QuidelOrtho Fourth Quarter and Full-Year 2025 Financial Results February 11, 2026 QuidelOrtho – Proprietary & Confidential. | © 2025. All Rights Reserved. 2 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements: This presentation of QuidelOrtho Corporation ("QuidelOrtho" or the "Company") contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly his ...

MINNEAPOLIS, Feb. 4, 2026 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the second quarter ending December 31, 2025. Second Quarter FY2026 Highlights "I am pleased with the Bio-Techne team's continued execution in a stabilizing operating environment," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "For the fourth consecutive quarter we delivered double-digit growth in our biggest end market, large pharma. That momentum, together with ...

Core Viewpoint - Thermo Fisher Scientific Inc. is poised to report strong quarterly earnings, with anticipated growth in both earnings per share and revenue, reflecting its robust market position and demand for its products [1][2]. Financial Performance - Analysts expect Thermo Fisher to report an earnings per share (EPS) of $6.43, representing a 5.4% increase from the same period last year [2][6]. - Projected revenue is approximately $11.94 billion, indicating a 4.8% year-over-year growth [2][6]. Market Reactions - There has been a slight downward revision of 0.1% in the consensus EPS estimate over the past month, which may influence short-term stock price movements [3]. Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 35.90, indicating strong investor confidence in future growth prospects [4][6]. - The price-to-sales (P/S) ratio stands at about 5.36, reflecting the value placed on each dollar of sales [4][6]. - The enterprise value to sales ratio is around 6.13, and the enterprise value to operating cash flow ratio is approximately 35.04, highlighting the company's valuation in relation to its sales and cash flow [5]. Financial Health - Thermo Fisher maintains a debt-to-equity ratio of approximately 0.70, indicating a moderate level of debt compared to its equity [5]. - A current ratio of about 1.50 suggests good liquidity to cover short-term liabilities [5].

Core Viewpoint - Revvity, Inc. is a life sciences and diagnostics company with a market cap of $11.1 billion, providing essential tools for genetic screening and infectious disease testing [1] Financial Performance - Analysts anticipate Revvity to report an adjusted earnings of $1.54 per share for the fourth quarter, reflecting an 8.5% increase from $1.42 per share in the same quarter last year [2] - For fiscal 2025, adjusted EPS is expected to be $4.91, slightly up from $4.90 in 2024, with a projected 8.2% annual increase to $5.31 per share in fiscal 2026 [3] Stock Performance - RVTY stock has decreased by 12.4% over the past 52 weeks, underperforming compared to the Healthcare Select Sector SPDR Fund's 13% increase and the S&P 500 Index's 16.9% gain [4] Growth and Profitability Challenges - Revvity has experienced weak underlying growth with constant-currency revenue growth averaging only 2% over the last two years, indicating soft demand [5] - Profitability has declined, with adjusted operating margin decreasing by over 9 percentage points in the past five years due to rising costs and limited operating leverage [5] - Financial performance has deteriorated, with both revenue and EPS declining annually over the past five years, leading to cautious investor sentiment [5]

Company Overview - Bio-Techne Corporation (TECH) has a market cap of $9.1 billion and operates in the life sciences sector, focusing on reagents, instruments, and services for research, diagnostics, and bioprocessing markets [1] - The company is classified as a "mid-cap" stock, with offerings that support applications in protein analysis, molecular diagnostics, oncology, and genetic research [2] Stock Performance - Shares of Bio-Techne have decreased nearly 26% from their 52-week high of $79.28, while the stock has increased 13.7% over the past three months, lagging behind the Health Care Select Sector SPDR Fund's (XLV) 14% gain [3] - On a year-to-date (YTD) basis, TECH stock is down 18.5%, underperforming XLV's 13.5% rise, and has declined 22.5% over the past 52 weeks compared to XLV's 10.7% return [4] Recent Financial Performance - In Q1 2026, Bio-Techne reported a 1% year-over-year revenue decline to $286.6 million, attributed to a 3% organic decline in Protein Sciences and a 4% decline in Diagnostics and Spatial Biology [5] - The revenue decline was influenced by cell therapy timing headwinds, which reduced growth by 200 basis points in Q1 and are expected to worsen to 400 basis points in Q2, alongside ongoing biotech funding softness [5] Analyst Sentiment - Despite the stock's underperformance, analysts maintain a bullish outlook, with a consensus rating of "Strong Buy" from 15 analysts and a mean price target of $68.58, indicating a potential upside of 16.9% from current levels [6]

