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<SEC-DOCUMENT>0000842023-07-000012.txt : 20070501
<SEC-HEADER>0000842023-07-000012.hdr.sgml : 20070501
<ACCEPTANCE-DATETIME>20070501103721
ACCESSION NUMBER:		0000842023-07-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070501
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070501
DATE AS OF CHANGE:		20070501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TECHNE CORP /MN/
		CENTRAL INDEX KEY:			0000842023
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				411427402
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17272
		FILM NUMBER:		07804020

	BUSINESS ADDRESS:	
		STREET 1:		614 MCKINLEY PL N E
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55413
		BUSINESS PHONE:		6123798854

	MAIL ADDRESS:	
		STREET 1:		614 MCKINLEY PLACE NE
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55413
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8q.txt
<DESCRIPTION>8-K
<TEXT>
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                FORM 8-K

                              CURRENT REPORT

                  PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

    Date of report (Date of earliest event reported): May 1, 2007

                            TECHNE CORPORATION
             (Exact Name of Registrant as Specified in Charter)


       Minnesota                     0-17272             41-1427402
(State or Other Jurisdiction       (Commission         I.R.S. Employer
of Incorporation)                  File Number)      Identification No.)

                614 Mckinley Place NE
                   Minneapolis, MN                       55413
       (Address of Principal Executive Offices)       (Zip Code)

     Registrant's telephone number, including area code:  (612) 379-8854

                              Not Applicable
      (Former Name or Former Address, if changed since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any
of the following provisions:

/ /   Written communications pursuant to Rule 425 under the Securities Act
      17 CFR 230.425)

/ /   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

/ /   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

/ /   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 2.02  Results of Operations and Financial Condition

A copy of the press release issued by Techne Corporation on May 1, 2007,
describing the results of operations for the quarter and nine months ended
March 31, 2007 and its financial condition as of March 31, 2007, is
attached hereto as Exhibit 99.1.

Segment information for Techne Corporation for the quarter and nine months
ended March 31, 2007 which has been included on Techne Corporation's
website (www.techne-corp.com), is attached hereto as Exhibit 99.2.

The information in this Form 8-K and the Exhibits attached hereto shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference
in any filing under the Securities Act of 1933 or the Exchange Act, except as
expressly set forth by specific reference in such filing.


Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

         99.1 Press Release dated May 1, 2007.

         99.2 Segment information for the quarter and nine months ended
              March 31, 2007.






                            SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated: May 1, 2007                    TECHNE CORPORATION
                                      By: /s/ Thomas E. Oland
                                      ---------------------------
                                      Name: Thomas E. Oland
                                      Title: President and Chief
                                        Executive Officer



                          EXHIBIT INDEX

    Exhibit No. Description
    ----------- -----------
       99.1     Press release of Techne Corporation dated May 1, 2007.

       99.2     Segment information for Techne Corporation for the quarter
                and nine months ended March 31, 2007.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>release507.txt
<DESCRIPTION>EARNINGS RELEASE DATED MAY 1, 2007
<TEXT>


            TECHNE CORPORATION RELEASES UNAUDITED THIRD QUARTER
                       RESULTS FOR FISCAL YEAR 2007

Minneapolis/May 1, 2007/--Techne Corporation's (NASDAQ: TECH) consolidated
net earnings for the quarter ended March 31, 2007 increased 17.4% to $23.9
million or $0.60 per diluted share compared to $20.3 million and $0.52 per
diluted share for the quarter ended March 31, 2006.  For the nine months
ended March 31, 2007, Techne's consolidated net earnings increased 15.5% to
$62.2 million or $1.57 per diluted share compared with $53.9 million or $1.36
per diluted share for the nine months ended March 31, 2006.  The improvement
in results was mainly due to increased consolidated net sales and improved
gross margin percentages.

Consolidated net sales for the quarter and nine months ended March 31, 2007
were $60.2 million and $165.1 million, respectively. This was an increase of
9.8% and 9.6% from the quarter and nine months ended March 31, 2006.

Biotechnology net sales, which includes sales by R&D Systems' Biotechnology
Division, Fortron and BiosPacific, for the quarter and nine months ended
March 31, 2007 were $39.1 million and $108.5 million, increases of 6.9% and
8.4%, respectively, from the same prior-year periods. Approximately $1.2
million of the increase in Biotechnology net sales during the first six
months of fiscal 2007 was the result of price increases made in January 2006.

