Bio-Techne Corp

TECH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$26.00	Bksjlx	Lgylvybqf

Bio-Techne's Gross Margin Bounces Back, Higher Operating Expenses Weigh on Income; Shares Pricey

Aaron Degagne

Feb 1, 2022

Narrow-moat Bio-Techne enjoyed strong sales growth in the fiscal second quarter, though earnings growth was limited by higher operating costs. After crossing $1 billion in sales, we believe the firm is on track for $2 billion by 2026, and we are leaving our $320 fair value estimate intact. We are a bit puzzled by the market’s favorable reaction to earnings, with the stock up over 6%, considering results came in right near consensus aggregated by FactSet (and our estimates), though less margin dilution than expected from the Asuragen purchase could be a factor.

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