William Blair Sticks to Its Buy Rating for Bio-Techne (TECH)We hosted investor meetings with Techne CEO Kim Kelderman and CFO Jim Hippel. Meetings focused on the state of the company’s end-markets, key growth drivers, and capital allocation (including Wilson Wolf), which we cover in more detail below. In terms of the stock, the situation is far from simple given multiple uncertainties affecting each of Techne’s end-markets (NIH for academia, funding for biotech, tariffs/MFN for pharma), though at this point we think management’s message has become clearer—that the low-single- digit growth bogey for the “period of uncertainty” will be challenged by tough comps in the first half of fiscal 2026, with no inflection contemplated until second half fiscal 2026/first half calendar 2026.