Core Thesis - Bio-Techne Corporation is positioned as a global leader in life-science consumables and specialized tools, with a strong focus on research, diagnostics, and emerging therapies [2][3] Company Overview - Founded in 1976, Bio-Techne has undergone strategic pivots and acquisitions, currently led by CEO Kim Kelderman and CFO Jim Hippel [2] - The company operates with a performance-aligned compensation framework and has broad analyst coverage [2] Revenue Generation - Bio-Techne generates most of its revenue from high-quality, premium-priced consumables, holding a 30-40% market share in cytokines and growth factors, approximately 5% in antibodies, and a leadership position in cited proteins [3] - The product portfolio includes reagents, assays, instruments, and proprietary platforms, primarily sold direct-to-consumer with distributor partnerships, notably with Thermo Fisher [3] Market Position and Growth - Despite intense competition, Bio-Techne's premium brand, scale advantages, and diverse applications support its market share growth in precision medicine, biologics, and spatial biology [4] - The company has launched 800 new products in 2024 and expanded its total addressable market (TAM) from $3 billion to approximately $28 billion since 2013 [4] Financial Strength - Bio-Techne maintains solid financial strength with conservative leverage, strong free cash flow, and capacity for further acquisitions [5] - Current valuation reflects compressed multiples and cautious sentiment rather than a decline in fundamentals, indicating a compelling investment opportunity [5] Historical Performance - The stock price has appreciated approximately 34.8% since May 2025, driven by improved demand trends and solid core franchises [6] - The long-term TAM expansion is emphasized as a key factor for continued growth [6]

Core Insights - The CEO of Avantor, Emmanuel Ligner, demonstrated confidence in the company's stock by purchasing 87,500 shares, increasing his direct ownership to 283,424 shares, reflecting a bullish outlook on the stock's potential [1][9]. Transaction Summary - The transaction involved 87,500 shares traded at a value of $993,125, with a post-transaction ownership of 283,424 shares valued at approximately $3,083,653 based on the trade-date close price of $10.88 [2][6]. Company Overview - Avantor employs 13,500 individuals and reported a total revenue of $6.58 billion with a net income loss of $82.20 million over the trailing twelve months [4]. - The company's stock experienced a significant decline of 43.42% over the past year as of the transaction date [4]. Impact of the Purchase - The purchase increased Ligner's direct holdings by 44.66%, raising his ownership stake to 0.0416% of total shares outstanding [6]. - This transaction is noted as the largest reported trade for Ligner, both in terms of share count and percentage increase in direct holdings [6]. Company Profile - Avantor provides a wide range of high-purity materials, reagents, laboratory supplies, and specialty procurement services across various sectors, including biopharma, healthcare, and advanced technology [7][8]. - The company generates revenue primarily through consumables, customized materials, and laboratory equipment, along with value-added services [7]. Recent Performance and Outlook - Following a 52-week low of $10.83, Ligner's purchase suggests a positive outlook, coinciding with Avantor's initiation of a $500 million stock repurchase program [9]. - The company faced challenges in Q3, with a 5% year-over-year revenue decline to $1.62 billion and a significant goodwill impairment charge of $785 million, resulting in a net loss of $711.8 million [10].

