<SEC-DOCUMENT>0000842023-12-000003.txt : 20120131
<SEC-HEADER>0000842023-12-000003.hdr.sgml : 20120131
<ACCEPTANCE-DATETIME>20120131091117
ACCESSION NUMBER:		0000842023-12-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120131
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120131
DATE AS OF CHANGE:		20120131

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:		12557549

	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): January 31, 2012

                            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 January 31,
2012, describing the results of operations for the quarter and six months
ended December 31, 2011 and its financial condition as of December 31,
2011, is attached hereto as Exhibit 99.1.

Segment information for Techne Corporation for the quarter and six months
ended December 31, 2011 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 Janaury 31, 2012.

         99.2 Segment information for the quarter and six months
              ended December 31, 2011.






                            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: January 31, 2012               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 January 31, 2012.

       99.2     Segment information for Techne Corporation for the quarter
                and six months ended December 31, 2011.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>release13112.txt
<DESCRIPTION>PRESS RELEASE DATED JANUARY 31, 2012
<TEXT>
             TECHNE CORPORATION RELEASES UNAUDITED SECOND QUARTER
                     AND SIX MONTH FISCAL YEAR 2012 RESULTS

Minneapolis/January 31, 2012/ Techne Corporation's (NASDAQ:TECH) financial
results for the second quarter and six months ended December 31, 2011 include
the following highlights:

  Second quarter earnings were $25.8 million or $0.70 per diluted share.
  Adjusted earnings for the quarter grew 5.1%, to $28.0 million or $0.76 per
  diluted share after adjustment for intangible asset amortization and costs
  recognized upon the sale of inventory that was written-up to fair value as
  part of the acquisitions of Boston Biochem, Inc. and Tocris Holdings
  Limited completed in the quarter ended June 30, 2011.

    Earnings for the six-month period ended December 31, 2011 were $53.3
    million or $1.44 per diluted share.  Adjusted earnings for the six-month
    period ended December 31, 2011 grew 9.1%, to $58.0 million or $1.56 per
    diluted share after adjustment for intangible asset amortization and
    costs recognized upon the sale of inventory that was written-up to fair
    value as part of acquisitions completed in the quarter ended June 30,
    2011.

  Net sales as reported grew 10.3% to $74.7 million for the quarter ended
  December 31, 2011. Organic sales grew 1.8% in the quarter.  Organic sales
  exclude sales from acquisitions and the changes in foreign currency rates.

    Net sales as reported grew 12.2% to $152 million for the six months ended
    December 31, 2011.  Organic sales grew 2.5% in the six-month period.

A weaker U.S. dollar as compared to foreign currencies improved sales by
$238,000 and $2.1 million in the quarter and six-month period ended December
31, 2011, respectively, from the comparable prior-year periods.

The Biotechnology segment includes sales made through R&D Systems'
Biotechnology Division, R&D Systems Europe, Tocris, R&D Systems China,
BiosPacific and Boston Biochem.  Biotechnology segment net sales were $69.8
million for the quarter ended December 31, 2011, an increase of 10.7% from
$63.1 million for the quarter ended December 31, 2010.  Biotechnology net
sales were $142 million for the six-month period ended December 31, 2011, an
increase of 12.7% from $126 million for the six-month period ended December
31, 2010.  Biotechnology sales growth was 1.5% and 2.2% for the quarter and
six month period ended December 31, 2011, respectively, if the sales from the
acquisitions and foreign currency benefit are excluded.

Customer sales growth for the Biotechnology segment from the same prior-year
periods include:

                                       Period Ended December 31, 2011
                                       ------------------------------
                                          Quarter         Six Months
                                       -------------    -------------
R&D Systems Biotechnology Division:
  Industrial, pharmaceutical and
    Biotechnology                             4.6%	     7.0%
  Academic                                   (4.1%)         (3.3%)
  Pacific Rim distributors                   11.2%           5.8%
R&D Europe:
  Reported                                    1.0%           5.9%
  Organic                                    (0.8%)         (0.8%)
R&D China:
  Reported                                   48.5%          36.7%
  Organic                                    32.8%	    23.8%

Hematology net sales for the quarter and six month period ended December 31,
2011 were $4.9 million and $10.1 million, increases of 4.9% and 6.5%,
respectively, from the comparable prior-year periods.

