BIO-TECHNE (TECH) Company Report

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

Bio-Techne details Q1 FY25 performance and growth outlook

TECH

Bio-Techne delivered -1% organic growth in Q1 FY25 (adjusted to +1% excl. two large cell therapy customers) as end markets began stabilizing.
The pharma end market grew double digits, now representing 30% of revenue, while the ProteinSimple franchise saw its fourth consecutive quarter of double-digit consumable growth.
Spatial biology revenues flattened, with consumables up low single digits and instruments up double digits, indicating a return to growth.
China returned to growth for a second consecutive quarter and is expected to grow again in Q2 FY25, driven by renewed government and biotech funding.
Two key cell therapy customers received FDA Fast-Track designations, creating a near-term purchase pause (~200 bps headwind in Q1, ~400 bps in Q2) but supporting a potential $100 million long-term revenue opportunity.

Nov 18, 2025, 2:00 PM

Transcript

Bio-Techne licenses AI-designed NovoBody™ Duo molecules from Monod Bio

TECH

New Projects/Investments

Bio-Techne secured an exclusive licensing agreement with Monod Bio for a subset of AI-designed NovoBody™ Duo molecules, expanding its recombinant protein portfolio.
NovoBody™ Duo are bispecific binding proteins with multi-specific capabilities, tailored for advanced research tools and diagnostics.
The collaboration aligns with Bio-Techne’s strategic growth pillars and the AI-enabled protein innovation megatrend, reinforcing its leadership in precision medicine.
Bio-Techne reported $1.2 billion in net sales for fiscal 2025 and employs approximately 3,100 staff worldwide.

Nov 18, 2025, 11:30 AM

Press Release

Bio-Techne discusses Q1 2025 results and outlook

TECH

Guidance Update

New Projects/Investments

Demand Weakening

Bio-Techne reported a 1% organic revenue decline in Q1 2025, driven by two large GMP protein customers postponing orders after receiving FDA Fast Track designations, creating a 200 bp headwind; underlying business grew low single digits.
The GMP segment has zero commercial customers and five in Phase III, with management targeting 20%+ long-term growth as programs move to commercial supply agreements and with launches like ProPAX and new small-molecule capacity.
US academic core reagents were flat, marking a recovery as NIH funding outlays improved and grants shifted towards oncology and neurology; pharma end-market demand remains strong with Bio-Techne growing double digits versus mid-single-digit R&D budget increases.
Spatial Diagnostics saw Luna4 instrument bookings up double digits; reagent pull-through was flat (low single digits), with current pull-through at ~$40 K per instrument per year and potential to double as antibody and RNAscope adoption ramps.
Q2 2025 is expected to see -1% organic growth with a 400 bp GMP headwind, and H2 is projected at 2–3% growth absent market recovery, with upside if academic/biotech rebound; management sees a path back to >10% organic growth over the next 3–4 years.

Nov 11, 2025, 2:20 PM

Transcript

Bio-Techne details Q1 performance and growth outlook at 2025 Steeple Healthcare Conference

TECH

Guidance Update

Product Launch

Bio-Techne reported a 1% organic revenue decline in Q1, driven by a 200 bps headwind from two large GMP protein customers pausing orders after fast-track FDA designations; underlying growth was low single digits across end markets, with double-digit pharma growth and a third consecutive quarter of growth in China.
The GMP protein franchise is targeting >20% long-term growth, supported by the launch of ProPAX, expanded small-molecule capabilities, and the progression of five customers into Phase III, paving the way for more stable, commercial supply agreements.
US academic reagent revenues stabilized, with flat quarter-on-quarter performance reflecting improved NIH funding and a shift in grant awards toward oncology and neurology, setting the stage for mid- to high-single-digit growth as comparisons ease.
Spatial biology momentum remains strong: reagents returned to low single-digit growth, Luna 4 instrument bookings rose double digits, and annual pull-through per unit of ~$45 k is expected to double over time with RNAscope and antibody expansions.

Nov 11, 2025, 2:20 PM

Transcript

Bio-Techne outlines Q1 organic decline and growth outlook at 2025 Healthcare Conference

TECH

Guidance Update

Bio-Techne reported a 1% organic revenue decline in Q1, driven by two large GMP protein customers pausing orders after FDA fast-track designations, representing a 200 bp headwind and exposing low-single-digit underlying growth.
Long-term GMP protein business expected to deliver >20% growth, supported by portfolio expansion (ProPAX, small-molecule capabilities) and progression of customers into commercial stages.
Academic revenue (22% of sales) stabilized in Q1, with US reagent sales flat and improving NIH outlays focused on oncology/neurology; company sees potential for mid-to-high single-digit growth as budgets normalize.
Spatial biology saw flat reagent growth (low-single digits) and double-digit Luna4 instrument bookings in Q1, with pull-through per instrument expected to increase from ~$45 K to ~$90 K annually as antibody and chip sales ramp.
Management sees a gradual recovery across life-science verticals (ProteinSimple, spatial, China) supporting low-single-digit growth in H2 2026 and anticipates resuming above-peer and double-digit organic growth by 2027 as end markets normalize.

Nov 11, 2025, 2:20 PM

Transcript

Bio-Techne reviews Q3 performance and strategic outlook at UBS Conference

TECH

Guidance Update

Product Launch

Bio-Techne reported -1% organic top-line growth in the quarter, driven by a $7 million headwind from two large GMP protein customers, with core business stabilizing across pharma, academic, Europe, U.S., and China markets.
Management highlighted a 29.9% EBITDA margin and four growth pillars: mid-single digit growth in protein analytics, flat spatial biology with a strong instrument funnel, mid-single digit molecular diagnostics, and expanded cell therapy reagents alongside the Wilson Wolf bioreactor partnership.
The St. Paul GMP facility, sized for $250 million in annual capacity, achieved 50–100× yield improvements and larger reaction vessels, ensuring sufficient capacity for cell therapy production over the next 5–10 years.
Key product launches include the ultra-sensitive ELA ELISA platform, Leo automated Western Blot (100-sample throughput), and Maurice Flex fractionation device, expected to drive mid-teens consumables pull-through and renewed instrument placements.
For 2026, Bio-Techne targets low single-digit revenue growth, as GMP headwinds diminish, academic and China markets stabilize, and momentum in growth verticals accelerates in the second half.

Nov 10, 2025, 3:15 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for BIO-TECHNE.