Bio-Techne Releases Second Quarter Fiscal 2026 Results

Rhea-AI Summary

Bio-Techne (NASDAQ: TECH) reported second quarter fiscal 2026 revenue of $295.9 million, essentially flat year-over-year, with GAAP EPS of $0.24 and adjusted EPS of $0.46. Adjusted operating margin was 31.1%, up 100 basis points versus prior year, while GAAP operating income rose 15% to $54.5 million.

Management cited productivity initiatives and the Exosome Diagnostics divestiture as drivers of margin improvement, with continued strength in large pharma and growth in China/APAC. A conference call and replay are available February 4, 2026.

Positive

• GAAP operating income increased 15% to $54.5 million
• Adjusted operating margin reached 31.1%, up 100 basis points year-over-year
• Diagnostics segment operating margin improved from 3.9% to 10.4%, a 650 basis-point increase
• Company cites ongoing productivity initiatives and the Exosome Diagnostics divestiture as margin drivers

Negative

• Company revenue was essentially flat at $295.9 million, showing limited top-line growth
• Held-for-sale business reduced Diagnostics segment net sales by an 8% unfavorable impact, lowering comparable revenue
• Management noted unfavorable product mix that partially offset margin benefits

News Market Reaction – TECH

+6.25%

26 alerts

+6.25% News Effect

+3.0% Peak in 3 hr 45 min

+$641M Valuation Impact

$10.89B Market Cap

1.1x Rel. Volume

On the day this news was published, TECH gained 6.25%, reflecting a notable positive market reaction. Argus tracked a peak move of +3.0% during that session. Our momentum scanner triggered 26 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $641M to the company's valuation, bringing the market cap to $10.89B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q2 FY2026 revenue: $295.9M GAAP EPS: $0.24 Adjusted EPS: $0.46 +5 more

8 metrics

Q2 FY2026 revenue $295.9M Second quarter FY2026 net sales, flat versus prior year

GAAP EPS $0.24 Q2 FY2026 GAAP EPS vs $0.22 in prior-year quarter

Adjusted EPS $0.46 Q2 FY2026 adjusted EPS vs $0.42 in prior-year quarter

Adjusted operating margin 31.1% Q2 FY2026 adjusted operating margin vs 30.1% prior year

GAAP operating income $54.5M Q2 FY2026 GAAP operating income vs $47.4M prior year

GAAP operating margin 18.4% Q2 FY2026 GAAP operating margin vs 16.0% prior year

Protein Sciences sales $215.1M Q2 FY2026 segment net sales vs $211.6M prior year

Diagnostics & Spatial sales $81.2M Q2 FY2026 segment net sales vs $84.1M prior year

Market Reality Check

Price: $51.48 Vol: Volume 3,591,474 vs 20-da...

normal vol

$51.48 Last Close

Volume Volume 3,591,474 vs 20-day average 2,476,359 (relative 1.45x) ahead of the earnings release. normal

Technical Shares at $64.63 trade above the 200-day MA $56.31, sitting 18.48% below the 52-week high of $79.28 and 40.47% above the 52-week low of $46.01.

Peers on Argus

While TECH was down 0.95% pre-news, close peers were mixed: JAZZ +0.36%, BPMC +0...

While TECH was down 0.95% pre-news, close peers were mixed: JAZZ +0.36%, BPMC +0.09%, HALO +2.22%, RVMD -2.03%, VRNA +0.06%. The pattern does not indicate a coordinated sector move.

Historical Context

5 past events · Latest: Feb 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 02	Product launch	Positive	+1.8%	Launch of Cultrex Synthetic Hydrogel for 3D stem cell and organoid culture.
Jan 28	Product launch	Positive	-3.9%	Ultra-sensitive neurological biomarker assays added to Ella platform.
Jan 20	Earnings call notice	Neutral	+1.3%	Announcement of Feb 4, 2026 call to review Q2 FY2026 results.
Dec 23	Conference appearance	Neutral	+0.5%	Planned presentation at 2026 J.P. Morgan Healthcare Conference.
Dec 11	Strategic partnership	Positive	-0.9%	Collaboration with Wyss Center Geneva on automated 3D multiomics workflow.