The gross margin percentage declined to 73.9% in the quarter ended December
31, 2011 from 77.4% in the comparable prior year quarter and to 74.6% in the
six-month period ended December 31, 2011 from 77.4% in the comparable prior-
year period, due costs recognized upon the sale of inventory that was
written-up to fair value as part of the acquisitions and amortization of
intangible assets.  Gross margins were 77.3% and 77.6% for the quarters ended
December 31, 2011 and 2010, respectively, and 78.5% and 77.6% for the six-
month period ended December 31, 2011 and 2010, respectively, if such costs
were excluded in all periods.

Selling, general and administrative expenses for the quarter and six-month
period ended December 31, 2011 increased $2.2 million and $5.4 million from
the quarter and six-month period ended December 31, 2010. The acquired
businesses added $1.7 million and $3.3 million of selling, general and
administrative expenses, excluding intangible asset amortization, in the
quarter and six-month period ended December 31, 2011, respectively.
Intangible amortization increased $458,000 and $918,000 in the quarter and
six-month period ended December 31, 2011, respectively, from the same prior-
year periods. The increase in selling, general and administrative expense for
the six-month period ended December 31, 2011 was also impacted by increased
profit sharing expense of $832,000 from the comparable prior-year period.

Other non-operating expenses for the quarter and six-month period ended
December 31, 2011 included foreign exchange transaction losses of $104,000
and $629,000, respectively, compared to foreign exchange transaction losses
of $87,000 and foreign exchange transaction gains of $418,000 for the quarter
and six-month period ended December 31, 2010, respectively.

The effective tax rate for the quarter and six-month period ended December
31, 2011 was 31.8% and 31.9% as compared to 29.6% and 31.0% for the same
prior-year periods. The U.S. research and development credit was renewed in
late calendar 2010, reducing the effective tax rate in the quarter and six
months ended December 31, 2010.  Effective tax rates for fiscal 2012 are
expected to be 31% to 33%.

Techne repurchased 113,167 and 263,027 shares of its common stock curing the
quarter and six months ended December 31, 2011, respectively, for
approximately $7.5 million and $18.2 million.  Approximately $32.4 million
remains available at December 31, 2011 for the repurchase and retirement of
shares under the currently open authorization.

Forward Looking Statements:

Our press releases may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act. Such statements, including
the expected effective tax rate, 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 integration of the acquired companies, 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, general economic conditions, 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 section titled
"Risk Factors" in 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 our press releases due to new information or future events.
Investors are cautioned not to place undue emphasis on these statements.

Use of Adjusted Financial Measures:

The adjusted financial measures used in this press release quantify the
impact the following events had on reported net sales, gross margin
percentages, selling, general and administrative expenses, net earnings and
earnings per share for the quarter and six-month period ended December 31,
2011 as compared to the reported amounts for the same periods ended December
31, 2010:

  - fluctuations in exchange rates used to convert transactions in foreign
currencies (primarily the Euro, British pound sterling and Chinese yuan) to
U.S. dollars, and

  - the acquisitions of Boston Biochem on April 1, 2011 and Tocris on April
28, 2011, including the impact of amortizing intangible assets and the
recognition of costs upon the sale of inventory written-up to fair  value.

These adjusted financial measures are not prepared in accordance with
generally accepted accounting principles (GAAP) and may be different from
adjusted financial measures used by other companies.  Adjusted financial
measures should not be considered as a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.  We view
these adjusted financial measures to be helpful in assessing the Company's
ongoing operating results.  In addition, these adjusted financial measures
facilitate our internal comparisons to historical operating results and
comparisons to competitors' operating results.  We include these adjusted
financial measures in our earnings announcement because we believe they are
useful to investors in allowing for greater transparency related to
supplemental information we use in our financial and operational analysis.
Investors are encouraged to review the reconciliations of adjusted financial
measures used in this press release to their most directly comparable GAAP
financial measures as provided with the financial statements attached to this
press release

                         *  *  *  *  *  *  *  *  *  *  *  *

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 four subsidiaries:
BiosPacific, Inc. (BiosPacific), located in Emeryville, California, Boston
Biochem, Inc., located in Cambridge, Massachusetts, R&D Systems China Co.
Ltd., (R&D China), located in Shanghai, China and Tocris Cookson Inc.,
located in Saint Louis, Missouri.  BiosPacific is a worldwide supplier of
biologics to manufacturers of in vitro diagnostic systems and
immunodiagnostic kits. Boston Biochem is a leading developer and manufacturer
of ubiquitin-related research products. R&D China and R&D Europe distribute
biotechnology products.  R&D Europe has two subsidiaries: Tocris Holdings Ltd
(Tocris) of Bristol, England and R&D Systems GmbH, a German sales operation.
Tocris is a leading supplier of reagents for non-clinical life science
research.

