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About

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, diagnostics, and bioprocessing markets worldwide. It operates through two segments, Protein Sciences, and Diagnostics and Spatial Biology. The Protein Sciences segment develops and manufactures biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies. This segment also offers proteomic analytical tools for automated western blot and multiplexed ELISA workflow consists of manual and automated protein analysis instruments and immunoassays for use in quantifying proteins in various biological fluids. Its Diagnostics and Genomics segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for regulated diagnostics market, advanced tissue-based in-situ hybridization assays for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications; and sells products for genetic carrier screening, oncology diagnostics, molecular controls, and research, as well as instruments and process control products for hematology, blood chemistry and gases, and coagulation controls and reagents used in various diagnostic applications. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was incorporated in 1976 and is headquartered in Minneapolis, Minnesota.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding TECH

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	295.0K	$15.4M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q4 2025

Mixed

CEO used confident phrases like 'solid quarter', 'in line with expectations', 'differentiated financial performance' alongside cautious acknowledgments of 'dynamic operating environment', 'uncertainties' and 'subdued performance from smaller biotech'. CFO repeatedly cited 'uncertain market environment' and 'unknowns' while projecting margin expansion.

Q1 2026

Mixed

Management acknowledges a 1% organic revenue decline and cell therapy headwinds but repeatedly emphasizes 'strong execution,' 'sector-leading profitability,' and 'encouraging signs of stabilization' in end markets. The tone balances caution on near-term lumpiness with confidence in underlying trends and margin expansion.

Q2 2026

Confident Specific

Management repeatedly cited precise numbers (e.g., 31.1% operating margin, 100bps expansion, underlying growth of 1%/3%/mid-single-digit) and gave detailed segment and end-market breakdowns, conveying control despite acknowledged headwinds.

Q3 2026 latest

Cautious

Management repeatedly uses words like 'uneven', 'surprise', 'prudent', and 'we can't assume improvement' regarding the biotech end market, while also highlighting 'encouraging indicators' and 'positioned well for a stronger fiscal 2027'. The overall tone is cautiously optimistic but with a clear acknowledgement of near-term uncertainty.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains intact but near-term visibility is low. The company demonstrated solid underlying growth of 2% when adjusting for discrete headwinds, and its growth platforms (spatial biology, GMP proteins, proteomic analysis) continue to perform well. However, the biotech end market, which accounts for a significant portion of revenue, has not yet inflected despite improved funding, and management has explicitly cautioned that any meaningful recovery may not occur until the first half of fiscal 2027. The key watch item next quarter is whether biotech spending shows any signs of life, particularly through early indicators like proteomic analysis and spatial biology orders. Margins remain sector-leading and cash flow is strong, supporting M&A optionality. Overall, the thesis is unchanged but momentum hinges on biotech recovery timing.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Bio-Techne Q3 FY26 revenue $311.4M, organic -2%; adj. operating margin 34.2%

Revenue & Profitability

Total revenue was $311.4 million, down 2% organically and on a reported basis. Adjusted EPS was $0.53, down $0.03 year-over-year, with a $0.02 favorable FX impact. GAAP EPS was $0.32, up from $0.14. Adjusted operating margin was 34.2%, down 70 bps year-over-year. Operating cash flow was $86.7 million, with net capital expenditures of $9.1 million.

Outlook

Management expects Q4 FY2026 organic growth to be approximately flat, with low single-digit underlying growth excluding cell therapy headwinds. They anticipate a meaningful acceleration in fiscal 2027 as biotech funding (up >90% and 50% in recent quarters) translates into customer spending, academic conditions normalize, and company-specific headwinds roll off.

Growth Drivers

Key growth drivers include large pharma (low double-digit growth for sixth consecutive quarter), GMP proteins (nearly 50% growth excluding two Fast Track customers), spatial biology (mid-teens growth, COMET platform >65% growth), and proteomic analysis (mid-single-digit growth led by Ella platform). China achieved positive organic growth for the fourth consecutive quarter.

Balance Sheet & CapEx

Net capital expenditures in Q3 were $9.1 million. No specific capex guidance or capacity plans were provided. The company is investing in AI for protein design and customer engagement, and in the COMET spatial biology platform.

Margins

Adjusted gross margin was 70.4%, down 120 bps year-over-year but up 190 bps sequentially. Adjusted operating margin was 34.2%, down 70 bps due to unfavorable mix and volume deleverage. Management expects approximately 100 bps of margin expansion in Q4 over the prior year.

Key Risks

Risks include the lag between biotech funding (strong in recent quarters) and customer spending, with early-stage biotech funding remaining soft. Two large cell therapy customers with FDA Fast Track designation created a 3% revenue headwind. The U.S. academic market, while stabilizing, is still described as 'frail' and not a V-shaped recovery.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-05-06

Q3 saw a 2% organic revenue decline, but underlying growth was 2% excluding timing impacts. Large pharma and China remained strong, while biotech softness persisted. Margin expansion and robust growth in spatial biology and GMP proteins position the company for acceleration in FY2027.

Q2 2026 Q2 2026 2026-02-04

Q2 revenue was flat year-over-year, with strong pharma demand offset by biotech and academic softness. Adjusted operating margin expanded to 31.1%, and strategic growth verticals now represent nearly half of revenue. Outlook calls for mid-single-digit underlying growth as headwinds abate.

Q1 2026 Q1 2026 2025-11-05

Organic revenue declined 1% year-over-year in Q1, with strong large pharma demand offset by cell therapy timing and biotech softness. Adjusted operating margin expanded to 29.9%, and positive momentum is expected in the second half as headwinds ease.

Q4 2025 Q4 2025 2025-08-06

Q4 saw 3% organic revenue growth and strong biopharma demand, offset by cautious biotech and academic spending amid funding uncertainties. The Exosome Diagnostics divestiture will boost margins, and low single-digit growth is expected until market headwinds subside.

Q3 2025 Q3 2025 2025-05-07

Q3 delivered 6% organic revenue growth and a 34.9% adjusted operating margin, led by strong pharma demand and operational efficiencies. Tariff and NIH funding uncertainties are expected to slow Q4 growth, but mitigation strategies are in place and long-term double-digit growth is anticipated.

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