Pattern Detected

Recent product and partnership announcements often saw mixed price reactions, with some positive innovation news followed by negative or muted moves, while event-focused notices like conferences and earnings calls drew only modest responses.

Recent Company History

Over the last few months, Bio-Techne has emphasized innovation and strategic positioning. Product launches on Jan 28, 2026 and Feb 2, 2026 expanded assay and 3D culture offerings, while a Dec 11, 2025 partnership advanced 3D multiomics in spatial biology. Event-related communications, including the Feb 4, 2026 earnings call announcement and a Dec 23, 2025 J.P. Morgan conference presentation, highlight continued investor outreach. Today’s quarterly results fit into this pattern of operational execution plus portfolio expansion.

Market Pulse Summary

The stock moved +6.3% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +6.3% in the session following this news. A strong positive reaction aligns with the earnings release showing improved profitability metrics despite flat revenue. GAAP EPS rose to $0.24 and adjusted EPS to $0.46, while adjusted operating margin reached 31.1%. Historical news flow shows mixed trading responses to positive announcements, so sustained strength would depend on how investors weigh margin gains, segment trends, and the broader biotech tape relative to prior launches and partnerships.

Key Terms

gaap, eps, organic revenue, held-for-sale, +1 more

5 terms

gaap financial

"GAAP earnings per share (EPS) was $0.24 versus $0.22 one year ago."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

eps financial

"GAAP earnings per share (EPS) was $0.24 versus $0.22 one year ago."

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

organic revenue financial

"Net sales and organic revenue for the second quarter were flat at $295.9 million"

Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.

held-for-sale financial

"a business within the Protein Sciences segment met the criteria as held-for-sale"

An asset classified as "held-for-sale" is one a company has decided to sell rather than keep using, and expects to complete the sale within a short time frame. Investors care because the asset is removed from normal operations and is reported at the lower of its book value or estimated sale value, which can change the balance sheet, signal a shift in strategy, and affect expected cash proceeds—think of it as marking an item in a garage for immediate sale rather than keeping it in the attic.

restricted stock units financial

"4,621 restricted stock units converted into the same number of common shares"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

AI-generated analysis. Not financial advice.

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

• Second quarter revenue was $295.9 million with reported and organic growth flat to prior year.
• GAAP earnings per share (EPS) was $0.24 versus $0.22 one year ago. Delivered adjusted EPS of $0.46 compared to $0.42 one year ago.
• Ongoing productivity and cost containment initiatives led to 31.1% adjusted operating margin, an increase of 100 basis points compared to the prior year period.
• Strong commercial execution and improving end-markets drove growth in the China/APAC region for the third consecutive quarter.

"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 improving performance in biotech, continued stabilization among our U.S. academic customers, and ongoing growth in Asia, drove results that were largely in line with our expectations."

Kelderman continued, "In 2026, Bio-Techne proudly celebrates its 50^th anniversary. Over the past five decades, we have built a durable, differentiated portfolio that serves high-growth, high-value applications and accelerates innovation in science and medicine. I am incredibly proud of what we have accomplished to date. As we look ahead, our strong position enables us to drive continued innovation, growth, and value for all our stakeholders."

Conference Call 

Bio-Techne will host an earnings conference call today, February 4, 2026, at 8:00 a.m. CST. To listen, please dial 1-800-579-2543 or 1-785-424-1789 (for international callers), and reference conference ID TECHQ2. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 11160826. The replay will be available from 11:00 a.m. CST on Wednesday, February 4, 2026, until 11:00 p.m. CST on Wednesday, March 4, 2026.

Second Quarter Fiscal 2026

Revenue

Net sales and organic revenue for the second quarter were flat at $295.9 million compared to the prior year. Foreign currency exchange had a favorable impact of 2%, and non-recurring prior year revenue from a business held-for-sale had an unfavorable impact of 2%.

GAAP Earnings Results

GAAP EPS was $0.24 per diluted share versus $0.22 in the same quarter last year. GAAP operating income for the second quarter of fiscal 2026 increased 15% to $54.5 million compared to $47.4 million in the second quarter of fiscal 2025. GAAP operating margin was 18.4% compared to 16.0% in the second quarter of fiscal 2025. Current quarter GAAP operating margin was favorably impacted by ongoing profitability initiatives and the Exosome Diagnostics divestiture, partially offset by unfavorable product mix.