Core Insights - Cullen Capital Management's "SCCM Value Equity Strategy" reported a gross return of 6.9% and a net return of 6.8% for Q3 2025, outperforming the Russell 1000 Value's 5.3% and underperforming the S&P 500's 8.1% during the same period [1] - Year-to-date, the strategy achieved a gross return of 13.0%, compared to Russell 1000 Value's 11.7% and S&P 500's 14.8% [1] Company Overview - Becton, Dickinson and Company (NYSE: BDX) is a global medical technology company that develops and manufactures a wide range of medical supplies, devices, laboratory equipment, and diagnostic products [2][3] - The company has three main segments: BD Medical (50% of 2024 sales), BD Life Sciences (26%), and BD Interventional (24%) [3] - BD Medical focuses on medication delivery devices, holding over 80% market share in US hospital syringes, making it the largest manufacturer of syringes globally [3] Stock Performance - Becton, Dickinson and Company's stock had a one-month return of 2.24% but lost 13.52% over the last 52 weeks, closing at $192.33 per share on November 18, 2025, with a market capitalization of $55.127 billion [2]

Financial Highlights - Total revenue for Q3 2025 was $700 million, a decrease of 5% year-over-year on a constant currency basis[5] - Adjusted EBITDA for Q3 2025 was $177 million, representing a 25% margin[5] - Adjusted diluted EPS for Q3 2025 was $080, a decrease of 6% year-over-year[6] - Year-to-date 2025 total revenue was $201 billion, a decrease of 3% year-over-year on a constant currency basis[11] - Year-to-date 2025 adjusted EBITDA was $444 million, representing a 22% margin[11] - Year-to-date 2025 adjusted diluted EPS was $166, an increase of 36% year-over-year[11] Revenue Breakdown - Recurring revenue accounted for 82% of total revenue in Q3 2025[7] and 84% year-to-date[10] - North America accounted for 57% of revenue in Q3 2025[7] and 58% year-to-date[10] - Labs business unit contributed 51% of revenue in both Q3 2025 and year-to-date 2025[7, 10] Financial Guidance - The company projects full-year 2025 revenues to be between $268 billion and $274 billion[22] - The company anticipates an adjusted EBITDA margin of 22% for full-year 2025[22]

Core Insights - Bio-Techne Corporation reported a 1% decrease in net sales for the first quarter of fiscal 2026, totaling $286.6 million, with organic revenue also down by 1% compared to the previous year [6][9][30] - The company experienced a 19% increase in GAAP operating income, reaching $47.7 million, and a GAAP EPS of $0.24, up from $0.21 in the same quarter last year [7][21] - Adjusted operating margin improved to 29.9%, reflecting ongoing productivity and cost containment initiatives [10][24] Financial Performance - Net sales decreased by 1% to $286.6 million, with organic revenue also down by 1%, influenced by a favorable foreign currency impact of 1% and an unfavorable impact from businesses held-for-sale [6][9] - GAAP operating income increased by 19% to $47.7 million, with an operating margin of 16.6%, up from 13.8% in the prior year [7][24] - Adjusted EPS remained stable at $0.42, while adjusted operating income rose to $84.2 million from $83.2 million [10][28] Segment Performance - The Protein Sciences segment reported net sales of $202.2 million, a decrease of 1% from $204.5 million in the prior year, with an operating margin of 38.4% [12][29] - The Diagnostics and Spatial Biology segment saw net sales of $79.5 million, down 4% from $83.2 million, but achieved organic revenue growth of 3% [13][29] - The overall operating income for the segments combined was $86.6 million, with a notable increase in the operating margin for the Diagnostics and Spatial Biology segment to 11.2% from 5.1% [31] Strategic Initiatives - The company completed the divestiture of its Exosome Diagnostics business to focus on non-CLIA based product lines, aligning with its growth strategy [9][10] - Bio-Techne's leadership expressed optimism regarding the stabilization of the US academic end market and continued strength from large pharmaceutical customers [3][9] - The company is positioned to leverage its differentiated portfolio of advanced life science tools and reagents to drive long-term value [3][10]