Company Reports

Narrow moat Bio-Techne’s fourth-quarter earnings were in line with our expectations. Revenue was $306 million for the three months and $1.2 billion for the full year ended June 30, which both represented 1% organic year-over-year growth. We are maintaining our fair value estimate of $87 per share and view shares as modestly undervalued.

We are relaunching coverage of Bio-Techne with a narrow moat rating and a fair value estimate of $87 per share. The firm is a leader in proteins, immunoassays, clinical diagnostic controls, and other reagents that are crucial for the academic, biopharmaceutical, and diagnostic markets. We think it has attractive long-term growth prospects, with the potential for low-double-digit growth starting in fiscal 2025, and has demonstrated strong operating profit margins and free cash flow over the past 10 years. We view the shares as fairly valued currently.

Narrow moat Bio-Techne is a market leader in proteins, immunoassays, clinical diagnostic controls, and other reagents that are crucial for the academic, biopharmaceutical, and diagnostic markets.

We are dropping coverage of Bio-Techne. We provide broad coverage of more than 1,500 companies globally and periodically adjust our coverage according to investor interest and staffing.

Narrow-moat Bio-Techne ended the fiscal year with strong growth across the board paired with margin gains that outpaced our forecasts, and we are increasing our fair value estimate by 6% to $339 per share. Bio-Techne also announced a leadership transition, with CEO Chuck Kummeth stepping down by mid-year 2024 (end of that fiscal year). We do not expect this development to significantly affect the firm's long-term strategy given that Kummeth will remain on the board and help choose his successor. Considering the company has been performing well, there would be little reason to significantly change strategic direction.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Bio-Techne had a good quarter overall and remains on track to exceed $1 billion of sales this year. We are leaving our $320 fair value estimate and narrow moat ratings in place as quarterly results did not deviate much from our perspective. Shares remain slightly overvalued, in our view.

Narrow-moat Bio-Techne enjoyed strong sales growth in the fiscal second quarter, though earnings growth was limited by higher operating costs. After crossing $1 billion in sales, we believe the firm is on track for $2 billion by 2026, and we are leaving our $320 fair value estimate intact. We are a bit puzzled by the market’s favorable reaction to earnings, with the stock up over 6%, considering results came in right near consensus aggregated by FactSet (and our estimates), though less margin dilution than expected from the Asuragen purchase could be a factor.

Narrow-moat Bio-Techne had a strong start to fiscal 2022, reporting organic sales growth of 21% and adjusted EPS increasing to $1.83 from $1.43 last year. We are maintaining our $320 fair value estimate and are not materially changing our long-term expectations. The shares trade well above our fair value estimate--at a 55% premium--even following the 4% decline in Nov. 2 trading.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Narrow-moat Bio-Techne had a strong end to the fiscal year and met our high expectations. We are maintaining our $230 fair value estimate after incorporating our expectation for a weighted-average U.S. corporate tax rate of 26%.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets, and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Narrow-moat Bio-Techne had a good fiscal third quarter that met our high expectations, reporting revenue growth of 25% and diluted EPS of $1.12, an increase of $0.20 over the previous year. We are maintaining our $215 fair value estimate.

Narrow-Moat Bio-Techne reported another very strong quarter, with year-over-year sales growth accelerating to over 20% and adjusted EPS increasing to $1.68 from $1.02 in the year-ago period. We are increasing our fair value estimate to $215 per share, up from $200, on the outperformance and management’s optimistic comments about the year ahead. We share the market’s positive view of earnings, with shares up over 10% in trading, in line with our fair value estimate increase. Still, shares remain significantly overvalued, in our view.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets, and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Bio-Techne is a market leader in proteins for the pharma, biotech, academic, and diagnostic markets, and maintains strong market positioning in antibodies and testing controls for diagnostic partners.

Narrow-moat Bio-Techne reported strong fiscal first-quarter earnings, with year-over-year organic revenue up 10% and EPS of $0.83, up from $0.37 last year. While revenue is tracking slightly ahead of our full-year forecast, we still expect net income and cash flow near our full-year expectations, and we maintain our $184 fair value estimate.

Bio-Techne is a market-leader in proteins for the pharma, biotech, academic, and diagnostic markets, and maintains strong market positioning in both antibodies and testing controls for diagnostic partners.