Education
About Us
Working with TipRanks
Follow Us
Bio-Techne (TECH)
NASDAQ:TECH
Top Page
Bio-Techne
(NASDAQ:TECH)
Select Model
Select Model
Rating:65Neutral
Price Target:
$62.00
▲(7.04% Upside)
Action:ReiteratedDate:02/05/26
Overall score reflects pressured recent operating performance (declining TTM revenue and margin compression) partly offset by a strong balance sheet and positive cash generation. Technicals are supportive with the stock trending above key moving averages, but valuation is a major drag given the very high P/E and low yield. Earnings call guidance suggests timing-related headwinds should ease with continued margin improvement, supporting a mid-range score.
Positive Factors
Product & Instrument Innovation
Durable product innovation and demand for higher-margin instruments (e.g., Ella assays, LEO, ProteinSimple) underpin sustainable revenue mix optionality. Continued bookings growth for platforms like Comet suggests expanding installed base and recurring consumable sales, supporting long-term margin resilience and customer lock-in.
Strong Gross Margins
Consistently high gross margins (~65%+) provide structural pricing power and buffer against cyclical revenue swings. This margin base enables investment in R&D and instruments while absorbing mix shifts, making profitability recovery more feasible as top-line headwinds moderate over several quarters.
Conservative Balance Sheet
Low leverage and meaningful cash provide durable financial flexibility for M&A, product investment, or cyclical cushioning. A conservative balance sheet reduces refinancing risk, supports targeted acquisitions like Wilson Wolf, and preserves the company's ability to invest through biotech funding cycles without stressing liquidity.
Negative Factors
Revenue Decline
A near-10% TTM revenue decline signals durable demand weakness in key end markets; recovery depends on lapping timing impacts and biotech funding improvement. Prolonged top-line contraction pressures operating leverage and slows reinvestment, lengthening the timeline to restore prior profitability levels.
Customer Concentration & Lumpy Orders
Dependence on a few large cell‑therapy customers creates structural volatility and poor revenue visibility. Large, sporadic GMP reagent orders can cause sharp quarter-to-quarter swings in consumables revenue and complicate capacity planning, undermining predictable cash flow and near-term operational planning.
Mix-Driven Margin Pressure
Unfavorable shift toward lower-margin products and OEM timing compressed gross and operating margins. If product/customer mix shift persists, margin gains from cost discipline may be insufficient, making margin recovery reliant on sustainable higher-margin instrument growth rather than temporary expense cuts.
Bio-Techne (TECH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.01B
Dividend Yield0.54%
Average Volume (3M)2.49M
Price to Earnings (P/E)112.0
Beta (1Y)0.99
Revenue Growth3.85%
EPS Growth-48.17%
CountryUS
Employees3,100
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.46
Shares Outstanding156,453,300
10 Day Avg. Volume2,452,447
30 Day Avg. Volume2,486,650
Financial Highlights & Ratios
PEG Ratio-1.97
Price to Book (P/B)4.22
Price to Sales (P/S)6.64
P/FCF Ratio31.59
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue7.59
Enterprise Value/Gross Profit11.65
Enterprise Value/Ebitda40.63
Forecast
1Y Price Target
$73.75Price Target Upside27.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.98
Revenue Forecast (FY)$1.23B
Bio-Techne Business Overview & Revenue Model
Company DescriptionBio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. 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. The Diagnostics and Genomics segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for regulated diagnostics market, exosome-based molecular diagnostic assays, 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. It offers its products under R&D Systems, Tocris Biosciences, Novus Biologicals, ProteinSimple, Advanced Cell Diagnostics, Exosome Diagnostics, and Asuragen brands. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was founded in 1976 and is headquartered in Minneapolis, Minnesota.
How the Company Makes MoneyBio-Techne generates revenue through multiple key streams, primarily from the sale of its life science reagents and instruments. The Protein Sciences segment contributes significantly to the company's earnings by providing a variety of research and diagnostic products, including antibodies and proteins, which are essential in various research applications. The Diagnostics segment further enriches revenue through the sale of specialty reagents and assays used in clinical laboratories. Bio-Techne also benefits from strategic partnerships and collaborations with academic institutions, pharmaceutical companies, and research organizations, which often lead to co-development opportunities and expanded market reach. Additionally, the company may engage in licensing agreements for its proprietary technologies, further diversifying its income sources.
