Financial Highlights - CMB.TECH reported a net gain of USD 90.1 million or USD 0.31 per share for Q4 2025, compared to a net gain of USD 93.1 million or USD 0.48 per share in Q4 2024 [2][6] - EBITDA for Q4 2025 was USD 322.1 million, significantly higher than USD 180.4 million in Q4 2024 [2][6] - Revenue for Q4 2025 reached USD 589.1 million, up from USD 226.0 million in Q4 2024 [5] Fleet Highlights - The company’s contract backlog increased by USD 304 million to USD 3.05 billion, with new charters for Capesize vessels and a CSOV [6][22] - CMB.TECH sold eight VLCCs at high prices, generating a total capital gain of approximately USD 261.1 million in Q1 2026 [4][24] - The company delivered six newbuilding vessels, including VLCCs and chemical tankers, during Q4 2025 and early 2026 [6][25] Corporate Highlights - CMB.TECH declared an interim dividend of USD 0.16 per share, expected to be paid on or about 27 April 2026 [13] - The company fully repaid a bridge loan facility related to the acquisition of a stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million [12][20] - Management changes included the resignation of Mr. Benoit Timmermans from the Management Board, effective May 1, 2026 [21] Market Outlook - The tanker market remains strong, with VLCC spot earnings averaging USD 102,414 per day in Q4 2025, more than double the 10-year Q4 average [36] - Dry bulk freight rates have also held up well, with Capesize spot earnings averaging about USD 27,120 per day in Q4 2025, 34% higher than the 10-year Q4 average [26][40] - The company is investing in the Chinese ammonia supply chain, partnering with CEEC Hydrogen Energy to support maritime decarbonization [18][19]

Bio-Techne Corporation (NASDAQ:TECH) is one of the 10 best life sciences stocks to buy according to hedge funds. On February 5, Daniel Arias from Stifel Nicolaus reaffirmed his Hold rating on Bio-Techne Corporation (NASDAQ:TECH). He raised the stock’s price target from $60 to $65, implying a double-digit upside potential of 13%. Pressmaster/Shutterstock.com Arias noted that despite the company’s second-quarter beat, there are expectations of flat mid-year growth. He also anticipates an unchanged foreca ...

Core Viewpoint - Kamada (KMDA) is currently viewed as a better value opportunity compared to Techne (TECH) based on various financial metrics and rankings [1]. Group 1: Zacks Rank and Earnings Outlook - Kamada has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while Techne has a Zacks Rank of 3 (Hold) [3]. - The Zacks Rank system is designed to identify companies with improving earnings outlooks, which is favorable for investors [2]. Group 2: Valuation Metrics - Kamada's forward P/E ratio is 18.08, significantly lower than Techne's forward P/E of 30.35, suggesting that Kamada may be undervalued [5]. - Kamada has a PEG ratio of 0.72, while Techne's PEG ratio is 3.44, indicating that Kamada's expected earnings growth is more favorable relative to its price [5]. - Kamada's P/B ratio is 1.84, compared to Techne's P/B of 4.66, further supporting the notion that Kamada is a better value investment [6]. Group 3: Value Grades - Kamada has received a Value grade of A, while Techne has a Value grade of D, highlighting the significant difference in their valuation attractiveness [6].

Core Insights - Bio-Techne Corporation's Ella benchtop immunoassay platform has received CE-IVD marking, allowing it to be sold in the European Union, which enhances its usability in clinical settings [1][1][1] Product Features - The Ella platform is a compact, cartridge-based immunoassay system that provides accurate biomarker results in under 90 minutes with minimal hands-on time, reducing operator variability and ensuring high-quality, reproducible data [1][1][1] - It is compatible with Simple Plex™ assays, which are for research use only, and includes over 390 analytes across various fields such as neuroscience, immunology, oncology, and cell and gene therapy [1][1][1] Strategic Importance - The CE-IVD certification signifies compliance with the European Union's In Vitro Diagnostic Regulation, confirming the platform's safety, performance, and reliability for clinical use [1][1][1] - This certification allows hospitals and clinical laboratories in Europe to utilize Ella for in-house test development and clinical trials, supporting Bio-Techne's goal of advancing precision medicine [1][1][1] Company Overview - Bio-Techne Corporation generated over $1.2 billion in net sales in fiscal 2025 and employs approximately 3,100 people globally, providing innovative tools and bioactive reagents for research and clinical diagnostics [1][1][1]

