Bio-Techne Advances Spatial Biology with Modular Expansion of COMETâ"¢ Suite Accessibility StatementSkip Navigation MINNEAPOLIS, March 25, 2026 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH), a global provider of life science tools, reagents and diagnostic products, today announced the expansion of its COMETâ"¢ solution portfolio with the addition of the new SPYREâ"¢ Focus Panelsand SPYREâ"¢ Amplification Kits. Together, these strengthen the COMET technology modular, automated spatial biology workflo ...

Group 1: Madison Mid Cap Fund Overview - Madison Investments released its fourth-quarter 2025 investor letter for the Madison Mid Cap Fund, noting a full-year return of 10.6% for the Russell Midcap Index, with an annual increase of over 14% [1] - The market in 2025 favored more volatile and speculative companies, which posed challenges for the Madison Mid Cap portfolio focused on high-quality, profitable businesses [1] - The Fund decreased by 1.2% in Q4 2025, underperforming the Russell Midcap Index's 0.2% increase [1] Group 2: Bio-Techne Corporation Insights - Bio-Techne Corporation (NASDAQ:TECH) was highlighted as a new investment in the Madison Mid Cap Fund's portfolio, recognized as a leader in the life sciences research market [3] - The company has a market capitalization of $8.26 billion, with a one-month return of -16.75% and a 52-week loss of 12.31% [2] - Bio-Techne's business model includes around 80% recurring revenues, and the new CEO's strategy aims to leverage the core business and expand its leadership in protein research [3] Group 3: Financial Performance and Market Position - Bio-Techne Corporation reported revenue of $295.9 million in the second quarter of fiscal 2026, unchanged from the previous quarter on both an organic and reported basis [4] - The number of hedge fund portfolios holding Bio-Techne decreased from 43 to 41 in the fourth quarter, indicating a slight decline in popularity among hedge funds [4] - Despite acknowledging Bio-Techne's potential, the company believes certain AI stocks offer greater upside potential with less downside risk [4]

Core Insights - The company experienced low double-digit growth for the fifth consecutive quarter, which was a pleasant surprise given the market conditions [2] Market Performance - The company anticipates that the end markets in Q3 will remain consistent with Q2 in terms of buying activity [1] - The pharmaceutical sector is the largest contributor to the company's revenue, accounting for approximately 30% [1]

Bio-Techne 2026 Conference Summary Company Overview - **Company**: Bio-Techne (NasdaqGS: TECH) - **Industry**: Life Science Tools and Diagnostics Key Market Insights Pharma Market - Pharma represents approximately **30%** of Bio-Techne's revenue - Exited December quarter with **low double-digit growth**, marking the fifth consecutive quarter of double-digit growth [6][7] - Concerns regarding MFN pricing and tariffs were alleviated, leading to continued strong performance in large pharma [7][8] Biotech Market - Biotech accounts for about **20%** of revenue - Exited Q2 with **mid-single-digit declines** in biotech, which is seen as a positive outcome given a **40%** decline in biotech funding in the first half of 2025 [9][12] - Recent funding trends show signs of recovery, with funding increasing by **over 90%** exiting December [14][15] - M&A activity among large pharma acquiring biotechs is increasing, indicating a positive outlook for new investors [16] Academic Market - Academic market contributes a little over **20%** of global revenues, split evenly between Europe and the U.S. - European academic market shows **low- to mid-single-digit growth**, while U.S. academic market has stabilized with **low single-digit declines** [24][28] - Recent approval of a **1% increase** in NIH funding is a positive development, although the impact on spending is still uncertain [32][36] Asia Market - Asia accounts for **16%-17%** of revenue, with half from China - China has seen three consecutive quarters of growth, with double-digit growth in the rest of Asia [41][45] - Optimism is returning in China regarding government funding for biotechs, with increased licensing activity from pharma [62] Financial Guidance - For fiscal year 2026, Bio-Techne expects to exit Q4 with **mid-single-digit growth** [66] - Concerns about timing of recovery in funding translating into spending, with historical lag of **2-3 quarters** noted [79][81] - Anticipated headwinds from two large GMP customers, which have been significant contributors to revenue, are expected to lessen in Q4 [88][91] Growth Drivers - The cell therapy franchise has shown resilience, with **30% growth** among remaining customers excluding two large GMP customers [102] - Over **80 customers** are in clinical trials, indicating a robust pipeline [104] - The company expects a **floor of 20% growth** in a normal market for the remaining customer base [121] M&A Strategy - Bio-Techne remains committed to M&A as a priority for capital deployment, focusing on quality over quantity in potential acquisitions [141][156] - Areas of interest include cell therapy and organoids, with a belief that these sectors will continue to grow significantly [157] AI and Future Outlook - AI is viewed as a significant enhancement for the industry, with expectations that it will drive growth in life science tools over the next several years [175][180] - The company is actively using AI to develop next-generation proteins, which are expected to be a key growth area [175][189] Margin Expansion - Bio-Techne anticipates **100 basis points margin expansion** in 2026, driven by growth in differentiated products [196][199] - Historical growth rates suggest that mid-single-digit to high single-digit growth should yield at least **50 basis points** in margin expansion [199][203] Conclusion - Bio-Techne is positioned for growth across various markets, with positive trends in pharma, biotech, and academic sectors. The company is focused on strategic M&A, leveraging AI for innovation, and maintaining margin expansion through differentiated product offerings.

