Q4 FY2026
Filed Aug 12, 2026Bio-Techne Releases Fourth Quarter Fiscal 2026 Results
Fourth-quarter organic revenue increased 3% and adjusted operating income increased to $103.4 million, but adjusted EPS decreased to $0.52 per diluted share and Protein Sciences operating margin declined due to unfavorable volume and product mix.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $321.2 million | – | increased 1% |
| Organic revenue growthnon-GAAP | 3% | – | increased 3% |
| GAAP EPSGAAP | $0.35 per diluted share | – | increased |
| Adjusted EPSnon-GAAP | $0.52 per diluted share | – | decreased |
| GAAP operating incomeGAAP | $74.3 million | – | – |
| GAAP operating marginGAAP | 23.1% | – | – |
| Adjusted operating incomenon-GAAP | $103.4 million | – | increased |
| Adjusted operating marginnon-GAAP | 32.2% | – | – |
| Protein Sciences operating marginnon-GAAP | 42.0% | – | decreased |
| Diagnostics and Spatial Biology operating marginnon-GAAP | 11.2% | – | increased |
| Full year net salesGAAP | $1.2 billion | – | remained flat |
| Full year organic revenuenon-GAAP | remained flat | – | remained flat |
| Full year GAAP EPSGAAP | $1.16 per diluted share | – | increased |
| Full year adjusted EPSnon-GAAP | $1.93 per diluted share | – | increased |
| Full year GAAP operating incomeGAAP | $251.9 million | – | increased 146% |
| Full year GAAP operating marginGAAP | 20.7% | – | – |
| Full year adjusted operating incomenon-GAAP | $386.1 million | – | increased 1% |
| Full year Protein Sciences operating marginnon-GAAP | 41.1% | – | – |
| Full year Diagnostics and Spatial Biology operating marginnon-GAAP | 11.2% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Protein Sciences Segment, fourth quarter fiscal 2026Organic revenue increased 1%, with foreign currency exchange having a favorable impact of 1%. Operating margin decreased primarily due to unfavorable volume and product mix. | $231.2 million | – | increased 2% |
| Diagnostics and Spatial Biology Segment, fourth quarter fiscal 2026Organic revenue increased 8%, while the held-for-sale business had an unfavorable impact of 8%. Operating margin was favorably impacted by the Exosome Diagnostics divestiture, favorable volume growth, and ongoing profitability initiatives. | $90.1 million | – | remained flat |
| Protein Sciences Segment, full year fiscal 2026Organic revenue decreased 1%, with foreign currency exchange having a favorable impact of 2%. Operating margin was impacted by unfavorable volume and product mix. | $874.6 million | – | increased 1% |
| Diagnostics and Spatial Biology Segment, full year fiscal 2026Organic growth was 4%, with foreign currency exchange having a favorable impact of 1% and a business held-for-sale having an unfavorable impact of 8%. Operating margin was impacted by the divestiture of Exosome Diagnostics, favorable volume growth, and ongoing profitability initiatives. | $336.4 million | – | decreased 3% |
What drove it
- Fourth quarter organic revenue increased 3%.
- Non-recurring prior year revenue from a business held-for-sale had an unfavorable impact of 2% on fourth-quarter net sales.
- Foreign currency exchange did not have a material impact on fourth-quarter net sales.
- Adjusted operating margin was favorably impacted by profitability initiatives and the Exosome Diagnostics divestiture.
- Diagnostics and Spatial Biology organic revenue increased 8% in the fourth quarter.
- Diagnostics and Spatial Biology operating margin benefited from favorable volume growth and ongoing profitability initiatives.
Concerns
- Adjusted EPS decreased to $0.52 per diluted share from $0.53 in the same quarter last year.
- Protein Sciences organic revenue increased 1% in the fourth quarter and decreased 1% for the fiscal year.
- Protein Sciences operating margin decreased to 42.0% from 43.6% in the fourth quarter, primarily due to unfavorable volume and product mix.