R&D Europe's net sales for the quarter and nine months ended March 31, 2007
were $17.4 million and $45.6 million, increases of 20.1% and 15.5%,
respectively, from the same prior-year periods.  In British pound sterling,
R&D Europe's net sales increased 7.2% and 4.9% for the quarter and nine
months ended March 31, 2007. Hematology net sales of $3.7 million for the
quarter and $11.0 million for the nine months ended March 31, 2007 were
essentially flat from the same prior-year periods.

Consolidated gross margins were 80.0% and 79.4% for the quarter and nine
months ended March 31, 2007, respectively, compared to 77.9% and 77.5% for
the quarter and nine months ended March 31, 2006. Biotechnology gross margins
increased to 80.4% and 80.3% for the quarter and nine months ended March 31,
2007 from 78.8% and 78.2% for the same prior-year periods mainly as a result
of changes in product mix. Biotechnology gross margins were also positively
affected by the sale of inventory acquired from Fortron and BiosPacific in
fiscal 2006, which was valued at fair market under purchase accounting.
Included in cost of sales for the quarter and nine months ended March 31,
2007 were $100,000 and $455,000, respectively, related to the sale of
acquired inventory compared to $397,000 and $1.3 million, respectively, for
the same prior-year periods.

The income tax rate of 35.2% for the quarter ended March 31, 2007 increased
from 33.9% for the first and second quarter of fiscal 2007 as a result of
changes in state apportionment estimates. Income tax rates are expected to
range from approximately 33.5% to 34.5% in the fourth quarter of fiscal 2007.

Consolidated net earnings and diluted earnings per share for the quarter and
nine months ended March 31, 2007 were favorably impacted by the change in
exchange rates from the prior year used to convert R&D Europe results from
British pound sterling to U.S. dollars.  The change in exchange rates from
the prior year increased consolidated net earnings approximately $600,000 and
$1.3 million for the quarter and nine months ended March 31, 2007,
respectively.


Forward Looking Statements:
This earnings release contains forward-looking statements within the meaning
of the Private Litigation Reform Act.  These statements, including the
Company's expectations as to income tax rates, involve risks and
uncertainties that may affect the actual results of operations. The following
important factors, among others, have affected and, in the future, could
affect the Company's actual results: the introduction and acceptance of new
biotechnology and hematology products, the levels and particular directions
of research by the Company's customers, the impact of the growing number of
producers of biotechnology research products and related price competition,
the retention of hematology OEM and proficiency survey business, the impact
of currency exchange rate fluctuations, and the costs and results of research
and product development efforts of the Company and of companies in which the
Company has invested or with which it has formed strategic relationships.
For additional information concerning such factors, see the Company's annual
report on Form 10-K and quarterly reports on Form 10-Q as filed with the
Securities and Exchange Commission.  We undertake no obligation to update or
revise any forward-looking statements we make in this release due to new
information or future events.  Investors are cautioned not to place undue
emphasis on these statements.

                 *  *  *  *  *  *  *  *  *  *  *  *  *  *
Techne Corporation has two operating subsidiaries:  Research and Diagnostic
Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe,
Ltd. (R&D Europe) of Abingdon, England.  R&D Systems is a specialty
manufacturer of biological products.  R&D Systems has two subsidiaries,
Fortron Bio Science, Inc. (Fortron), located in Minneapolis, and BiosPacific,
Inc. (BiosPacific), located in Emeryville, California. Fortron develops and
manufactures antibodies and BiosPacific is a worldwide supplier of biologics
to manufacturers of in vitro diagnostic systems and immunodiagnostic kits.
R&D Europe is a distributor of biotechnology products.

Contact:  Greg Melsen, Chief Financial Officer
          Kathy Backes, Controller
          (612) 379-8854


                                 TECHNE CORPORATION
                          CONSOLIDATED STATEMENTS OF EARNINGS
                         (In thousands, except per share data)
                                    (Unaudited)

