• Bio-Techne is like **Thermo Fisher Scientific** for specialized biological research tools and premium reagents.
• Think of Bio-Techne as the **Intel** for the life sciences industry, providing the critical 'components' that power scientific discovery.

• Proteins and Antibodies: Provides a comprehensive portfolio of recombinant proteins, antibodies, and related reagents essential for life science research and diagnostics.
• Assay Kits and Systems: Offers various immunoassay kits, including ELISA and Luminex-based systems, designed for the detection and quantification of proteins.
• Laboratory Instruments: Develops and manufactures automated instruments for cell counting, protein analysis (e.g., Simple Western), and advanced liquid handling in research laboratories.
• Genomic Analysis Tools: Supplies products for advanced genomic analysis, such as RNAscope technology for precise in situ RNA visualization and quantification.
• Cell Culture Media: Manufactures specialized media and supplements critical for cell culture applications, particularly in cell and gene therapy development and bioproduction.

• Pharmaceutical Companies: Large and mid-sized pharmaceutical firms globally utilize Bio-Techne's reagents, instruments, and services for various stages of drug discovery, development, and manufacturing. These include many well-known public companies in the pharmaceutical sector, though none individually represent a "major customer" in terms of revenue concentration for Bio-Techne.
• Biotechnology Companies: This category encompasses a wide range of companies, from early-stage startups to established biotechnology leaders. They leverage Bio-Techne's tools for fundamental research, therapeutic development, gene editing, cell therapy, and diagnostics. Like pharmaceutical companies, these are numerous and highly diversified across the globe.
• Academic and Government Research Institutions: Universities, medical schools, and government-funded research laboratories worldwide are significant users of Bio-Techne's life science reagents and instrumentation. These institutions conduct a broad spectrum of basic and applied research, relying on Bio-Techne for their experimental needs. Examples include major universities and government research bodies like the National Institutes of Health (NIH).
• Clinical Diagnostic Laboratories: These laboratories use Bio-Techne's components, assays, and systems for *in vitro* diagnostic testing, patient monitoring, and other clinical applications.

Kim Kelderman, President and Chief Executive Officer

Kim Kelderman became President and Chief Executive Officer of Bio-Techne Corporation on February 1, 2024. He initially joined Bio-Techne on April 30, 2018, as President, Diagnostics and Genomics, and subsequently served as Chief Operating Officer from November 1, 2023, to January 31, 2024. Before his tenure at Bio-Techne, Mr. Kelderman held various leadership positions at Thermo Fisher Scientific, where he managed three distinct businesses, including the Platforms and Content of the Genetic Sciences Division. Prior to Thermo Fisher, he was a Senior Segment Leader at Becton Dickinson, overseeing the global Blood Tubes "Vacutainer" business. Mr. Kelderman joined the Board of Directors of CONMED Corporation on September 8, 2025.

James T. Hippel, Executive Vice President - Chief Financial Officer

James T. Hippel was appointed Chief Financial Officer of Bio-Techne on April 1, 2014. Before joining Bio-Techne, he served as Senior Vice President and CFO for Mirion Technologies, Inc., a global technology and manufacturing company specializing in radiation detection products. His career also includes a role as Vice President, Finance at Thermo Fisher Scientific, Inc., where he managed finance operations for its Mass Spectrometry & Chromatography and Laboratory Consumables divisions. Additionally, Mr. Hippel spent nine years in progressive financial leadership roles at Honeywell International within its Aerospace Segment and began his career at KPMG Peat Marwick LLP.

Will Geist, President, Protein Sciences Segment

Will Geist joined Bio-Techne on January 3, 2022, as President of the Protein Sciences Segment. Prior to his current role, Mr. Geist served as Chief Operating Officer at Quanterix, a company focused on immunoassay tools. He also led two major business units, qPCR and Protein & Cell Analysis, at Thermo Fisher Scientific. Earlier in his career, Mr. Geist was instrumental in the commercialization of Quanta BioSciences, a genomics tools company, from its startup phase through its acquisition by QIAGEN.

