning in fiscal 2019, not 1 2 3 50 4 5 6 7 Shortly after the Tax Act was enacted, the SEC staff issued Staff Accounting Bulletin No. 118, 118 ’s impact. SAB 118 no one may 740. 118, 740 To the extent that a company ’s accounting for certain income tax effects of the Tax Act is incomplete, the Company can determine a reasonable estimate for those effects and record a provisional estimate in the financial statements in the first 740 first We have recorded a provisional net tax benefit of $33.5 December 31, 2017. $37.0 $3.5 Reduction in U.S. Corporate Rate: The Act reduces the U.S. federal statutory corporate tax rate to a blended 28.1 June 30, 2018 21 June 30, 2019 December 22, 2017, June 30, 2018. Transition Tax: The tra nsition tax is a tax on the previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries as of December 22, 2017. 1986 $3.5 Company expects to elect to pay, net of certain tax credit carryforwards, over eight 2019. $0.3 $3.2 December 31, 2017 June 30, 2018 10 Global intangible low-taxed income (GILTI): The Tax Act includes a provision designed to currently tax global intangible low-taxed income starting in fiscal 2019. 740, In addition, we are awaiting further interpretive guidance in connection with the computation of the GILTI tax. For these reasons, we are not As of June 30, 2017, no December 31, 2017 2018 not not We are also currently analyzing other provisions of the Tax Act that come into effect for tax years starting July 1, 2018

Note 11 - Segment Information

Note 11 - Segment Information	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 11. The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended Six M onths Ended December 31, December 31, 2017 2016 2017 2016 Net sales: Biotechnology 101,411 85,953 $ 196,487 $ 172,740 Protein Platforms 29,388 21,548 54,028 41,121 Diagnostics 23,429 24,330 48,415 48,563 Intersegment (75 ) (24 ) (164 ) (36 ) Consolidated net sales 154,153 131,807 $ 298,766 $ 262,388 O perating income: Biotechnology $ 46,210 $ 39,474 $ 90,813 $ 81,594 Protein Platforms 6,119 1,843 9,175 2,052 Diagnostics 3,777 5,801 9,606 12,104 Segment operating income $ 56,106 $ 47,118 $ 109,594 $ 96,110 Costs recognized on sale of acquired inventory (264 ) (789 ) (582 ) (2,133 ) Amortization of acquisition related intangible assets (11,296 ) (11,627 ) (22,675 ) (21,815 ) Acquisition related expenses (13,150 ) (12,056 ) (22,683 ) (15,588 ) Stock based compensation (5,044 ) (4,055 ) (8,839 ) (7,245 ) Corporate general, selling, and administrative expenses (2,204 ) (710 ) (4,636 ) (2,293 ) Consolidated operating income 24,148 17,881 $ 50,179 $ 47,036

Note 12 - Subsequent Events

Note 12 - Subsequent Events	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	Note 12. On January 2, 2018, Techne acquired Atlanta Biologicals, Inc. and its affiliated company, Scientific Ventures, Inc for approximately $50 . The purchase accounting for this acquisition is in progress . On February 1, 2018 7.5 The transaction was financed through cash on hand. The purchase accounting for this acquisition is in progress.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting July 1, 2017. In July 2015, 2015 11, Simplifying the Measurement of Inventory first first July 1, 2017. not Pronouncements Issued But Not In May 2014, No. 2014 09, Revenue from Contracts with Customers July 1, 2018. March 2016, No. 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016, No. 2016 10, Identifying Performance Obligations and Licensing, May 2016, No. 2016 12, Narrow-Scope Improvements and Practical Expedients No. 2014 09 No. 2014 09. The Company ’s approach to implementing the new standard includes performing a detailed review of key contracts representative of its different businesses, and comparing historical accounting policies and practices to the new standard. The guidance permits two The Company is continuing to assess the impact on our consolidated financial statements by finalizing our location surveys, reviewing unique customer contract terms, and developing processes to manage the changes in the revenue recognition guidance and gather information for the required disclosures. The company expects this process will be complete during the fourth 2018. not In January 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, July 1, 2018. not In February 2016, the FASB issued ASU 2016 02, Leases (Topic 842 December 15, 2018, July 1, 2019. 2016 02 In June 2016, FASB issued ASU 2016 13, Financial Instruments - Credit Losses (Topic 326 December 15, 2019, July 1, 2020. may December 15, 2018. 2016 13 In January 2017, No. 2017 01, Clarifying the Definition of a Business December 15, 2017, July 1, 2018. In May 2017, No. 2017 09, Scope of Modification Accounting may December 15, 2017, July 1, 2018. not

