(Reuters) -Biotech firm Bio-Techne missed its first-quarter revenue estimates on Wednesday, hurt by sluggish demand for its products amid soft biotech funding environment in China.
Shares of the Minneapolis, Minnesota-based company, which develops products used in medical research, drug development and diagnostics, were down nearly 10% premarket following the results.
“During the quarter, we observed encouraging signs of stabilization in our U.S. academic end-market and continued strength from large pharmaceutical customers, while funding headwinds persisted for emerging biotech companies,” CEO Kim Kelderman said.
However, peers Thermo Fisher and Danaher flagged renewed demand for their services as pharmaceutical firms ramp up drug development and manufacturing in the U.S. while navigating President Donald Trump’s shifting policies.
Bio-Techne said last quarter it expects uncertainty related to Trump’s tariff and academic funding policies to spill into fiscal 2026 and create pressure on its performance.
The company posted adjusted profit per share of 42 cents for the quarter ended September 30, in line with analysts’ average estimate of 42 cents, according to data compiled by LSEG.
Its quarterly revenue came in at $286.6 million, missing estimates of $291.2 million.
Sales at its largest protein sciences unit, which develops and manufactures biological compounds used for research and diagnostics, fell 1% to $202.2 million during the quarter.
Quarterly revenue from its diagnostics and genomics unit, which manufactures tools and compounds used to make therapeutics and vaccines, fell 4% to $79.5 million.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Shreya Biswas)
Comments