Bio-Techne Corporation

Bio-Techne has been going through a tough 2022 and witnessed a slow summer especially in the European markets as well as Covid-related shutdowns in China. The company did manage to achieve some organic revenue growth but failed to meet Wall Street expectations in terms of revenues as well as earnings. The protein sciences segment of the company faced regional challenge but its genomics and diagnostics segments performed decently. Also, the spatial biology business of the company accelerated in this quarter. Bio-Techne continued to drive a good performance in terms of the patient and doctor usage of its ExomeDx prostate test, and it delivered growth of double-digit in its diagnostic and genetic Dx reagents business. The bio-pharma end markets of the company remain healthy. It had signed some commercial licenses to support the growing pipeline of cell therapies, mainly for NK cell and T-cell therapies. The company recently announced the release of the automated codetection assays for the company’s Advanced Cell Diagnostics RNAscope system for in-situ hybridization. The portfolio of proteomic research reagents, spatial biology solutions, and analytical tools remain key components of the scientific business process. We provide Bio-Techne stock with a ‘Hold’ rating and a revision in the target price.