TECH
Updated: 23/09/2026, 21:04:26
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 segments, Protein Sciences, and Diagnostics and Spatial Biology. The Protein Sciences segment develops and manufactures 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 develops and manufactures 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 sells products for genetic carrier screening, oncology diagnostics, molecular controls, and research, as well as instruments and process control products for hematology, blood chemistry and gases, and coagulation controls and reagents used in various diagnostic applications. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was incorporated in 1976 and is headquartered in Minneapolis, Minnesota.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
1.2B
FY 2026 · Reported
Net income
0.2B
FY 2026 · Reported
Gross margin
65.8%
FY 2026 · Calculated
Free cash flow
0.3B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
0.0B
FY 2026 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Company overview
Bio-Techne: life science reagents, instruments and services for research, diagnostics and bioprocessing markets; HQ Minneapolis, MN; founded 1976; NASDAQ: TECH
“develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide”
Company overview
Life science reagents, instruments and services for research and clinical diagnostic markets; segments: Protein Sciences and Diagnostics and Spatial Biology
“Bio-Techne develops, manufactures and sells life science reagents, instruments and services for the research and clinical diagnostic markets worldwide.”
Revenue model: consumables and instruments recognized at a point in time
Company recognizes revenue for sales of consumables and instruments at a point in time following transfer of control to the customer
“the Company recognizes revenue for sales of consumables and instruments at a point in time following the transfer of control of such products to the customer”
Protein Sciences segment
Leading developer/manufacturer of biological reagents and proteomic analytical tools (automated western blot, multiplexed ELISA)
“Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell and gene therapy.”
Two operating segments
Two operating segments: Protein Sciences (~72% of net sales) and Diagnostics and Spatial Biology (~28% of net revenues) in fiscal 2026
“We manage the business in two operating segments – our Protein Sciences segment and our Diagnostics and Spatial Biology segment”
Diagnostics and Spatial Biology segment
Controls, calibrators, diagnostic assays, in-situ hybridization, spatial genomics instrumentation, genetic and oncology kits
“advanced tissue-based in-situ hybridization assays and instrumentation for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications”
Protein Sciences segment customer base
Protein Sciences segment products sold primarily to research scientists at pharma/biotech companies and university and government research institutions
“Our Protein Sciences segment products are sold primarily to research scientists at pharmaceutical and biotechnology companies and at university and government research institutions.”
Diagnostics and Spatial Biology segment
Diagnostics and Spatial Biology segment includes medical diagnostics applications reliant on government healthcare-related policies and funding
“Our Diagnostics and Spatial Biology segment products include applications in the medical diagnostics market, which relies largely on government healthcare-related policies and funding.”
Customer types
Customers: academia, pharma/biotech, CROs, cell/gene therapy developers, clinical laboratories, OEM instrument manufacturers
“Our customers for this segment include researchers in academia and industry (chiefly pharmaceutical and biotech companies as well as contract research organizations)”
Direct sales, Thermo Fisher agreement, third-party distributors
Sells directly in North America, Europe and China; via Thermo Fisher Scientific distribution agreement; via third-party distributors in China, Japan, eastern Europe and rest of world
“We sell our products directly to customers who are primarily located in North America, Europe and China, as well as through a distribution agreement with Thermo Fisher Scientific”
Protein Sciences — Analytical Solutions division
Analytical Solutions: manual and automated protein analysis instruments and immunoassays; brands R&D Systems, ProteinSimple; some FDA-cleared IVD immunoassays
