Bio-Techne (TECH)
Market Price (5/10/2026): $47.65 | Market Cap: $7.4 BilSector: Health Care | Industry: Life Sciences Tools & Services
Bio-Techne (TECH)
Market Price (5/10/2026): $47.65Market Cap: $7.4 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -124% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 69x Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% Key risksTECH key risks include [1] a dependence on government research funding, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -81%, 3Y Excs Rtn is -124% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 69x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksTECH key risks include [1] a dependence on government research funding, Show more. |
Qualitative Assessment
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Bio-Techne (TECH) stock has lost about 25% since 1/31/2026 because of the following key factors:
1. Bio-Techne reported a miss on both earnings and revenue for its third quarter fiscal year 2026 results.
The company announced adjusted earnings per share (EPS) of $0.53, falling short of analyst consensus estimates of $0.55 by $0.02. Additionally, reported and organic revenue declined 2% year-over-year to $311.4 million, missing analyst expectations which ranged from approximately $316.1 million to $323.4 million. This weaker-than-anticipated financial performance led to a significant stock price drop of around $9.89 on May 6, 2026.
2. The company issued a cautious near-term outlook, projecting approximately flat organic growth for the fourth quarter of fiscal year 2026.
Management attributed this outlook to ongoing demand headwinds, including "cuts to U.S. academic funding and weaker emerging-biotech spending," which collectively presented about 400 basis points of timing headwinds. Bio-Techne anticipates that a "meaningful uptick in growth" may not occur until the first half of fiscal year 2027.
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1. Bio-Techne reported a miss on both earnings and revenue for its third quarter fiscal year 2026 results.
The company announced adjusted earnings per share (EPS) of $0.53, falling short of analyst consensus estimates of $0.55 by $0.02. Additionally, reported and organic revenue declined 2% year-over-year to $311.4 million, missing analyst expectations which ranged from approximately $316.1 million to $323.4 million. This weaker-than-anticipated financial performance led to a significant stock price drop of around $9.89 on May 6, 2026.
2. The company issued a cautious near-term outlook, projecting approximately flat organic growth for the fourth quarter of fiscal year 2026.
Management attributed this outlook to ongoing demand headwinds, including "cuts to U.S. academic funding and weaker emerging-biotech spending," which collectively presented about 400 basis points of timing headwinds. Bio-Techne anticipates that a "meaningful uptick in growth" may not occur until the first half of fiscal year 2027.
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Stock Movement Drivers
Fundamental Drivers
The -24.4% change in TECH stock from 1/31/2026 to 5/9/2026 was primarily driven by a -45.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.00 | 48.36 | -24.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,217 | 1,211 | -0.5% |
| Net Income Margin (%) | 6.4% | 9.0% | 41.2% |
| P/E Multiple | 127.6 | 69.0 | -45.9% |
| Shares Outstanding (Mil) | 155 | 156 | -0.6% |
| Cumulative Contribution | -24.4% |
Market Drivers
1/31/2026 to 5/9/2026| Return | Correlation | |
|---|---|---|
| TECH | -24.4% | |
| Market (SPY) | 3.6% | 42.9% |
| Sector (XLV) | -6.9% | 27.9% |
Fundamental Drivers
The -22.5% change in TECH stock from 10/31/2025 to 5/9/2026 was primarily driven by a -47.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.40 | 48.36 | -22.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,220 | 1,211 | -0.7% |
| Net Income Margin (%) | 6.0% | 9.0% | 50.4% |
| P/E Multiple | 132.4 | 69.0 | -47.9% |
| Shares Outstanding (Mil) | 156 | 156 | -0.4% |
| Cumulative Contribution | -22.5% |
Market Drivers
10/31/2025 to 5/9/2026| Return | Correlation | |
|---|---|---|
| TECH | -22.5% | |
| Market (SPY) | 5.5% | 40.4% |
| Sector (XLV) | 0.3% | 37.0% |
Fundamental Drivers
The -3.4% change in TECH stock from 4/30/2025 to 5/9/2026 was primarily driven by a -31.6% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.06 | 48.36 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,196 | 1,211 | 1.2% |
| Net Income Margin (%) | 13.2% | 9.0% | -31.6% |
| P/E Multiple | 50.2 | 69.0 | 37.6% |
| Shares Outstanding (Mil) | 158 | 156 | 1.3% |
