On July 7, 2023, the Company completed the acquisition of Lunaphore Technologies SA for $169.7 million. This acquisition adds spatial biology instruments to Bio-Techne's portfolio, aiming to accelerate leadership in translational and clinical research markets.

In the second quarter of fiscal 2024, the Company announced enterprise-wide restructuring focused on recovering operating margins, optimizing distribution footprint, and enhancing organizational efficiency. These actions impacted approximately 4% of the global workforce.

Diagnostics and Genomics' net sales for the quarter ended December 31, 2023, were $75.4 million, with increased net sales of 11% compared to the same prior year period. Segment results were driven by Spatial Biology and Molecular Diagnostics products, as well as the Lunaphore acquisition.

Selling, general, and administrative expenses increased 24% to $115.7 million for the quarter ended December 31, 2023, from the same prior year period. This increase was primarily due to impairment of assets held-for-sale, restructuring and restructuring-related charges, and the Lunaphore acquisition.

As a Company, we are integrating consideration of greenhouse gas emissions and other environmental variables into our key business strategies. The Company also strives to innovate and improve all aspects of Bio-Techne's operations, including reducing the environmental impacts of our manufacturing operations.

Management of the Company expects to be able to meet its cash and working capital requirements for operations, facility expansion, capital additions, and cash dividends for the foreseeable future, and at least the next 12 months, through currently available cash, cash generated from operations, and remaining credit available on its existing revolving line of credit.

During the quarter and six months ended December 31, 2023, there have been no material changes from the risk factors found in Part I, Item 1A, "Risk Factors," of the Company's Annual Report on Form 10-K for the year ended June 30, 2023.

The Company operates internationally, and thus is subject to potentially adverse movements in foreign currency exchange rates. For the quarter ended December 31, 2023, approximately 39% of consolidated net sales were made in foreign currencies.

The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar from December 31, 2023 levels against the euro, British pound sterling, Chinese yuan and Canadian dollar are as follows (in thousands): Decrease in translation of earnings of foreign subsidiaries (annualized) $5,783

The Lunaphore acquisition adds spatial biology instruments to Bio-Techne's portfolio to accelerate our leadership position in translational and clinical research markets.

Organic revenue for the quarter and six months ended December 31, 2023 was primarily driven by lower sales from biotech customers and from customers in China.

Segment results were driven by Spatial Biology and Molecular Diagnostics products, as well as the Lunaphore acquisition.

In the second quarter of fiscal 2024, the Company announced enterprise-wide restructuring focused on recovering operating margins, optimizing our distribution footprint, and enhancing our organization efficiency.

Selling, general and administrative expenses increased 24% to $115.7 million for the quarter ended December 31, 2023. The increase was primarily due to impairment of assets held-for-sale, restructuring and restructuring-related charges, and the Lunaphore acquisition.

The Company also strives to innovate and improve all aspects of Bio-Techne's operations, including reducing the environmental impacts of our manufacturing operations.

The Lunaphore acquisition adds spatial biology instruments to Bio-Techne's portfolio to accelerate our leadership position in translational and clinical research markets.

Segment results were driven by Spatial Biology and Molecular Diagnostics products, as well as the Lunaphore acquisition.

Research and development expenses increased 2% to $22.9 million for the quarter ended December 31, 2023, from the same prior year period. The increase in expense was due to the timing of strategic growth investments.

There were $80.0 million of share repurchases during the six months ended December 31, 2023 included as a cash outflow within financing activities.

On February 1, 2024, the Company announced the payment of an $0.08 per share cash dividend, or approximately $12.6 million, will be payable February 26, 2024, to all common shareholders of record on February 12, 2024.

Capital expenditures for the remainder of fiscal 2024 are expected to be approximately $26 million. Expected additions in fiscal 2024 are related to increasing capacity to meet expected sales growth across the Company.

As a Company, we are integrating consideration of greenhouse gas emissions and other environmental variables into our key business strategies.

The Company also strives to innovate and improve all aspects of Bio-Techne's operations, including reducing the environmental impacts of our manufacturing operations.

As described in our Corporate Sustainability report, the Company is currently focused on establishing a baseline for emissions so that we can develop appropriate emission reduction targets, as well as reducing our environmental footprint through changes in packaging and shipping materials.

Organic revenue for the quarter and six months ended December 31, 2023 was primarily driven by lower sales from biotech customers and from customers in China.

The Company operates internationally, and thus is subject to potentially adverse movements in foreign currency exchange rates. For the quarter ended December 31, 2023, approximately 39% of consolidated net sales were made in foreign currencies.

The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar from December 31, 2023 levels against the euro, British pound sterling, Chinese yuan and Canadian dollar are as follows (in thousands): Decrease in translation of earnings of foreign subsidiaries (annualized) $5,783