Bio-Techne Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyBio-Techne Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call balanced encouraging execution and strategic progress against clear near-term headwinds. Positive drivers include 10% adjusted EPS growth, ~100 bps operating margin expansion, strong instrument bookings (Comet, LEO), product innovation (Ella assays), geographic momentum in China and APAC, Wilson Wolf growth, and solid cash generation and balance-sheet metrics. Offsetting these positives were flat consolidated revenue, material short‑term order timing impacts from two large cell therapy customers (causing steep GMP reagent declines), gross margin compression from unfavorable product/customer mix, and continued weakness in emerging biotech and parts of academia. Management expects the cell therapy timing headwinds to moderate through Q4 and underlying business trends to improve, supporting a constructive medium-term outlook.Q2-2026 Updates
Positive Updates
Adjusted EPS Growth
Adjusted EPS of $0.46, up 10% year-over-year (foreign exchange contributed ~$0.04 of the beat). GAAP EPS was $0.24, up from $0.22 in the prior year period.
Operating Margin Expansion and Expense Discipline
Adjusted operating margin expanded ~100 basis points year-over-year to 31.1% driven by productivity, cost management and the Exosome Diagnostics divestiture. Adjusted SG&A improved to 29.6% of revenue (down 240 bps) and R&D was 7.8% (down from 8.5%).
Revenue Context — Underlying Growth Excluding Large Cell Therapy Customers
Total revenue was $295.9M, flat year-over-year on both reported and organic bases. After excluding order-timing impacts from two largest cell therapy customers, organic growth was ~4% for the quarter. Foreign FX contributed a ~2% tailwind while businesses held for sale created a ~2% headwind.
Strength in Proteomic Instruments and Product Innovation
ProteinSimple instrument sales grew upper single digits in Q2 despite a constrained capital environment. Notable innovation includes ultra-sensitive Ella assays (2-5x sensitivity improvement) and strong demand for LEO (next-gen Simple Western) with recent fluorescence multiplexing enhancements.
Spatial Biology Momentum and Comet Bookings
Bookings for the automated Comet platform accelerated meaningfully — nearly 40% growth in bookings (second consecutive strong quarter). RNAscope diagnostic adoption grew >20% for the quarter and first half, while RNAscope research sales grew low single digits.
Diagnostics Growth and New Molecular Kits
Diagnostics delivered high single-digit growth driven by clinical controls and molecular diagnostic kits, including adoption of ESL One exosome-based mutation kit and Amplidex Carrier Screening Plus.
Geographic Strength — China and APAC
China achieved mid-single-digit growth (third consecutive quarter of growth). APAC (ex-China) grew nearly 20%; adjusted for cell therapy order timing, the Americas would have grown low single digits.
Wilson Wolf and Organoid Momentum
Wilson Wolf (20% ownership) delivered 20% organic revenue growth in the quarter and upper-teens TTM growth; Bio-Techne expects to complete the acquisition by end of calendar 2027. Organoid-related portfolio is a ~ $50M run-rate business and the company launched Culturex Synthetic Hydrogel to support non-animal organoid workflows.
Strong Cash Generation and Balance Sheet
Generated $82.4M in operating cash flow in Q2 with $5.9M in net capex. Ended quarter with $172.9M cash and bank debt of $260M (down $40M sequentially); leverage ratio well below 1x EBITDA. Returned $12.5M to shareholders via dividends.
Negative Updates
Flat Overall Revenue and Organic Growth
Total revenue of $295.9M was flat year-over-year and organic growth was flat for the quarter, reflecting order timing and soft pockets in biotech and academia.
Significant Near-Term Cell Therapy Order Timing Headwind
Two largest cell therapy customers received FDA Fast Track designations which created temporary order timing impacts: cell therapy revenue declined >30% overall and GMP reagents declined ~50% year-over-year. Management estimates this headwind will reduce growth by ~300 basis points in Q3 and moderate thereafter.
Gross Margin Contraction and Unfavorable Mix
Adjusted gross margin declined to 68.5% from 70.5% a year ago (down ~200 bps) driven by unfavorable product and customer mix (reagents vs instruments and lower-margin OEM orders). Protein Sciences operating margin declined ~190 bps to 39.3%.
Diagnostics & Spatial Biology Reported Sales Pressure (Divestiture Impact)
Diagnostics & Spatial Biology reported sales were $81.2M, down 4% year-over-year. The Exosome Diagnostics divestiture negatively impacted reported growth by ~8%; spatial biology was relatively flat on a challenging prior-year comp.
End-Market Weakness — Biotech and US Academia
Emerging biotech revenue declined mid-single digits and US academia showed a modest decline (overall academia low single-digit decline), reflecting 2025 funding pressures despite recent encouraging funding trends.
Near-Term Timing Headwinds to Q3 from OEM Order
Q2 benefited from an OEM commercial supply order that historically would have been in Q3; this timing will create a ~100 basis point headwind to Q3 growth.
