William Blair initiated research coverage of Bio-Techne Corporation (TECH $78.79), which provides tools, instruments, and consumables for a variety of life sciences and diagnostics-focused end-markets.

Analyst Matt Larew estimated that the company would generate earnings per share of $1.96 in fiscal 2024 (ending June) and $2.32 in fiscal 2025.

“Bio-Techne is positioned in a range of high-growth and attractive end-markets, notably cell and gene therapy (C&GT), spatial biology, and liquid biopsy, which represent a total addressable market (TAM) of above $8.0 billion, a total growth construct of roughly 20%, and represented 22% of fiscal 2023 sales,” Larew said. “Entrance into these markets built off existing capabilities and thus have synergies with the legacy business. Further, rather than overpaying for assets in crowded markets, management has a track record of identifying high-quality assets in emerging spaces and acquiring them early in their adoption lifecycle. In all, Bio-Techne’s full portfolio of products spans a total TAM of roughly $24 billion-plus, growing in the double digits.”

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