Welcome to our dedicated page for Bio-Techne news (Ticker: TECH), a resource for investors and traders seeking the latest updates and insights on Bio-Techne stock.
Bio-Techne Corporation (NASDAQ: TECH) is a pioneering global life sciences company based in Minnesota. Specializing in bioactive tools and reagents, Bio-Techne serves the research and clinical diagnostic communities. The company's extensive product portfolio, exceeding 275,000 items, supports scientific investigations into biological processes and disease mechanisms, facilitating both drug discovery and accurate clinical testing.
Bio-Techne operates through two main segments: Protein Sciences and Diagnostics and Genomics. The Protein Sciences segment, which accounts for 75% of revenue, provides reagents such as antibodies and analytical instruments for life sciences research. The Diagnostics and Genomics segment, representing 25% of revenue, offers diagnostic reagents and molecular diagnostics, with a strong footprint in spatial biology products.
Geographically, the United States is Bio-Techne's largest market, contributing about 55% of its revenue. The company also maintains significant operations in Europe, the Middle East, Africa (20%), the UK (5%), and Asia-Pacific (15%).
In recent news, Bio-Techne has been active on multiple fronts:
- Legal Actions: Bio-Techne initiated legal proceedings in the Unified Patent Court to address patent infringements related to its RNAscope® ISH technology by Molecular Instruments, Inc.
- Innovations: Partnering with Novomol-Dx, Bio-Techne introduced the Bio-Marker Pathfinder (BMP), a point-of-care ocular biomarker kit leveraging its Ella™ platform for rapid diagnostics in ophthalmic diseases.
- Strategic Collaborations: Bio-Techne entered a distribution agreement with Thermo Fisher Scientific to expand product access across Europe and announced continued collaboration with Regulus Therapeutics, highlighting positive results in ADPKD treatment using Bio-Techne's Simple Western™ platforms.
- Financial Performance: Bio-Techne reported a modest 3% revenue increase for Q3 FY2024 despite challenging market conditions, underscoring strong operational execution and strategic investments.
- Product Showcases: The company unveiled its MauriceFlex™ System at the 72nd ASMS Conference, demonstrating innovative solutions for protein characterization.
With over 3,100 employees worldwide, Bio-Techne generated over $1.1 billion in net sales in fiscal 2023. The company continues to drive significant advancements in life sciences and healthcare through its robust portfolio and strategic initiatives.
Bio-Techne Corporation (NASDAQ: TECH) announced an investment of $257 million in Wilson Wolf Manufacturing, resulting in a 20% ownership stake. This follows Wilson Wolf achieving a trailing 12-month EBITDA of $55 million. Bio-Techne can acquire the remaining ownership for $1 billion if Wilson Wolf hits a revenue milestone of $226 million or $136 million in EBITDA by December 31, 2027. Wilson Wolf specializes in innovative cell production technology crucial for Cell and Gene Therapy. The investment is poised to enhance Bio-Techne's capacity in CGT manufacturing and streamline processes in the sector.
Bio-Techne Corporation (NASDAQ: TECH) announced that CEO Chuck Kummeth will present at the Cowen 43rd Annual Health Care Conference on March 6, 2023, at 2:10 p.m. EST. Investors can access a live webcast of the presentation through the company's Investor Relations website.
Bio-Techne is a prominent developer of purified proteins and reagent solutions, including cytokines, antibodies, and diagnostic products. The company generated approximately $1.1 billion in net sales for fiscal 2022 and employs around 3,000 people globally.
Bio-Techne Corporation (NASDAQ: TECH) announced that the Medicare contractor, National Government Services, has finalized local coverage determination for the ExoDx Prostate Test. Effective March 1, 2023, this policy covers annual testing for men with a negative biopsy but considered at high risk for prostate cancer. The ExoDx Test helps identify patients who truly need invasive biopsies based on their PSA levels.
This updated coverage reflects the latest recommendations from the National Comprehensive Cancer Network, enhancing patient access to noninvasive testing before proceeding with biopsies, thus addressing rising prostate cancer incidences.