Core Insights - Bio-Techne Corporation (TECH) is a Minnesota-based company focused on developing, manufacturing, and selling life science reagents, instruments, and services, with a market capitalization of $10.1 billion [1] Performance Overview - Over the past 52 weeks, TECH shares have declined by 7.7%, underperforming the S&P 500 Index, which increased by 14.4%. However, year-to-date, TECH's stock is up 7.3%, outperforming the S&P 500's 1.4% increase [2] - TECH has also underperformed the iShares Biotechnology ETF (IBB), which rose by 27.2% over the past 52 weeks, but has outperformed IBB's year-to-date rise of 1.2% [3] Earnings Performance - On February 4, TECH shares surged by 6.3% following better-than-expected Q2 earnings results, with net sales growing to $295.9 million, exceeding consensus estimates by 1.3%. The adjusted operating margin expanded by 100 basis points year-over-year, and adjusted EPS increased by 9.5% to $0.46, surpassing analyst expectations of $0.43 [6] Future Earnings Expectations - For fiscal 2026, analysts expect TECH's EPS to remain stable at $1.71 year-over-year. The company has a strong earnings surprise history, exceeding consensus estimates in the last four quarters. The consensus rating among 15 analysts is a "Moderate Buy," with 10 "Strong Buy" and five "Hold" ratings [7] Analyst Ratings and Price Targets - The configuration of analyst ratings has become more bullish, with one analyst suggesting a "Strong Sell" rating. On February 6, Wells Fargo analyst maintained a "Buy" rating on TECH with a price target of $76, indicating an 18.8% potential upside. The mean price target of $74.67 represents a 16.7% premium, while the highest price target of $80 suggests a 25.1% potential upside [8]

Core Viewpoint - Bio-Techne Corporation announced leadership changes, with Steve Crouse appointed as President of the Diagnostics and Spatial Biology Segment, effective March 1, 2026, succeeding Dr. Matt McManus, who will assist in the transition [1]. Leadership Changes - Dr. Matt McManus will transition from his role as President of the Diagnostics and Spatial Biology Segment on March 1, 2026, but will remain with the company temporarily to ensure a smooth transition [1]. - Steve Crouse, previously Senior Vice President of the Analytical Solutions Division, has over 20 years of experience in life sciences and has been instrumental in driving growth and launching innovative platforms at Bio-Techne [1]. Company Background - Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company that provides innovative tools and bioactive reagents for research and clinical diagnostics [1]. - The company generated over $1.2 billion in net sales in fiscal 2025 and employs approximately 3,100 people worldwide [1].

Core Viewpoint - Bio-Techne Corporation is a significant entity in the biotechnology sector, focusing on innovative tools and solutions for life sciences research and clinical diagnostics, competing with major players like Thermo Fisher Scientific and Danaher Corporation [1] Financial Performance - On February 4, 2026, Citigroup upgraded Bio-Techne's stock to a "Buy" rating at approximately $68.89, raising the price target from $70 to $80, indicating confidence in the company's growth potential [2] - Bio-Techne recently held its Q2 2026 earnings call, providing insights into its financial performance, revenue, profit margins, and strategic initiatives, which are crucial for understanding the company's current position and future outlook [3] Stock Performance - Currently, Bio-Techne's stock (TECH) is priced at $68.77, reflecting a 6.41% increase or $4.14, with a daily trading range between $61.70 and $69.92 [4] - Over the past year, the stock has fluctuated, reaching a high of $79.28 and a low of $46.01, indicating the dynamic nature of the stock market [4] Market Capitalization and Trading Volume - Bio-Techne's market capitalization is approximately $10.72 billion, with a trading volume of 3.59 million shares, reflecting the company's size and investor interest in its stock [5]