| Cumulative Contribution | -3.4% |
Market Drivers
4/30/2025 to 5/9/2026| Return | Correlation | |
|---|---|---|
| TECH | -3.4% | |
| Market (SPY) | 30.4% | 40.5% |
| Sector (XLV) | 4.0% | 51.9% |
Fundamental Drivers
The -38.6% change in TECH stock from 4/30/2023 to 5/9/2026 was primarily driven by a -61.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5092026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.72 | 48.36 | -38.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,120 | 1,211 | 8.1% |
| Net Income Margin (%) | 23.4% | 9.0% | -61.3% |
| P/E Multiple | 47.2 | 69.0 | 46.2% |
| Shares Outstanding (Mil) | 157 | 156 | 0.4% |
| Cumulative Contribution | -38.6% |
Market Drivers
4/30/2023 to 5/9/2026| Return | Correlation | |
|---|---|---|
| TECH | -38.6% | |
| Market (SPY) | 78.7% | 44.2% |
| Sector (XLV) | 13.0% | 52.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TECH Return | 63% | -36% | -6% | -6% | -18% | -13% | -34% |
| Peers Return | 40% | -23% | -11% | -0% | -1% | -13% | -19% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| TECH Win Rate | 75% | 42% | 50% | 42% | 50% | 40% | |
| Peers Win Rate | 77% | 42% | 50% | 43% | 50% | 24% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| TECH Max Drawdown | -1% | -45% | -36% | -19% | -35% | -19% | |
| Peers Max Drawdown | -7% | -36% | -30% | -9% | -27% | -19% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, DHR, A, BIO, RVTY. See TECH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | TECH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.0% | -18.8% |
| % Gain to Breakeven | 40.8% | 23.1% |
| Time to Breakeven | 155 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.5% | -33.7% |
| % Gain to Breakeven | 30.7% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.6% | -19.2% |
| % Gain to Breakeven | 50.6% | 23.7% |
| Time to Breakeven | 87 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.5% | -12.2% |
| % Gain to Breakeven | 30.7% | 13.9% |
| Time to Breakeven | 117 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -13.5% | -6.8% |
| % Gain to Breakeven | 15.6% | 7.3% |
| Time to Breakeven | 43 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -18.8% | -17.9% |
| % Gain to Breakeven | 23.2% | 21.8% |
| Time to Breakeven | 674 days | 123 days |
In The Past
Bio-Techne's stock fell -29.0% during the 2025 US Tariff Shock. Such a loss loss requires a 40.8% gain to breakeven.
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| Event | TECH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.0% | -18.8% |
| % Gain to Breakeven | 40.8% | 23.1% |
| Time to Breakeven | 155 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.5% | -33.7% |
| % Gain to Breakeven | 30.7% | 50.9% |
| Time to Breakeven | 31 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.6% | -19.2% |
| % Gain to Breakeven | 50.6% | 23.7% |
| Time to Breakeven | 87 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.5% | -12.2% |
| % Gain to Breakeven | 30.7% | 13.9% |
| Time to Breakeven | 117 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -32.8% | -53.4% |
| % Gain to Breakeven | 48.8% | 114.4% |
| Time to Breakeven | 249 days | 1085 days |
In The Past
Bio-Techne's stock fell -29.0% during the 2025 US Tariff Shock. Such a loss loss requires a 40.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bio-Techne (TECH)
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies. This segment also offers proteomic analytical tools for automated western blot and multiplexed ELISA workflow consists of manual and automated protein analysis instruments and immunoassays for use in quantifying proteins in various biological fluids. The Diagnostics and Genomics segment provides diagnostic products, including controls, calibrators, and diagnostic assays for regulated diagnostics market, exosome-based molecular diagnostic assays, advanced tissue-based in-situ hybridization assays for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications; and nucleic acid analysis products for use in diagnostic or research applications, as well as instruments and process control products for hematology, blood chemistry, blood gases, and coagulation controls and reagents used in various diagnostic applications. It offers its products under R&D Systems, Novus Biologicals, Tocris Biosciences, ProteinSimple, Advanced Cell Diagnostics, and ExosomeDx brands. Bio-Techne Corporation has a clinical research collaboration with Carterra Inc. for the study of COVID-19 variants. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was founded in 1976 and is headquartered in Minneapolis, Minnesota.
