BIO-TECHNE (TECH) Company Report

Bio-Techne leverages a 50-year core reagents business with four high-growth verticals: cell therapy, proteomics, spatial biology, and molecular diagnostics.
Q1 FY2026 highlights include double-digit growth in large pharma, China back to growth, spatial biology bookings up double digits, and margins of 29.9% versus a 20% forecast, offset by a near-term “air pocket” in cell therapy after two customers received FDA Fast Track approvals.
Biopharma represents 50% of revenue with large pharma (30% of revenue) growing double digits and biotech pressured by mid-teens funding declines but showing improvement; academic research (20% of revenue) faces US budget uncertainty with funding shifting toward neurology, oncology, and weight management.
Full-year FY2026 guidance expects single-digit growth as headwinds in biotech and academic markets persist, with management targeting a return to double-digit growth in a normalized environment and anticipating easier comps in the back half of the year.

Dec 9, 2025, 9:30 AM

Transcript

Bio-Techne outlines growth strategy and Q1 2026 performance

TECH

Guidance Update

Product Launch

M&A

Bio-Techne detailed its core reagents applied across four high-growth verticals—cell therapy, proteomics, spatial biology, and molecular diagnostics—leveraging 7,000 proteins and 400,000 antibodies built over 50 years.
In Q1 FY2026, revenues benefited from Fast Track designations in cell therapy customers and growth in large pharma (double-digit for three consecutive quarters), China returned to positive growth, spatial biology bookings accelerated, and operating margin expanded to 29.9%.
The company launched several innovations, including ProPak form factors for cell therapy, the Leo high-throughput protein analysis instrument, multi-omics spatial assays, protein–protein interaction mapping, and an ESR1 breast cancer resistance diagnostic.
Bio-Techne expects single-digit growth in FY2026 due to academic funding and biotech headwinds, with markets stabilizing, easier comparables in H2, and a return to double-digit growth in normalized conditions.

Dec 9, 2025, 9:30 AM

Transcript

Bio-Techne outlines FY2025 outlook at Citi Healthcare Conference

TECH

Guidance Update

Demand Weakening

Q1 FY25 revenue declined –1% YoY; excluding headwinds from two large iPSC cell therapy customers (≈200 bps), underlying growth was +1%.
Q2 FY25 overall growth is guided at –1% YoY; adjusting for a 400 bps customer headwind, ex-customers growth is expected at +3%, driven by ProteinSimple and Spatial Biology in a stabilizing market.
Pharma end-market (30% of revenue) returned to double-digit growth in Q1 FY25, while U.S. academic sales improved to low single-digit declines as NIH funding stabilized around flat budgets.
Two fast-tracked iPSC customers paused purchases through FY25; commercialization is projected ~18 months post–Phase III, with each customer potentially generating $40 – 50 million annually at mid-maturity.
Diagnostics segment grew mid-single digits in Q1 FY25 on top of a mid-teen comp last year, with customers indicating a more even pull-through cadence across FY25.

Dec 3, 2025, 8:15 PM

Transcript

Bio-Techne outlines FY2025 growth drivers and headwinds

TECH

Guidance Update

Q1 FY25 revenue was -1%, with two large cell therapy customers contributing a 200 bps headwind; excluding them, growth was +1% and is forecasted at +3% ex-customers in Q2 (headwind of 400 bps).
Biotech funding improved from –30% to –13% YTD by November 2025, with a typical 2–3 quarter lag expected before supporting a Biotech end-market recovery around FY27.
ProteinSimple and Spatial Biology are key growth drivers: Spatial bookings rose double-digits in Q1 and reagents turned positive, while ProteinSimple historically outperforms in stabilized markets.
Diagnostics (controls, calibrators and exosome-based kits) grew mid-single digits in Q1 on top of mid-teen comps last year and is anticipated to be more evenly lumpy throughout FY25.
Company expects ~100 bps operating margin expansion for FY25, driven by higher consumables pull-through and improving organic growth; COMET platform break-even anticipated in ~1 year.

Dec 3, 2025, 8:15 PM

Transcript

TECH reports Q1 performance and end-market trends at HealthCONx Conference

TECH

Q1 organic revenue declined 1%, with 90 bps of margin expansion; results would have been a 1% increase excluding deferrals from two cell therapy customers after FDA Fast Track designations.
Large pharma (30% of revenues) achieved its third consecutive quarter of double-digit growth; China posted its second straight quarter of organic revenue growth.
The Spatial platform stabilized at flat growth, reagents turned positive, and instrument bookings rose double digits, indicating a recovery in the academic/biotech segment.
Small biotech (~20% of revenue) fell high single digits in Q1 amid a 30% YTD drop in funding, but funding has improved monthly, suggesting market stabilization ahead.
Academic & government (~20% of revenue) saw mid-single-digit growth in Europe and U.S. declines narrowed to low single digits as flat NIH budgets became more likely.

