BioTechne (TECH, Financial) was a top contributor to performance for the year. After a period of declines or no growth, the company has posted a consistent 10%-plus growth rate over the past several quarters, and the stock has responded. The new management team has done an exceptional job in transforming the Minneapolis-based bio-tech firm over the last seven years by expanding its addressable market through acquisitions. One recent tuck-in acquisition, Exosome Diagnostics, introduced a new fluid (blood and urine) bioassay test for prostate cancer that they believe will improve diagnostic accuracy before a tissue biopsy is called for. Company management is enthusiastic about extending this diagnostic platform to cover other medical conditions. As we’ve said before, we believe the company has a long runway ahead of it.
From Mairs and Power (Trades, Portfolio)'s Growth Fund fourth-quarter 2019 shareholder letter.
