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Bio-Techne
(NASDAQ:TECH)
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Rating:74Outperform
Price Target:
$81.00
▲(11.99% Upside)
Action:Upgraded
Date:09/23/26
The score is driven mainly by strong financial quality (high margins and a conservative, low-leverage balance sheet) and supportive technical trend signals (price above key moving averages with positive momentum). The pending all-cash Merck acquisition and shareholder approval provide an additional positive catalyst. These positives are tempered by expensive valuation (high P/E and low yield) and historical earnings/free-cash-flow volatility.
Positive Factors
Recurring consumables and platform revenue
Bio-Techne’s recurring reagent purchases and instrument consumable pull-through can create durable customer relationships and repeat revenue. This model benefits from ongoing experimentation and clinical workflows, while proprietary platforms such as RNAscope and ProteinSimple can deepen adoption over multiple quarters.
Negative Factors
Volatile profitability
The sharp change in net margin shows that Bio-Techne’s earnings power has not been consistently stable, even though gross margins remain strong. Such variability can complicate planning, reduce confidence in normalized profitability, and limit the predictability of returns over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables and platform revenue
Bio-Techne’s recurring reagent purchases and instrument consumable pull-through can create durable customer relationships and repeat revenue. This model benefits from ongoing experimentation and clinical workflows, while proprietary platforms such as RNAscope and ProteinSimple can deepen adoption over multiple quarters.
Read all positive factors
Bio-Techne Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions so you can see where the company’s demand is strongest and where it faces exposure to local economic cycles, regulatory changes, or currency swings. Helps gauge geographic diversification and where future growth or risk is concentrated.
Breaks down sales across regions so you can see where the company’s demand is strongest and where it faces exposure to local economic cycles, regulatory changes, or currency swings. Helps gauge geographic diversification and where future growth or risk is concentrated.
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The Fly
The FlyBio-Techne (TECH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.38B
Dividend Yield0.44%
Average Volume (3M)3.09M
Price to Earnings (P/E)62.0
Beta (1Y)0.80
Revenue Growth-0.38%
EPS Growth152.71%
CountryUS
Employees3,000
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.17
Shares Outstanding156,818,240
10 Day Avg. Volume2,833,555
30 Day Avg. Volume3,094,774
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)5.23
Price to Sales (P/S)9.07
P/FCF Ratio41.86
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue9.15
Enterprise Value/Gross Profit13.91
Enterprise Value/Ebitda32.37
Forecast
1Y Price Target
$73.00Price Target Upside0.93% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)2.03
Revenue Forecast (FY)$1.27B
Bio-Techne Business Overview & Revenue Model
Company Description
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, diagnostics, and bioprocessing markets worldwide. The company operates through two segment...
How the Company Makes Money
Bio-Techne makes money primarily by selling life-science research and diagnostic products and, to a lesser extent, associated services. Key revenue streams include: (1) Consumable reagents used repeatedly in lab workflows—such as recombinant prote...
Bio-Techne Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call highlighted strong execution in high-value growth vectors (Spatial Biology/COMET, GMP proteins excl. timing impacts, Proteomic Analysis instruments, large pharma strength and four consecutive quarters of China growth), solid sequential margin improvement and robust cash generation. Offsetting these positives were a 2% organic revenue decline, continued weakness in emerging/early-stage biotech spending, timing headwinds from two fast-track cell therapy customers and an OEM order, and YoY mix-related margin pressure. Management expects near-term organic revenue to be roughly flat but positions the business for an inflection in fiscal 2027 as funding improvements translate to customer spending.Positive Updates
Strong Spatial Biology Momentum and COMET Backlog
Spatial Biology delivered mid-teens growth overall with the COMET Multiomic Spatial Platform growing more than 65% in the quarter; company exited the quarter with a record COMET backlog and installed the first COMET system in China, positioning the platform for continued scaling.
Negative Updates
Overall Revenue Decline
Total revenue for Q3 was $311.4 million, decreasing 2% on both an organic and reported basis; foreign exchange was a 2% tailwind while prior divestiture and timing effects together created notable headwinds.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Spatial Biology Momentum and COMET Backlog
Spatial Biology delivered mid-teens growth overall with the COMET Multiomic Spatial Platform growing more than 65% in the quarter; company exited the quarter with a record COMET backlog and installed the first COMET system in China, positioning the platform for continued scaling.
