Short answer
Bio-Techne (TECH) filed its fiscal 2026 10-K annual report with the SEC on Aug 24, 2026. It reported revenue of $1.2B (−0.4% year over year) and net income of $182M.
- Top risk flagged: Regulatory risk: U.S. FDA regulation changes on drug pricing and lab developed tests impacting Diagnostics segment demand and profitability
FY2026 key financial metrics · XBRL
- Revenue
- $1.2B
- −0.4% YoY
- Net income
- $182M
- +147.9% YoY
- Operating margin
- 20.7%
- +12.3 pp YoY
- Gross margin
- 65.8%
- +1.0 pp YoY
- EPS (diluted)
- $1.16
- +152.2% YoY
- ROE
- 8.6%
- +4.8 pp YoY
- Operating cash flow
- $292M
- +1.6% YoY
Source: XBRL data from the Bio-Techne (TECH) FY2026 10-K on SEC EDGAR. USD.
Bio-Techne FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Develop, manufacture, and sell life science reagents, instruments, and services for research, diagnostics, and bioprocessing markets globally
- New emphasis on Diagnostics and Spatial Biology segment with Lunaphore acquisition in fiscal 2024 enhancing automated spatial biology solutions
- Strategic move toward integration as Merck KGaA merger announced in June 2026 with $73.00/share cash offer, expected closing late 2026/early 2027
- Employee base steady at ~3,000 globally with 48% female and 22% nonwhite representation; 1,900+ new products introduced in fiscal 2026
- Diagnostics and Spatial Biology segment now ~28% of net revenues, reflecting increased focus and expansion into adjacent diagnostics markets
Management Discussion & Analysis
- Revenue $1.215B, flat YoY (FY26 vs. FY25); Protein Sciences up 1% to $874.6M, Diagnostics down 3% to $336.4M
- Operating gross margin 65.8% vs 64.8%, adjusted gross margin 69.6% vs 70.4%; Protein Sciences margin 75.0% vs 75.6%, Diagnostics margin 55.2% vs 57.3%
- Best segment Protein Sciences: sales $874.6M, +1% YoY; worst Diagnostics: sales $336.4M, -3% YoY, impacted by held-for-sale business divestiture
- Cash flow from operations $292.1M; dividends paid $49.9M; share repurchases $41.7M; capex $28.9M; cash & investments $264.7M, up from $162.2M
- Merger agreement signed with Merck KGaA for $73/share cash buyout; merger expected late 2026 or early 2027; execution subject to regulatory and shareholder approvals
Risk Factors
- Regulatory risk: U.S. FDA regulation changes on drug pricing and lab developed tests impacting Diagnostics segment demand and profitability
- Macroeconomic threat: 48% sales outside U.S. exposed to tariffs, geopolitical tensions including U.S.-China trade, raising supply/import costs
- Operational risk: Sole or limited source suppliers and complex FDA-regulated manufacturing may cause production delays and capacity constraints
- Competitive risk: Lunaphore spatial biology solutions acquisition targets rapid innovation, but competitive pressure from multinational and start-ups persists
- Financial risk: $200M drawn on $1B revolving credit facility with covenants limiting transactions, increasing vulnerability to economic or interest rate changes
Generated from the filing text; verify against the original. How to read a 10-K
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