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        SIX MONTHS ENDED
                                  ------------------   -------------------
                                  12/31/11  12/31/10   12/31/11   12/31/10
                                  --------  --------   --------   --------
Net sales                         $ 74,662  $ 67,708   $152,258   $135,653
Cost of sales                       19,492    15,327     38,701     30,677
                                  --------  --------   --------   --------
Gross margin                        55,170    52,381    113,557    104,976

Operating expenses:
  Selling, general and
    administrative                  10,651     8,427     21,424     16,040
  Research and development           6,837     6,603     13,504     13,222
                                  --------  --------   --------   --------
    Total operating expenses        17,488    15,030     34,928     29,262
                                  --------  --------   --------   --------
Operating income                    37,682    37,351     78,629     75,714
Other income (expense):
  Interest income                      798     1,020      1,526      1,867
  Other non-operating expense, net    (607)     (698)    (1,782)      (955)
                                  --------  --------   --------   --------
    Total other (expense) income       191       322       (256)       912
                                  --------  --------   --------   --------
Earnings before income taxes        37,873    37,673     78,373     76,626
Income taxes                        12,060    11,139     25,039     23,719
                                  --------  --------   --------   --------
Net earnings                      $ 25,813  $ 26,534   $ 53,334   $ 52,907
                                  ========  ========   ========   ========
Earnings per share:
  Basic                           $   0.70  $   0.72   $   1.44   $   1.43
  Diluted                         $   0.70  $   0.71   $   1.44   $   1.42
Weighted average common
 shares outstanding:
  Basic                             36,966    37,093     37,030     37,066
  Diluted                           37,028    37,156     37,099     37,131



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

                                                       12/31/11    6/30/11
                                                       --------   --------
ASSETS
Cash and equivalents                                   $ 80,994   $ 77,613
Short-term available-for-sale investments                56,758     63,200
Trade accounts receivable                                32,351     35,914
Other receivables                                         2,194      1,946
Inventory                                                40,978     44,906
Other current assets                                     13,941      6,838
                                                       --------   --------
  Current assets                                        227,216    230,417
                                                       --------   --------

Available-for-sale investments                          148,114    131,988
Property and equipment, net                              94,604     95,398
Goodwill and intangible assets, net                     133,919    138,915
Other non-current assets                                 20,395     20,952
                                                       --------   --------
  Total assets                                         $624,248   $617,670
                                                       ========   ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities                                    $ 14,123   $ 18,188
Deferred taxes                                           12,619     13,360
Stockholders' equity                                    597,506    586,122
                                                       --------   --------
  Total liabilities and stockholders' equity           $624,248   $617,670
                                                       ========   ========


                            TECHNE CORPORATION
                    RECONCILIATION of ORGANIC SALES
                             (In thousands)
                               (Unaudited)

                                    QUARTER ENDED        SIX MONTHS ENDED
                                  ------------------   -------------------
                                  12/31/11  12/31/10   12/31/11   12/31/10
                                  --------  --------   --------   --------
Net sales                         $ 74,662  $ 67,708   $152,258   $135,653
Organic sales adjustments:
  Acquisitions                      (5,515)        0    (11,055)         0
  Impact of foreign currency
    fluctuations                      (238)        0     (2,116)         0
                                  --------  --------   --------   --------
Organic sales                     $ 68,909  $ 67,708   $139,087   $135,653
                                  ========  ========   ========   ========


                           TECHNE CORPORATION
          RECONCILIATION of NET EARNINGS and EARNINGS per SHARE
                    (In thousands, except per share data)
                                (Unaudited)