Operating Cash Flow Timing and Expense Variability
First-half operating cash flow was down versus prior period due to timing of incentive bonus payouts and tax payments; net interest expense rose ~$0.5M year-over-year due to expired interest rate hedges and adjusted effective tax rate increased ~80 bps to 22.3%.
Customer Concentration and Lumpy Demand Risk
Dependence on a small number of large cell therapy customers created lumpy near-term demand and concentration risk (these customers previously represented a material portion of GMP reagent volumes).
Company Guidance
Bio-Techne guided that Q3 organic growth should be roughly consistent with Q2 (Q2 revenue $295.9M, flat year‑over‑year) but flagged a ~300 basis‑point headwind in Q3 from timing at two large cell‑therapy customers (and an additional ~100 bps OEM timing headwind), with that cell‑therapy drag moderating to roughly 100–200 bps in Q4 and fully lapping out in fiscal 2027; excluding those customer‑specific and OEM timing effects management expects underlying growth in the mid‑single digits (Q1 ex‑items 1%, Q2 ex‑items 3%), and reaching the company’s full‑year low single‑digit view would require mid‑single‑digit growth in Q4. From a margin standpoint they remain on track to expand adjusted operating margin by ~100 bps for the full year (Q2 adjusted operating margin 31.1%, up 100 bps), expecting back‑half margin expansion driven roughly half by gross‑margin mix improvement and half by higher revenue; management also reiterated confidence in improving biotech funding, continued China/APAC momentum, and the balance sheet (cash $172.9M, bank debt $260M, leverage well under 1x EBITDA) to support M&A.Bio-Techne Financial Statement Overview
Summary
Moderate fundamentals: TTM revenue is down (-9.5%) and profitability compressed materially (net margin ~6.7% vs much higher prior years). Offsetting this, gross margins remain strong (~65%+), leverage is conservative (debt-to-equity ~0.17), and TTM free cash flow is still solid (~$223M) despite a sharp TTM FCF growth decline (-46.2%).Income Statement
Revenue growth has turned negative in TTM (Trailing-Twelve-Months) (-9.5%) after modest growth in FY2025 (+5.2%) and FY2024 (+2.0%). Profitability has compressed sharply versus prior years: net margin is down to ~6.7% in TTM (Trailing-Twelve-Months) from ~25.1% in FY2023 and ~14.5% in FY2024, and operating profitability similarly stepped down. A key positive is the consistently strong gross margin profile (~65%+), but the recent decline in operating and net profitability is a meaningful near-term headwind.58
Neutral
Balance Sheet
The balance sheet looks conservatively levered, with debt-to-equity at ~0.17 in TTM (Trailing-Twelve-Months) (and generally ~0.19–0.27 historically), indicating manageable financial risk. Equity remains substantial (~$2.0B) relative to debt (~$337M TTM), supporting flexibility. The main weakness is the decline in return on equity to ~4.1% in TTM (Trailing-Twelve-Months) from much stronger levels in FY2022–FY2023, reflecting the recent earnings pressure more than balance-sheet strain.74
Positive
Cash Flow
Cash generation remains solid, with operating cash flow of ~$249M and free cash flow of ~$223M in TTM (Trailing-Twelve-Months). Cash conversion is healthy (free cash flow is ~0.89x net income in TTM), suggesting earnings quality remains reasonable. However, free cash flow growth in TTM (Trailing-Twelve-Months) is sharply negative (-46.2%), pointing to a meaningful deceleration versus the prior year and reducing near-term financial momentum despite still-adequate coverage.63
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.22B | 1.22B | 1.16B | 1.14B | 1.11B | 931.03M |
| Gross Profit | 792.76M | 790.27M | 769.73M | 769.82M | 756.50M | 632.85M |
| EBITDA | 227.21M | 216.88M | 313.14M | 457.11M | 413.76M | 249.87M |
| Net Income | 81.10M | 73.40M | 168.10M | 285.26M | 272.05M | 140.41M |
Balance Sheet | ||||||
| Total Assets | 2.52B | 2.56B | 2.70B | 2.64B | 2.29B | 2.26B |
| Cash, Cash Equivalents and Short-Term Investments | 172.88M | 162.19M | 152.86M | 204.31M | 247.03M | 231.55M |
| Total Debt | 350.89M | 444.06M | 419.54M | 454.96M | 325.97M | 420.55M |
| Total Liabilities | 511.71M | 639.06M | 635.02M | 672.18M | 593.79M | 691.72M |
| Stockholders Equity | 2.01B | 1.92B | 2.07B | 1.97B | 1.70B | 1.56B |
Cash Flow | ||||||
| Free Cash Flow | 223.02M | 256.55M | 236.10M | 216.15M | 280.36M | 307.86M |
| Operating Cash Flow | 249.32M | 287.56M | 298.98M | 254.39M | 325.27M | 352.16M |
| Investing Cash Flow | -13.78M | -35.18M | -203.03M | -265.65M | -96.85M | -243.52M |
| Financing Cash Flow | -251.69M | -253.91M | -122.40M | 22.62M | -242.85M | -62.55M |
Bio-Techne Technical Analysis
Negative
57.92
Price Trends
62.74
Negative
61.98
Negative
57.04
Positive
Market Momentum
-2.14
Positive
39.74
Neutral
25.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TECH, the sentiment is Negative. The current price of 57.92 is below the 20-day moving average (MA) of 62.04, below the 50-day MA of 62.74, and above the 200-day MA of 57.04, indicating a neutral trend. The MACD of -2.14 indicates Positive momentum. The RSI at 39.74 is Neutral, neither overbought nor oversold. The STOCH value of 25.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TECH.