Read all positive updates
Company Guidance
Bio‑Techne said it expects Q4 organic revenue to be approximately flat, with underlying growth across the rest of the portfolio running at low single digits once the company‑specific GMP/cell‑therapy timing headwind (which will moderate to ~150 basis points in Q4 and be fully lapped in FY‑2027) is excluded; management also reiterated that the prior quarter suffered a ~400‑bp timing headwind, that biotech funding has rebounded (+90% and +50% in recent fiscal Q2 and Q3) with a typical 2–3 quarter lag to spending, and that they intend to expand Q4 margins by roughly 100 basis points year‑over‑year (building on Q3 adjusted operating margin of 34.2%, a 310‑bp sequential improvement, and adjusted gross margin of 70.4%); longer term they said they would be disappointed if FY‑2027 did not deliver at least mid‑single‑digit growth as company‑specific headwinds roll off and funding translates to customer spend.Bio-Techne Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.22B | 1.22B | 1.16B | 1.14B | 1.11B |
| Gross Profit | 799.07M | 790.27M | 769.73M | 769.82M | 756.50M |
| EBITDA | 343.44M | 216.88M | 313.14M | 457.11M | 413.76M |
| Net Income | 181.86M | 73.40M | 168.10M | 285.26M | 272.05M |
Balance Sheet | |||||
| Total Assets | 2.68B | 2.56B | 2.70B | 2.64B | 2.29B |
| Cash, Cash Equivalents and Short-Term Investments | 264.71M | 162.19M | 152.86M | 204.31M | 247.03M |
| Total Debt | 289.09M | 444.06M | 419.54M | 454.96M | 325.97M |
| Total Liabilities | 570.77M | 639.06M | 635.02M | 672.18M | 593.79M |
| Stockholders Equity | 2.11B | 1.92B | 2.07B | 1.97B | 1.70B |
Cash Flow | |||||
| Free Cash Flow | 263.22M | 256.55M | 236.10M | 216.15M | 280.36M |
| Operating Cash Flow | 292.07M | 287.56M | 298.98M | 254.39M | 325.27M |
| Investing Cash Flow | -18.19M | -35.18M | -203.03M | -265.65M | -96.85M |
| Financing Cash Flow | -169.11M | -253.91M | -122.40M | 22.62M | -242.85M |
Bio-Techne Technical Analysis
Positive
72.33
Price Trends
72.40
Positive
69.19
Positive
62.85
Positive
Market Momentum
0.09
Positive
59.05
Neutral
84.30
Negative
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 72.33 is below the 20-day moving average (MA) of 72.51, below the 50-day MA of 72.40, and above the 200-day MA of 62.85, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 59.05 is Neutral, neither overbought nor oversold. The STOCH value of 84.30 is Negative, 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 31 risk factors in its most recent earnings report. Bio-Techne reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $11.38B | 62.01 | 8.90% | 0.44% | -0.38% | 152.71% | |
62 Neutral | $1.90B | -13.67 | -35.42% | ― | -3.28% | 61.09% | |
61 Neutral | $3.83B | -21.89 | -17.49% | ― | 101.28% | 2.49% | |
59 Neutral | $1.58B | -11.48 | -59.21% | ― | -62.28% | 15.36% | |
56 Neutral | $4.07B | -62.62 | -32.64% | ― | 50.13% | 50.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TECH
Bio-Techne
72.55
7.02
10.71%
ADPT
Adaptive Biotechnologies
25.51
8.29
48.14%
MRVI
Maravai Lifesciences Holdings
7.32
3.91
114.66%
ABCL
AbCellera Biologics
11.82
6.16
108.83%
ABSI
AbSci
9.18
4.91
114.99%
KLRA
Kailera Therapeutics, Inc.
12.85
-13.15
-50.58%
Bio-Techne Corporate Events
Business Operations and StrategyM&A TransactionsShareholder Meetings
Bio-Techne Shareholders Approve Merck Acquisition Agreement
Positive
Sep 23, 2026
On September 23, 2026, Bio-Techne shareholders approved the Agreement and Plan of Merger under which Merck KGaA, Darmstadt, Germany will acquire the company, following a special meeting where 78.55% of eligible shares were represented and the merg...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Bio-Techne Supplements Merger Proxy Amid Shareholder Litigation
Neutral
Sep 14, 2026
Bio-Techne Corporation, a Minnesota-based life sciences tools and diagnostics provider, supplies specialized reagents, instruments and analytical technologies to biopharma, academic and clinical customers worldwide. Its portfolio underpins drug di...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Bio-Techne reports stronger profitability in fiscal Q4 2026
Positive
Aug 12, 2026
Bio-Techne reported fourth-quarter fiscal 2026 results on August 12, 2026, showing modest top-line growth but stronger profitability, as organic revenue rose 3% to $321.2 million while GAAP EPS swung to $0.35 from a loss a year earlier and full-ye...
Business Operations and StrategyM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Bio-Techne to Be Acquired by Merck KGaA
Positive
Jun 26, 2026
On June 25, 2026, Bio-Techne agreed to be acquired by Merck KGaA, Darmstadt, Germany, in an all-cash merger valuing each Bio-Techne share at $73, with Bio-Techne to survive as a wholly owned subsidiary through a merger with a Merck-controlled vehi...
Business Operations and StrategyM&A Transactions
Merck to Acquire Bio-Techne in Cash Deal
Positive
Jun 25, 2026
On June 25, 2026, Merck KGaA, Darmstadt, Germany and Bio-Techne Corporation announced a definitive agreement under which Merck will acquire Bio-Techne for $73 per share in cash, implying an enterprise value of about $11.3 billion and a 36% premium...
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.