                                     QUARTER ENDED      NINE MONTHS ENDED
                                     ----------------   ------------------
                                     3/31/07  3/31/06    3/31/07   3/31/06
                                     -------  -------   --------  --------
Net sales                            $60,197  $54,813   $165,057  $150,551
Cost of sales                         12,019   12,105     33,970    33,896
                                     -------  -------   --------  --------
Gross margin                          48,178   42,708    131,087   116,655
                                     -------  -------   --------  --------
Operating expenses:
 Selling, general and administrative   7,229    6,901     23,126    21,335
 Research and development              5,169    4,761     15,068    14,052
 Amortization of intangible assets       403      492      1,210     1,476
                                     -------  -------   --------  --------
  Total operating expenses            12,801   12,154     39,404    36,863
                                     -------  -------   --------  --------
Operating income                      35,377   30,554     91,683    79,792
Other expense (income):
 Interest expense                         --      245      1,083       706
 Interest income                      (2,237)  (1,082)    (5,869)   (3,186)
 Other non-operating
  expense (income), net                  767      229      1,680       721
                                     -------  -------   --------  --------
  Total other expense (income)        (1,470)    (608)    (3,106)   (1,759)
                                     -------  -------   --------  --------
Earnings before income taxes          36,847   31,162     94,789    81,551
Income taxes                          12,954   10,815     32,602    27,689
                                     -------  -------   --------  --------
Net earnings                         $23,893  $20,347   $ 62,187  $ 53,862
                                     =======  =======   ========  ========
Earnings per share:
 Basic                               $  0.61  $  0.52   $   1.58  $   1.38
 Diluted                             $  0.60  $  0.52   $   1.57  $   1.36
Weighted average common
 shares outstanding:
  Basic                               39,414   39,199     39,393    38,941
  Diluted                             39,543   39,425     39,498    39,631




                                TECHNE CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                                 (In thousands)
                                  (Unaudited)

                                                    3/31/07    6/30/06
                                                   --------   --------
ASSETS
Cash and equivalents                               $116,276   $ 89,634
Short-term available-for-sale investments            27,822     19,212
Trade accounts receivable                            29,582     23,769
Other receivables                                     1,247      1,309
Inventory                                             9,574      9,024
Other current assets                                  7,891      6,874
                                                   --------   --------
  Current assets                                    192,392    149,822

Available-for-sale investments                       85,854     77,660
Property and equipment, net                          89,172     88,772
Goodwill and intangible assets, net                  30,571     32,021
Other non-current assets                             29,184     22,237
                                                   --------   --------
  Total assets                                     $427,173   $370,512
                                                   ========   ========
LIABILITIES
Current liabilities                                $ 15,710   $ 17,966
Long-term debt                                           --     12,198
Stockholders' equity                                411,463    340,348
                                                   --------   --------
  Total liabilities and equity                     $427,173   $370,512
                                                   ========   ========






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>seg307.txt
<DESCRIPTION>SEGMENT RESULTS
<TEXT>
                                      SEGMENT INFORMATION
                                TECHNE CORPORATION AND SUBISIDARIES
                             (in thousands of $'s, except per share data)
<TABLE>
<CAPTION>
                                                                          Increase (Decrease)
                                  Fiscal 2007                               From Fiscal 2006
                     ------------------------------------------   ----------------------------------
                      First    Second   Third           Percent    First   Second    Third
                     Quarter  Quarter  Quarter    YTD   Of Sales  Quarter  Quarter  Quarter    YTD
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
<S>                  <C>      <C>      <C>      <C>     <C>       <C>      <C>      <C>      <C>
Sales                 52,351   52,509   60,197  165,057   100%      4,642    4,480    5,384   14,506
Cost of sales         11,237   10,714   12,019   33,970    21%        141       19      (86)      74
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Gross margin          41,114   41,795   48,178  131,087    79%      4,501    4,461    5,470   14,432

Gross margin
  percentage            78.5%    79.6%    80.0%    79.4%

SG&A expense           7,067    8,830    7,229   23,126    14%        613      850      328    1,791
R&D expense            4,855    5,044    5,169   15,068     9%        138      470      408    1,016
Amortization expense     403      404      403    1,210     1%        (89)     (88)     (89)    (266)
Interest expense         268      815        0    1,083     1%         45      577     (245)     377
Interest income       (1,676)  (1,956)  (2,237)  (5,869)   (4%)      (702)    (826)  (1,155)  (2,683)
Other non-
 operating ex., net      485      428      767    1,680     1%        274      147      538      959
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
                      11,402   13,565   11,331   36,298    22%        279    1,130     (215)   1,194
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Earnings before
 income taxes         29,712   28,230   36,847   94,789    57%      4,222    3,331    5,685   13,238
Income taxes          10,081    9,567   12,954   32,602    20%      1,592    1,182    2,139    4,913
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
                      19,631   18,663   23,893   62,187    37%      2,630    2,149    3,546    8,325
                     =======  =======  =======  ======= ========  =======  =======  =======  =======