Non-GAAP Earnings Results

Adjusted EPS increased to $0.46 per diluted share compared to $0.42 in the same quarter last year. Adjusted operating income increased to $92.0 million in the second quarter of fiscal 2026 compared to second quarter of fiscal 2025 adjusted operating income of $88.7 million. Adjusted operating margin was 31.1% for the second quarter of fiscal 2026 compared to 30.1% in the second quarter of fiscal 2025. Adjusted operating margin was favorably impacted by ongoing profitability initiatives and the Exosome Diagnostics divestiture, partially offset by unfavorable product mix.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.

Protein Sciences Segment

The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biopharma and academic research communities. Additionally, the segment provides an array of platforms essential in various areas of protein analysis. The Protein Sciences segment's second quarter fiscal 2026 net sales were $215.1 million, an increase of 2% from $211.6 million for the second quarter of fiscal 2025. As of December 31, 2023, a business within the Protein Sciences segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's operating results for both periods presented. Organic revenue decreased 1% for the second quarter of fiscal 2026, with foreign currency exchange having a favorable impact of 3%. The Protein Sciences segment's operating margin decreased to 39.3% in the second quarter of fiscal 2026 compared to 41.2% in the second quarter of fiscal 2025. The segment's operating margin decreased primarily due to unfavorable product mix, partially offset by ongoing profitability initiatives.

Diagnostics and Spatial Biology Segment

The Company's Diagnostics and Spatial Biology segment develops and provides spatial biology products, carrier screening and oncology kits. The Diagnostics and Spatial Biology segment also provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Spatial Biology segment's second quarter fiscal 2026 net sales were $81.2 million, a decrease of 4% from $84.1 million for the second quarter of fiscal 2025. As of June 30, 2025, a business within the Diagnostics and Spatial Biology segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's fiscal 2026 operating results. Organic revenue growth was 3% for the second quarter of fiscal 2026, with foreign exchange having a favorable impact of 1%. The held-for-sale business had an unfavorable impact of 8%. The Diagnostics and Spatial Biology segment's operating margin increased to 10.4% in the second quarter of fiscal 2026 compared to 3.9% in the second quarter of fiscal 2025. The segment's operating margin was favorably impacted by the Exosome Diagnostics divestiture and ongoing profitability initiatives, partially offset by unfavorable product mix.

About Bio-Techne

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated over $1.2 billion in net sales in fiscal 2025 and has approximately 3,100 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio­techne.com.

Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements use words and variations of words, such as "will," "plan," "continue," "believe," "outlook," "expect," and "predict." These statements are made as of the date of this press release, are based on current expectations of future events, and thus are inherently subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond the Company's control. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include, without limitation: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning these risks, uncertainties, and other factors, see the section titled "Risk Factors" in the Company's most recent annual report on Form 10-K as filed with the Securities and Exchange Commission. We undertake and we expressly disclaim any obligation to update or revise any forward-looking statements due to new information, changed assumptions, or future events, except as required by law. Investors are cautioned not to place undue reliance on forward-looking statements.

Non-GAAP Financial Measures:

The Company's financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). This press release contains financial measures that have not been calculated in accordance with GAAP. These non-GAAP measures include:

• Organic revenue and organic revenue growth
• Adjusted gross margin
• Earnings before interest, taxes, depreciation, and amortization (EBITDA)
• Adjusted EBITDA
• Adjusted operating income
• Adjusted operating margin
• Adjusted tax rate
• Adjusted net earnings
• Adjusted diluted earnings per share

These non-GAAP measures should not be considered in insolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company's use of these measures, are presented in the attached pages.