“Products in this division include traditional manual plate-based immunoassays, fully automated multiplex immunoassays on various instrument platforms, and automated western blotting”
Protein Sciences — Reagent Solutions division
Reagent Solutions: specialized proteins, antibodies, small molecules, sera, cell selection; world leader in high-quality proteins including cGMP; brands R&D Systems, Tocris Biosciences, Novus Biologicals
“We believe we are the world leader in providing high quality proteins, both for research use and under current Good Manufacturing Practices, or cGMP”
Bio-Techne Diagnostic division and Asuragen
Diagnostics: calibrators/controls mostly sold on OEM basis to instrument manufacturers, mostly FDA-cleared; Asuragen brand for carrier screening and oncology diagnostics
“Most of these products are sold on an Original Equipment Manufacturer (OEM) basis to instrument manufacturers, with most products being FDA-cleared”
Spatial Biology division (ACD / Lunaphore COMET)
Spatial Biology: ACD-brand ISH assays and Lunaphore COMET automated spatial biology instrument combining protein and RNA biomarker detection at single-cell resolution
“Lunaphore’s COMET instrument automates ACD’s RNAscope assays and utilizes antibodies to enable simultaneous hyperplex detection of protein and RNA biomarkers on the same slide at single-cell resolution”
Consolidated net sales by segment FY2024-FY2026
FY2026: PS $874.6M, DSB $336.4M, Other $5.4M, Intersegment -$1.4M, Total $1,215.0M; FY2025 total $1,219.6M; FY2024 total $1,159.1M
“Consolidated net sales $ 1,215,039 $ 1,219,635 $ 1,159,060”
Fiscal 2026 segment mix
Protein Sciences ~72%; Diagnostics and Spatial Biology ~28% (fiscal 2026)
“The Protein Sciences segment is the larger of our two segments, representing approximately 72% of our net sales in fiscal 2026”
Key foreign currencies for sales translation
Sales converted from primarily euro, British pound sterling, Chinese yuan, and Swiss franc; FX had favorable 2% impact in FY2026
“primarily the euro, British pound sterling, Chinese yuan, and Swiss franc”
Manufacturing footprint
Most products self-manufactured in multiple North America locations plus U.K., Canada, Switzerland and China
“most of which we manufacture ourselves in multiple locations in North America, as well as locations in the U.K., Canada, Switzerland and China”
Global manufacturing footprint
Manufacturing operations in Canada, Switzerland, China and the UK
“We operate globally, with manufacturing operations in Canada, Switzerland, China and the UK, and approximately 48% of our revenue in fiscal 2026 was from outside the U.S.”
Lunaphore acquisition
Acquired Lunaphore in fiscal 2024 for $169.7 million, cash-free, debt-free
“the Company completed the acquisition of Lunaphore in fiscal 2024 for $169.7 million, in a cash-free, debt-free acquisition.”
Lunaphore acquisition and Wilson Wolf staged acquisition
Acquired Lunaphore (start of fiscal 2024); 19.9% Wilson Wolf investment (fiscal 2023) with full acquisition by end of calendar 2027 or earlier upon revenue/EBITDA targets
“will acquire the remaining ownership in Wilson Wolf by the end of calendar year 2027, if not earlier due to its achievement of revenue or EBITDA targets”
Recent acquisitions and investments: Spear Bio, Lunaphore, Wilson Wolf, ScaleReady
Invested in Spear Bio (FY2025); acquired Lunaphore (FY2024); 19.9% Wilson Wolf stake with full acquisition by end of CY2027; ScaleReady LLC venture for cell/gene therapy
“Bio-Techne also obtained a 19.9% ownership stake in Wilson Wolf and will acquire the remaining ownership no later than the end of calendar year 2027.”
Customer R&D spending and government research funding sensitivity
Demand depends on customer R&D spending and government research funding, which fluctuate with budgets, pharma M&A and economic conditions
“Research and development spending by our customers and the availability of government research funding can fluctuate due to changes in available resources, mergers of pharmaceutical and biotechnology companies”
DSB FY2026 organic growth
DSB FY2026 organic growth 4% on favorable volume growth despite held-for-sale exclusion impact of 8%
“The exclusion of fiscal 2026 sales related to the held-for-sale business had an unfavorable impact of 8% on sales. Organic growth for the segment was 4%”
Exosome Diagnostics divestiture and held-for-sale businesses
DSB segment revenue impacted by Exosome Diagnostics divestiture; a DSB business held-for-sale since June 30, 2025 reduced FY2026 sales by 2%
“Segment revenue was impacted by the Exosome Diagnostics divestiture partially offset by favorable volume growth.”