Matthew F. McManus, President, Diagnostics and Genomics

Matthew F. McManus became President, Diagnostics and Genomics, on January 8, 2024. Before this, he was the Executive Vice President and Chief Operating Officer at Azenta. Dr. McManus previously served as President and CEO of Asuragen, a company that Bio-Techne acquired in 2021. Following the acquisition, he became the Senior Vice President and General Manager of Bio-Techne's Molecular Diagnostics Division.

Gary Latham, Chief Technology Officer

Gary Latham became Bio-Techne's Chief Technology Officer on August 6, 2023, having joined the company through its acquisition of Asuragen in April 2021. He was the Chief Scientific Officer at Asuragen since its founding in March 2006, where he oversaw technology and product development, including the AmplideX® PCR chemistry and genetic kits. From 2000 to 2006, Mr. Latham held an R&D section head position at Ambion, where he developed commercially successful enzyme tools and research kits.

The intensifying competition in the rapidly growing spatial biology market, specifically from emerging high-plex, high-resolution spatial multiomics platforms such as 10x Genomics' Xenium and NanoString's CosMx SMI. These newer technologies are directly challenging Bio-Techne's Advanced Cell Diagnostics (ACD) RNAscope platform by offering significantly increased multiplexing capabilities and throughput, which could erode RNAscope's market share and limit its growth potential in advanced research and clinical applications.

Bio-Techne (NASDAQ: TECH) operates primarily in two segments: Protein Sciences and Diagnostics and Spatial Biology. The addressable markets for their main products and services are as follows:

• Spatial Biology (Global): The global spatial biology market was estimated at approximately USD 1.64 billion in 2024, projected to reach USD 1.79 billion in 2025, and is expected to grow to USD 2.88 billion by 2030, at a compound annual growth rate (CAGR) of 9.85%. More specifically, the global spatial OMICS market was estimated at USD 711.0 million in 2024 and is expected to reach USD 1,696.5 million by 2030, growing at a CAGR of 16.26% from 2025 to 2030. The global spatial genomics and transcriptomics market was calculated at USD 288.35 million in 2024 and is predicted to reach approximately USD 911.71 million by 2034, expanding at a CAGR of 12.20% from 2025 to 2034.
• Exosome Research, Diagnostics, and Therapeutics (Global): The global market for exosome diagnostics, therapeutics, and research tools and reagents was estimated at approximately USD 227.5 million in 2023 and is projected to reach USD 1.3 billion by 2028, growing at a CAGR of 42.2%. Another report valued the global exosome research market at USD 189.4 million in 2024, growing to USD 214.4 million in 2025, and projected to reach USD 480.6 million by 2030 at a CAGR of 17.5%. Additionally, the global exosomes market size was estimated at USD 177.4 million in 2024 and is projected to reach USD 794.2 million by 2030, growing at a CAGR of 28.73% from 2025 to 2030.
• Cell and Gene Therapy Tools and Reagents (Global): The global cell and gene therapy tools and reagents market was calculated at USD 10.04 billion in 2024, grew to USD 11.12 billion in 2025, and is projected to reach around USD 27.3 billion by 2034, expanding at a CAGR of 10.76% between 2025 and 2034. The global market for cell and gene therapy (CGT) tools and reagents is estimated to increase from USD 10.0 billion in 2024 to reach USD 16.7 billion by 2029, at a CAGR of 10.8% from 2024 through 2029.
• Clinical Diagnostics (Global): The global clinical diagnostics market size was valued at USD 86.9 billion in 2024 and is estimated to reach USD 156.4 billion by 2033, exhibiting a CAGR of 6.05% from 2025-2033. North America currently dominates this market. Other estimates show the global clinical diagnostics market size at USD 115.51 billion in 2024, anticipated to reach USD 169.23 billion by 2030, growing at a CAGR of 6.6% from 2025 to 2030.
• Research Grade Proteins (Global): The global research grade proteins market was valued at USD 985.25 million in 2024 and is projected to grow at a CAGR of 10.8% from 2025 to 2034. North America dominated the global market for research grade proteins in 2024.

