# Bio-Techne Corporation (TECH) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TECH/thesis · /stocks/TECH/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: TECH
step: "04"
title: Financial Snapshot — 3-Year P&L Summary
created: 2026-05-29
---

### Step 04 — Financial Snapshot: 3-Year P&L Summary

#### Income Statement Summary (FY2022–FY2024)

*Fiscal year ends June 30. All figures in millions USD unless noted.*

| Metric | FY2022 | FY2023 | FY2024 |
|--------|--------|--------|--------|
| **Revenue** | $1,056M | $1,102M | $1,104M |
| YoY Growth | +14.0% | +4.4% | +0.2% |
| **Gross Profit** | $794M | $820M | $817M |
| Gross Margin | 75.2% | 74.4% | 74.0% |
| **R&D Expense** | $65M | $70M | $72M |
| R&D as % Revenue | 6.2% | 6.4% | 6.5% |
| **SG&A Expense** | $240M | $258M | $255M |
| SG&A as % Revenue | 22.7% | 23.4% | 23.1% |
| **GAAP Operating Income** | $348M | $325M | $303M |
| GAAP Operating Margin | 33.0% | 29.5% | 27.4% |
| **Adjusted Operating Income** | ~$425M | ~$415M | ~$400M |
| Adjusted Operating Margin | ~40.2% | ~37.7% | ~36.2% |
| **GAAP Net Income** | $285M | $248M | $235M |
| **Adjusted Net Income** | ~$350M | ~$335M | ~$318M |
| **GAAP Diluted EPS** | $7.18 | $6.26 | $5.94 |
| **Adjusted Diluted EPS** | ~$8.82 | ~$8.46 | ~$8.04 |
| **EBITDA (Adjusted)** | ~$460M | ~$450M | ~$435M |
| Adjusted EBITDA Margin | ~43.6% | ~40.8% | ~39.4% |

*Notes: GAAP vs. adjusted differences primarily reflect stock-based compensation (~$50-60M), amortization of acquired intangibles (~$70-80M), and restructuring charges. Adjusted figures are non-GAAP management metrics.*

#### Key Profitability Trends

##### Gross Margin Compression
Bio-Techne's gross margin has been remarkably stable in the 73-76% range over the past several years, reflecting:
- Premium pricing power
- Reagent-heavy mix (reagents carry 80%+ gross margins)
- Offset by instrument mix (instruments carry lower gross margins, ~45-55%)
- Small dilution from acquired businesses with slightly lower margins

The ~1-2pp compression from FY2022 to FY2024 is modest and primarily reflects:
1. Higher instrument revenue mix as new platforms ramped
2. Some volume deleverage on fixed manufacturing costs
3. Inflation in raw materials (partially offset by price increases)

##### Operating Margin Dynamics
GAAP operating margins compressed from ~33% in FY2022 to ~27% in FY2024 due to:
1. Revenue growth slowdown (volume deleverage)
2. Continued investment in sales force and R&D
3. Higher amortization from recent acquisitions
4. Integration costs

Adjusted operating margins (~36-40%) are more representative of the underlying business economics and remain best-in-class for the sector.

##### EPS Trajectory
Adjusted EPS peaked in FY2022 and has declined through FY2024, reflecting:
- Revenue deceleration (primary driver)
- Modest operating leverage loss
- Higher interest expense (acquisitions funded partly with debt)
- Partially offset by share buybacks

#### Balance Sheet Highlights (FY2024)

| Item | Value |
|------|-------|
| Total Assets | ~$4.3B |
| Total Goodwill & Intangibles | ~$2.8B |
| Cash & Equivalents | ~$60-80M |
| Total Debt (gross) | ~$1.1-1.2B |
| Net Debt | ~$1.0-1.1B |
| Total Equity | ~$2.9B |

The large goodwill/intangibles balance reflects the acquisition-driven growth strategy (ProteinSimple, ACD/RNAscope, Exosome Diagnostics, etc.).

#### Cash Flow Summary

| Metric | FY2022 | FY2023 | FY2024 |
|--------|--------|--------|--------|
| Operating Cash Flow | ~$390M | ~$355M | ~$340M |
| Capex | ~$(50)M | ~$(55)M | ~$(50)M |
| Free Cash Flow | ~$340M | ~$300M | ~$290M |
| FCF Margin | ~32% | ~27% | ~26% |
| FCF Conversion (of adj. net income) | ~97% | ~90% | ~91% |

Bio-Techne is a strong free cash flow generator — FCF conversion above 90% of adjusted net income reflects the asset-light nature of the reagent manufacturing business. Capital expenditures are primarily for lab/manufacturing equipment and facility maintenance.

#### Valuation Multiples (as of early 2026)

| Metric | Value |
|--------|-------|
| Share Price (approx.) | ~$55-65 |
| Market Cap | ~$2.1-2.5B |
| Enterprise Value | ~$3.1-3.5B |
| EV/Revenue (FY2024) | ~2.8-3.2x |
| EV/EBITDA (adj., FY2024) | ~7-8x |
| P/E (adj., FY2024) | ~7-8x |
| EV/EBIT (adj., FY2024) | ~8-9x |

*Note: These represent significant multiple compression from peak (FY2021 EV/EBITDA was ~30-35x). The stock de-rated substantially as growth slowed and rates rose.*

#### Segment Profitability

Bio-Techne reports segment operating income (before corporate allocations):

| Segment | FY2024 Op. Income | Segment Margin |
|---------|-----------------|---------------|
| Protein Sciences | ~$375M | ~45% |
| Diagnostics & Genomics | ~$25M | ~9% |

The stark margin differential reflects:
- Protein Sciences: Mature, high-margin reagent business with strong operating leverage
- Diagnostics & Genomics: Earlier-stage platforms (RNAscope, Ella) still scaling; higher investment in commercialization, R&D

As RNAscope/spatial biology scales, D&G margin should improve substantially over time — this is a key source of potential earnings upside.

#### Key Financial Ratios

| Ratio | FY2022 | FY2023 | FY2024 |
|-------|--------|--------|--------|
| Gross Margin | 75.2% | 74.4% | 74.0% |
| Adj. EBITDA Margin | 43.6% | 40.8% | 39.4% |
| FCF Margin | 32% | 27% | 26% |
| Net Debt/EBITDA | ~1.0x | ~1.2x | ~1.4x |
| Interest Coverage (EBIT/interest) | ~15x | ~12x | ~10x |

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TECH/fundamental

## Navigation

- Overview: /stocks/TECH
- Financials (this page): /stocks/TECH/financials
- Thesis: /stocks/TECH/thesis
- Investment Memo: /stocks/TECH/memo
- Coverage universe: /stocks