Bio-Techne (TECH) TD Cowen 46th Annual Health Care Conference summary

Company history and strategic overview

• Celebrating 50 years, the company evolved from hematology controls to a portfolio of 6,000+ proteins and core reagents, enabling broad market access and customer engagement.

• Four growth verticals—protein characterization, cell therapy, spatial biology, and molecular diagnostics—were built through acquisitions and organic growth.

• The business model leverages high-margin core products and differentiated offerings in growth markets.

Recent performance and market outlook

• Fiscal 2Q organic growth was flat overall, with underlying growth at 3%, impacted by GMP reagents headwinds.

• Confidence remains high in exiting fiscal 2026 with mid-single digit organic growth, supported by strong large pharma momentum and improving biotech funding.

• Academic and Asian markets are expected to remain stable or improve, with U.S. academic funding showing progress.

End market dynamics

• Large pharma, representing 30% of sales, has delivered five consecutive quarters of double-digit growth, driven by tailored offerings and automation trends.

• Biotech funding has rebounded, with spending typically flowing through in about three quarters, potentially faster due to existing infrastructure.

• Academic and Asian markets are stable, with expectations for gradual improvement.