Bio-Techne Releases First Quarter Fiscal 2026 Results

MINNEAPOLIS, Nov. 5, 2025 -- Bio-Techne Corporation (NASDAQ: TECH) today reported its financial results for the first quarter ended September 30, 2025.

First Quarter FY2026 Highlights

• First quarter reported and organic revenue decreased 1% to $286.6 million.
• GAAP earnings per share (EPS) was $0.24 versus $0.21 for first quarter 2025. Delivered adjusted EPS of $0.42 compared to $0.42 for first quarter 2025.
• Completed the divestiture of the Exosome Diagnostics business including the ExoDx Prostate test (EPI) as the Company emphasizes investment and commercial priorities on non-CLIA based product lines in their growth pillars. 
• Ongoing productivity and cost containment initiatives led to 29.9% adjusted operating margin, an increase of 90 basis points compared to the prior year period.

"The Bio-Techne team once again executed with focus and agility in a dynamic operating environment," said Kim Kelderman, President and Chief Executive Officer of Bio-Techne. "During the quarter, we observed encouraging signs of stabilization in our US academic end market and continued strength from large pharmaceutical customers, while funding headwinds persisted for emerging biotech companies. Among our growth pillars, ProteinSimple's analytical solutions extended its growth momentum and Spatial Biology stabilized while showing early signs of accelerating growth going forward.  In Cell Therapy, we are very excited that a few of our largest customers received Fast Track Designation by the FDA, enabling shortened clinical development and approval timelines. However, these advancements have resulted in short- and intermediate-term order timing headwinds for our GMP proteins business."

Kelderman added, "Our differentiated portfolio of advanced life science tools, reagents, and diagnostic products continues to enable breakthroughs in science and medicine. With our world-class team, sharpened strategic focus, innovation capabilities and sector-leading financial profile, Bio-Techne remains well positioned to deliver long-term value for all stakeholders."

Conference Call

Bio-Techne will host an earnings conference call today, November 5, 2025 at 8:00 a.m. CST. To listen, please dial 1-800-274-8461 or 1-203-518-9814 for international callers, and reference conference ID TECHQ1. The earnings call can also be accessed via webcast through the following link https://investors.bio-techne.com/ir-calendar.

A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-844-512- 2921 or 1-412-317-6671 (for international callers) and referencing Conference ID 11160247. The replay will be available from 11:00 a.m. CST on Wednesday, November 5, 2025, until 11:00 p.m. CST on Friday, December 5, 2025.

First Quarter Fiscal 2026

Revenue

Net sales for the first quarter decreased 1% to $286.6 million. Organic revenue decreased 1% compared to the prior year, with foreign currency exchange having a favorable impact of 1% and businesses held-for-sale having an unfavorable impact of 1%.

GAAP Earnings Results

GAAP EPS was $0.24 per diluted share, compared to $0.21 in the same quarter last year. GAAP operating income for the first quarter of fiscal 2026 increased 19% to $47.7 million, compared to $40.0 million in the first quarter of fiscal 2025. GAAP operating margin was 16.6%, compared to 13.8% in the first quarter of fiscal 2025. Current year GAAP operating margin was favorably impacted by a reduction in restructuring charges from the prior year.

Non-GAAP Earnings Results

Adjusted EPS was $0.42 per diluted share compared to $0.42 in the same quarter last year. Adjusted operating income for the first quarter of fiscal 2026 was $84.2 million, compared to $83.2 million in the first quarter of fiscal 2025. Adjusted operating margin was 29.9%, compared to 29.0% in the first quarter of fiscal 2025. Adjusted operating margin was favorably impacted by productivity initiatives, foreign exchange, and the Exosome Diagnostics divestiture.

Segment Results

Management uses adjusted operating results to monitor and evaluate performance of the Company's business segments, as highlighted below.

Protein Sciences Segment

The Company's Protein Sciences segment is one of the world's leading suppliers of specialized proteins such as cytokines and growth factors, immunoassays, antibodies and reagents, to the biopharmaceutical and academic communities. Additionally, the segment provides an array of platforms essential in various areas of protein analysis. The Protein Sciences segment's first quarter fiscal 2026 net sales were $202.2 million, which decreased 1% from sales of $204.5 million for the first quarter of fiscal 2025. As of December 31, 2023, a business within the Protein Sciences segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's fiscal 2025 operating results. Organic revenue for the segment decreased 3%, with foreign currency exchange having a favorable impact of 2%. The Protein Sciences segment's operating margin was 38.4% in the first quarter of fiscal 2026 compared to 39.4% in the first quarter of fiscal 2025. The segment's operating margin decreased primarily due to a reduction in volume leverage.

Diagnostics and Spatial Biology Segment

The Company's Diagnostics and Spatial Biology segment develops and provides spatial biology products, carrier screening, and oncology kits. The Diagnostics and Spatial Biology segment also provides blood chemistry and blood gas quality controls, hematology instrument controls, immunoassays, and other bulk and custom reagents for the in vitro diagnostic market. The Diagnostics and Spatial Biology segment's first quarter fiscal 2026 net sales were $79.5 million, a decrease of 4% from $83.2 million for the first quarter of fiscal 2025. As of June 30, 2025, a business within the Diagnostics and Spatial Biology segment met the criteria as held-for-sale; this held-for-sale business has been excluded from the segment's fiscal 2026 operating results. Organic revenue growth was 3% for the first quarter of fiscal 2026, with foreign currency exchange having an immaterial impact. The held-for-sale business had an unfavorable impact of 7%. The Diagnostics and Spatial Biology segment's operating margin was 11.2% in the first quarter of fiscal 2026 compared to 5.1% in the first quarter of fiscal 2025. The segment's operating margin increased due to volume leverage and the Exosome Diagnostics divestiture.

About Bio-Techne

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne products assist scientific investigations into biological processes and the nature and progress of specific diseases. They aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. With thousands of products in its portfolio, Bio-Techne generated over $1.2 billion in net sales in fiscal 2025 and has approximately 3,100 employees worldwide. For more information on Bio-Techne and its brands, please visit www.bio-­techne.com.

Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements use words, and variations of words, such as "will," "plan," "continue," "believe," "outlook," "expect," and "predict." These statements are made as of the date of this press release, are based on current expectations of future events, and thus are inherently subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond the Company's control.  If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include, without limitation: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.

For additional information concerning these risks, uncertainties, and other factors, see the section titled "Risk Factors" in the Company's most recent annual report on Form 10-K as filed with the Securities and Exchange Commission. We undertake and we expressly disclaim any obligation to update or revise any forward-looking statements due to new information, changed assumptions, or future events, except as required by law. Investors are cautioned not to place undue reliance on forward-looking statements.

Non-GAAP Financial Measures

The Company's financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). This press release contains financial measures that have not been calculated in accordance with GAAP. These non-GAAP measures include:

• Organic revenue and organic revenue growth
• Adjusted gross margin
• Earnings before interest, taxes, depreciation, and amortization (EBITDA)
• Adjusted EBITDA
• Adjusted operating income
• Adjusted operating margin
• Adjusted tax rate
• Adjusted net earnings
• Adjusted diluted earnings per share

These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company's use of these measures, are presented in the attached pages.