Note 1 - Basis of Presentatio20

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	Quarter Ended December 3 1 , 201 6 As Previously Reported Adjustment As Revised Cost of sales $ 46,725 $ (3,061 ) $ 43,664 Selling, general and administrative 55,655 1,326 56,981 Other (expense) income (2,607 ) (86 ) (2,693 ) Earnings before income taxes 13,539 1,649 15,188 Income taxes 7,226 495 7,721 Net earnings 6,313 1,154 7,467 Comprehensive income 3,025 1,154 4,179 Six Months Ended December 3 1 , 201 6 As Previously Reported Adjustment As Revised Cost of sales $ 92,837 $ (5,936 ) $ 86,901 Selling, general and administrative 101,918 487 102,405 Other (expense) income (3,921 ) (143 ) (4,064 ) Earnings before income taxes 37,666 5,306 42,972 Income taxes 15,071 1,592 16,663 Net earnings 22,595 3,714 26,309 Comprehensive income 25,780 3,714 29,494 Six Months Ended December 31 , 201 6 As Previously Reported Adjustment As Revised Costs recognized on the sale of acquired inventory $ 8,069 $ (5,936 ) $ 2,133 Other operating (1) 123 (1,580 ) (1,286 ) Changes in salaries, wages and related accruals (2,466 ) 2,210 (256 ) Changes in income tax payable (1,730 ) 1,592 (138 )

Note 2 - Selected Balance She21

Note 2 - Selected Balance Sheet Data (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31 , June 30, 2017 2017 Raw materials $ 25,401 $ 22,074 Finished goods 42,879 38,077 Inventories, net $ 68,280 $ 60,151
Property, Plant and Equipment [Table Text Block]	December 31 , June 30, 2017 2017 Land $ 6,270 $ 6,270 Buildings and improvements 167,486 158,495 Machinery and equipment 101,903 98,596 Property and equipment, cost 275,659 263,361 Accumulated depreciation and amortization (137,198 ) (128,237 ) Property and equipment, net $ 138,461 $ 135,124
Schedule of Intangible Assets and Goodwill [Table Text Block]	December 31 , June 30, 2017 2017 Developed technology $ 283,226 $ 276,959 Trade names 87,859 87,092 Customer relationships 207,230 204,243 Non-compete agreements 3,277 3,264 Patents 1,032 633 Intangible assets 582,624 572,191 Accumulated amortization (144,264 ) (120,149 ) Intangible assets, net $ 438,360 $ 452,042
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Beginning balance $ 452,042 Acquisitions 5,520 Other additions 586 Amortization expense (22,675 ) Currency translation 2,887 Ending balance $ 438,360
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2018 $ 22,887 2019 45,089 2020 44,385 2021 44,015 2022 42,263 Thereafter 239,721 Total $ 438,360
Schedule of Goodwill [Table Text Block]	Biotechnology Protein Platforms Diagnostics Total Beginning balance $ 254,930 $ 220,826 $ 103,270 $ 579,026 Acquisitions (Note 3) 5,991 - - 5,991 Currency translation 1,692 2,392 - 4,084 Ending balance $ 262,613 $ 223,218 $ 103,270 $ 589,101
Schedule of Other Assets, Noncurrent [Table Text Block]	December 31 , June 30, 2017 2017 Investments $ 40,385 $ 40,385 Other 3,029 3,617 Other assets $ 43,414 $ 44,002

Note 3 - Acquisitions (Tables)

