May 6 (Reuters) – Biotech firm Bio-Techne on Wednesday missed Wall Street estimates for third-quarter revenue, as cuts to U.S. academic funding weighed on demand for its drug-development products.
Here are some details:
• The Minneapolis, Minnesota-based company, develops products used in medical research, drug development and diagnostics.
• Bio-Techne’s quarterly sales came in at $311.4 million, below analysts’ expectations of $317.1 million, according to data compiled by LSEG.
• Uncertainty due to cuts to U.S. academic funding as well as concerns related to President Donald Trump’s tariffs have been weighing on the company’s clients.
• CEO Kim Kelderman said demand has yet to recover broadly, adding that while biotech funding remains healthy, it “has not yet translated into broad-based demand across our portfolio.”
• But early indicators point to a more constructive outlook as funding activity and customer purchasing begin to realign, Kelderman added.
• U.S. academic markets stabilized with low-single-digit growth in the quarter, the company said.
• Sales at the company’s largest protein sciences unit, which develops and makes biological compounds for research and diagnostics, fell 1% to $226.2 million, below analysts’ estimates of $230.63 million.
• Revenue from its diagnostics and genomics unit, which makes tools and compounds for therapeutics and vaccines, dropped 4% to $85.6 million, missing expectations of $86.58 million.
• The company earned adjusted profit per share of 53 cents for the quarter, missing estimates of 54 cents.
(Reporting by Siddhi Mahatole in Bengaluru; Editing by Leroy Leo)
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