Financial Performance - Consolidated net sales for the quarter ended December 31, 2025 were $295.9 million, remaining flat compared to the same prior year period, with a 1% decrease for the six months ended December 31, 2025 at $582.4 million [115]. - Organic revenue for the quarter ended December 31, 2025 remained flat, with a favorable foreign currency exchange impact of 2% and an unfavorable impact of 2% from non-recurring prior year revenue from a business held-for-sale [115]. - Consolidated gross margins for the quarter and six months ended December 31, 2025 were 64.6% and 65.1%, respectively, compared to 65.3% and 64.3% for the same prior year periods [116]. - Non-GAAP adjusted net earnings for the quarter ended December 31, 2025 were $72.1 million, with diluted earnings per share of $0.46, compared to $68.1 million and $0.42 in the prior year [127]. Expenses and Cost Management - Selling, general and administrative expenses decreased by 6% to $113.7 million for the quarter and by 4% to $229.9 million for the six months ended December 31, 2025, primarily due to ongoing cost management initiatives [119]. - Research and development expenses decreased by 8% to $23.1 million for the quarter and by 3% to $47.4 million for the six months ended December 31, 2025, while continuing to make strategic growth investments [120]. Segment Performance - Protein Sciences segment net sales for the quarter ended December 31, 2025 were $215.1 million, a 2% increase, while remaining flat for the six months at $417.3 million [121]. - Diagnostics and Spatial Biology segment net sales for the quarter ended December 31, 2025 were $81.2 million, a 4% decrease, with an operating margin of 10.4% compared to 3.9% in the prior year [123]. Taxation - The effective income tax rate for the quarter and six months ended December 31, 2025 was 25.2% and 22.9%, respectively, compared to 18.6% and 17.5% for the same prior year periods [125]. - The forecasted tax rate for the remainder of fiscal 2026 is expected to range from 25% to 29% [126]. - The non-GAAP adjusted tax rate for the quarter ended December 31, 2025, was 22.3%, compared to 21.5% in the same quarter of 2024 [129]. Cash Flow and Capital Management - As of December 31, 2025, cash and cash equivalents were $172.9 million, an increase from $162.2 million as of June 30, 2025 [130]. - The company generated $110.0 million from operating activities in the six months ended December 31, 2025, down from $148.2 million in the same period of 2024, primarily due to changes in cash payment timing [133]. - Capital expenditures for fixed assets for the six months ended December 31, 2025, were $11.3 million, compared to $16.0 million in 2024, with an expected $18 million for the remainder of fiscal 2026 [135]. - The company paid cash dividends of $24.9 million during the six months ended December 31, 2025, slightly down from $25.4 million in 2024 [138]. - The company made repayments of $86.0 million on its long-term debt during the six months ended December 31, 2025, compared to $19.0 million in the same period of 2024 [140]. - The company has a line-of-credit of $740 million available as of December 31, 2025, governed by a Credit Agreement maturing on August 31, 2027 [130]. - The company expects to meet its cash and working capital requirements for at least the next 12 months through available cash and generated cash from operations [132]. Acquisitions - The company acquired 19.9% of Wilson Wolf for $232 million in fiscal 2023, with a future obligation to acquire the remaining 80.1% by December 31, 2027, contingent on financial milestones [131]. Asset Management - The company received $4.6 million for assets held-for-sale during the six months ended December 31, 2025, compared to $1.8 million in 2024 [137].

