Core Insights - Bio-Techne Corporation (TECH) announced advancements in its spatial biology portfolio, specifically the RNAscope ISH technology and Lunaphore COMET, which are expected to enhance clinical utility workflows for lymphoid malignancies and B-cell clonality [1][8] - The company will showcase these innovations at the National Society for Histotechnology (NSH) Convention from September 26-30 in Long Beach, CA [1][8] Company Performance - Following the announcement on September 26, Bio-Techne shares increased by 2.7%, closing at $51.85 [2][8] - The company has a market capitalization of $8.07 billion and an earnings yield of 3.9%, which is significantly better than the industry's -21.1% [3] - Over the trailing four quarters, Bio-Techne delivered an average earnings surprise of 9.2% [3] Product Innovations - RNAscope technology allows for the detection of clinically relevant biomarkers within routine anatomic pathology workflows, while COMET provides automated, high-throughput analysis of RNA and protein biomarkers [4] - Scientific studies presented at the NSH highlighted the use of RNAscope for assessing B-cell clonality and COMET for spatial profiling of lymphoid malignancies [5][10] Market Trends - The spatial biology market is projected to grow from $1.64 billion in 2024 to $1.79 billion in 2025, with expectations to reach $2.88 billion by 2030, reflecting a CAGR of 9.85% [11] Recent Developments - In August, Bio-Techne agreed to sell its Exosome Diagnostics business to Mdxhealth SA while retaining rights to the exosome technology for future kit development [12]

Core Insights - Bio-Techne Corporation announced advancements in its spatial biology portfolio, specifically for RNAscope™ ISH technology and Lunaphore COMET™, which enhance the detection of RNA and protein biomarkers on the same tissue section [1][7]. Product Advancements - RNAscope™ technology allows pathologists to detect clinically relevant biomarkers within routine anatomic pathology workflows, while COMET™ provides fully automated, high-throughput hyperplex analysis of RNA and protein biomarkers, facilitating spatial multiomic workflows [2][7]. - The integration of these technologies into diagnostic workflows is being explored, particularly for assessing B-cell clonality and spatial profiling of lymphoid malignancies [3][7]. Event Participation - Bio-Techne will showcase its innovations at the National Society of Histotechnology (NSH) Convention from September 26–30 in Long Beach, CA, with presentations highlighting the advantages of RNAscope™ and its applications in clinical diagnostics [4][8]. Research Highlights - Studies presented include the use of RNAscope™ for assessing B-cell clonality and the application of COMET™ for spatial profiling of lymphoid malignancies, demonstrating the potential clinical utility of these technologies [3][8]. Company Overview - Bio-Techne Corporation is a global life sciences company that generated over $1.2 billion in net sales in fiscal 2025 and employs approximately 3,100 people worldwide, providing innovative tools and reagents for research and clinical diagnostics [9].