                                    QUARTER ENDED        SIX MONTHS ENDED
                                  ------------------   -------------------
                                  12/31/11  12/31/10   12/31/11   12/31/10
                                  --------  --------   --------   --------
Net earnings                      $ 25,813  $ 26,534   $ 53,334   $ 52,907
Identified adjustments:
  Costs recognized upon sale of
    acquired inventory               1,767         0      3,915          0
  Amortization of intangibles        1,268       171      2,553        341
                                  --------  --------   --------   --------
                                     3,035       171      6,468        341
  Tax impact of adjustments           (858)      (63)    (1,826)      (126)
                                  --------  --------   --------   --------
                                     2,177       108      4,642        215
                                  --------  --------   --------   --------
Net earnings - Adjusted for
  identified items                $ 27,990  $ 26,642   $ 57,976   $ 53,122
                                  ========  ========   ========   ========

Earnings per share - Diluted -
  Adjusted                        $   0.76  $   0.72   $   1.56   $   1.43



                             TECHNE CORPORATION
                RECONCILIATION of GROSS MARGIN PERCENTAGES
                                (Unaudited)

                                    QUARTER ENDED        SIX MONTHS ENDED
                                  ------------------   -------------------
                                  12/31/11  12/31/10   12/31/11   12/31/10
                                  --------  --------   --------   --------
Gross margin percentage              73.9%     77.4%      74.6%      77.4%
Identified adjustments:
  Costs recognized upon sale of
    acquired inventory                2.4%      0.0%       2.6%       0.0%
  Amortization of intangibles         1.0%      0.2%       1.0%       0.2%
                                  --------  --------   --------   --------
Gross margin percentage - Adjusted   77.3%     77.6%      78.2%      77.6%
                                  ========  ========   ========   ========




                              TECHNE CORPORATION
            RECONCILIATION of SELLING, GENERAL and ADMINISTRATIVE EXPENSES
                              (In thousands)
                                 (Unaudited)

                                    QUARTER ENDED        SIX MONTHS ENDED
                                  ------------------   -------------------
                                  12/31/11  12/31/10   12/31/11   12/31/10
                                  --------  --------   --------   --------
Selling, general and
  administrative expenses         $ 10,651  $  8,427   $ 21,424   $ 16,040
Identified selling, general and
  administrative expense adjustments:
    Acquired companies' expense,
      excluding intangible
      amortization                  (1,720)        0     (3,282)         0
    Amortization of intangibles       (519)      (61)    (1,040)     ( 122)
                                  --------  --------   --------   --------
Selling, general and administrative
  expenses - Adjusted             $  8,412  $  8,366   $ 17,102   $ 15,918
                                  ========  ========   ========   ========




                             TECHNE CORPORATION
                 RECONCILIATION of INTANGIBLE AMORTIZATION
                               (In thousands)
                                 (Unaudited)

                                    QUARTER ENDED        SIX MONTHS ENDED
                                  ------------------   -------------------
                                  12/31/11  12/31/10   12/31/11   12/31/10
                                  --------  --------   --------   --------
Amortization of intangible assets
  was included in:
    Cost of goods sold            $    749  $    110   $  1,513   $    219
    Selling, general and
      administrative expenses          519        61      1,040        122
                                  --------  --------   --------   --------
Total amortization of
  intangible assets               $  1,268  $    171   $  2,553   $    341
                                  ========  ========   ========   ========





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>segment1211.txt
<DESCRIPTION>SEGMENT RESULTS
<TEXT>
                            SEGMENT INFORMATION
                  TECHNE CORPORATION AND SUBISIDARIES
                (in thousands of $'s, except per share data)

                                                     Increase (Decrease)
                            Fiscal 2012               From Fiscal 2011
                    ------------------------------- ----------------------
                     First  Second    YTD   Percent  First  Second    YTD
                    ------  ------  ------- ------- ------  ------  ------
Sales               77,596  74,662  152,258   100%   9,651   6,954  16,605
Cost of sales       19,209  19,492   38,701    25%   3,859   4,165   8,024
                    ------  ------  ------- ------- ------  ------  ------
Gross margin        58,387  55,170  113,557    75%   5,792   2,789   8,581