Core Insights - Bio-Techne reported second-quarter fiscal 2026 results that were largely in line with internal expectations, with organic revenue flat due to strength from large pharmaceutical customers offset by softness in emerging biotech and U.S. academia [4][6] - Adjusted EPS was $0.46, reflecting a 10% year-over-year increase, while GAAP EPS was $0.24, up from $0.22 a year earlier [1][4] - The company expects Q3 organic growth to mirror Q2, with specific headwinds from cell therapy timing and an OEM order shift [4][22] Financial Performance - Total revenue for the quarter was $295.9 million, flat year over year on both a reported and organic basis, with foreign exchange providing a 2% tailwind [6] - Adjusted operating margin expanded approximately 100 basis points to 31.1%, despite a decline in adjusted gross margin to 68.5% due to unfavorable product and customer mix [5][7] - Profitability improved, with adjusted EPS increasing to $0.46 and operating margin expansion expected to continue for the full fiscal year [5][16] Segment Performance - Protein Sciences reported sales of $215.1 million, up 2% year over year, but organic revenue declined 1% [8] - Diagnostics and Spatial Biology posted Q2 sales of $81.2 million, down 4% year over year, with organic growth of 3% after accounting for the Exosome Diagnostics divestiture [10][11] - The cell therapy business experienced a decline of over 30%, including a 50% drop in GMP reagents, due to a purchasing pause related to FDA Fast Track designations [9] Geographic Trends - China and broader APAC regions showed strong growth, with China growing mid-single digits and APAC approaching 20% [12] - The Americas experienced a decline in high single digits, though adjusting for cell therapy order timing, the region grew low single digits [13] - EMEA was flat compared to a strong prior year, with diagnostics strength offset by order timing dynamics [13] Market Dynamics - Large pharma revenue increased low double digits for the fourth consecutive quarter, while emerging biotech declined mid-single digits, indicating a split in market performance [14] - U.S. academic revenue reported a low single-digit decline overall, with some stability noted in Europe [14] - Management highlighted constructive developments in U.S. federal funding proposals, including a budget increase and maintained indirect funding rates [14] Future Outlook - The company anticipates Q3 organic growth to be consistent with Q2, with underlying trends expected to improve [15][16] - Management expects mid-single-digit underlying growth for the remainder of the business, with sequential improvement anticipated as revenue increases seasonally [16] - Strategic themes discussed included investments in cell therapy, proteomic analysis instruments, and spatial biology, positioning the company for gradual end-market improvement [19][18]

Core Insights - Bio-Techne Corporation (TECH) reported second-quarter fiscal 2026 adjusted earnings per share (EPS) of 46 cents, exceeding the Zacks Consensus Estimate by 8.2% and reflecting a year-over-year increase of 9.5% [1] - The company's net sales for the quarter were $295.9 million, showing a slight decline of 0.4% year over year, but surpassing the Zacks Consensus Estimate by 1.3% [2] - The operating profit for the quarter was $54.5 million, an increase from $47.4 million in the prior year, with the operating margin expanding by 244 basis points to 18.4% [6][8] Revenue Breakdown - In the Protein Sciences segment, Bio-Techne recorded revenues of $215.1 million, a 2% increase year over year, although it was down 1% on an organic basis [3] - The Diagnostics and Spatial Biology segment saw a revenue decrease of 4% year over year to $81.2 million, but it increased by 3% on an organic basis [4] Margin Analysis - Gross profit fell by 1.3% to $191.3 million, with the gross margin contracting by 63 basis points to 64.6% due to a 1.4% rise in the cost of sales [5] - Selling, general and administrative expenses decreased by 6.4% to $113.7 million, while research and development expenses totaled $23.1 million, down 7.6% year over year [5] Financial Position - At the end of the fiscal second quarter, Bio-Techne had cash and equivalents of $172.9 million, up from $145 million at the end of the previous quarter, while long-term debt obligations decreased to $260 million from $300 million [7] Overall Performance - Despite a quarterly revenue decline and gross margin contraction, there are signs of stabilization in the U.S. academic market, improving performance in biotech, ongoing growth in Asia, and continued strength among large pharmaceutical customers [10]