- Full year organic and reported revenue remained flat.
- Reported Diagnostics and Spatial Biology fourth-quarter net sales remained flat because a held-for-sale business had an unfavorable impact of 8%.
What to watch
- Progress toward completing the acquisition by Merck KGaA, Darmstadt, Germany.
- The announced cash acquisition price of $73 per share and total enterprise value of approximately $11.3 billion.
- Protein Sciences volume and product mix, which reduced segment operating margin.
- Whether profitability initiatives and the Exosome Diagnostics divestiture continue to support adjusted operating margin.
- The company is no longer holding investor conference calls for quarterly results in light of the announced transaction.
Analysis
Bio-Techne reported fourth-quarter net sales of $321.2 million, up 1%, while organic revenue increased 3%. The difference reflected a 2% unfavorable impact from non-recurring prior-year revenue from a business held-for-sale, while foreign currency exchange did not have a material impact. Full year organic and reported revenue remained flat at $1.2 billion, showing that the fourth-quarter organic improvement did not translate into full-year growth.
Profitability was mixed across reported measures. GAAP operating income was $74.3 million versus an operating loss of $23.9 million, and GAAP operating margin was 23.1% versus (7.5)%. The company stated that current-quarter GAAP operating margin was favorably impacted by a non-recurring impairment charge in the prior year. Adjusted operating income increased to $103.4 million from $101.3 million and adjusted operating margin expanded to 32.2% from 32.0%, but adjusted EPS declined to $0.52 per diluted share from $0.53.
Protein Sciences remained the larger segment, with fourth-quarter net sales of $231.2 million and organic revenue growth of 1%. Its operating margin declined to 42.0% from 43.6%, primarily due to unfavorable volume and product mix. Diagnostics and Spatial Biology produced 8% organic revenue growth, though reported net sales remained flat at $90.1 million because the held-for-sale business had an unfavorable impact of 8%. That segment's operating margin improved to 11.2% from 6.0%, supported by the Exosome Diagnostics divestiture, favorable volume growth, and profitability initiatives.
For the full year, GAAP EPS increased to $1.16 per diluted share from $0.46 and GAAP operating income increased 146% to $251.9 million. Adjusted EPS increased only to $1.93 from $1.92, while adjusted operating income increased 1% to $386.1 million. The company gave no forward operating guidance and said it is no longer holding investor conference calls for quarterly results because of the announced agreement to be acquired by Merck KGaA, Darmstadt, Germany for $73 per share in cash, representing a total enterprise value of approximately $11.3 billion.
Management, verbatim
Bio-Techne ended fiscal 2026 with improved performance and solid execution across the business, reflecting the value our differentiated solutions bring across biopharma, research and diagnostic workflows.
Kim Kelderman, President and Chief Executive Officer of Bio-Techne
We continue to make progress toward completing Bio-Techne’s acquisition by Merck KGaA, Darmstadt, Germany, and look forward to the opportunities this transaction is expected to create for our customers and employees.
Kim Kelderman, President and Chief Executive Officer of Bio-Techne
Not in the filing
stated, not guessed- Forward financial guidance, including revenue, gross margin, operating expenses, tax rate, and other guidance metrics.
- Previous-quarter comparisons for revenue, EPS, operating income, operating margin, and segment revenue.
- GAAP gross margin and non-GAAP adjusted gross margin.
- GAAP net income and non-GAAP adjusted net earnings.
- Full year adjusted operating margin value and prior-year comparison.
- Operating cash flow and free cash flow.
- Cash, cash equivalents, debt, and other balance-sheet figures.
- Share repurchases, dividends, and other capital-return figures.
- Exact prior-year total net sales for the fourth quarter.
- Exact prior-year full-year net sales figure.
- Segment revenue prior-quarter comparisons.
- Prior quarterly outlook for comparison against reported results.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.