Core Insights - 10x Genomics has launched Xenium Protein, the first fully integrated spatial multiomic assay that allows simultaneous RNA and protein detection in the same cell and tissue section, enhancing biological insights without the need for data integration from multiple technologies [1][2] Group 1: Product Features - Xenium Protein expands the Xenium Spatial platform with ready-to-use protein subpanels that work seamlessly with RNA panels, focusing on proteins involved in cell growth, signaling, and immune response, which are crucial for studying cancer and immunology [2][4] - The new assay simplifies experimental design by reducing the need for separate workflows or sample sections, allowing researchers to capture both RNA and protein data in a single automated run, thus accelerating the pace of discoveries [3][4] Group 2: Industry Impact - Integrated multiomic analysis is essential for advancing the understanding of complex diseases and accelerating therapeutic discovery, as highlighted by industry experts [2][4] - Early access customers are already utilizing Xenium Protein for various research applications, from early discovery to large-scale atlasing efforts, indicating its broad applicability in the field [3]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $173 million, up 13% year-over-year, but excluding the settlement revenue, it was $146 million, down 5% [21][5] - Total consumables revenue was $122.2 million, down 1%, with Chromium consumables revenue at $85.8 million, down 9% [22][21] - Gross profit for Q2 was $125.1 million, with a gross margin increase to 72% from 68% year-over-year, primarily due to higher license and royalty revenue [26][21] - Net income for the period was $34.5 million compared to a net loss of $37.9 million in the previous year [27][21] Business Line Data and Key Metrics Changes - Spatial consumables revenue was $36.4 million, up 24%, driven by Xenium consumables revenue [22] - Total instrument revenue was $14.5 million, down 39%, with Chromium instrument revenue at $5.7 million, down 35% [23][22] - Services revenue increased by 47% to $8.5 million, primarily due to an increase in Xenium service plans [24][22] Market Data and Key Metrics Changes - Americas revenue was $78.9 million, down 15% year-over-year, while EMEA revenue was $34.7 million, down 7% [24] - APAC revenue was $32 million, up 41% year-over-year, benefiting from a temporary pull forward in purchasing activity in China [25][24] Company Strategy and Development Direction - The company is focused on advancing technology leadership in single cell and spatial biology, with new product launches aimed at lowering costs and expanding applications [12][19] - The acquisition of Scale Biosciences is expected to enhance the Chromium platform and broaden access to single cell analysis [19][28] - The company aims to maintain operational efficiency while investing in long-term growth despite a challenging funding environment [18][29] Management's Comments on Operating Environment and Future Outlook - The current funding environment is challenging, particularly in academic research, with cautious customer spending and extended project timelines [6][11] - Management noted that while there are signs of optimism among customers, actual spending remains conservative due to slow disbursement of funds [37][38] - The company expects Q3 revenue to be in the range of $140 million to $144 million, reflecting cautious customer spending behavior [28][21] Other Important Information - The company ended the quarter with $447 million in cash, cash equivalents, and marketable securities [27] - The company is committed to cost management and cash generation while pursuing strategic priorities [18][29] Q&A Session Summary Question: Can you discuss the current academic research funding environment? - Management noted that while there is more optimism compared to previous months, spending remains cautious due to slow fund disbursement and uncertainty around budgets [37][38] Question: What is the strategic rationale behind the Scale acquisition? - The acquisition aims to lower costs and drive higher scale in single cell applications, enhancing the company's existing product capabilities [41][42] Question: How is the sales force for Xenium performing in Europe? - The sales team is fully in place and ramping up, with improved execution despite a challenging capital expenditure environment [56][59] Question: What are the expectations for revenue from the Scale acquisition? - Near-term revenue impact from the acquisition is expected to be minimal, with a focus on integrating technologies into the broader portfolio [49][48] Question: What factors could unlock customer spending in the future? - Budget clarity for the next year and the actual disbursement of funds are seen as critical factors for unlocking customer spending [85][86]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $155 million, with $138 million excluding license and royalty revenue, down 2% year over year [5][20] - Total consumables revenue was $115.4 million, up 5%, while instrument revenue was $14.8 million, down 42% [20][21] - Gross profit for Q1 was $105.4 million, with gross margins increasing to 68% from 66% year over year [22] Business Line Data and Key Metrics Changes - Chromium consumables revenue was approximately flat at $84.1 million, while spatial consumables revenue increased by 18% to $31.2 million, driven by Xenium consumables [20][21] - Total instrument revenue saw a significant decline, with Chromium instrument revenue down 25% and spatial instrument revenue down 49% [21] Market Data and Key Metrics Changes - Revenue in the Americas decreased by 7% to $73.8 million, EMEA decreased by 8% to $31.9 million, while APAC increased by 22% to $32.4 million [22] - Instrument revenue declined across all geographies, although strong consumable sales helped offset the impact in APAC [22] Company Strategy and Development Direction - The company is navigating a challenging macro environment, withdrawing full-year revenue guidance and implementing quarterly guidance due to uncertainty in U.S. academic and government research funding [10][25] - A focus on cost-saving measures, including an 8% reduction in workforce, is aimed at maintaining a strong balance sheet while continuing to invest in key priorities [12][29] - The company is committed to long-term growth, with confidence in capturing large opportunities despite current challenges [19][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted a deteriorating research funding environment, with significant impacts on customer purchasing behavior and project initiation [9][10] - There is optimism regarding the long-term potential of the company's products, particularly in single-cell and spatial biology, despite current market challenges [11][19] - The company is closely monitoring the evolving tariff landscape, with minimal reliance on China in its supply chain [27][28] Other Important Information - The company has completed a sales reorganization to enhance focus and coverage in the current environment [11] - Recent product launches have been well-received, contributing to increased usage and adoption among customers [14][15] Q&A Session Summary Question: Current backdrop and customer conversations - Management noted that customer conversations have become increasingly dire due to funding uncertainties, prompting cost-cutting measures among institutions [42][44] Question: Year outlook and instrumentation vs consumables - Management indicated that Q2 is expected to mirror Q1 trends, with pressure on CapEx in instrumentation but stable consumables performance [55][56] Question: Headcount reduction and OpEx initiatives - The company emphasized that the headcount reduction will lead to over $50 million in operating expense savings for 2025, while still retaining critical talent for growth [70][69] Question: Regional sales dynamics - Management acknowledged that while EMEA sales have declined, the fundamental business remains strong, and recent hiring in Europe is expected to improve performance [76][75] Question: Demand in APAC and potential pull forward - Strong underlying demand in APAC, particularly in China and Japan, was noted, with structural improvements contributing to robust performance [78][79] Question: Long-term growth opportunities in organoid research - Management expressed optimism about the potential for single-cell sequencing in organoid research, viewing it as a promising growth area [99][98] Question: Tariffs and demand in China - The company does not anticipate significant pull forward in demand due to tariffs, and it has strategies in place to mitigate potential impacts [108][107]

