Bio-Techne Earnings: Good Results to Start the Fiscal Year; Shares Modestly Undervalued

Narrow-moat Bio-Techne’s first-quarter revenue was $290 million, or 5% year-on-year growth, which is just above our expectation of low-single-digit growth. We think this is a healthy start to fiscal 2025, which we expect to be a year of recovery. We maintain our fair value estimate of $87 per share and view the stock as slightly undervalued at current prices.