Diluted earnings
 per share               .50      .47      .60     1.57

Weighted average
 diluted shares
 outstanding          39,469   39,511   39,543   39,498

</TABLE>

                                       BIOTECHNOLOGY  (1)
                                     (in thousands of $'s)
<TABLE>
<CAPTION>
                                                                          Increase (Decrease)
                                  Fiscal 2007                               From Fiscal 2006
                     ------------------------------------------   ----------------------------------
                      First    Second   Third           Percent    First   Second    Third
                     Quarter  Quarter  Quarter    YTD   Of Sales  Quarter  Quarter  Quarter    YTD
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
<S>                  <C>      <C>      <C>      <C>     <C>       <C>      <C>      <C>      <C>
Sales                 41,621   40,073   46,202  127,896   100%      4,022    2,376    3,189    9,587
Intersegment sales    (5,699)  (6,647)  (7,072) (19,418)             (400)     (92)    (676)  (1,168)
                     -------  -------  -------  -------           -------  -------  -------  -------
                      35,922   33,426   39,130  108,478             3,622    2,284    2,513    8,419

Cost of sales          8,482    7,683    9,041   25,206    20%         12     (464)     (84)    (536)
Intersegment sales    (5,524)  (6,435)  (7,147) (19,106)             (201)    (295)    (669)  (1,165)
                     -------  -------  -------  -------           -------  -------  -------  -------
                       2,958    1,248    1,894    6,100              (189)    (759)    (753)  (1,701)

Gross margin          32,964   32,178   37,236  102,378    80%      3,811    3,043    3,266   10,120

Gross margin
 percentage             79.6%    80.8%    80.4%    80.3%

SG&A expense           4,013    4,664    4,166   12,843    10%        374      470      (33)     811
R&D expense            4,675    4,854    4,971   14,500    11%        143      450      378      971
Amortization expense     403      404      403    1,210     2%        (89)     (88)     (89)    (266)
Interest, net           (595)    (722)    (841)  (2,158)   (2%)      (327)    (349)    (556)  (1,232)
                     -------  -------  -------  -------           -------  -------  -------  -------
                       8,496    9,200    8,699   26,395    21%        101      483     (300)     284
                     -------  -------  -------  -------           -------  -------  -------  -------
Pretax result         24,468   22,978   28,537   75,983    59%      3,710    2,560    3,566    9,836
                     =======  =======  =======  =======  =======  =======  =======  =======  =======

</TABLE>

(1)	Includes R&D Systems' Biotechnology Division,
Fortron Bio Science, Inc., and BiosPacific, Inc.


                                         R&D SYSTEMS EUROPE
                                   (in thousands of British pounds)
<TABLE>
<CAPTION>
                                                                          Increase (Decrease)
                                  Fiscal 2007                               From Fiscal 2006
                     ------------------------------------------   ----------------------------------
                      First    Second   Third           Percent    First   Second    Third
                     Quarter  Quarter  Quarter    YTD   Of Sales  Quarter  Quarter  Quarter    YTD
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
<S>                  <C>      <C>      <C>      <C>     <C>       <C>      <C>      <C>      <C>
Sales                  6,870    7,851    8,854   23,575    100%       180      322      598    1,100
Cost of sales          3,285    3,766    4,091   11,142     47%        (7)       1     (100)    (106)
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Gross margin           3,585    4,085    4,763   12,433     53%       187      321      698    1,206

Gross margin
 percentage             52.2%    52.0%    53.8%    52.7%

SG&A expense           1,074    1,236    1,075    3,385     14%        70       51        5      126
Interest income         (410)    (480)    (542)  (1,432)    (6%)      (84)    (151)    (200)    (435)
Exchange loss/(gain)      78      (64)      22       36     --         63      (90)      71       44
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
                         742      692      555    1,989      8%        49     (190)    (124)    (265)
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Pretax result          2,843    3,393    4,208   10,444     45%       138      511      822    1,471
                     =======  =======  =======  ======= ========  =======  =======  =======  =======
</TABLE>


                                    R&D SYSTEMS EUROPE
                                   (in thousands of $'s)