Core Viewpoint - Techne's shares have declined approximately 15.1% since the last earnings report, underperforming the S&P 500, raising questions about future performance leading up to the next earnings release [1] Earnings Performance - Bio-Techne reported adjusted earnings per share of 46 cents for Q2 fiscal 2026, exceeding the Zacks Consensus Estimate by 8.2% and reflecting a year-over-year increase of 9.5% [2] - GAAP earnings per share was reported at 24 cents, up from 22 cents in the prior-year quarter [3] Revenue Analysis - The company achieved net sales of $295.9 million, a slight decline of 0.4% year-over-year, but surpassed the Zacks Consensus Estimate by 1.3% [4] - Within the Protein Sciences segment, revenues were $215.1 million, a 2% increase year-over-year, although down 1% on an organic basis [5] - The Diagnostics and Spatial Biology segment saw sales decrease by 4% year-over-year to $81.2 million, but increased by 3% organically [6] Margin and Profitability - Gross profit fell by 1.3% to $191.3 million, with gross margin contracting by 63 basis points to 64.6% due to a 1.4% rise in the cost of sales [7] - Operating profit increased to $54.5 million from $47.4 million in the previous year, with operating margin expanding by 244 basis points to 18.4% [8] Capital Structure - At the end of Q2 fiscal 2026, Bio-Techne had cash and equivalents of $172.9 million, up from $145 million at the end of Q1 [9] - Long-term debt obligations decreased to $260 million from $300 million in the previous quarter [9] - Cumulative net cash from operating activities was $110 million, down from $148.2 million a year ago [9] Market Sentiment and Outlook - Recent estimates for the stock have shown a downward trend, indicating a shift in market sentiment [11] - Techne holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [13] - The stock has a Growth Score of B and a Momentum Score of B, but a lower Value Score of D, placing it in the bottom 40% for value investors [12]

Core Insights - Bio-Techne is celebrating its 50th anniversary in 2026, marking a significant milestone in the company's history [2] - The company was founded in 1976 in Minneapolis, initially focusing on creating hematology controls [2] Company Performance - The company has successfully developed expertise in proteins over the years, enhancing its ability to characterize and create various protein-related products [3] Future Priorities - The discussion indicates a focus on growth pillars and healthier end markets as part of the company's strategic priorities moving forward [1]

Bio-Techne Conference Call Summary Company Overview - **Company**: Bio-Techne - **Industry**: Life Sciences and Diagnostic Tools - **Milestone**: Celebrating 50th anniversary in 2026, established in 1976 in Minneapolis [4][3] Core Business and Growth Verticals - Bio-Techne has developed a portfolio of approximately 6,000 complex molecules, focusing on proteins and antibodies, which provides a competitive advantage [5] - The company has branched into four growth verticals: 1. **Cell Therapy** 2. **Spatial Biology** 3. **Molecular Diagnostics** 4. **Core Reagents** [6] Recent Performance - **Fiscal 2Q Results**: Total organic growth was flat, with underlying organic growth at approximately 3% [7] - **Market Outlook**: Confidence in achieving mid-single digit organic growth by the end of fiscal 2026, supported by strong performance in large pharma, which accounts for 30% of revenues [9][10] Market Dynamics - **Large Pharma**: Experienced double-digit growth for five consecutive quarters, indicating strong momentum [9] - **Biotech Funding**: Funding has improved significantly, with a 90% increase over the last four months, expected to positively impact life science tools [10] - **Academic Market**: Represents 22% of revenue, with ongoing bipartisan support for education and research funding [11] Growth Pillars - **Cell and Gene Therapy**: Currently a $80 million run rate, with $60 million from GMP proteins and $20 million from small molecules and media [22][24] - **Wilson Wolf Acquisition**: Expected to enhance the cell and gene therapy portfolio, with a focus on the G-Rex bioreactor technology [32][35] - **Proteomic Analytical Tools**: The ProteinSimple franchise has shown high single-digit growth, with consumables growing in double digits [37] Margin Expansion - **Current Margins**: Bio-Techne has maintained margins above 30% despite market challenges [44] - **Future Outlook**: Potential for 100 basis points of margin expansion with a return to double-digit growth across end markets [45] M&A Strategy - M&A has been a critical part of Bio-Techne's growth strategy, with 18 acquisitions in the last 10 years [50] - The company is open to further acquisitions to enhance its portfolio, particularly in cell therapy workflows and proteomic analytics [51] Conclusion - Bio-Techne is well-positioned for future growth with a strong portfolio, improving market conditions, and strategic acquisitions planned to enhance its capabilities in the life sciences sector [50][51]