Note 3 - Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Preliminary Allocation at Acquisition Date Adjustments to Fair Value Updated Opening Balance Sheet Allocation at December 31 , 2017 Current assets, net of cash $ 1,662 $ 1,662 Equipment and other long-term assets 154 (101 ) 53 Intangible assets: Developed technology 3,800 1,300 5,100 Trade name 1,400 (1,240 ) 160 Customer relationships 1,900 (1,640 ) 260 Goodwill 4,595 1,396 5,991 Total assets acquired 13,511 (285 ) 13,226 Liabil ities 92 295 387 Deferred income taxes, net 2,785 (590 ) 2,195 Net assets acquired $ 10,634 10 $ 10,644 Cash paid, net of cash acquired $ 10,634 10 $ 10,644

Note 4 - Fair Value Measureme23

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Total carrying value as of Fair Value Measurements Using Inputs Considered as December 31 , 2017 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 37,867 $ 37,867 $ - $ - Liabilities Contingent Consideration $ 53,300 $ - $ - $ 53,300 Total carrying value a s of Fair Value Measurements Using Inputs Considered as June 30, 2017 Level 1 Level 2 Level 3 Assets Equity securities (1) $ 59,616 $ 59,616 $ - $ - Corporate bond securities (1) 2,057 - 2,057 - Total Assets $ 61,673 $ 59,616 $ 2,057 $ - Liabilities Contingent Consideration $ 68,400 $ - $ - $ 68,400
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Quarter Ended Six Months Ended December 31, 2017 December 31, 2017 Fair value at the beginning of period $ 40,900 $ 68,400 Payments - (35,000 ) Change in fair value of contingent consideration 12,400 19,900 Fair value at the end of period $ 53,300 $ 53,300

Note 6 - Accumulated Other Co24

Note 6 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains (Losses) on Available- for-Sale Investments Foreign Currency Translation Adjustments Total Beginning balance $ 18,989 $ (67,924 ) $ (48,935 ) Other comprehensive income (loss) (16,374 ) 8,492 (7,882 ) Ending balance $ 2,615 (59,432 ) $ (56,817 )

Note 7 - Earnings Per Share (Ta

Note 7 - Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Quarter Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Earnings per share – basic: Net income $ 48,847 $ 7,467 $ 64,710 $ 26,309 Income allocated to participating securities (41 ) (7 ) (50 ) (22 ) Income available to common shareholders $ 48,806 $ 7,460 $ 64,660 $ 26,287 Weighted-average shares outstanding – basic 37,449 37,308 37,412 37,294 Earnings per share – basic $ 1.30 $ 0.20 $ 1.73 $ 0.70 Earnings per share – diluted: Net income $ 48,847 $ 7,467 $ 64,710 $ 26,309 Income all ocated to participating securities (41 ) (7 ) (50 ) (22 ) Income available to common shareholders $ 48,806 $ 7,460 $ 64,660 $ 26,287 Weighted-average shares outstanding – basic 37,449 37,308 37,412 37,294 Dilutive effect of stock options and restricted stock units 477 170 404 181 Weighted-average common shares outstanding – diluted 37,926 37,478 37,816 37,475 Earnings per share – diluted $ 1.29 $ 0.20 $ 1.71 $ 0.70

Note 9 - Other Income (Expens26

Note 9 - Other Income (Expense) (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Quarter Ended Six Months December 31, December 31, 2017 2016 2017 2016 Interest expense $ (2,331 ) $ (1,921 ) $ (4,574 ) $ (3,321 ) Interest income 68 89 144 138 Ot her non-operating income (expense), net (154 ) (861 ) (1,050 ) (881 ) To tal other income (expense) $ (2,417 ) $ (2,693 ) $ (5,480 ) $ (4,064 )

