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Bio-Techne (TECH)
NASDAQ:TECH
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Bio-Techne
(NASDAQ:TECH)
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Rating:59Neutral
Price Target:
$68.00
▲(5.21% Upside)
The score is driven mainly by mixed financial performance (stable balance sheet and solid cash generation, but weaker growth and profitability) and a demanding valuation (very high P/E with a low dividend yield). Technicals are broadly neutral, while the latest earnings call was moderately positive on margins and execution but tempered by clear near-term demand timing headwinds.
Positive Factors
High gross profit and operating margin expansion
Bio-Techne sustains a structurally high gross margin (TTM gross profit margin ~65%) and delivered ~100bps adjusted operating margin expansion via productivity and portfolio actions. That durable margin profile supports reinvestment in R&D, instruments and margin resilience over multiple quarters.
Strong cash generation and conservative leverage
Robust operating cash flow, healthy cash balances and low leverage (debt/equity ~0.19 and leverage <1x EBITDA) give Bio-Techne durable financial flexibility to fund M&A, instrument commercialization and shareholder returns while insulating operations through biotech funding cycles.
Product innovation and commercial instrument momentum
Recurring consumables and sticky instrument franchises (LEO, ProteinSimple, Comet bookings) plus new products (Ella assays, Cultrex Hydrogel, licensing deals) build durable competitive advantage, driving recurring revenue and higher lifetime customer spend across research and diagnostics.
Negative Factors
Flat revenue and customer concentration risk
Consolidated revenue flatness, driven by large order-timing impacts from two cell-therapy customers, highlights demand concentration and lumpy bookings. Management cites multi-quarter timing effects (300bps Q3 headwind) that reduce near-term visibility and make growth more volatile until fully lapped in FY2027.
Gross margin contraction from unfavorable mix
A ~200bp gross margin decline from a shift toward lower-margin reagents and OEM mix erodes inherent margin advantages. If customer/product mix does not normalize, ongoing margin pressure could offset productivity gains and limit sustainable EBITDA expansion over the medium term.
Declining free cash flow growth and compressed profitability
A 12.7% decline in FCF growth and compressed net margins reduce internal funding capacity for strategic investments. While cash conversion ratios remain decent, deteriorating FCF growth and modest ROE (~3.6%) are structural concerns for long-term capital allocation and shareholder return expansion.
Bio-Techne (TECH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.17B
Dividend Yield0.54%
Average Volume (3M)1.84M
Price to Earnings (P/E)133.4
Beta (1Y)0.94
Revenue Growth3.85%
EPS Growth-48.17%
CountryUS
Employees3,100
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.46
Shares Outstanding155,812,700
10 Day Avg. Volume2,358,726
30 Day Avg. Volume1,841,189
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 Cap1.07
Enterprise Value/Revenue8.93
Enterprise Value/Gross Profit13.62
Enterprise Value/Ebitda48.46
Forecast
1Y Price Target
$67.88Price Target Upside5.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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)
| 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
Mixed fundamentals: strong gross margin and solid cash conversion ratios, supported by a low debt-to-equity of 0.19. Offsetting this are declining revenue growth and compressed profitability (net margin 6.41% with weaker EBIT/EBITDA margins) plus a decline in free-cash-flow growth.Income Statement
Bio-Techne's income statement shows a mixed performance. The TTM data indicates a decline in revenue growth rate by 23.8%, which is concerning. Gross profit margin remains strong at 65.37%, but the net profit margin has decreased to 6.41%, indicating reduced profitability. The EBIT and EBITDA margins have also declined, suggesting operational challenges. Overall, while the company maintains a solid gross profit margin, the declining revenue and profit margins are areas of concern.55
Neutral
Balance Sheet