Financial Performance - Bruker's Q1 2025 revenues increased by $79.7 million, representing an 11% growth compared to Q1 2024[6] - The company's constant-exchange rate (CER) growth was +12.5%[6] - Organic revenue change increased by +2.9%, with Bruker Scientific Instruments (BSI) up +5.1% and Bruker Energy & Supercon Technologies (BEST) down -17.7%[6] - Acquisitions contributed +9.6% to revenue growth, while foreign exchange (FX) had a -1.5% headwind[6] - Non-GAAP EPS decreased by -11.3% to $0.47, compared to $0.53 in Q1 2024[6] Segment Performance - Bruker BIOSPIN Group experienced mid-teens % CER revenue growth, driven by preclinical imaging and lab automation[12] - Bruker CALID Group saw mid-20s % CER revenue growth, with strong performance in Life Science Mass Spectrometry and Microbiology & Infection Diagnostics[12] - Bruker NANO Group's CER revenue increased by high single digits %, aided by NanoString acquisition[18] - Bruker Energy & Supercon Technologies (BEST) segment experienced a high teens % decline in CER revenue, primarily due to softness in superconductors for clinical MRI[18] Financial Outlook - The company projects FY 2025 revenue between $3.48 billion and $3.55 billion, representing a reported revenue growth of +3.5% to +5.5%[45] - Organic revenue growth for FY 2025 is expected to be between +0% and +2%[45] - Non-GAAP EPS for FY 2025 is projected to be between $2.40 and $2.48, with a reported EPS growth of +0% to +3%[45]

Core Insights - Akoya Biosciences has launched a new assay aimed at enhancing antibody-drug conjugate (ADC) development for breast cancer, which will be showcased at the AACR 2025 Annual Meeting [1][2] - The new multiplex immunofluorescence (mIF) panel is designed to improve patient selection in breast cancer treatment, particularly with the rise of HER2- and TROP2-targeting ADCs [2][3] - The PhenoCode Discovery IO60 panel, which provides real-world data, demonstrates its effectiveness in immuno-oncology research, particularly in quantifying protein expression and analyzing biomarker efficacy [4][6] Company Developments - The ADC-focused panel includes key targets such as HER2, TROP2, Ki-67, and ER/PR, allowing for detailed analysis of ADC target expression and localization [3] - Akoya's Advanced Biopharma Services (ABS) offers comprehensive support for assay customization, imaging, and analysis, facilitating the transition from discovery to clinical application [3][4] - The company emphasizes the importance of spatial biology in translational research, aiming to provide tools that reflect the complexity of tumor microenvironments [3][6] Industry Impact - The introduction of the new ADC assay and the IO60 panel is expected to significantly influence therapeutic decision-making in breast cancer treatment [2][4] - The ability to identify specific patient cohorts, such as HER2-low and TROP2-high patients, is critical for enhancing the efficacy of ADC therapies [4] - Akoya's innovations are positioned to advance the field of spatial biology, providing researchers with the necessary tools to achieve patient-relevant outcomes [6][8]

Core Insights - Kanvas Biosciences has introduced its High-Phylogenetic-Resolution Spatial Mapping (HiPR-Map) Platform, which significantly outperforms conventional sequencing methods, achieving a sensitivity of 0.01% for species-level microbial identification [1][4]. Group 1: Technology and Capabilities - The HiPR-Map Platform utilizes advanced spectral imaging technology to enable precise enumeration and spatial localization of microbial cells within complex communities, particularly excelling in low biomass environments [1][4]. - HiPR-Map can detect single nucleotide polymorphisms (SNPs) in the 16S rRNA sequence, allowing for species-level microbial identification and achieving superior sensitivity compared to traditional sequencing methods [6]. - The platform provides comprehensive insights into microbial interactions, which are essential for optimizing live biotherapeutic products (LBPs) [3][4]. Group 2: Applications in Biotherapeutics - LBPs represent a significant advancement over traditional fecal microbiota transplants (FMTs) in treating diseases such as colitis and various cancers, necessitating a deeper understanding of microbial interactions beyond mere identification [3]. - Kanvas' HiPR-Map technology enhances the therapeutic potential of LBPs by allowing for precise manipulation and optimization based on detailed microbial interaction data [3][4]. - The platform has demonstrated the ability to reveal host-microbiome-food interactions and microbial enrichment patterns, which are critical for LBP manufacturing and therapeutic evaluation [6]. Group 3: Research Findings - The recent research paper highlights three key findings: 1. Superior technical strengths of HiPR-Map in comparison to sequencing methods [6]. 2. Engraftment profiles of Kanvas LBPs in the mouse gastrointestinal tract, revealing important interactions [6]. 3. Spatial interactions of microbes at microscale and mesoscale, providing insights that are vital for LBP development [6]. Group 4: Company Overview - Kanvas Biosciences is focused on building a microbiome drug screening, discovery, and manufacturing platform aimed at accelerating the development of next-generation live biotherapeutics [9]. - The company is headquartered in Princeton, NJ, and has received investments from notable firms, positioning it uniquely in the market for developing therapeutics that improve microbiome health [9].