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Bio-Techne is like a specialized **Thermo Fisher Scientific**, supplying crucial reagents, instruments, and diagnostic solutions for biotech research and development.
Think of Bio-Techne as the 'Intel' for the biological research and diagnostics industry, manufacturing the fundamental high-tech components and analytical tools labs need.
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- Biological Reagents: Provides cytokines, growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies for life science research, diagnostics, and cell and gene therapy.
- Proteomic Analytical Tools: Offers manual and automated protein analysis instruments and immunoassays for automated western blot and multiplexed ELISA workflows.
- Diagnostic Products: Supplies controls, calibrators, diagnostic assays, exosome-based molecular diagnostic assays, and advanced tissue-based in-situ hybridization assays.
- Genetic and Oncology Kits: Offers specialized kits for research and clinical applications in genetics and oncology.
- Nucleic Acid Analysis Products: Provides products used in diagnostic or research applications involving nucleic acid analysis.
- Diagnostic Instruments and Process Controls: Develops instruments, controls, and reagents for hematology, blood chemistry, blood gases, and coagulation analysis.
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Bio-Techne (TECH) sells primarily to other organizations and companies rather than to individuals. The company's major customers operate within the following three categories:
- Organizations in the Research market, including academic institutions, government laboratories, and pharmaceutical/biotechnology companies conducting research.
- Organizations in the Diagnostics market, such as clinical diagnostic laboratories, hospitals, and companies involved in developing and utilizing diagnostic assays.
- Organizations in the Bioprocessing market, primarily biopharmaceutical companies engaged in the manufacturing of biological products, including cell and gene therapy developers.
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Kim Kelderman, President and Chief Executive Officer
Kim Kelderman became President and Chief Executive Officer of Bio-Techne Corporation on February 1, 2024. He joined Bio-Techne on April 30, 2018, as President, Diagnostics and Genomics, and served as Chief Operating Officer from November 1, 2023, to January 31, 2024. Prior to Bio-Techne, Mr. Kelderman was employed at Thermo Fisher Scientific, where he led three different businesses. For three years, he managed the Platforms and Content of the Genetic Sciences Division at Thermo Fisher, overseeing instrumentation, software, consumables, and assay businesses, including brands like Applied Biosystems and legacy Affymetrix. Before joining Thermo Fisher, he served as Senior Segment Leader at Becton Dickinson, where he managed the global Blood Tubes "Vacutainer" business. Mr. Kelderman also joined the Board of Directors of CONMED Corporation on September 8, 2025. His experience includes running life science tools businesses with over $1 billion in annual revenue, a track record of delivering sustainable growth and profitability, and expertise in identifying, executing, and integrating M&A transactions.
James T. Hippel, Chief Financial Officer
James T. Hippel became Chief Financial Officer of Bio-Techne on April 1, 2014. Before joining the company, he served as Senior Vice President and CFO for Mirion Technologies, Inc., a global technology and manufacturing company. Prior to Mirion, Mr. Hippel was Vice President, Finance at Thermo Fisher Scientific, Inc., where he led finance operations for its Mass Spectrometry & Chromatography and Laboratory Consumables divisions. His career also includes nine years of financial leadership within Honeywell International's Aerospace Segment. Mr. Hippel began his career with KPMG Peat Marwick LLP.
Steve Crouse, President, Diagnostics and Spatial Biology Segment
Steve Crouse is appointed President, Diagnostics and Spatial Biology Segment, effective March 1, 2026. He joined Bio-Techne in March 2021 as Vice President of the Analytical Solutions Division, where he led the company's ProteinSimple-branded portfolio and the R&D Systems Immunoassays business. Mr. Crouse brings over 20 years of experience overseeing R&D, Business Development, Marketing, and Sales organizations across the life sciences industry. Prior to Bio-Techne, he served as Senior Director and General Manager for the Protein Detection and Quantification business unit at Thermo Fisher Scientific.
