Biotech firm Bio-Techne beats quarterly estimates on strength in key unit
Feb 4 (Reuters) - Biotech firm Bio-Techne TECH.O beat analysts' estimates for second-quarter revenue and profit on Wednesday, helped by robust demand for its products used in drug development.
The Minneapolis, Minnesota-based company makes antibodies and enzymes, among other products, that are used in basic biology experiments. Its life sciences products and services are used in research, diagnostics and drug manufacturing worldwide.
Life sciences companies are benefiting from improving conditions in the pharmaceutical market and easing policy uncertainty, helping offset continued weakness in academic spending.
Bio-Techne delivered double-digit growth in its biggest end-market, large pharma, for the fourth consecutive quarter, CEO Kim Kelderman said in a statement.
"That momentum, together with improving performance in biotech, continued stabilization among our U.S. academic customers, and ongoing growth in Asia, drove results that were largely in line with our expectations," Kelderman said.
Shares of the company were up 2.1% in premarket trading.
Peers Thermo Fisher Scientific TMO.N and Danaher DHR.N, had warned last month that cuts to U.S. academic research funding would continue to be a drag on demand through 2026, even as a strengthening pharmaceutical market and easing policy uncertainty support other areas of the research-tools sector.
Bio-Techne reported second-quarter revenue of $296 million, compared with analysts' expectations of $290.19 million, according to data compiled by LSEG.
Sales in the company's largest protein sciences unit, which develops and manufactures biological compounds used for research and diagnostics, rose 2% to $215.1 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 $81.2 million.
The company posted an adjusted profit of 46 cents per share for the quarter, beating the estimate of 43 cents.
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