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six M onths Ended December 31, December 31, 2017 2016 2017 2016 Net sales: Biotechnology 101,411 85,953 $ 196,487 $ 172,740 Protein Platforms 29,388 21,548 54,028 41,121 Diagnostics 23,429 24,330 48,415 48,563 Intersegment (75 ) (24 ) (164 ) (36 ) Consolidated net sales 154,153 131,807 $ 298,766 $ 262,388 O perating income: Biotechnology $ 46,210 $ 39,474 $ 90,813 $ 81,594 Protein Platforms 6,119 1,843 9,175 2,052 Diagnostics 3,777 5,801 9,606 12,104 Segment operating income $ 56,106 $ 47,118 $ 109,594 $ 96,110 Costs recognized on sale of acquired inventory (264 ) (789 ) (582 ) (2,133 ) Amortization of acquisition related intangible assets (11,296 ) (11,627 ) (22,675 ) (21,815 ) Acquisition related expenses (13,150 ) (12,056 ) (22,683 ) (15,588 ) Stock based compensation (5,044 ) (4,055 ) (8,839 ) (7,245 ) Corporate general, selling, and administrative expenses (2,204 ) (710 ) (4,636 ) (2,293 ) Consolidated operating income 24,148 17,881 $ 50,179 $ 47,036

Note 1 - Basis of Presentatio28

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Revision of Unaudited Consolidated Financial Statements (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Cost of sales		$ 52,319	$ 43,664	$ 99,064	$ 86,901
Selling, general and administrative		63,775	56,981	122,064	102,405
Other (expense) income		(2,417)	(2,693)	(5,480)	(4,064)
Earnings before income taxes		21,731	15,188	44,699	42,972
Income tax expense (benefit)		(27,116)	7,721	(20,011)	16,663
Net earnings		48,847	7,467	64,710	26,309
Comprehensive income		$ 41,789	4,179	56,828	29,494
Costs recognized on sale of acquired inventory				582	2,133
Other operating activity				1,556	(1,286)	[1]
Changes in salaries, wages and related accruals				454	(256)
Changes in income tax payable				$ (7,372)	(138)
Scenario, Previously Reported [Member]
Cost of sales			46,725		92,837
Selling, general and administrative			55,655		101,918
Other (expense) income			(2,607)		(3,921)
Earnings before income taxes			13,539		37,666
Income tax expense (benefit)			7,226		15,071
Net earnings			6,313		22,595
Comprehensive income			3,025		25,780
Costs recognized on sale of acquired inventory					8,069
Other operating activity	[1]				123
Changes in salaries, wages and related accruals					(2,466)
Changes in income tax payable					(1,730)
Restatement Adjustment [Member]
Cost of sales			(3,061)		(5,936)
Selling, general and administrative			1,326		487
Other (expense) income			(86)		(143)
Earnings before income taxes			1,649		5,306
Income tax expense (benefit)			495		1,592
Net earnings			1,154		3,714
Comprehensive income			$ 1,154		3,714
Costs recognized on sale of acquired inventory					(5,936)
Other operating activity	[1]				(1,580)
Changes in salaries, wages and related accruals					2,210
Changes in income tax payable					$ 1,592
[1]	Does not cross-foot due to the retrospective adoption of the cash flow presentation of employee taxes paid for shares withheld as part of ASU 2016-09

Note 2 - Selected Balance She29

Note 2 - Selected Balance Sheet Data (Details Textual) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017USD ($)
Available-for-sale Securities		$ 40,900		$ 66,100
Payments to Acquire Available-for-sale Securities		$ 3,061	$ 1,625
Number of Reporting Units		3
Goodwill, Impairment Loss		$ 0
Other Assets, Noncurrent		43,414		44,002
Astute Medical, Inc. [Member]
Payments to Acquire Investments	$ 40,000
Advanced Cell Diagnostics (ACD) [Member] | Available-for-sale Securities [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities		2,100
ChemoCentryx, Inc (CCXI) [Member]
Available-for-sale Securities		37,900		$ 59,600
Available-for-sale Securities, Gross Realized Losses		21,700
Available-for-sale Equity Securities, Amortized Cost Basis		29,500
Certificates Of Deposit [Member] | CHINA
Payments to Acquire Available-for-sale Securities		$ 1,400

Note 2 - Selected Balance She30

Note 2 - Selected Balance Sheet Data - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Raw materials	$ 25,401	$ 22,074
Finished goods	42,879	38,077
Inventories, net	$ 68,280	$ 60,151