Financial Highlights - CMB.TECH reported a net gain of USD 90.1 million or USD 0.31 per share for Q4 2025, compared to a net gain of USD 93.1 million or USD 0.48 per share in Q4 2024 [2][6] - EBITDA for Q4 2025 was USD 322.1 million, significantly higher than USD 180.4 million in Q4 2024 [2][6] - Revenue for Q4 2025 reached USD 589.1 million, up from USD 226.0 million in Q4 2024 [5] Fleet Highlights - The company’s contract backlog increased by USD 304 million to USD 3.05 billion, with new charters for Capesize vessels and a CSOV [6][22] - CMB.TECH sold eight VLCCs at high prices, generating a total capital gain of approximately USD 261.1 million in Q1 2026 [4][24] - The company delivered six newbuilding vessels, including VLCCs and chemical tankers, during Q4 2025 and early 2026 [6][25] Corporate Highlights - CMB.TECH declared an interim dividend of USD 0.16 per share, expected to be paid on or about 27 April 2026 [13] - The company fully repaid a bridge loan facility related to the acquisition of a stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million [12][20] - Management changes included the resignation of Mr. Benoit Timmermans from the Management Board, effective May 1, 2026 [21] Market Outlook - The tanker market remains strong, with VLCC spot earnings averaging USD 102,414 per day in Q4 2025, more than double the 10-year Q4 average [36] - Dry bulk freight rates have also held up well, with Capesize spot earnings averaging about USD 27,120 per day in Q4 2025, 34% higher than the 10-year Q4 average [26][40] - The company is investing in the Chinese ammonia supply chain, partnering with CEEC Hydrogen Energy to support maritime decarbonization [18][19]

Core Insights - Bio-Techne Corporation (NASDAQ:TECH) is recognized as one of the top 10 life sciences stocks favored by hedge funds [1] - Analysts have provided mixed ratings, with price targets indicating potential upside for investors [2][3] Analyst Ratings - Daniel Arias from Stifel Nicolaus maintains a Hold rating, raising the price target from $60 to $65, suggesting a 13% upside potential [1] - Evercore ISI analyst Daniel Markowitz reiterates an In Line rating, increasing the price target from $62 to $68, indicating over 18% upside potential [2] Company Performance and Outlook - Despite a strong second-quarter performance, expectations for flat mid-year growth and an unchanged forecast for the upcoming year have been noted [2] - The fourth quarter guidance suggests a light market recovery, with promising FY27 organic growth projections for the company [3] Company Overview - Bio-Techne Corporation specializes in developing and marketing life sciences instruments, reagents, precision diagnostics, and related services for various markets including clinical research and gene therapy [4] - The product portfolio includes antibodies, immunoassay kits, automated protein analysis systems, hematology, and molecular diagnostic kits [4]

Core Viewpoint - Kamada (KMDA) is currently viewed as a better value opportunity compared to Techne (TECH) based on various financial metrics and rankings [1]. Group 1: Zacks Rank and Earnings Outlook - Kamada has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while Techne has a Zacks Rank of 3 (Hold) [3]. - The Zacks Rank system is designed to identify companies with improving earnings outlooks, which is favorable for investors [2]. Group 2: Valuation Metrics - Kamada's forward P/E ratio is 18.08, significantly lower than Techne's forward P/E of 30.35, suggesting that Kamada may be undervalued [5]. - Kamada has a PEG ratio of 0.72, while Techne's PEG ratio is 3.44, indicating that Kamada's expected earnings growth is more favorable relative to its price [5]. - Kamada's P/B ratio is 1.84, compared to Techne's P/B of 4.66, further supporting the notion that Kamada is a better value investment [6]. Group 3: Value Grades - Kamada has received a Value grade of A, while Techne has a Value grade of D, highlighting the significant difference in their valuation attractiveness [6].