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Bio-Techne Corp TECH

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Bio-Techne Starts Fiscal 2022 With Strong Growth Offset by Labor-Related Margin Pressure

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Narrow-moat Bio-Techne had a strong start to fiscal 2022, reporting organic sales growth of 21% and adjusted EPS increasing to $1.83 from $1.43 last year. We are maintaining our $320 fair value estimate and are not materially changing our long-term expectations. The shares trade well above our fair value estimate--at a 55% premium--even following the 4% decline in Nov. 2 trading.

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Company Profile

Business Description

Based in Minnesota, Bio-Techne is a life sciences manufacturer supplying consumables and instruments for the pharma, biotech, academic, and diagnostic markets. The company reports in two segments, protein sciences (75% of revenue), and diagnostics and genomics (25%). The protein-focused segment makes equipment and associated consumables for protein characterization and analysis and sells antibodies for research and clinical purposes. In diagnostics, Bio-Techne provides controls and calibrators for diagnostic manufacturers and has a portfolio of diagnostic oncology assays. The United States accounts for about 55% of revenue, and the firm also has operations in EMEA (20% of sales), the U.K. (5%), and APAC (15%), with the rest of the world accounting for the remaining 5%.

614 McKinley Place N.E.
Minneapolis, MN, 55413
T +1 612 379-8854
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Sep 30, 2021
Fiscal Year End Jun 30, 2021
Stock Type Aggressive Growth
Employees 2,600