Gary Latham, Chief Technology Officer
Gary Latham became Bio-Techne's Chief Technology Officer on August 6, 2023. He joined Bio-Techne with its acquisition of Asuragen in April 2021. Previously, Mr. Latham served as Asuragen's Chief Scientific Officer, a position he held since the company was founded in March 2006. At Asuragen, he directed technology and product development, including the AmplideX® PCR chemistry and genetic kits and next-generation sequencing-based innovations for oncology. From 2000 to 2006, he was an R&D section head at Ambion, where he developed commercially successful enzyme tools and research kits.
Brenda S. Furlow, Executive Vice President, General Counsel, Secretary & Chief Compliance Officer
Brenda S. Furlow has served as Senior Vice President and General Counsel of Bio-Techne Corp. since August 4, 2014.
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The key risks to Bio-Techne's business include regulatory and legislative changes, intense competition and the pressure for continuous technological innovation, and uncertainties in funding and spending within the academic, biotech, and pharmaceutical sectors. Here are the key risks: 1.Regulatory and Legislative Changes
Bio-Techne's Diagnostics and Genomics segment operates in a highly regulated diagnostics market. The company faces significant risks from evolving governmental regulations, potential delays or failures in obtaining necessary regulatory approvals for its diagnostic products, and challenges in maintaining compliance with stringent existing standards. Such changes or non-compliance could severely impact the development, manufacturing, and commercialization of its products in key markets. 2.Competition and Technological Obsolescence
Operating in the dynamic life science research and diagnostics markets, Bio-Techne is exposed to intense competition and rapid technological advancements. The continuous emergence of new technologies, scientific discoveries, and competitive products necessitates substantial investment in research and development. Failure to innovate quickly and adapt to market shifts could render Bio-Techne's current offerings less competitive or even obsolete, impacting market share and profitability. 3.Funding and Spending Uncertainty in Research Markets
A significant portion of Bio-Techne's revenue, particularly from its Protein Sciences segment, relies on spending from academic institutions, biopharma, and pharma companies. The business faces risks from depressed academic research funding, biotech funding headwinds, and general uncertainties surrounding pharmaceutical and biopharmaceutical spending. Fluctuations or reductions in these funding sources can directly impact demand for Bio-Techne's reagents, instruments, and services, thereby affecting its revenue growth.AI Analysis | Feedback
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Bio-Techne's Addressable Market Sizes
Bio-Techne (NASDAQ: TECH) operates in diverse and growing segments of the life science and diagnostics markets. The addressable markets for its main products and services demonstrate significant global and regional valuations:
- Life Science Reagents: The global life science reagents market was valued at approximately USD 68.99 billion in 2025 and is projected to reach around USD 121.76 billion by 2035. North America accounted for the largest share of this market, reaching USD 21.53 billion in 2025 and holding 35% of the global market. The diagnostic reagents segment within this market is poised to hold over 32.2% revenue share by 2035.
- Life Science Instruments: The global life science instrumentation market size was valued at USD 70.69 billion in 2025 and is predicted to increase to approximately USD 117.06 billion by 2035. North America dominated the market in 2025, with a market size of USD 14.84 billion in the U.S. in the same year.
- Proteomic Analytical Tools: The global proteomics market was estimated at USD 27.8 billion in 2024 and is projected to reach USD 58.16 billion by 2030. North America held the largest share, accounting for 45.75% of the global revenue in 2024. Another estimate places the global proteomics market at USD 41.97 billion in 2025, with a projection to reach USD 125.64 billion by 2034.
- Antibodies (Research and Therapeutic): The global research antibodies market size was estimated at USD 4.64 billion in 2025 and is predicted to increase to approximately USD 7.56 billion by 2035. North America generated over 40% of the revenue share in 2025. For the broader global antibodies market (including therapeutic antibodies), the size was valued at USD 243.73 billion in 2024 and is projected to reach USD 693.15 billion by 2033. North America holds the largest revenue share in this market, with 48.03%.