Contact:	David Clair, Vice President, Investor Relations
	David.Clair@bio-techne.com
	612-656-4416

 

BIO-TECHNE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Net sales		$	295,877		$	297,031		$	582,432		$	586,489
Cost of sales			104,600			103,145			203,043			209,586
Gross margin			191,277			193,886			379,389			376,903
Operating expenses:
Selling, general and administrative			113,691			121,451			229,904			240,612
Research and development			23,125			25,016			47,366			48,885
Total operating expenses			136,816			146,467			277,270			289,497
Operating income			54,461			47,419			102,119			87,406
Other income (expense)			(3,677)			(4,543)			(3,344)			(4,359)
Earnings before income taxes			50,784			42,876			98,775			83,047
Income taxes			12,775			7,986			22,581			14,557
Net earnings		$	38,009		$	34,890		$	76,194		$	68,490
Earnings per share:
Basic		$	0.24		$	0.22		$	0.49		$	0.43
Diluted		$	0.24		$	0.22		$	0.49		$	0.42
Weighted average common shares outstanding:
Basic			155,839			158,431			155,652			158,481
Diluted			156,999			160,626			156,750			161,353

 

BIO-TECHNE CORPORATION RECONCILIATION OF ADJUSTED GROSS MARGIN AND ADJUSTED GROSS MARGIN PERCENTAGE (In thousands) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Total consolidated net sales		$	295,877		$	297,031		$	582,432		$	586,489
Business held-for-sale(1)			—			1,849			5,439			4,152
Revenue from recurring operations		$	295,877		$	295,182		$	576,993		$	582,337
Gross margin - GAAP		$	191,277		$	193,886		$	379,389		$	376,903
Gross margin percentage - GAAP			64.6	%		65.3	%		65.1	%		64.3	%
Identified adjustments:
Costs recognized upon sale of acquired inventory		$	—		$	185		$	—		$	373
Amortization of intangibles			9,473			10,630			18,912			22,410
Stock-based compensation, inclusive of employer taxes			467			395			852			667
Restructuring and restructuring-related costs			1,526			2,691			3,604			7,589
Impact of business held-for-sale(1)			—			376			(2,581)			(182)
Adjusted gross margin		$	202,743		$	208,163		$	400,176		$	407,760
Adjusted gross margin percentage(2)			68.5	%		70.5	%		69.4	%		70.0	%

(1)	December 31, 2024 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. December 31, 2025 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.
(2)	Adjusted gross margin percentage excludes both revenue and gross margin of the businesses that met the held-for-sale criteria during the respective periods.

 

BIO-TECHNE CORPORATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Net earnings		$	38,009		$	34,890		$	76,194		$	68,490
Net interest expense (income)			1,274			800			3,235			2,050
Depreciation and amortization			24,709			27,084			49,049			55,221
Income taxes			12,775			7,986			22,581			14,557
EBITDA			76,767			70,760			151,059			140,318
Amortization of Wilson Wolf intangible assets			2,490			2,489			4,979			4,979
Acquisition related expenses and other			2,239			2,324			5,747			4,186
Certain litigation charges			2,140			1,386			4,549			1,678
Stock-based compensation, inclusive of employer taxes			14,198			15,238			26,294			25,875
Restructuring and restructuring-related costs			3,739			3,287			11,249			14,309
Investment (gain) loss and other non-operating (income) loss			1,842			—			(304)			—
Recovery of assets held-for-sale			—			—			(6,789)			—
Impact of business held-for-sale(1)			—			627			2,573			479
Adjusted EBITDA		$	103,415		$	96,111		$	199,357		$	191,824

(1)	December 31, 2024 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. December 31, 2025 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.

 

BIO-TECHNE CORPORATION RECONCILIATION OF ADJUSTED OPERATING INCOME AND ADJUSTED OPERATING MARGIN PERCENTAGE (In thousands) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Total consolidated net sales		$	295,877		$	297,031		$	582,432		$	586,489
Business held-for-sale(1)			—			1,849			5,439			4,152
Revenue from recurring operations		$	295,877		$	295,182		$	576,993		$	582,337
Operating income - GAAP		$	54,461		$	47,419		$	102,119		$	87,406
Operating income percentage - GAAP			18.4	%		16.0	%		17.5	%		14.9	%
Identified adjustments:
Amortization of intangibles			15,379			18,559			30,729			38,300
Acquisition related expenses and other			2,093			2,195			5,444			3,896
Certain litigation charges			2,140			1,386			4,549			1,678
Stock-based compensation, inclusive of employer taxes			14,198			15,238			26,294			25,875
Restructuring and restructuring-related costs			3,739			3,287			11,249			14,309
Recovery of assets held-for-sale			—			—			(6,789)			—
Impact of business held-for-sale(1)			—			627			2,573			479
Adjusted operating income		$	92,010		$	88,711		$	176,168		$	171,943
Adjusted operating margin percentage(2)			31.1	%		30.1	%		30.5	%		29.5	%

(1)	December 31, 2024 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. December 31, 2025 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.
(2)	Adjusted operating margin percentage excludes both revenue and operating margin for the businesses that met the held-for-sale criteria during the respective periods.