Acquisition-driven growth strategy
Key strategy component: augment internal growth at existing businesses with complementary acquisitions
“A key component of the Company's strategy is to augment internal growth at existing businesses with complementary acquisitions.”
Unfavorable product mix and pricing pressures
FY2026 adjusted net earnings down 1%, primarily impacted by unfavorable product mix and pricing pressures
“Adjusted net earnings was primarily impacted by unfavorable product mix and pricing pressures.”
Substantial merger transaction fees and costs
Company has incurred and expects to continue to incur substantial transaction-related fees, payable even if the Merger is not completed
“A material portion of these expenses are payable by us whether or not the Merger is completed and may relate to activities that we would not have undertaken other than to complete the Merger.”
Interest expense FY2026
Interest expense of $9.63M in FY2026 (vs $8.5M in 2025, $15.7M in 2024); interest income $4.2M
“Interest expense (9,630)”
Russia-Ukraine war impact
No significant business in Russia, Ukraine or Israel historically, but broader Russia-Ukraine conflict could negatively impact operations and results
“While we have not historically had significant business in either Russia, Ukraine, or Israel, the broader impact of the conflict could negatively impact our operations and financial results.”
FY2025 Protein Sciences organic growth driver
FY2025 PS organic growth 5% driven by strong proteomic analytical solutions and cell therapy performance
“Segment revenue was driven by strong proteomic analytical solutions and cell therapy performance and commercial execution.”
Merger termination fees
Company termination fee ~$230.5 million; Parent reverse termination fee ~$576.1 million (regulatory failure to consummate)
“The Company will be required to pay Parent a termination fee of approximately $230.5 million”
Pending merger with Merck KGaA at $73.00 per share in cash
Merger Agreement signed June 25, 2026; each share converted into $73.00 in cash; Merger expected to close by late 2026 or early 2027
“Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving as a wholly-owned subsidiary of Parent.”
Pending merger with Parent
Company is party to a pending Merger Agreement; completion subject to regulatory approvals and shareholder approval of a majority of voting power
“The completion of the Merger remains subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, including receipt of required regulatory approvals and approval by the Company's shareholders.”
U.S. drug pricing negotiation and lab developed test regulation risk
U.S. government MFN drug pricing and potential LDT regulation could raise commercialization costs and limit profitability for served customers
“the U.S. government's negotiation of most favored nation pricing on certain prescription drugs, and the potential for expansion of this program, may impact the customers and industries we serve”
Merger pendency restricts operations
Merger Agreement restricts actions without Parent's consent, affecting ability to pursue acquisitions, incur indebtedness, and respond to competition
“the Merger Agreement also restricts us from taking certain actions without Parent's prior written consent, which consent may not be unreasonably withheld, delayed or conditioned.”
Merger-related employee retention risk
Employee retention challenging during Merger pendency despite retention arrangements with each current executive officer
“Although we have entered into retention arrangements with each of our current executive officers, these arrangements may not be sufficient to retain such officers or other key employees”
Pending acquisition of Bio-Techne by Merck KGaA at $73.00 per share in cash; closing subject to shareholder approval and regulatory approvals.
“On June 25, 2026, the Company entered into the Agreement and Plan of Merger (the "Merger Agreement"), with Merck KGaA, Darmstadt, Germany”
Protein Sciences generated ~72% of fiscal 2026 net sales, making it the dominant revenue segment.
“representing approximately 72% of our net sales in fiscal 2026”
Pending Merger imposes interim operating restrictions, retention risk, potential litigation, and a ~$230.5 million termination fee in specified circumstances.
“upon termination of the Merger Agreement by us or Parent under specified circumstances, we would be required to pay a termination fee of approximately $230.5 million.”
Protein Sciences, $874.6M of FY2026 sales, is driven by biological reagents and proteomic analytical tools; FY2026 segment organic sales declined 1% on unfavorable product mix and pricing pressures.
“Segment revenue was impacted by unfavorable product mix and pricing pressures.”