Bio-Techne Risk Analysis
Bio-Techne disclosed 27 risk factors in its most recent earnings report. Bio-Techne reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bio-Techne Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $8.30B | 28.23 | 153.59% | ― | 31.19% | 59.01% | |
69 Neutral | $10.56B | -32.97 | -8.47% | ― | 4.14% | -179.96% | |
67 Neutral | $3.84B | 44.27 | 14.79% | ― | 17.92% | -26.13% | |
65 Neutral | $9.01B | 112.04 | 3.96% | 0.54% | 3.85% | -48.17% | |
61 Neutral | $20.23B | -24.53 | -17.11% | ― | -83.82% | -109.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $6.58B | -31.95 | -240.36% | ― | 54.92% | 28.47% |
* Healthcare Sector Average
TECH
Bio-Techne
57.92
-2.95
-4.85%
CORT
Corcept Therapeutics
35.78
-24.07
-40.22%
HALO
Halozyme
69.22
11.52
19.97%
JAZZ
Jazz Pharmaceuticals
188.97
45.70
31.90%
RYTM
Rhythm Pharmaceuticals
98.07
45.07
85.04%
ROIV
Roivant Sciences
28.49
18.11
174.47%
Bio-Techne Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Bio-Techne Names New Diagnostics and Spatial Biology President
Neutral
Feb 11, 2026
Bio-Techne Corporation announced on February 11, 2026, that Dr. Matt McManus will transition from his role as President of the Diagnostics and Spatial Biology Segment effective March 1, 2026, after helping optimize the organization, including leading the strategic divestiture of the Exosome business. The board approved his termination without cause on February 9, 2026, and he will receive severance benefits in line with his employment agreement.
Effective March 1, 2026, Steve Crouse, currently Senior Vice President of Bio-Techne’s Analytical Solutions Division, will assume the role of President of the Diagnostics and Spatial Biology Segment, bringing over two decades of life sciences leadership and a record of strong growth and successful product launches. His executive employment agreement, signed February 10, 2026, sets out a $505,000 base salary, performance-linked cash incentives and substantial time- and performance-based equity awards, underscoring the strategic importance of the diagnostics and spatial biology business to Bio-Techne’s next phase of growth.
The most recent analyst rating on (TECH) stock is a Buy with a $76.00 price target. To see the full list of analyst forecasts on Bio-Techne stock, see the TECH Stock Forecast page.
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Bio-Techne posts stable Q2 results with margin gains
Positive
Feb 4, 2026
On February 4, 2026, Bio-Techne reported second-quarter fiscal 2026 results for the period ended December 31, 2025, with revenue flat year-on-year at $295.9 million but improvements in profitability driven by cost controls and portfolio optimization. GAAP EPS rose to $0.24 from $0.22, while adjusted EPS increased to $0.46 from $0.42, and adjusted operating margin expanded 100 basis points to 31.1%, aided by ongoing productivity initiatives and the divestiture of Exosome Diagnostics, despite an unfavorable product mix. The Protein Sciences segment posted 2% higher reported sales, though organic revenue slipped 1%, and its margin narrowed due to mix effects, whereas the Diagnostics and Spatial Biology segment saw a 4% decline in reported sales but 3% organic growth and a sharp margin improvement to 10.4% as the held-for-sale business and Exosome Diagnostics were removed from results. Management highlighted continued double-digit growth in large pharma, stabilizing demand from U.S. academic customers, and a third consecutive quarter of growth in China/APAC, underscoring a more stable operating environment as the company marks its 50th anniversary and reinforces its positioning in high-value life science and diagnostic applications.
The most recent analyst rating on (TECH) stock is a Buy with a $70.00 price target. To see the full list of analyst forecasts on Bio-Techne stock, see the TECH Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.