Gross margin
  percentage         75.2%   73.9%    74.6%

SG&A expense        10,773  10,651   21,424    14%   3,160   2,224   5,384
R&D expense          6,667   6,837   13,504     9%      48     234     282
Interest income       (728)   (798)  (1,526)   (1%)    119     222     341
Other non-operating
  ex., net           1,175     607    1,782     1%     918     (91)    827
                    ------  ------  ------- ------- ------  ------  ------
                    17,887  17,297   35,184    23%   4,245   2,589   6,834
                    ------  ------  ------- ------- ------  ------  ------
Earnings before
 income taxes       40,500  37,873   78,373    52%   1,547     200   1,747
Income taxes        12,979  12,060   25,039    17%     399     921   1,320
                    ------  ------  ------- ------- ------  ------  ------
                    27,521  25,813   53,334    35%   1,148    (721)    427
                    ======  ======  ======= ======= ======  ======  ======
Diluted earnings
  per share           0.74    0.70     1.44
Weighted average
  diluted shares
  outstanding       37,170  37,028   37,099




                              BIOTECHNOLOGY  (1)
                            (in thousands of $'s)

                                                     Increase (Decrease)
                            Fiscal 2012               From Fiscal 2011
                    ------------------------------- ----------------------
                     First  Second    YTD   Percent  First  Second    YTD
                    ------  ------  ------- ------- ------  ------  ------
Sales               72,303  69,808  142,111   100%   9,262   6,728  15,990
Cost of sales       16,465  16,887   33,352    23%   3,624   4,267   7,891
                    ------  ------  ------- ------- ------  ------  ------
Gross margin        55,838  52,921  108,759    77%   5,638   2,461   8,099

Gross margin
  percentage         77.2%   75.8%    76.5%

SG&A expense         9,470   9,003   18,473    13%   2,984   2,144   5,128
R&D expense          6,469   6,624   13,093     9%      48     245     293
Interest income       (609)   (689)  (1,298)   (1%)     53     129     182
Exchange loss/gain     524     105      629     1%   1,029      18   1,047
                    ------  ------  ------- ------- ------  ------  ------
                    15,854  15,043   30,897    22%   4,114   2,536   6,650
                    ------  ------  ------- ------- ------  ------  ------
Pretax result       39,984  37,878   77,862    55%   1,524     (75)  1,449
                    ======  ======  ======= ======= ======  ======  ======

(1)	Includes R&D Systems' Biotechnology Division, R&D Systems Europe,
 BiosPacific, R&D China, Boston Biochem and Tocris.



                                    HEMATOLOGY
                              (in thousands of $'s)

                                                     Increase (Decrease)
                            Fiscal 2012               From Fiscal 2011
                    ------------------------------- ----------------------
                     First  Second    YTD   Percent  First  Second    YTD
                    ------  ------  ------- ------- ------  ------  ------
Sales                5,293   4,854   10,147   100%     389     226     615
Cost of sales        2,744   2,605    5,349    53%     235    (102)    133
                    ------  ------  ------- ------- ------  ------  ------
Gross margin         2,549   2,249    4,798    47%     154     328     482

Gross margin
  percentage         48.2%   46.3%    47.3%

SG&A expense           480     400      880     9%     152      64     216
R&D expense            198     213      411     4%      --     (11)    (11)
Interest income        (47)    (45)     (92)   (1%)      6      21      27
                    ------  ------  ------- ------- ------  ------  ------
                       631     568    1,199    12%     158      74     232
                    ------  ------  ------- ------- ------  ------  ------
Pretax result        1,918   1,681    3,599    35%      (4)    254     250
                    ======  ======  ======= ======= ======  ======  ======


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

                                                   Increase (Decrease)
                                Fiscal 2012         From Fiscal 2011
                        -----------------------  ----------------------
                         First  Second    YTD     First  Second    YTD
                        ------  ------  -------  ------  ------  ------
Interest income             72      64      136     (60)    (72)   (132)
Rental income              134     198      332      11      60      71
                        ------  ------  -------  ------  ------  ------
                           206     262      468     (49)    (12)    (61)

SG&A expense               823   1,248    2,071      24      16      40
Other-Building expenses    587     482    1,069      31     (49)    (18)
Other-Equity
  Investment losses        198     218      416    (131)      0    (131)
                        ------  ------  -------  ------  ------  ------
                         1,608   1,948    3,556     (76)    (33)   (109)
                        ------  ------  -------  ------  ------  ------
Pretax result           (1,402) (1,686)  (3,088)     27      21      48
                        ======  ======  =======  ======  ======  ======


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