Summary of Bio Techne Conference Call Company Overview - **Company**: Bio Techne - **Analyst**: Matt Sykes, Goldman Sachs - **CFO**: Jim Hipple - **Head of IR**: David Claire Key Highlights from Fiscal Q3 Results - **Overall Growth**: Achieved 6% organic growth in Q3 despite macroeconomic headwinds [5][6] - **Protein Sciences Segment**: Notable 7% growth, driven by widespread demand across core reagents and instrument platforms [5][6] - **Large Pharma Market**: Contributed significantly to growth, accounting for 30% of total revenue, with double-digit growth observed [6][7] U.S. Academic Market Insights - **Revenue Contribution**: U.S. academic customers represent approximately 12% of total revenue [12] - **Market Volatility**: Academic market has been volatile due to budget cuts and NIH funding fluctuations, but core reagents remain stable [10][11] - **International Exposure**: Academic markets outside the U.S., particularly in Europe, have shown robust growth, helping to stabilize overall academic revenue [14] Tariff Exposure and Mitigation - **Manufacturing Resilience**: Most products manufactured in the U.S., with core reagents exempt from tariffs, minimizing exposure [16][17] - **Mitigation Strategies**: Ability to ramp up production in non-China facilities to avoid tariff impacts [18] China Market Performance - **Revenue Impact**: China accounts for about 8% of total revenue, with recent quarters showing negative mid-single-digit growth [20][21] - **Customer Sentiment**: A slight shift towards optimism among customers in China, indicating potential for future growth [22][23] Biopharma Market Dynamics - **Market Segmentation**: Distinction between large pharma and biotech, with large pharma showing more stability and less volatility [26][27] - **R&D Budgets**: Anticipated increases in R&D budgets for large pharma in 2025, despite recent caution due to external factors [28][30] Instrumentation and Consumables - **Growth in Instrumentation**: Achieved upper single-digit growth in instrumentation, driven by strong consumable pull-through [43][44] - **Competitive Advantage**: Unique product offerings with minimal direct competition in key instrument platforms [45][46] GMP Reagents and Cell & Gene Therapy - **Revenue Dynamics**: Growth in GMP reagents is lumpy due to reliance on clinical trial purchases, but reflects progress in customer development [50][52] - **Wilson Wolf Acquisition**: Bio Techne owns 20% of Wilson Wolf, with plans to acquire the remaining 80% based on performance metrics, enhancing growth potential in cell therapy [62][65] Spatial Biology and Diagnostics - **Market Position**: Bio Techne is a leading player in spatial biology, with a focus on translational applications and a profitable business model [67][68] - **COMET Platform**: New automated solution for spatial biology, capable of multi-omic detection, enhancing reagent pull-through [69][70] Financial Outlook - **Q4 Expectations**: Anticipating low single-digit growth due to continued market challenges, particularly in large pharma [73][75] - **Margin Projections**: Expected decline in operating margins due to tariff impacts, but viewed as a temporary issue [76][77] Capital Allocation Strategy - **Share Repurchase Plan**: Announced a $500 million share repurchase plan, indicating confidence in company valuation and a tactical approach to capital allocation [78][81] - **M&A Strategy**: Continued focus on M&A as a key growth strategy, particularly targeting private companies [80][82]

主持人 刘静 导读： 5月12日下午，ACCSI2025科学仪器投融资论坛将汇聚70+投资机构，聚焦前沿技术创新与产业化应用，欢迎报名参会。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 资本与技术的"相亲大会"——第十八届中国科学仪器发展年会（ACCSI 2 0 2 5）科学仪器投融资论坛全日程已经出炉，截至目前，已经收到 5 0+投资机构（已确定名单，详见下文）参会申请，国家队资本正以战略眼光入局中国科学仪器行业——这片曾被视为回报不那么快速的科研 深水区，如今正成为重塑科技产业链的必争之地。 当《2 0 2 5年国务院政府工作报告》明确提出，"推进高水平科技自立自强。充分发挥 新型举国体制优势，强化关键核心技术攻关 和前沿性、颠 覆性技术研发，加快组织实施和超前布局重大科技项目。 优化国家战略科技力量布局 ，推进科研院所改革，探索国家实验室新型科研组织模 式，增强国际和区域科技创新中心辐射带动能力。" 属于科学仪器行业的"资本叙事"也将被重新书写。 行业前沿洞察 聚焦全球贸易摩擦下中国科学仪器行业资本市场"暖春", 参会者可洞察科技 ...

特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 为促进中国科学仪器产业健康快速发展，搭建科学仪器行业政、产、学、研、用、资、媒等各方有效交流平台，第十八 届中国科学仪器发展年会（ACCSI 2 0 2 5）定于2 0 2 5年5月11 - 1 3日在上海召开。ACCSI 2 0 2 5以"数智驱动 新质引领"为 主题， 由仪器信息网（i n str ume n t. c om. c n）主办。 ACCSI定位为科学仪器行业高级别产业峰会，至今已成功举办1 7届，单届参会人数突破1 5 0 0人，被誉为科学仪器行业 的达沃斯论坛。ACCSI力求对过去一年中国科学仪器行业的最新进展进行全面的总结，力争把最新的产业 发展政策、 最热点的市场需求信息、最新的技术进展及成果等呈现给各位参会代表。政府主管部门领导、资深专家学者、仪器企业 CEO及高管、检测机构高管及企业质量负责人、投融资机构负责人等行业资深人士，将通过报告演讲、高峰对话、现 场座谈、定向研讨、参观考察等多种形式，为科学仪器 产业发展提供前瞻性、战略性、全局性的决策参考。 大会主 ...