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HealthcareBio-Techne
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XBRL · SEC EDGAR2009–2025(17yr)| Metric | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $264.0M | $269.0M | $290.0M | $314.6M | $310.6M | $357.8M | $452.2M | $499.0M | $563.0M | $643.0M | $714.0M | $738.7M | $931.0M | $1.1B | $1.1B | $1.2B | $1.2B | +5.2% |
| Gross Profit | $208.0M | $214.1M | $224.9M | $235.8M | $231.1M | $251.4M | $307.3M | $336.7M | $374.5M | $432.1M | $473.5M | $483.2M | $632.9M | $756.5M | $769.8M | $769.7M | $790.3M | +2.7% |
| Gross Margin | 78.8% | 79.6% | 77.6% | 75.0% | 74.4% | 70.3% | 67.9% | 67.5% | 66.5% | 67.2% | 66.3% | 65.4% | 68.0% | 68.4% | 67.7% | 66.4% | 64.8% | -1.6pp |
| Operating Income | $150.8M | $156.3M | $163.1M | $166.2M | $158.5M | $159.8M | $147.0K | $150.6M | $120.6M | $136.2M | $146.7M | $157.4M | $237.3M | $296.6M | $298.9M | $206.7M | $102.3M | -50.5% |
| Operating Margin | 57.1% | 58.1% | 56.2% | 52.8% | 51.0% | 44.7% | 0.0% | 30.2% | 21.4% | 21.2% | 20.5% | 21.3% | 25.5% | 26.8% | 26.3% | 17.8% | 8.4% | -9.4pp |
| Net Income | $105.2M | $109.8M | $112.3M | $112.3M | $112.6M | $110.9M | $107.7M | $104.5M | $76.1M | $126.2M | $96.1M | $229.3M | $140.4M | $272.1M | $285.3M | $168.1M | $73.4M | -56.3% |
| Net Margin | 39.9% | 40.8% | 38.7% | 35.7% | 36.2% | 31.0% | 23.8% | 20.9% | 13.5% | 19.6% | 13.5% | 31.0% | 15.1% | 24.6% | 25.1% | 14.5% | 6.0% | -8.5pp |
| Free Cash Flow | $104.8M | $106.6M | $123.6M | $120.7M | $101.1M | — | — | $127.3M | $128.5M | $149.4M | $156.2M | $153.5M | $307.9M | $280.4M | $216.1M | $236.1M | $256.6M | +8.7% |
| FCF Margin | 39.7% | 39.6% | 42.6% | 38.4% | 32.6% | — | — | 25.5% | 22.8% | 23.2% | 21.9% | 20.8% | 33.1% | 25.4% | 19.0% | 20.4% | 21.0% | +0.7pp |
| EPS (Diluted) | $2.78 | $2.94 | $3.02 | $3.04 | $3.05 | $3.00 | $2.89 | $2.80 | $2.03 | $3.31 | $2.47 | $5.82 | $3.47 | $6.63 | $1.76 | $1.05 | $0.46 | -56.2% |
1. THE BIG PICTURE
Bio-Techne is a high-quality "pick and shovel" provider to the life sciences industry that is currently caught between its status as a premium "standard-setter" and a period of stagnant organic growth. While it boasts the highest gross margins in its peer group, Bio-Techne is increasingly dependent on expensive acquisitions and cost-containment to defend a valuation that significantly exceeds its current growth trajectory.
2. WHERE THE RISKS HIT HARDEST
Bio-Techne’s position as the "standard for biological content" (10-K Item 1) is threatened by global economic sensitivity because 44% of its revenue originates outside the U.S. (Risks). This geographic exposure makes its premium-priced reagents vulnerable to currency volatility and unpredictable reductions in customer demand that can disrupt accounts receivable collections.
Furthermore, the strategic priority to expand through innovation and acquisition (10-K Item 1) is threatened by Bio-Techne’s own balance sheet obligations. Bio-Techne is contractually committed to a second option payment for Wilson Wolf estimated at $420 million (8-K). If these acquired businesses underperform or fail to achieve synergies, Bio-Techne faces potential goodwill and intangible asset impairment charges that would directly hit earnings (Risks).
3. WHAT THE NUMBERS SAY TOGETHER
Bio-Techne leads its peer group with a 65.9% gross margin, yet it ranks only 4th in net margin at 11.2% (Peer Benchmarking). This gap, coupled with a 9.4 percentage point year-over-year decrease in operating margin (Business), suggests that Bio-Techne’s high-value "trade secrets" are being offset by rising operational complexity and the costs of integrating new businesses.
While management cites a "stabilizing operating environment" and double-digit growth in its large pharma end market (8-K), total consolidated net sales remained flat at $295.9 million (10-Q). This divergence indicates that strength in pharma is being neutralized by weakness elsewhere, specifically the 1% organic revenue decline in the Protein Sciences segment (10-Q). Short interest at 8.2% of the float (Supplemental Signals) suggests significant market skepticism regarding Bio-Techne's ability to maintain its premium valuation while organic growth remains stalled.
4. IS IT WORTH IT AT THIS PRICE?
At 24.7x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, Bio-Techne trades at a 33% premium to the peer median of 18.6x (Peer Benchmarking). According to CAPM analysis, the market is pricing in ~8.6% long-term growth. However, Bio-Techne’s actual trailing revenue growth is only 5.2% (Peer Benchmarking), and recent quarterly organic growth has been flat to negative in key segments.
The sensitivity data suggests that if long-term growth slows to 5.0%, the justified multiple would fall to 13.1x—representing a roughly 47% downside from current levels (CAPM analysis). The current price is only "right" if Bio-Techne can successfully pivot back to high-single-digit growth through its Wilson Wolf acquisition and continued expansion in Asia, while using its 2.1% buyback yield to support earnings per share (Peer Benchmarking).
