BIO-TECHNE (TECH) Company Report

End-market demand: large pharma (≈30% of revenue) grew low double-digit, biotech (≈20%) saw mid-single-digit declines amid funding volatility but funding has rebounded to high-single-digit/90%+ growth, academic (≈20%) stabilized at low-single-digit declines post NIH +1% funding, and Asia (≈16%; half China) delivered three quarters of growth with double-digit expansion in rest of Asia.
FY2026 guidance targets mid-single-digit growth exiting Q4, with timing uncertainty around biotech and academic spending recovery; GMP protein headwinds from two large customers will ease from 400 bps in Q2 to 300 bps in Q3 and 150 bps in Q4.
Excluding the two GMP customers, the remaining 700+ cell therapy clients grew 30% in the quarter (TTM high-teens), with >80 in clinical trials (≈12 in Phase I/II, ≈6 in Phase III) and net customer additions of low-single-digit percentage, indicating robust pipeline progression.
Strategic priorities include quality-focused M&A in cell therapy adjacencies, organoids, antibodies, and data-driven tools, supported by an enhanced corporate development team ; integration of AI for next-generation protein development and increased demand for data-driven wet-lab and instrument solutions is viewed as a long-term tailwind.

4 days ago

Transcript

Bio-Techne outlines FY2026 outlook and market trends at Leerink Conference

TECH

Guidance Update

M&A

Bio-Techne exited Q2 FY2026 with low-double-digit growth in its pharma segment (30% of revenues) and mid-single-digit declines in biotech (20% of revenues), though biotech funding showed green shoots with high-single-digit growth, underpinned by renewed M&A activity.
Academic end markets (20% of revenues) stabilized, with European academic up low- to mid-single digits and U.S. academic down low single digits, supported by a 1% NIH budget increase and removal of indirect cost caps; Asia (16–17% of revenues) delivered three quarters of growth, including double-digit in Rest of Asia, driven by government funding and cell therapy demand in China.
For FY2026, management expects to exit Q4 at mid-single-digit revenue growth and expand margins by 100 bps to the mid-30s%, benefiting from easing headwinds as two large GMP customers progress to commercialization and continued China tailwinds.
Excluding its two largest GMP customers, the remaining 700+ GMP protein customers grew 30% in Q2 (TTM high teens%), underpinning an expected 20% floor growth for the segment; M&A remains a priority with strategic focus on cell therapy, organoids, antibodies, and AI-driven protein development.

4 days ago

Transcript

Bio-Techne outlines end-market trends and FY2026 outlook

TECH

Guidance Update

Pharma (30% of revenue) recorded low double-digit growth in Q2, driven by large pharma rebounding after MFN tariff concerns.
Biotech (20% of revenue) saw mid-single-digit declines exiting Q2, but Jan-Feb 2026 funding grew high single digits, indicating renewed spending and M&A activity.
Academic (~20% of revenue) stabilized at low single-digit declines; a 1% NIH budget increase and removal of indirect cost caps support a recovery as grants roll out starting in March.
Asia (16-17% of revenue) continues to recover, achieving three consecutive quarters of growth in China and double-digit expansion in the rest of Asia in the latest quarter.
Fiscal 2026 guidance targets mid-single-digit full-year growth, with performance hinging on the timing of biotech and academic spending realization and reduced GMP headwinds in Q4.

4 days ago

Transcript

Bio-Techne outlines Q2 FY26 results and growth strategy at TD Cowen Healthcare Conference

TECH

Guidance Update

M&A

In fiscal Q2, total underlying organic growth was 3%, despite headwinds from GMP reagents, and the company expects to exit FY26 with mid-single digit organic growth.
Large pharma segment (~30% of revenue) delivered five consecutive quarters of double-digit growth, driven by demand for reproducible, automated workflows and AI-enabling data.
Biotech funding rose ~90% over the last four months, historically translating to reagent spend in about three quarters, potentially faster under existing capacity.
Plans to acquire the remaining 80% of Wilson Wolf by December 2027, integrating the G-Rex bioreactor to enhance cell and gene therapy offerings and high-margin reagent pull-through.
CFO projects 50 basis points of margin expansion at 5–10% growth and 100 basis points at double-digit growth, aiming for adjusted EBIT margins in the mid-30s% range as markets recover.

Mar 3, 2026, 4:10 PM

Transcript

Bio-Techne outlines FY26 growth outlook and M&A strategy

TECH

Guidance Update

M&A

Bio-Techne expects to exit fiscal 2026 at mid-single digit organic growth, driven by double-digit large pharma growth and 90% biotech funding uptick over recent months, with overall underlying growth at 3% in Q2FY26.
The core reagents portfolio (52% of revenues) and four growth verticals—protein analytics, cell & gene therapy, spatial biology, molecular diagnostics—provide outperformance, with proteomic analytics consumables up double-digit in 10 of the last 13 quarters.
The GMP reagents business (~~$60 M run rate) plus media (~~$20 M run rate) faces a 200–400 bps organic headwind in Q1–Q2FY26 from two large cell therapy customers granted Fast Track designation, easing by Q4.
Plans to acquire Wilson Wolf’s G-Rex bioreactor (remaining 80% in Dec 2027) will bolster cell therapy workflows; Wilson Wolf grew mid-teens TTM, holds ~45% clinical market share, and delivers ~70% EBITDA margins (modeled to 60% post-close).