- Molecular Diagnostics: The global molecular diagnostics market was valued at USD 45.11 billion in 2025 and is predicted to increase to approximately USD 66.34 billion by 2035. North America dominated the global market with an estimated market share of over 40% in 2025. The U.S. molecular diagnostics market size alone reached USD 10.4 billion in 2024.
- Exosome-based Molecular Diagnostic Assays: The global exosome diagnostics market was valued at USD 119.28 million in 2024 and is projected to reach USD 2,557.97 million by 2032. North America is expected to dominate this market, with its market valued at USD 58.28 million in 2024, projected to reach USD 1,231.13 million by 2032.
- In-situ Hybridization Assays: The global in situ hybridization market size was approximately USD 1.66 billion in 2025 and is expected to reach USD 3.37 billion by 2035. North America led the market and accounted for a 44.51% revenue share in 2024.
- Spatial Genomics and Tissue Biopsy Analysis: The global spatial genomics and transcriptomics market size was calculated at USD 288.35 million in 2024 and is predicted to increase to approximately USD 911.71 million by 2034. North America dominated the global market with the largest share of 44% in 2024.
- Cell and Gene Therapy Tools and Reagents: The global market size for cell and gene therapy tools and reagents is calculated at US$ 10.04 billion in 2024 and is projected to reach around US$ 27.3 billion by 2034. North America held approximately a 43% share of this global market in 2024. The broader global cell and gene therapy market was estimated at USD 8.94 billion in 2025 and is projected to reach USD 45.24 billion by 2035. North America generated a revenue share of around 50.26% in this broader market in 2025.
- Bioprocessing Markets: The global large and small-scale bioprocessing market size was estimated at USD 93.32 billion in 2025 and is expected to reach USD 228.73 billion by 2033. North America dominated this market with the largest revenue share of 34.64% in 2025. Additionally, the global continuous bioprocessing market size was valued at USD 421.79 million in 2025 and is projected to grow to USD 2002.98 million by 2034.
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Bio-Techne (NASDAQ: TECH) anticipates several key drivers to fuel its revenue growth over the next two to three years:
- Strong Performance in Strategic Growth Verticals: Bio-Techne expects continued robust growth from its four strategically important growth verticals: cell therapy, proteomic analytical instrumentation, spatial biology, and precision diagnostic tools. These segments collectively accounted for 47% of total revenue and have demonstrated an upper-teens compound annual growth rate (CAGR) over the past five years. For instance, the cell therapy franchise (excluding two large FDA Fast-Track customers) recently grew by 30% and includes over 80 customers in clinical trials. The GMP reagents business, a component of cell therapy, is projected to normalize by Q1 fiscal year 2027 and holds significant long-term potential. Proteomic analytical tools also represent a substantial portion of the company's revenue, generating over $300 million and comprising 25% of the total. The Diagnostics and Spatial Biology segment, including its COMET instruments, continues to be a growth pillar with solid double-digit growth in bookings.
- Recovery and Accelerated Funding in Biotech and Academic Markets: The company foresees revenue growth driven by stabilizing and accelerating funding in the biotech and academic sectors. Biotech funding has seen a significant increase, with a 90% rise over the past four months, expected to translate into increased spending in the coming quarters. Academic markets are also stabilizing, benefiting from recent Congressional approval of a 1% increase in National Institutes of Health (NIH) funding and the removal of indirect cost caps, which is likely to boost growth in the latter half of the year.
- Sustained Growth in Large Pharma and Geographic Expansion: Bio-Techne anticipates continued strong double-digit growth from its large pharmaceutical customers, which constitute 30% of its total revenues. Concurrently, geographic expansion, particularly within the Asia-Pacific region, including China, is expected to be a significant contributor. China has consistently been a growth driver, with the "China for China" business experiencing strong double-digit growth, and the company projects continued momentum in the broader Asia-Pacific market.
