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Bio-Techne
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Latest analysis
Updated Nov 6, 2026
Bio-Techne Q1 FY27: 5% sales growth to $299.7M, organic +7%; Protein Sciences +9%, Diagnostics flat amid margin compression
Bio-Techne delivered consolidated revenue of $299.7 million in Q1 FY27, representing 5% reported growth and 7% organic growth, with the Protein Sciences segment accelerating to 9% organic growth while Diagnostics and Spatial Biology remained essentially flat at 1%. Gross margin held at 65.6% GAAP but adjusted gross margin compressed 90 basis points to 69.3%, driven by unfavorable product mix and the impact of businesses held-for-sale. Operating leverage deteriorated: adjusted net earnings grew only 6% to $70.1 million despite revenue growth, and the Diagnostics segment's operating margin collapsed from 11.2% to 7.4% year-over-year, signaling execution challenges in the lower-margin clinical diagnostics business. The pending Merck KGaA acquisition, approved by shareholders on September 23, 2026, and expected to close by late 2026 or early 2027, now dominates the forward outlook and risk profile.
Tone: mixedRevenue
$1.2B
TECH 10-K · FY 2026
Employees
3,000
Revenue FY2025
$1.2B
Founded
1976
Profile
TECH 10-K Item 1 · Aug 24, 2026Bio-Techne develops, manufactures, and sells life science reagents, instruments, and services for the research, diagnostics, and bioprocessing markets worldwide. The company operates through two segments — Protein Sciences and Diagnostics and Spatial Biology — serving researchers, pharmaceutical companies, and clinical diagnostics customers. Its portfolio spans hundreds of thousands of products, most manufactured in-house across North America, Europe, and Asia.
Read filing description ↓ Collapse description ↑
Bio-Techne and its subsidiaries develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide. Our broad product portfolio and application expertise enables scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases. Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. We manage the business in two operating segments — our Protein Sciences segment and our Diagnostics and Spatial Biology segment. Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell and gene therapy. This segment also includes proteomic analytical tools, both manual and automated, that offer researchers and pharmaceutical manufacturers efficient and streamlined options for protein analysis, automated western blot, and multiplexed ELISA workflows. Our Diagnostics and Spatial Biology segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for the regulated diagnostics market, advanced tissue-based in-situ hybridization assays and instrumentation for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications. We are a Minnesota corporation with our global headquarters in Minneapolis, Minnesota. We were founded in 1976 as Research and Diagnostic Systems, Inc. We became a publicly traded company in 1985 through a merger with Techne Corporation, now Bio-Techne Corporation.
Primary products
- Cytokines and growth factors
- Antibodies
- Small molecules
- Tissue culture sera
- Cell selection technologies
- Manual plate-based immunoassays
Business segments
End markets
Geographies
Named customers
No single end-user customer accounted for more than 10% of the Protein Sciences segment's net sales during fiscal 2026, 2025, or 2024. No customer accounted for 10% or more of the reporting segment's consolidated net sales during fiscal 2026, 2025 or 2024.
“We believe our competitive position is strong due to the unique aspects of many of our products and our product quality.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Consolidated net sales remained flat at $1.2 billion in fiscal 2026 compared to fiscal 2025, with organic revenue flat, a 2% favorable impact from foreign currency translation, and a 2% unfavorable impact from a business held-for-sale.
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