Bio-Techne Corporation (NASDAQ: TECH) announced that Jim Hippel, Executive Vice President and Chief Financial Officer, will present at the Citi 2023 Healthcare Services, Medtech, Tools & HCIT Conference on March 1, 2023, at 2:00 p.m. EST. Investors can access a live webcast of the presentation on the Investor Relations website. With approximately $1.1 billion in net sales in fiscal 2022, Bio-Techne specializes in high-quality purified proteins, reagent solutions, and diagnostic products, providing tools for research and clinical diagnostics globally.
Bio-Techne Corporation (NASDAQ: TECH) announced a partnership with Cell Signaling Technology (CST) on February 14, 2023, aimed at enhancing research capabilities in molecular signaling pathways. This collaboration introduces Simple Western™ validation for CST antibodies, streamlining the study of critical cellular functions. The Simple Western systems provide rapid results in protein detection, enabling researchers to achieve more accurate and efficient data collection. With over $1.1 billion in net sales generated in fiscal 2022, Bio-Techne is positioned to support advancements in drug discovery through its innovative platforms.
Bio-Techne Corporation (NASDAQ: TECH) reported its financial results for the second quarter of FY2023, showing a 4% increase in organic revenue to $271.6 million. However, GAAP earnings per share (EPS) fell to $0.31 from $0.49 year-over-year due to a prior non-recurring gain. The company experienced a strong performance in its ExoDx Prostate test, with revenues doubling year-over-year. Despite challenges in Biotech funding and currency exchange impacts, growth in the US consumable business and cell therapy portfolio remained robust. Adjusted EPS held steady at $0.47 amid a competitive market environment.
On February 2, 2023, Bio-Techne Corporation (NASDAQ: TECH) declared a quarterly dividend of $0.08 per share for the quarter ended December 31, 2022. This dividend will be payable on February 27, 2023 to shareholders of record on February 13, 2023. Bio-Techne, a global leader in life sciences, reported approximately $1.1 billion in net sales for fiscal 2022 and employs around 3,000 staff worldwide. The Board will evaluate future dividends quarterly. The company’s innovative tools and reagents play a critical role in research and diagnostics.
Bio-Techne Corporation (NASDAQ: TECH) announced the appointment of Shane Bohnen as Senior Vice President and General Counsel, effective March 3, 2023. Bohnen succeeds Brenda Furlow, who is retiring after nine years of significant contributions, including establishing the legal and compliance functions and leading corporate sustainability initiatives. Bohnen has over 20 years of legal experience, including his role as Associate General Counsel at Bio-Techne since 2019, where he managed M&A activities and ESG initiatives. Chuck Kummeth, CEO, emphasized Bohnen's extensive knowledge and leadership as vital for the company's growth strategy.
Bio-Techne Corporation (NASDAQ: TECH) launched its ProteinSimple-branded MauriceFlex™ system during the WCBP conference on Jan. 26, 2023, in Washington D.C. This innovative system enables protein charge variant fractionation along with routine cIEF and CE-SDS assays, streamlining protein characterization workflows. MauriceFlex™ distinguishes itself by allowing cIEF-based fractionation without the extensive method development and preparation typically required. A major biotech company showcased the system's capabilities in analyzing charge variant fractions of a therapeutic dual variable domain antibody. According to Will Geist, President of Protein Sciences, MauriceFlex™ accelerates therapeutic molecule analysis, enhancing market readiness.
Bio-Techne Corporation (NASDAQ: TECH) announced a conference call and webcast to discuss its second quarter 2023 financial results on February 2, 2023, at 8:00 a.m. CST. Investors can join the call by dialing 1-877-407-9208 or through the webcast link provided. A recorded replay will be available from 11:00 a.m. CST on February 2 until 11:00 p.m. CST on March 2. The company, noted for high-quality protein and reagent solutions, generated approximately $1.1 billion in net sales in fiscal 2022 and employs around 3,000 people globally.
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