Note 2 - Selected Balance She31

Note 2 - Selected Balance Sheet Data - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Property and equipment, cost	$ 275,659	$ 263,361
Accumulated depreciation and amortization	(137,198)	(128,237)
Property and equipment, net	138,461	135,124
Land [Member]
Property and equipment, cost	6,270	6,270
Building and Building Improvements [Member]
Property and equipment, cost	167,486	158,495
Machinery and Equipment [Member]
Property and equipment, cost	$ 101,903	$ 98,596

Note 2 - Selected Balance She32

Note 2 - Selected Balance Sheet Data - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Intangible assets	$ 582,624	$ 572,191
Accumulated amortization	(144,264)	(120,149)
Intangible assets, net	438,360	452,042
Developed Technology Rights [Member]
Intangible assets	283,226	276,959
Trade Names [Member]
Intangible assets	87,859	87,092
Customer Relationships [Member]
Intangible assets	207,230	204,243
Noncompete Agreements [Member]
Intangible assets	3,277	3,264
Patents [Member]
Intangible assets	$ 1,032	$ 633

Note 2 - Selected Balance She33

Note 2 - Selected Balance Sheet Data - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2017USD ($)
Beginning balance	$ 452,042
Acquisitions	5,520
Other additions	586
Amortization expense	(22,675)
Currency translation	2,887
Ending balance	$ 438,360

Note 2 - Selected Balance She34

Note 2 - Selected Balance Sheet Data - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 22,887
2,019	45,089
2,020	44,385
2,021	44,015
2,022	42,263
Thereafter	239,721
Total	$ 438,360

Note 2 - Selected Balance She35

Note 2 - Selected Balance Sheet Data - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2017USD ($)
Beginning balance	$ 579,026
Acquisitions (Note 3)	5,991
Currency translation	4,084
Ending balance	589,101
Biotechnology [Member]
Beginning balance	254,930
Acquisitions (Note 3)	5,991
Currency translation	1,692
Ending balance	262,613
Protein Platforms [Member]
Beginning balance	220,826
Acquisitions (Note 3)
Currency translation	2,392
Ending balance	223,218
Diagnostics [Member]
Beginning balance	103,270
Acquisitions (Note 3)
Currency translation
Ending balance	$ 103,270

Note 2 - Selected Balance She36

Note 2 - Selected Balance Sheet Data - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Investments	$ 40,385	$ 40,385
Other	3,029	3,617
Other assets	$ 43,414	$ 44,002

Note 3 - Acquisitions (Details

Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands	Sep. 05, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Payments to Acquire Businesses, Net of Cash Acquired			$ 10,644	$ 255,929
Trevigen Inc. [Member]
Payments to Acquire Businesses, Net of Cash Acquired	$ 10,600
Goodwill, Purchase Accounting Adjustments		$ 1,396
Trevigen Inc. [Member] | Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life	13 years
Trevigen Inc. [Member] | Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	11 years
Trevigen Inc. [Member] | Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life	1 year 182 days

Note 3 - Acquisitions - Fair Va

Note 3 - Acquisitions - Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 05, 2017	Dec. 31, 2017	Jun. 30, 2017
Goodwill		$ 589,101	$ 579,026
Trevigen Inc. [Member]
Current assets, net of cash	$ 1,662	1,662
Adjustments to fair value, current assets, net of cash
Equipment and other long-term assets	154	53
Adjustments to fair value, equipment and other long-term assets		(101)
Goodwill	4,595	5,991
Adjustments to fair value, goodwill		1,396
Total assets acquired	13,511	13,226
Adjustments to fair value, total assets acquired		(285)
Liabilities	92	387
Adjustments to fair value, liabilities		295
Deferred income taxes, net	2,785	2,195
Adjustments to fair value, deferred income taxes, net		(590)
Net assets acquired	10,634	10,644
Adjustments to fair value, net assets acquired		10
Cash paid, net of cash acquired	10,634	10,644
Adjustments to fair value, cash paid, net of cash acquired		10
Trevigen Inc. [Member] | Developed Technology Rights [Member]
Intangible assets	3,800	5,100
Adjustments to fair value, intangible assets		1,300
Trevigen Inc. [Member] | Trade Names [Member]
Intangible assets	1,400	160
Adjustments to fair value, intangible assets		(1,240)
Trevigen Inc. [Member] | Customer Relationships [Member]
Intangible assets	$ 1,900	260
Adjustments to fair value, intangible assets		$ (1,640)