5. WHAT WOULD CHANGE THIS VIEW?
- Cautious if organic revenue in the Protein Sciences segment continues to contract, signaling that Bio-Techne's "standard-setter" reagents are losing market share or facing pricing pressure from low-cost manufacturing competitors (10-K Item 1).
- Constructive if the operating margin in the Diagnostics and Spatial Biology segment continues to expand following the Exosome Diagnostics divestiture, proving that management can successfully prune the portfolio to improve overall profitability (8-K).
6. BOTTOM LINE
Structural Advantage: Proprietary "trade secret" biological content and automated protein analysis instruments that create high switching costs within the drug discovery and clinical testing workflow.
Bottom Line: Bio-Techne is a premium-margin business whose stock price is currently outrunning its organic growth, making it vulnerable to any further margin compression or acquisition missteps.
1. Top 5 Material Risks
- Global Economic Sensitivity: Bio-Techne’s financial results are vulnerable to slower economic growth, inflation, and currency volatility, which can lead to unpredictable reductions in customer demand and adverse impacts on accounts receivable collections.
- Geopolitical and Trade Instability: Conflicts in Ukraine and Gaza, alongside U.S.-China trade tensions, create risks regarding export licenses, supply chain disruptions, and the imposition of tariffs that increase the cost of imported raw materials and components.
- Acquisition Integration and Performance: Bio-Techne’s strategy of growth through acquisition carries the risk that acquired businesses may underperform, fail to achieve anticipated synergies, or create demands on management and internal control systems that Bio-Techne cannot effectively address.
- Regulatory Compliance and Reimbursement: Changes in government healthcare policies, such as the regulation of drug prices or lab-developed tests, and the implementation of the EU IVDR, threaten to limit the profitability of diagnostic products and increase the costs of maintaining quality management systems.
- Information Technology and Data Security: A breach of IT systems or violation of data privacy laws (such as HIPAA or GDPR) could result in significant fines, reputational damage, and the loss of intellectual property, potentially leading to civil or criminal penalties.
2. Company-Specific Risks
- Concentration of Manufacturing: Bio-Techne relies heavily on internal manufacturing and warehouse facilities, including significant operations in California, which makes Bio-Techne susceptible to catastrophic losses from natural disasters like earthquakes.
- Cold-Chain Logistics: Because many reagent products require specific cold-temperature storage and shipping, Bio-Techne is uniquely dependent on third-party express mail and air delivery providers, whose price increases or work stoppages directly threaten profitability.
- Ownership Stakes in Early-Stage Ventures: Bio-Techne holds a 19.9% stake in Wilson Wolf with a commitment to acquire the remainder by 2027; such investments in early-stage companies carry high risks of illiquidity and potential loss of capital.
- Sole-Source Dependency: For certain products, Bio-Techne relies on sole or limited-source suppliers for quality assurance or regulatory reasons, creating a risk that production could be interrupted if these suppliers face financial or operating difficulties.
3. Regulatory/Legal Risks
- EU IVDR Compliance: The European In Vitro Diagnostic Regulation imposes stricter requirements for clinical evaluation and quality systems; failure to comply could result in product recalls, monetary sanctions, or the withdrawal of existing approvals.
- Government Contracting: While less than 2% of fiscal 2025 sales were to the U.S. federal government, Bio-Techne remains subject to specific statutes governing government contracts, where non-compliance can lead to debarment or suspension.
- Anti-Bribery Laws: Operating in countries with higher incidences of corruption exposes Bio-Techne to risks under the U.S. Foreign Corrupt Practices Act and the UK Bribery Act, where non-compliance by employees or agents can result in significant fines and criminal sanctions.
- HIPAA/HITECH Exposure: The Exosome Diagnostics business is subject to extensive regulation regarding protected health information; improper disclosure or security breaches could lead to civil and criminal penalties and exclusion from Medicare and Medicaid participation.
4. Financial Impact Map
Global Economic Volatility → Sales Revenue → 44% of fiscal 2025 revenue is derived from international markets, making it sensitive to currency translation and regional economic downturns. Acquisition Impairment → Goodwill and Amortizable Intangible Assets → Required annual testing for impairment could lead to significant charges to earnings if business climate or operating results decline. Tariffs and Trade Barriers → Cost of Goods Sold → Increased costs for imported raw materials and components from countries like China cannot always be recovered through price increases, potentially compressing margins. Debt Obligations → Interest Expense → The $1 billion revolving credit facility (with $313 million drawn as of August 16, 2025) bears variable interest rates, increasing vulnerability to rate hikes. Regulatory Non-Compliance → Operating Expenses → Remediation of inspectional observations, legal fees, and potential fines for violations of data privacy or manufacturing standards increase compliance-related costs.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 8-K | Feb 2026 | — |
| 10-Q | Feb 2026 | Dec 2025 |
| 14A | Sep 2025 | — |
| 10-K | Aug 2025 | Jun 2025 |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
Bio-Techne Q4 revenue $295.9M flat YoY, beats analyst estimates by 2%
- ▸Q4 revenue $295.9M, flat YoY
- ▸Revenue beat analyst expectations by 2%
- ▸Organic revenue growth exceeded analyst estimates
- ▸Stock down 18.5% since earnings report
- ▸Current share price $52.69
Bio-Techne shares trade at $50.85, 32% below estimated fair value of $75.25
- ▸Current P/E ratio 98.1x vs 32.9x life sciences industry average
- ▸30-day share price return declined 19.9%
- ▸1-year total shareholder return shows 17.7% loss
- ▸Institutional investors Jefferies and Madison Investments increased exposure
- ▸Fair value estimate calculated at $75.25 per share