Bio-Techne Corp

NASDAQ:TECH

Revenue: Bio-Techne reported Q3 revenue of $311.4 million, down 2% year over year, with underlying organic growth of 2% after adjusting for timing and other one-time items.

Margins: Adjusted operating margin was 34.2%, up 310 basis points sequentially, showing strong profitability even in a mixed demand environment.

Biotech Weakness: Emerging biotech spending was softer than expected and declined high single digits, which management said was the main reason the quarter came in below its underlying trend.

Strong Spots: Large pharma grew low double digits for its sixth straight quarter, China posted its fourth consecutive quarter of organic growth, and Spatial Biology delivered mid-teens growth.

Outlook: Management expects Q4 organic growth to be approximately flat, with low single-digit underlying growth excluding the temporary cell therapy headwind.

FY27 View: Management said it would be disappointed not to deliver at least mid-single-digit growth in fiscal 2027, citing improving biotech funding, a steadier academic market and easier comparisons.