Bio-Techne (NASDAQ: TECH) is positioned for future revenue growth over the next 2-3 years, driven by advancements and strategic initiatives across several key areas:

1. Spatial Biology Expansion and New Product Launches: Bio-Techne anticipates sequential improvement in its spatial biology segment. A significant driver is the recent launch of the ProximityScope™ assay, a spatial solution integrated with Leica Biosystems' BOND RX platform. This technology allows researchers to visualize functional protein-protein interactions within fixed tissue at subcellular resolution and is expected to reinforce the company's potential in precision medicine and AI-powered biomarker discovery.
2. Continued Momentum in the ProteinSimple Instrument Franchise: The ProteinSimple instrument franchise, including the Simple Western (LEO) platform, continues to build momentum with robust utilization and double-digit growth in cartridge consumable sales. Further innovation in this area, such as upcoming ultrasensitive cartridges for the Simple Plex immunoassay platform, is expected to contribute to revenue.
3. Cell Therapy Market Recovery and Strategic Positioning: While the cell therapy market has experienced near-term headwinds due to the "lumpiness of late-stage clinical programs" and accelerated FDA Fast Track designations, Bio-Techne is strategically positioned for future growth. The company highlights the significance of Wilson Wolf's G-Rex bioreactor and its upcoming full acquisition, aiming to create a more cost-effective and scalable manufacturing solution for cell therapy developers. Management expects these headwinds to moderate, leading to a return to positive organic growth in the second half of the fiscal year.
4. Strong Demand from Large Pharma and Geographic Expansion in China: Revenue from large pharmaceutical customers has demonstrated strong performance, increasing in low double digits, indicating sustained demand for Bio-Techne's tools and technologies. Additionally, China has delivered consecutive quarters of growth, reflecting the company's strategic focus on international markets and improving conditions there.
5. Growth in the Diagnostics Business: Bio-Techne's Diagnostics business is also expected to contribute to revenue growth, with reported mid-single-digit growth in this segment.

Share Repurchases

• Bio-Techne authorized a new share repurchase program of up to $500 million on April 30, 2025, which replaced a previous program from February 2, 2022.
• The company returned $276 million to shareholders through share buybacks in fiscal year 2025.
• Bio-Techne completed two share repurchase tranches, amounting to approximately $496.33 million as of June 2025.

Share Issuance

• Shares issued amounted to $6.2 million for the quarter ending June 2025.
• Average diluted shares outstanding decreased by 3% year-over-year in both Q4 fiscal 2025 and Q1 fiscal 2026.

Outbound Investments

• Bio-Techne acquired Lunaphore SA in June 2023 (beginning of fiscal 2024).
• The company acquired Namocell in June 2022.
• Bio-Techne announced an agreement to acquire Asuragen, Inc. for an initial consideration of $215 million in cash, plus contingent consideration of up to $105 million, on March 3, 2021.
• A 19.9% investment was made in Wilson Wolf Corporation in fiscal 2023, with plans to acquire the remaining ownership by the end of calendar year 2027.
• Bio-Techne made an investment in Spear Bio at the beginning of fiscal 2025 and participated in its $45 million Series A funding round in 2024.

Capital Expenditures

• Net capital expenditures were $4.9 million in Q4 fiscal 2025 and $5.4 million in Q1 fiscal 2026.
• The primary focus of capital expenditures includes advancing next-generation automated proteomic analysis and spatial biology platforms, expanding cell therapy applications, and reinvigorating the core reagents portfolio with investments in organoid research and AI-driven protein development.
• The divestiture of the Exosome Diagnostics business in Q1 fiscal 2026 allows the company to emphasize investment and commercial priorities on non-CLIA based product lines in their growth pillars.