The balance sheet of Bio-Techne reflects a stable financial position with a low debt-to-equity ratio of 0.19, indicating conservative leverage. The return on equity is modest at 3.60%, suggesting room for improvement in generating returns for shareholders. The equity ratio is healthy, showing a strong equity base relative to total assets. Overall, the balance sheet demonstrates financial stability with low leverage, but the return on equity could be enhanced.70
Positive
Cash Flow
Cash flow analysis reveals a decline in free cash flow growth by 12.67% in the TTM period, which is a negative indicator. However, the operating cash flow to net income ratio is robust at 1.74, suggesting strong cash generation relative to net income. The free cash flow to net income ratio is also healthy at 0.89. Despite the decline in free cash flow growth, the company maintains solid cash flow ratios, indicating efficient cash management.60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.22B | 1.22B | 1.16B | 1.14B | 1.11B | 931.03M |
| Gross Profit | 797.45M | 790.27M | 769.73M | 769.82M | 756.50M | 632.85M |
| EBITDA | 224.19M | 216.88M | 313.14M | 457.11M | 413.76M | 249.87M |
| Net Income | 77.98M | 73.40M | 168.10M | 285.26M | 272.05M | 140.41M |
Balance Sheet | ||||||
| Total Assets | 2.53B | 2.56B | 2.70B | 2.64B | 2.29B | 2.26B |
| Cash, Cash Equivalents and Short-Term Investments | 144.96M | 162.19M | 152.86M | 204.31M | 247.03M | 231.55M |
| Total Debt | 394.47M | 444.06M | 419.54M | 454.96M | 325.97M | 420.55M |
| Total Liabilities | 560.33M | 639.06M | 635.02M | 672.18M | 593.79M | 691.72M |
| Stockholders Equity | 1.97B | 1.92B | 2.07B | 1.97B | 1.70B | 1.56B |
Cash Flow | ||||||
| Free Cash Flow | 224.06M | 256.55M | 236.10M | 216.15M | 280.36M | 307.86M |
| Operating Cash Flow | 251.25M | 287.56M | 298.98M | 254.39M | 325.27M | 352.16M |
| Investing Cash Flow | -12.89M | -35.18M | -203.03M | -265.65M | -96.85M | -243.52M |
| Financing Cash Flow | -286.54M | -253.91M | -122.40M | 22.62M | -242.85M | -62.55M |
Bio-Techne Technical Analysis
Positive
64.63
Price Trends
63.34
Positive
60.98
Positive
56.38
Positive
Market Momentum
0.91
Positive
59.60
Neutral
43.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TECH, the sentiment is Positive. The current price of 64.63 is below the 20-day moving average (MA) of 67.10, above the 50-day MA of 63.34, and above the 200-day MA of 56.38, indicating a bullish trend. The MACD of 0.91 indicates Positive momentum. The RSI at 59.60 is Neutral, neither overbought nor oversold. The STOCH value of 43.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $8.76B | 16.08 | 124.50% | ― | 31.19% | 59.01% | |
64 Neutral | $4.28B | 46.50 | 16.47% | ― | 17.92% | -26.13% | |
64 Neutral | $10.17B | -27.49 | -9.06% | ― | 4.14% | -179.96% | |
59 Neutral | $10.17B | 133.38 | 3.80% | 0.54% | 3.85% | -48.17% | |
59 Neutral | $15.26B | -39.76 | -14.73% | ― | -83.82% | -109.22% | |
53 Neutral | $7.27B | -34.90 | -240.36% | ― | 54.92% | 28.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TECH
Bio-Techne
64.63
-10.30
-13.74%
CORT
Corcept Therapeutics
40.13
-28.32
-41.37%
HALO
Halozyme
77.93
20.30
35.22%
JAZZ
Jazz Pharmaceuticals
165.72
44.19
36.36%
RYTM
Rhythm Pharmaceuticals
108.29
47.27
77.47%
ROIV
Roivant Sciences
21.97
11.00
100.27%
Bio-Techne Corporate Events
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.
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsShareholder Meetings
Bio-Techne Reports Q1 2026 Revenue and EPS Growth
Neutral
Nov 5, 2025
At its annual meeting, Bio-Techne Corporation announced the election of nine directors and the approval of executive compensation and KPMG LLP as its independent auditor for fiscal year ending June 30, 2026. The company reported a slight decrease in first-quarter fiscal 2026 revenue to $286.6 million, with a GAAP EPS increase to $0.24. The divestiture of Exosome Diagnostics and cost initiatives improved operating margins. Despite challenges in the emerging biotech sector, Bio-Techne saw stabilization in the US academic market and growth in its ProteinSimple and Spatial Biology segments. The company remains focused on its strategic growth pillars, including cell therapy, where some customers received FDA Fast Track Designation.
The most recent analyst rating on (TECH) stock is a Buy with a $73.00 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.