Dec 2, 2025, 1:20 PM

Transcript

Bio-Techne reports Q1 fiscal 2026 results and outlook at Evercore HealthCONx

TECH

Guidance Update

Demand Weakening

Q1 organic revenue declined by 1%, driven by double-digit growth in large pharma (30% of revenue), second quarter of organic growth in China, robust ProteinSimple consumables, spatial stabilization, and 90 bps margin expansion despite cell therapy headwinds.
Biotech exposure (~20% of revenue) fell high single digits in Q1 amid a 30% YTD funding decline, but four consecutive months of year-over-year funding increases point to market stabilization.
Academic & government segment (~20% of revenue) saw mid-single-digit growth in Europe and US declines narrow from high to low single digits as NIH budget is expected to be flat, reducing customer uncertainty.
The company expects Q2 results similar to Q1, with underlying markets to strengthen to low single-digit growth, and the back half of fiscal 2026 poised to benefit from easier year-over-year comps and share gains.
FDA Fast Track consolidation of Phase II/III for two cell therapy customers caused a ~$26 M headwind (~200 bps) in fiscal 2026; the cell & gene portfolio includes ~700 customers with ~85 in clinical trials, and the Wilson Wolf acquisition is planned for fiscal 2028 to fuel future growth.

Dec 2, 2025, 1:20 PM

Transcript

Bio-Techne updates Q1 FY performance and strategy at Jefferies 2025 Conference

TECH

Product Launch

M&A

Bio-Techne reported Q1 FY top-line down 1%, with core growth of 1% excluding two large fast-track cell therapy customers; large pharma, accounting for 30% of revenues, achieved double-digit growth.
Strength was broadly geographic: US and Europe saw healthy growth, while China biotech returned to solid growth.
The company invests 8% of revenues in R&D and recently introduced ProPax protein packaging; will launch an ultra-sensitive ELA cartridge (2–5× sensitivity), the LEO high-throughput Western blot system, Proximity Scope spatial multi-omic platform, an exosome-based ESR1 assay, and an Oxford Nanopore genetic testing kit.
M&A remains Bio-Techne’s top capital deployment priority; it has 0.6× leverage, sees improving target availability and pricing, and is focused on cell therapy, organoids, and protein analysis instrumentation, with Wilson Wolf optionality enhancing its deal capacity.
Its GMP protein segment has a $60 M run rate (of an $80 M cell therapy business) and faced 200 bps and 400 bps headwinds in Q1 and Q2 from timing of fast-track orders, with these comparables lapping fully by Q4.

Nov 20, 2025, 12:30 PM

Transcript

Bio-Techne reports Q1 fiscal 2026 performance and strategic priorities

TECH

Overall Q1 sales were down 1%, but core growth was up 1% when excluding fast-track cell therapy customers, with 30% of revenues from large pharma delivering double-digit growth.
R&D spending remains at 8% of revenues, supporting multiple new product launches including the ProPax GMP protein packaging, an ultrasensitive ELA cartridge, the high-capacity LEO Western blot system, Proximity Scope spatial biology platform, and molecular diagnostics assays.
M&A continues as top capital deployment priority; Bio-Techne is advancing its Wilson Wolf cell therapy acquisition (expected December 2027) while maintaining capacity to pursue additional targets in cell therapy, organoids, and protein analysis.
Cell therapy GMP proteins (a $60 million run rate) face 200 bp headwinds in Q1 and 400 bp in Q2 due to customer order pauses, with comparables normalizing post Q4; biotech customer count rose to 700 via targeted grants.

Nov 20, 2025, 12:30 PM

Transcript

Bio-Techne outlines Q1 2025 performance and strategic drivers at Stephens Annual Investment Conference

TECH

Revenue Acceleration/Inflection

M&A

Q1 2025 highlights: double-digit growth in pharma (≈30% of revenue); ProteinSimple consumables up in the double digits; spatial biology consumables flat to low single digits with instruments up double digits; China grew for the second quarter; operating margin expanded 90 bps through portfolio and productivity actions.
End-market trends: Pharma growth sustained after MFN/tariff concerns eased; U.S. academic declines narrowed to low single digits on expected flat NIH budget; small biotech fell high single digits in Q1 but funding rose ≈80% YoY in October.
Cell therapy dynamics: Two large customers paused orders post-FDA fast-track, creating a ~200 bps Q1 revenue headwind (and projected ~400 bps in Q2); those programs could generate ~$100 M in revenue upon full commercialization.
Wilson Wolf acquisition: Currently 20% owned, anticipated to be top- and bottom-line accretive; integrates the G-Rex bioreactor with Bio-Techne’s media, growth factors, and Ella QC platform; Wilson Wolf operates at 60–70% EBITDA margins.

Nov 18, 2025, 2:00 PM

Transcript

Bio-Techne outlines Q1 FY25 performance and strategic outlook at Stephens Annual Investment Conference

TECH

Q1 FY25 highlights: double-digit pharma growth (≈30% of revenue), ProteinSimple consumables up low-double digits, spatial biology flat to slight growth, and 90 bps operating margin expansion despite top-line headwinds.
End-market trends: Q4 FY25 organic growth +3%; Q1 organic –1% (or +1% excluding two cell therapy customers’ Fast-Track headwinds) ; pharma rebounded after MFN concerns eased; NIH funding set to be flat, driving academic declines from high-single to low-single digits; biotech flattish to low-single-digit despite 30% funding cuts.
China outlook: two consecutive quarters of growth with a third expected in Q2 FY25; no regulatory barriers to REO-sold products, and market recovery projected to make China a net growth contributor over the next 12–24 months.
Cell therapy drivers: two major customers received FDA Fast-Track designations, creating a near-term headwind but long-term upside, with $100 million revenue potential at full commercialization (5–10× clinical trial levels).

Nov 18, 2025, 2:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for BIO-TECHNE.

Q1 2026

Nov 5, 2025

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Q4 2025

Aug 6, 2025

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Q3 2025

May 7, 2025

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BIO-TECHNE (TECH)

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