 

BIO-TECHNE CORPORATION RECONCILIATION OF NON-GAAP ADJUSTED TAX RATE (In percentages) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
GAAP effective tax rate		25.2	%		18.6	%		22.9	%		17.5	%
Discrete items		0.5			5.1			3.3			6.1
Annual forecast update		0.5			(0.1)			—			—
Long-term GAAP tax rate		26.2	%		23.6	%		26.2	%		23.6	%
Rate impact items
Stock based compensation		(2.9)	%		(2.8)	%		(2.8)	%		(2.9)	%
Other		(1.0)			0.7			(1.1)			0.8
Total rate impact items		(3.9)	%		(2.1)	%		(3.9)	%		(2.1)	%
Non-GAAP adjusted tax rate		22.3	%		21.5	%		22.3	%		21.5	%

 

BIO-TECHNE CORPORATION RECONCILIATION OF ADJUSTED NET EARNINGS AND ADJUSTED EARNINGS PER SHARE (In thousands, except per share data) (Unaudited)
		Quarter Ended							Six Months Ended
		December 31,							December 31,
		2025			2024				2025			2024
Net earnings before taxes - GAAP		$	50,784		$	42,876			$	98,775		$	83,047
Identified adjustments:
Amortization of intangibles			15,379			18,559				30,729			38,300
Amortization of Wilson Wolf intangible assets			2,490			2,489				4,979			4,979
Acquisition related expenses and other			2,239			2,324				5,747			4,186
Certain litigation charges			2,140			1,386				4,549			1,678
Stock-based compensation, inclusive of employer taxes			14,198			15,238				26,294			25,875
Restructuring and restructuring-related costs			3,739			3,287				11,249			14,309
Investment (gain) loss and other non-operating (income) loss			1,842			—				(304)			—
Recovery of assets held-for-sale			—			—				(6,789)			—
Impact of business held-for-sale(1)			—			627				2,573			479
Net earnings before taxes - Adjusted		$	92,811		$	86,786			$	177,802		$	172,853
Non-GAAP tax rate			22.3	%		21.5	%			22.3	%		21.5	%
Non-GAAP tax expense		$	20,697		$	18,659			$	39,650		$	37,195
Non-GAAP adjusted net earnings		$	72,114		$	68,127			$	138,152		$	135,658
Earnings per share - diluted - Adjusted		$	0.46		$	0.42			$	0.88		$	0.84

(1)	December 31, 2024 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. December 31, 2025 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.

 

BIO-TECHNE CORPORATION SEGMENT REVENUE (In thousands) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Protein Sciences segment revenue		$	215,084		$	211,551		$	417,272		$	416,086
Diagnostics and Spatial Biology segment revenue			81,180			84,135			160,638			167,327
Other revenue(1)			—			1,849			5,439			4,152
lntersegment revenue			(387)			(504)			(917)			(1,076)
Consolidated revenue		$	295,877		$	297,031		$	582,432		$	586,489

(1)	December 31, 2024 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. December 31, 2025 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.

 

BIO-TECHNE CORPORATION SEGMENT OPERATING INCOME (In thousands) (Unaudited)
		Quarter Ended						Six Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Protein Sciences segment operating income		$	84,615		$	87,112		$	162,328		$	167,653
Diagnostics and Spatial Biology segment operating income			8,432			3,240			17,310			7,517
Segment operating income			93,047			90,352			179,638			175,170
Corporate general, selling, and administrative			(1,037)			(1,641)			(3,470)			(3,227)
Adjusted operating income			92,010			88,711			176,168			171,943
Amortization of intangibles			(15,379)			(18,559)			(30,729)			(38,300)
Acquisition related expenses and other			(2,093)			(2,195)			(5,444)			(3,896)
Certain litigation charges			(2,140)			(1,386)			(4,549)			(1,678)
Stock-based compensation, inclusive of employer taxes			(14,198)			(15,238)			(26,294)			(25,875)
Restructuring and restructuring-related costs			(3,739)			(3,287)			(11,249)			(14,309)
Recovery of assets held-for-sale			—			—			6,789			—
Impact of business held-for-sale(1)			—			(627)			(2,573)			(479)
Operating income		$	54,461		$	47,419		$	102,119		$	87,406