<TABLE>
<CAPTION>
                                                                          Increase (Decrease)
                                  Fiscal 2007                               From Fiscal 2006
                     ------------------------------------------   ----------------------------------
                      First    Second   Third           Percent    First   Second    Third
                     Quarter  Quarter  Quarter    YTD   Of Sales  Quarter  Quarter  Quarter    YTD
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
<S>                  <C>      <C>      <C>      <C>     <C>       <C>      <C>      <C>      <C>
Sales                 12,927   15,257   17,403   45,587    100%     1,052    2,151    2,907    6,110
Cost of sales          6,181    7,319    8,040   21,540     47%       337      765      682    1,784
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Gross margin           6,746    7,938    9,363   24,047     53%       715    1,386    2,225    4,326

Gross margin
 percentage             52.2%    52.0%    53.8%    52.7%

SG&A expense           2,020    2,405    2,112    6,537     14%       238      346      233      817
Interest income         (771)    (933)  (1,067)  (2,771)    (6%)     (192)    (361)    (467)  (1,020)
Exchange loss            147     (126)      42       63     --        119     (172)     129       76
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
                       1,396    1,346    1,087    3,829      8%       165     (187)    (105)    (127)
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Pretax result          5,350    6,592    8,276   20,218     45%       550    1,573    2,330    4,453
                     =======  =======  =======  ======= ========  =======  =======  =======  =======
</TABLE>


                                         HEMATOLOGY
                                     (in thousands of $'s)


<TABLE>
<CAPTION>
                                                                          Increase (Decrease)
                                  Fiscal 2007                               From Fiscal 2006
                     ------------------------------------------   ----------------------------------
                      First    Second   Third           Percent    First   Second    Third
                     Quarter  Quarter  Quarter    YTD   Of Sales  Quarter  Quarter  Quarter    YTD
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
<S>                  <C>      <C>      <C>      <C>     <C>       <C>      <C>      <C>      <C>
Sales                  3,502    3,826    3,664   10,992    100%       (32)      45      (36)     (23)
Cost of sales          2,098    2,147    2,085    6,330     58%        (7)      13      (15)      (9)
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Gross margin           1,404    1,679    1,579    4,662     42%       (25)      32      (21)     (14)

Gross margin
 percentage             40.1%    43.9%    43.1%    42.4%

SG&A expense             398      439      431    1,268     12%        14       15      (10)      19
R&D expense              180      190      198      568      5%        (5)      20       30       45
Interest, net            (81)     (95)    (111)    (287)    (3%)      (44)     (45)     (71)    (160)
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
                         497      534      518    1,549     14%       (35)     (10)     (51)     (96)
                     -------  -------  -------  ------- --------  -------  -------  -------  -------
Pretax result            907    1,145    1,061    3,113     28%        10       42       30       82
                     =======  =======  =======  ======= ========  =======  =======  =======  =======

</TABLE>


                                          CORPORATE AND OTHER (2)
                                            (in thousands of $'s)

<TABLE>
<CAPTION>
                                                                          Increase (Decrease)
                                  Fiscal 2007                               From Fiscal 2006
                     -----------------------------------   ----------------------------------
                      First    Second   Third               First   Second    Third
                     Quarter  Quarter  Quarter    YTD      Quarter  Quarter  Quarter    YTD
                     -------  -------  -------  -------    -------  -------  -------  -------
<S>                  <C>      <C>      <C>      <C>        <C>      <C>      <C>      <C>
Interest income          229      206      218      653        139       71       61      271
Rental income            299      241       55      595        (43)     (96)    (232)    (371)
                     -------  -------  -------  -------    -------  -------  -------  -------
                         528      447      273    1,248         96      (25)    (171)    (100)

SG&A expense             636    1,322      520    2,478        (13)      19      138      144
Interest expense         268      815        0    1,083         45      577     (245)     377
Other-Building
 expenses                510      549      519    1,578         67       59       (1)     125
Other-Hemerus losses     127      123      119      369         45       41       36      122
Other-Nephromics
losses                    --      123      142      265         --      123      142      265
                     -------  -------  -------  -------    -------  -------  -------  -------
                       1,541    2,932    1,300    5,773        144      819       70    1,033
                     -------  -------  -------  -------    -------  -------  -------  -------
Pretax result         (1,013)  (2,485)  (1,027)  (4,525)       (48)    (844)    (241)  (1,133)
                     =======  =======  =======  =======    =======  =======  =======  =======

</TABLE>


(2) Unallocated corporate expenses and Techne's share
of losses by Hemerus Medical, LLC and Nephromics, LLC.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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