Bio-Techne Corp (TECH)

Inventory turnover

Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020
Cost of revenue (ttm) US$ in thousands 429,363 412,434 408,991 401,857 387,160 382,560 376,362 368,572 366,888 358,143 355,077 352,441 349,103 344,308 330,668 318,436 298,182 277,619 266,958 257,136
Inventory US$ in thousands 189,446 191,083 188,373 185,041 179,731 179,496 180,839 186,080 171,638 169,464 160,233 150,009 141,123 128,283 121,858 117,366 116,748 109,990 106,590 106,003
Inventory turnover 2.27 2.16 2.17 2.17 2.15 2.13 2.08 1.98 2.14 2.11 2.22 2.35 2.47 2.68 2.71 2.71 2.55 2.52 2.50 2.43

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $429,363K ÷ $189,446K
= 2.27

The inventory turnover ratio of Bio-Techne Corp demonstrates notable variations over the analyzed period, reflecting shifts in inventory management efficiency and sales performance. Starting from a ratio of 2.43 as of September 30, 2020, there was a gradual upward trend reaching a peak of 2.71 by September 30, 2021, and December 31, 2021, indicating an improved ability to sell and replenish inventory within this timeframe.

However, subsequent periods reveal a declining trend. By March 31, 2022, the ratio decreased to 2.68, and the decline continued sharply through to September 30, 2022, hitting 2.35. This declining trend persisted into the first half of 2023, with ratios of 2.22 on December 31, 2022, and 2.11 on March 31, 2023. The ratio saw a slight recovery thereafter, reaching 2.15 by June 30, 2024, and maintaining a narrow range around 2.17 in subsequent quarters up until December 2024.

In the most recent period, from March 31, 2025, to June 30, 2025, the ratio increased to 2.27, hinting at marginal improvement in inventory turnover efficiency. Overall, the data indicates that Bio-Techne Corp experienced a period of increasing inventory turnover efficiency during early 2021, followed by a steady decline through late 2022 and into 2023, with some stabilization and minor recovery observed in 2024 and mid-2025. This pattern suggests potential challenges in inventory management or changes in sales cycle dynamics over the timeframe analyzed.