Mar 3, 2026, 4:10 PM

Transcript

Bio-Techne provides FY26 outlook and growth strategy at TD Cowen conference

TECH

Guidance Update

M&A

Bio-Techne reported Q2 FY26 underlying organic growth of ~3% and reaffirmed its outlook for low-single-digit growth, expecting to exit June at mid-single-digit growth.
Large pharma (30% of revenues) delivered double-digit growth for the fifth consecutive quarter, while biotech funding rose 90% over the last four months, expected to flow through to tool spending in ~3 quarters.
GMP reagents business faces lumpiness from two major cell therapy customers with Fast Track designation, creating a headwind of 200 bps in Q1, 400 bps in Q2, 300 bps in Q3 and 150 bps in Q4, before comps normalize.
Agreed to acquire the remaining 80% of Wilson Wolf by Dec 2027, integrating its G-Rex bioreactor to pull-through high-margin reagents; Wilson Wolf grew 20% last quarter with ~70% EBITDA margins.
Proteomic analytics (ProteinSimple) franchise exceeded $300 M in revenues (25% of company), with consumables growing double digits in 10 of the last 13 quarters, driven by automation and AI-ready data.

Mar 3, 2026, 4:10 PM

Transcript

Bio-Techne reports Q2 FY2026 results

TECH

Earnings

Guidance Update

M&A

Total revenue was $295.9 M, flat year-over-year; adjusted EPS was $0.46, up 10% YoY; adjusted operating margin expanded to 31.1%, +100 bps YoY.
Protein Sciences sales of $215.1 M (+2% reported, –1% organic; +4% ex-cell therapy timing impacts); Diagnostics & Spatial Biology sales of $81.2 M (–4% reported, +3% organic) with segment margin improving to 10.4% from 3.9% YoY.
Geographically, North America revenue declined upper single digits, Europe was flat, China grew mid-single digits for the third consecutive quarter, and APAC ex-China rose almost 20%.
Q3 organic growth is expected to mirror Q2 when excluding cell therapy and OEM timing headwinds, with underlying mid-single-digit growth; full-year operating margin expansion of 100 bps remains on track.
Strategic growth verticals (cell therapy, proteomic instruments, spatial biology, diagnostics) now represent 47% of revenue (vs. 32% in FY2020) with an upper-teens CAGR; M&A remains a priority, including the pending Wilson Wolf acquisition (20% stake, closing by end of 2027).

Feb 4, 2026, 2:00 PM

Transcript

Bio-Techne reports Q2 2026 earnings

TECH

Earnings

Guidance Update

Revenue flat at $295.9 M, with reported and organic growth flat YoY; excluding FDA Fast Track cell therapy timing headwinds, organic growth was 4%.
Adjusted EPS of $0.46 (up 10% YoY) and adjusted operating margin of 31.1% (up 100 bps).
Generated $82.4 M in operating cash flow, invested $5.9 M in capex, ending with $172.9 M cash and a leverage ratio below 1× EBITDA.
Segment highlights: Protein Sciences revenue rose 2% to $215.1 M; Diagnostics & Spatial Biology sales were $81.2 M (–4% reported, +3% organic), with segment margin improving to 10.4%.
Q3 outlook: organic growth expected to be consistent with Q2, with underlying mid-single-digit growth excluding cell therapy and OEM timing headwinds.

Feb 4, 2026, 2:00 PM

Transcript

Bio-Techne announces Q2 FY2026 results

TECH

Earnings

Guidance Update

Bio-Techne reported total Q2 revenue of $295.9 million, flat y/y, with 4% organic growth excluding timing impacts from two large cell therapy customers.
Adjusted operating margin widened 100 bps y/y to 31.1%, driven by productivity and cost management; adjusted EPS increased 10% to $0.46.
Large pharma revenues rose low double digits; emerging biotech declined mid-single digits; U.S. academic end market down low single digits; China sales grew mid-single digits, APAC excluding China up ~20%.
Protein Sciences segment organic sales fell 1% (reported +2%), but grew 4% excluding cell therapy timing; Diagnostics & Spatial Biology segment achieved 3% organic growth after divestiture impacts.
Q3 organic growth is expected to remain in line with Q2, with underlying (ex-cell therapy/OEM headwinds) growth of mid-single digits; full-year operating margin expansion of 100 bps reiterated.

Feb 4, 2026, 2:00 PM

Transcript

Bio-Techne releases Q2 FY2026 results

TECH

Earnings

Revenue was flat year-over-year at $295.9 million in Q2 FY2026.
GAAP EPS of $0.24 rose from $0.22 a year ago; adjusted EPS improved to $0.46 from $0.42.
Adjusted operating margin expanded by 100 bps to 31.1%, while GAAP operating margin increased to 18.4% from 16.0% in Q2 FY2025.
By segment, Protein Sciences net sales grew 2% to $215.1 million, and Diagnostics & Spatial Biology revenue declined 4% to $81.2 million (organic +3%).

Feb 4, 2026, 11:30 AM

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