(1)	December 31, 2024 amounts relate to the Protein Sciences segment business that met the held-for-sale criteria on December 31, 2023. December 31, 2025 amounts relate to the Diagnostics and Spatial Biology segment business that met the held-for-sale criteria on June 30, 2025.

 

BIO-TECHNE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
			December 31,			June 30,
		2025			2025
ASSETS
Cash and equivalents		$	172,879		$	162,186
Accounts receivable, net			184,614			206,876
Inventories			205,447			189,446
Current assets held-for-sale			—			12,332
Other current assets			74,492			37,460
Total current assets			637,432			608,300
Property and equipment, net			234,383			245,719
Right of use assets			68,249			73,399
Goodwill and intangible assets, net			1,315,551			1,346,534
Other assets			267,084			283,916
Total assets		$	2,522,699		$	2,557,868
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses		$	91,632		$	116,765
Contract liabilities			31,030			32,571
Income taxes payable			2,476			10,770
Operating lease liabilities - current			13,710			14,098
Other current liabilities			1,578			1,645
Total current liabilities			140,426			175,849
Deferred income taxes			11,021			6,169
Long-term debt obligations			260,000			346,000
Operating lease liabilities			77,185			83,960
Other long-term liabilities			23,078			27,082
Stockholders' equity			2,010,989			1,918,808
Total liabilities and stockholders' equity		$	2,522,699		$	2,557,868

 

BIO-TECHNE CORPORATION CONDENSED CONSOLIDATED CASH FLOWS (In thousands) (Unaudited)
		Six Months Ended
		December 31,
		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings		$	76,194		$	68,490
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization			49,049			55,221
Costs recognized on sale of acquired inventory			—			373
Deferred income taxes			5,203			(13,417)
Stock-based compensation expense			25,640			24,892
(Gain) Loss on equity method investment			(404)			(420)
Asset impairment restructuring			3,253			9,841
Recovery of assets held-for-sale			(6,789)			—
Other operating activities			(42,150)			3,255
Net cash provided by (used in) operating activities			109,996			148,235
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of available-for-sale investments			—			1,085
Additions to property and equipment			(11,284)			(15,993)
Distributions from Wilson Wolf			1,351			1,403
Investment in Spear Bio			—			(15,000)
Proceeds from sale of assets held-for-sale			4,617			1,789
Net cash provided by (used in) investing activities			(5,316)			(26,716)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends			(24,914)			(25,424)
Proceeds from stock option exercises			28,234			30,641
Long-term debt activity, net			(86,000)			(19,000)
Repurchases of common stock			(24)			(75,628)
Taxes paid on RSUs and net share settlements			(10,486)			(5,997)
Net cash provided by (used in) financing activities			(93,190)			(95,408)
Effect of exchange rate changes on cash and cash equivalents			(797)			(353)
Net increase (decrease) in cash and cash equivalents			10,693			25,758
Cash and cash equivalents at beginning of period			162,186			151,791
Cash and cash equivalents at end of period		$	172,879		$	177,549

 

Use of Non-GAAP Financial Measures:

This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results. Investors are encouraged to review the reconciliations of non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures as provided with the financial statements attached to this press release.

Our non-GAAP financial measure of organic revenue and organic revenue growth represent revenue growth excluding revenue from acquisitions within the preceding 12 months, the impact of foreign currency, the impact of businesses held-for-sale, as well as the impact of partially-owned consolidated subsidiaries. Excluding these measures provides more useful period-to-period comparison of revenue results as it excludes the impact of foreign currency exchange rates, which can vary significantly from period to period, and revenue from acquisitions that would not be included in the comparable prior period. Revenues from businesses held-for-sale are excluded from our organic revenue calculation starting on the date they become held-for-sale as that revenue will not be comparable in future periods. Revenues from partially-owned subsidiaries consolidated in our financial statements are also excluded from our organic revenue calculations, as those revenues are not fully attributable to the Company. There was no revenue from partially-owned consolidated subsidiaries in fiscal years 2026 or 2025.