Note 4 - Fair Value Measureme39

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Sep. 30, 2017	Dec. 31, 2017	Jun. 30, 2017	Aug. 01, 2016	Mar. 14, 2016	Nov. 03, 2014
Advanced Cell Diagnostics (ACD) [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			$ 75	$ 50
Business Combination, Liabilities Arising from Contingencies, Amount Recognized					$ 37
Advanced Cell Diagnostics (ACD) [Member] | Scenario, Forecast [Member]
Payment for Contingent Consideration Liability	$ 50
Zephyrus [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			7	3.5
Business Combination, Liabilities Arising from Contingencies, Amount Recognized						$ 6.5
CyVek, Inc. [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			35	$ 35
Business Combination, Liabilities Arising from Contingencies, Amount Recognized							$ 35
Payment for Contingent Consideration Liability		$ 35
Advance Cell Diagnostics (ACD), Zephyrus, and CyVek Inc.[Member]
Business Combination, Liabilities Arising from Contingencies, Amount Recognized			$ 78.5

Note 4 - Fair Value Measureme40

Note 4 - Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Jun. 30, 2017
Contingent Consideration		$ 53,300	$ 68,400
Total Assets			61,673
Fair Value, Inputs, Level 1 [Member]
Contingent Consideration
Total Assets			59,616
Fair Value, Inputs, Level 2 [Member]
Contingent Consideration
Total Assets			2,057
Fair Value, Inputs, Level 3 [Member]
Contingent Consideration		53,300	68,400
Total Assets
Equity Securities [Member]
Corporate securities	[1]	37,867	59,616
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Corporate securities	[1]	37,867	59,616
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Corporate securities	[1]
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Corporate securities	[1]
Corporate Debt Securities [Member]
Corporate securities	[1]		2,057
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Corporate securities	[1]
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Corporate securities	[1]		2,057
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Corporate securities	[1]
[1]	Included in available-for-sale investments on the balance sheet

Note 4 - Fair Value Measureme41

Note 4 - Fair Value Measurements - Liability Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Contingent Consideration [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2017
Fair value at the beginning of period	$ 40.9	$ 68.4
Payments		(35)
Change in fair value of contingent consideration	12.4	19.9
Fair value at the end of period	$ 53.3	$ 53.3

Note 5 - Debt and Other Finan42

Note 5 - Debt and Other Financing Arrangements (Details Textual) - USD ($) $ in Millions	Jul. 28, 2016	Dec. 31, 2017
Long-term Line of Credit		$ 362.5
Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity	$ 400
Line of Credit Facility, Additional Borrowing Capacity	$ 200
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit Facility, Expiration Date	Jul. 28, 2021
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%

Note 6 - Accumulated Other Co43

Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Beginning balance			$ 949,627
Other comprehensive income (loss)	$ (7,058)	$ (3,288)	(7,882)	$ 3,185
Ending balance	997,819		997,819
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Beginning balance			18,989
Other comprehensive income (loss)			(16,374)
Ending balance	2,615		2,615
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Beginning balance			(67,924)
Other comprehensive income (loss)			8,492
Ending balance	(59,432)		(59,432)
AOCI Attributable to Parent [Member]
Beginning balance			(48,935)
Other comprehensive income (loss)			(7,882)
Ending balance	$ (56,817)		$ (56,817)