Protein Sciences revenue depends on customer R&D spending and government research funding, which fluctuate with budgets and pharma M&A.
“Research and development spending by our customers and the availability of government research funding can fluctuate due to changes in available resources, mergers of pharmaceutical and biotechnology companies”
Diagnostics and Spatial Biology represented ~28% of fiscal 2026 net revenues.
“representing approximately 28% of our net revenues in fiscal 2026”
Diagnostics and Spatial Biology segment generated $336.4M in FY2026 sales; organic growth of 4% offset by Exosome Diagnostics divestiture and held-for-sale exclusion.
“In fiscal 2026, Diagnostics and Spatial Biology segment net sales decreased 3% compared to fiscal 2025.”
The majority of Bio-Techne Diagnostic division sales are through OEM agreements with instrument manufacturers.
“The majority of Bio-Techne Diagnostic division’s sales are through OEM agreements”
Government drug price negotiation, reimbursement changes and potential LDT regulation could raise commercialization costs and limit diagnostics-related profitability.
“Payor actions and changes may have a material adverse effect on revenue and earnings associated with our diagnostics products and services.”
Diagnostics revenue relies on government healthcare policies and reimbursement; research demand depends on government research funding and budgetary policies.
“Changes in government reimbursement for certain diagnostic tests or reductions in overall healthcare spending could negatively impact us directly or our customers and, correspondingly, our sales to them.”
Technology-driven markets make IP central to differentiation; patents may be challenged or designed around, with weaker protection in some countries where the company operates.
“The intellectual property rights that we obtain, however, are not always sufficiently broad and do not always provide us a significant competitive advantage”
Consolidated organic sales exclude FX effects from converting sales primarily in euro, British pound, Chinese yuan, and Swiss franc; FY2026 FX added 2% to net sales.
“the effect of the change from the prior year in exchange rates used to convert sales in foreign currencies (primarily the euro, British pound sterling, Chinese yuan, and Swiss franc) into U.S. dollars”
Protein Sciences products are sold through a distribution agreement with Thermo Fisher Scientific in addition to direct sales.
“as well as through a distribution agreement with Thermo Fisher Scientific”
Protein Sciences reagents serve life science research, diagnostics, and cell and gene therapy; cell therapy performance cited as a FY2025 growth driver.
“Segment revenue was driven by strong proteomic analytical solutions and cell therapy performance and commercial execution.”
Reagent Solutions serves companies developing cell- and gene-based therapeutics; investments in cGMP facilities and Wilson Wolf target this market.
“by companies developing next generation diagnostics and therapeutics, including cell- and gene-based therapeutics”
Spatial biology growth relies on Lunaphore's precision microfluidic COMET technology automating ACD RNAscope assays.
“fully automated spatial biology solutions using precision microfluidic technology capable of revealing hyperplex proteomic and transcriptomic biomarkers”
Approximately 48% of fiscal 2026 sales revenue comes from outside the U.S., exposing results to currency fluctuations and international conditions.
“We engage in business globally, with approximately 48% of our sales revenue in fiscal 2026 coming from outside the U.S.”
Some components requiring particular specifications or regulatory qualification may come from a single or limited number of suppliers, creating supply chain dependency mitigated by safety stock and multi-sourcing.
“there may be a single supplier or a limited number of suppliers that can readily provide such components”
Swiss franc is one of the primary foreign currencies for sales translation.
“primarily the euro, British pound sterling, Chinese yuan, and Swiss franc”
British pound sterling is one of the primary foreign currencies for sales translation.
“primarily the euro, British pound sterling, Chinese yuan, and Swiss franc”
Chinese yuan is one of the primary foreign currencies for sales translation.
“primarily the euro, British pound sterling, Chinese yuan, and Swiss franc”
The invasion and Western response caused economic crises and inflation via trade/energy restrictions; indirect impact possible despite no significant direct business.
“Restrictions on trade, particularly involving certain foods and energy supplies, have increased prices, led to widespread inflation and otherwise aggravated economic challenges.”
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