- Strategic Mergers and Acquisitions (M&A): Strategic acquisitions remain a top capital allocation priority for Bio-Techne. The company is actively seeking quality and strategically aligned acquisitions, specifically in cell therapy workflows, organoids, antibodies, and AI/data-driven adjacencies. The acquisition of Wilson Wolf, for example, is expected to enhance Bio-Techne's reagent business by the end of 2027. This focused M&A strategy aims to strengthen its portfolio and market position in key growth areas.
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Share Repurchases
- Bio-Techne's Board of Directors authorized a new share repurchase program of up to $500 million, effective May 8, 2025, which replaced a previous program.
- The company completed repurchases of 2,443,140 shares for $124.06 million under a buyback program announced on May 6, 2025.
- Share buybacks occurred in late 2025.
Share Issuance
- Bio-Techne's shares outstanding have shown a decline over the past few years, from 0.162 billion in 2022 to 0.157 billion for the quarter ending December 31, 2025.
Outbound Investments
- Bio-Techne acquired Lunaphore in June 2023 for an undisclosed amount, a developer of microfluidic-based instruments for tumor analysis.
- In June 2022, Bio-Techne acquired Namocell to bolster its cell and gene therapy portfolio.
- The company acquired Asuragen in March 2021 for $215 million.
Capital Expenditures
- Capital expenditures were $44.3 million in 2021, $44.91 million in 2022, $38.24 million in 2023, $62.88 million in 2024, and $31.01 million in 2025.
- Expected capital expenditures are $32.27 million for 2026, $35.56 million for 2027, and $43.04 million for 2028.
- Capital expenditures have been modest, typically ranging from $5 million to $15 million per quarter, primarily focused on ongoing maintenance rather than heavy expansion.
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| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 04302023 | TECH | Bio-Techne | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -25.3% | -18.9% | -33.7% |
| 10312022 | TECH | Bio-Techne | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.3% | -25.9% | -25.9% |
| 04302022 | TECH | Bio-Techne | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -22.0% | -15.4% | -25.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 143.39 |
| Mkt Cap | 22.1 |
| Rev LTM | 4,961 |
| Op Inc LTM | 905 |
| FCF LTM | 751 |
| FCF 3Y Avg | 836 |
| CFO LTM | 989 |
| CFO 3Y Avg | 1,071 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 0.8% |
| Op Inc Chg 3Y Avg | -7.0% |
| Op Mgn LTM | 18.7% |
| Op Mgn 3Y Avg | 19.0% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 20.1% |
| CFO/Rev 3Y Avg | 21.9% |
| FCF/Rev LTM | 16.4% |
| FCF/Rev 3Y Avg | 17.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.1 |
| P/S | 4.3 |
| P/Op Inc | 25.6 |
| P/EBIT | 25.8 |
| P/E | 36.7 |
| P/CFO | 20.2 |
| Total Yield | 2.8% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.7% |
| 3M Rtn | -15.0% |
| 6M Rtn | -17.5% |
| 12M Rtn | 7.8% |
| 3Y Rtn | -17.2% |
| 1M Excs Rtn | -16.1% |
| 3M Excs Rtn | -21.7% |
| 6M Excs Rtn | -27.4% |
| 12M Excs Rtn | -22.5% |
| 3Y Excs Rtn | -101.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Protein Sciences | 831 | 846 | 832 | 705 | 555 |
| Diagnostics and Spatial Biology | 326 | 293 | 275 | 228 | 185 |
| Intersegment | 4 | -2 | -2 | -1 | -1 |
| Other revenue | -2 | 0 | |||
| Total | 1,159 | 1,137 | 1,106 | 931 | 739 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Protein Sciences | 355 | 374 | 378 | 330 | 235 |
| Diagnostics and Spatial Biology | 25 | 43 | 49 | 38 | 15 |
| Impact of business held-for-sale | 1 | 0 | |||
| Costs recognized on sale of acquired inventory | -1 | -0 | -2 | -2 | |
| Certain Litigation Charges | -4 | 0 | |||
| Acquisition related expenses and other | -7 | 10 | 19 | -7 | -0 |
| Corporate general, selling, and administrative expenses | -9 | -7 | -5 | -5 | -4 |
| Restructuring and restructuring-related costs | -12 | -4 | -2 | -0 | -0 |