Note 7 - Earnings Per Share (De

Note 7 - Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.6	2	1.7	2

Note 7 - Earnings Per Share - S

Note 7 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net earnings	$ 48,847	$ 7,467	$ 64,710	$ 26,309
Income allocated to participating securities	(41)	(7)	(50)	(22)
Income available to common shareholders	$ 48,806	$ 7,460	$ 64,660	$ 26,287
Basic (in shares)	37,449	37,308	37,412	37,294
Basic (in dollars per share)	$ 1.30	$ 0.20	$ 1.73	$ 0.70
Net income	$ 48,847	$ 7,467	$ 64,710	$ 26,309
Income available to common shareholders	$ 48,806	$ 7,460	$ 64,660	$ 26,287
Weighted-average shares outstanding – basic (in shares)	37,449	37,308	37,412	37,294
Dilutive effect of stock options and restricted stock units (in shares)	477	170	404	181
Diluted (in shares)	37,926	37,478	37,816	37,475
Diluted (in dollars per share)	$ 1.29	$ 0.20	$ 1.71	$ 0.70

Note 8 - Share-based Compensa46

Note 8 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			1,000,000	1,100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 118.97	$ 107.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 21.58	$ 18.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			70,069	23,145
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 2.8	$ 1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 40.2		$ 40.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 182 days
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	$ 5	$ 4.1	$ 8.8	$ 7.2
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			35,674	64,931
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 125.02	$ 109.36
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			20,106	23,965
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 125.05	$ 104.94

Note 9 - Other Income (Expens47

Note 9 - Other Income (Expense) - Schedule of Components of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Interest expense	$ (2,331)	$ (1,921)	$ (4,574)	$ (3,321)
Interest income	68	89	144	138
Other non-operating income (expense), net	(154)	(861)	(1,050)	(881)
Total other income (expense)	$ (2,417)	$ (2,693)	$ (5,480)	$ (4,064)

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Effective Income Tax Rate Reconciliation, Percent	(124.70%)	50.80%	(44.80%)	38.80%
Income Tax Expense (Benefit), Discrete Tax Items	$ (300)	$ 2,900	$ (700)	$ 3,800
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Revaluation of Contingent Consideration			$ 4,600
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustments, New Legislation			$ (33,500)
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			(37,000)
Income Tax Expense (Benefit), Continuing Operations, Adjustments on Transition Tax			3,500
Accrued Income Taxes, Current							$ 2,478
Transition Tax [Member]
Accrued Income Taxes, Current	300		300
Accrued Income Taxes, Noncurrent	$ 3,200		$ 3,200
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%	28.10%

Note 11 - Segment Information -

Note 11 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 154,153	$ 131,807	$ 298,766	$ 262,388
Operating income	24,148	17,881	50,179	47,036
Amortization of acquisition related intangible assets			(22,675)
Corporate general, selling, and administrative expenses	(63,775)	(56,981)	(122,064)	(102,405)
Acquisition Related [Member]
Corporate general, selling, and administrative expenses	(2,204)	(710)	(4,636)	(2,293)
Operating Segments [Member]
Operating income	56,106	47,118	109,594	96,110
Intersegment Eliminations [Member]
Net sales	(75)	(24)	(164)	(36)
Segment Reconciling Items [Member]
Costs recognized on sale of acquired inventory	(264)	(789)	(582)	(2,133)
Amortization of acquisition related intangible assets	(11,296)	(11,627)	(22,675)	(21,815)
Acquisition related expenses	(13,150)	(12,056)	(22,683)	(15,588)
Stock based compensation	(5,044)	(4,055)	(8,839)	(7,245)
Biotechnology [Member] | Operating Segments [Member]
Net sales	101,411	85,953	196,487	172,740
Operating income	46,210	39,474	90,813	81,594
Protein Platforms [Member] | Operating Segments [Member]
Net sales	29,388	21,548	54,028	41,121
Operating income	6,119	1,843	9,175	2,052
Diagnostics [Member] | Operating Segments [Member]
Net sales	23,429	24,330	48,415	48,563
Operating income	$ 3,777	$ 5,801	$ 9,606	$ 12,104

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ in Millions	Feb. 01, 2018	Jan. 02, 2018
Atlanta Biologicals [Member]
Business Combination, Consideration Transferred		$ 50
Eurocell Diagnostics, SAS [Member]
Business Combination, Consideration Transferred	$ 7.5