Bio-Techne (TECH) Q3 2026 earnings summary

Executive summary

• Third quarter FY2026 revenue declined 2% year-over-year to $311.4M, with organic revenue also down 2%.

• GAAP EPS rose to $0.32 from $0.14, while adjusted EPS decreased to $0.53 from $0.56 year-over-year.

• Large pharma delivered its sixth consecutive quarter of double-digit growth, offset by weaker emerging biotech demand and stabilized U.S. academic markets.

• Growth areas included mid-single-digit gains in Proteomic Analysis instruments, mid-teens in Spatial Biology, and nearly 50% growth in GMP proteins (excluding fast-track customers).

Financial highlights

• Net sales for Q3 FY2026 were $311.4M, down 2% from $316.2M in Q3 FY2025.

• GAAP operating income increased 95% to $75.5M; GAAP operating margin rose to 24.2% from 12.2%.

• Adjusted operating income was $106.5M (down from $110.3M); adjusted operating margin was 34.2% (down from 34.9%).

• Adjusted gross margin was 70.4%, compared to 71.6% in the prior year.

• Adjusted EBITDA for the quarter was $116.7M, compared to $122.2M a year ago.

Outlook and guidance

• Management noted early signs of a more constructive outlook as funding activity and customer purchasing begin to realign.

• The portfolio is positioned for durable, high-value applications across the scientific journey.