| Recovery of assets held-for-sale | -22 | 0 | |||
| Stock based compensation, inclusive of employer taxes | -40 | -41 | -46 | -52 | -34 |
| Amortization of intangibles | -78 | -76 | -73 | -64 | -61 |
| Eminence impairment | 0 | -19 | |||
| Impact of partially-owned consolidated subsidiaries | 1 | -2 | -2 | ||
| Gain on escrow settlement | 7 | ||||
| Total | 207 | 299 | 297 | 237 | 157 |
Price Behavior
Price Behavior
| Market Price | $48.36 | |
| Market Cap ($ Bil) | 7.5 | |
| First Trading Date | 12/09/1992 | |
| Distance from 52W High | -32.2% | |
| 50 Days | 200 Days | |
| DMA Price | $54.20 | $58.01 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -10.8% | -16.6% |
| 3M | 1YR | |
| Volatility | 58.9% | 46.6% |
| Downside Capture | 1.58 | 1.00 |
| Upside Capture | 100.73 | 134.73 |
| Correlation (SPY) | 32.8% | 36.0% |
TECH Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.36 | 1.13 | 1.29 | 1.22 | 1.37 | 1.12 |
| Up Beta | 0.56 | 0.46 | 0.60 | 0.97 | 1.29 | 1.08 |
| Down Beta | 7.33 | 0.93 | 1.66 | 0.55 | 0.96 | 1.10 |
| Up Capture | 123% | 110% | 104% | 140% | 160% | 85% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 23 | 33 | 60 | 126 | 361 |
| Down Capture | 788% | 182% | 182% | 155% | 146% | 107% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 20 | 31 | 65 | 126 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TECH | |
|---|---|---|---|---|
| TECH | -0.2% | 46.4% | 0.14 | - |
| Sector ETF (XLV) | 7.9% | 15.4% | 0.30 | 51.4% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 40.0% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 0.5% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -10.4% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 26.4% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 15.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TECH | |
|---|---|---|---|---|
| TECH | -14.3% | 38.4% | -0.30 | - |
| Sector ETF (XLV) | 4.9% | 14.6% | 0.16 | 55.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 52.9% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 8.0% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 5.0% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 46.8% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 20.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TECH | |
|---|---|---|---|---|
| TECH | 8.3% | 33.8% | 0.32 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 54.4% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 53.3% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 6.1% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 11.5% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 41.0% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -16.4% | ||
| 2/4/2026 | 6.3% | 0.3% | -13.4% |
| 11/5/2025 | -1.9% | -3.1% | 1.1% |
| 8/6/2025 | -8.7% | -3.3% | -3.0% |
| 5/7/2025 | 2.2% | 8.2% | 1.4% |
| 2/5/2025 | 3.7% | -5.8% | -12.5% |
| 10/30/2024 | 7.5% | 9.7% | 6.7% |
| 8/7/2024 | -9.5% | -6.3% | -7.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 14 |
| # Negative | 11 | 12 | 10 |
| Median Positive | 6.4% | 8.9% | 6.5% |
| Median Negative | -2.5% | -5.1% | -7.6% |
| Max Positive | 16.2% | 23.9% | 25.5% |
| Max Negative | -16.4% | -8.3% | -15.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/22/2025 | 10-K |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/22/2024 | 10-K |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/23/2023 | 10-K |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/24/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Herr, Amy E | significant other | Sell | 2192026 | 59.10 | 1,976 | 116,791 | 11,821 | Form | |
| 2 | Nusse, Roeland | Direct | Sell | 8272025 | 56.36 | 17,040 | 960,388 | 2,511,381 | Form | |
| 3 | Baumgartner, Robert V | Direct | Sell | 8272025 | 56.21 | 17,040 | 957,818 | 2,521,749 | Form | |
| 4 | Herr, Amy E | significant other | Sell | 6102025 | 49.77 | 1,280 | 63,705 | 98,344 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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