Our non-GAAP financial measures for adjusted gross margin, adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, exclude stock-based compensation, which is inclusive of the employer portion of payroll taxes on those stock awards, the costs recognized upon the sale of acquired inventory, amortization of acquisition intangibles, and restructuring and restructuring-related costs. Stock-based compensation is excluded from adjusted net earnings because of the nature of this charge, specifically the varying available valuation methodologies, subjective assumptions, variety of award types, and unpredictability of amount and timing of employer related tax obligations. The Company excludes amortization of purchased intangible assets, purchase accounting adjustments, including costs recognized upon the sale of acquired inventory, and other non-recurring items including gains or losses on goodwill and long-lived asset impairment charges, and one-time assessments from this measure because they occur as a result of specific events, and are not reflective of our internal investments, the costs of developing, producing, supporting and selling our products, and the other ongoing costs to support our operating structure. Costs related to restructuring and restructuring-related activities, including reducing overhead and consolidating facilities, are excluded because we believe they are not indicative of our normal operating costs.  Additionally, these amounts can vary significantly from period to period based on current activity. The Company also excludes revenue and expense attributable to partially-owned consolidated subsidiaries as well as revenue and expense attributable to businesses held-for-sale in the calculation of our non-GAAP financial measures.

The Company's non-GAAP adjusted operating margin, adjusted EBITDA, and adjusted net earnings, in total and on a per share basis, also exclude acquisition related expenses inclusive of the changes in fair value of contingent consideration, and other non-recurring items including certain costs related to the transition to a new CEO, goodwill and long-lived asset impairments, and gains. We also exclude certain litigation charges which are facts and circumstances specific including costs to resolve litigation and legal settlement (gains and losses). In some cases, these costs may be a result of litigation matters at acquired companies that were not probable, inestimable, or unresolved at the time of acquisition.

The Company's non-GAAP adjusted EBITDA and adjusted net earnings, in total and on a per share basis, also excludes gains and losses from investments, as they are not part of our day-to-day operating decisions (excluding our equity method investment in Wilson Wolf as it is certain to be acquired in the future) and certain adjustments to income tax expense. Additionally, gains and losses from investments that are either isolated or cannot be expected to occur again with any predictability are excluded. The Company independently calculates a non-GAAP adjusted tax rate to be applied to the identified non-GAAP adjustments considering the impact of discrete items on these adjustments and the jurisdictional mix of the adjustments. In addition, the tax impact of other discrete and non-recurring charges which impact our reported GAAP tax rate are adjusted from net earnings. We believe these tax items can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results.

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SOURCE Bio-Techne Corporation

FAQ

What were Bio-Techne (TECH) second quarter fiscal 2026 revenue and EPS results?

Bio-Techne reported $295.9 million in revenue and GAAP EPS of $0.24. According to the company, adjusted EPS was $0.46, reflecting ongoing profitability initiatives and divestiture impacts.

How did Bio-Techne (TECH) adjusted operating margin perform in Q2 FY2026?

Adjusted operating margin was 31.1% for Q2 FY2026, up 100 basis points year-over-year. According to the company, productivity actions and the Exosome Diagnostics divestiture supported margin expansion.

What drove the Diagnostics and Spatial Biology segment margin improvement at TECH in Q2 2026?

Diagnostics margin rose to 10.4%, from 3.9% a year earlier. According to the company, the Exosome Diagnostics divestiture and profitability initiatives were primary contributors to the improvement.

Did Bio-Techne (TECH) report growth in any geographic or end-market areas in Q2 FY2026?

Yes — the company reported growth in China/APAC and double-digit growth in the large pharma end market. According to the company, commercial execution and improving end-markets drove this performance.

When and how can investors access Bio-Techne's Q2 FY2026 earnings call replay?

The company held the call on February 4, 2026, with a replay available through March 4, 2026. According to the company, the webcast and phone replay details are on its investor relations channels.